Price
Financials
Standalone, Rs crore| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 242 | 252 | 268 | 297 | 309 | 350 | 390 | 401 | 423 |
| Expenses | 98 | 107 | 110 | 127 | 121 | 142 | 153 | 153 | 164 |
| Operating Profit | 144 | 145 | 158 | 170 | 188 | 208 | 237 | 248 | 258 |
| OPM % | 59% | 57% | 59% | 57% | 61% | 59% | 61% | 62% | 61% |
| Other Income | 9 | 12 | 13 | 10 | 15 | 16 | 21 | 24 | 26 |
| Interest | 74 | 79 | 86 | 91 | 110 | 107 | 112 | 119 | 127 |
| Depreciation | 118 | 122 | 117 | 130 | 143 | 156 | 169 | 177 | 188 |
| Profit before tax | -39 | -44 | -33 | -41 | -50 | -39 | -23 | -24 | -31 |
| Tax % | 7% | 20% | -58% | -24% | -26% | -23% | -26% | -5% | -22% |
| Net Profit | -42 | -53 | -14 | -31 | -37 | -30 | -17 | -23 | -24 |
| EPS in Rs | -2.01 | -1.42 | -0.81 | -1.07 | -1.13 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 240 | 294 | 344 | 580 | 831 | 1,059 | 1,451 | 1,564 |
| Expenses | 216 | 252 | 214 | 343 | 604 | 443 | 569 | 613 |
| Operating Profit | 24 | 42 | 130 | 237 | 226 | 617 | 881 | 952 |
| OPM % | 10% | 14% | 38% | 41% | 27% | 58% | 61% | 61% |
| Other Income | 0 | 1 | 11 | 22 | 37 | 44 | 77 | 88 |
| Interest | 18 | 22 | 143 | 188 | 256 | 330 | 448 | 466 |
| Depreciation | 25 | 37 | 221 | 298 | 392 | 487 | 645 | 690 |
| Profit before tax | -19 | -16 | -224 | -228 | -385 | -157 | -136 | -116 |
| Tax % | -16% | 0% | -16% | -13% | -11% | -11% | -22% | |
| Net Profit | -16 | -16 | -188 | -198 | -342 | -140 | -106 | -93 |
| EPS in Rs | -5.02 | -4.43 | ||||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 38% | 36% | 39% | ||
| Compounded Profit Growth | % | % | 14% | 30% | ||
| Stock Price CAGR | % | % | % | -15% | ||
| Return on Equity | % | % | % | -42% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.16 | 0.16 | 0.16 | 0.18 | 0.18 | 13 | 21 |
| Reserves | 65 | 49 | -139 | -308 | 129 | -23 | 494 |
| Borrowings | 121 | 154 | 2,160 | 2,926 | 3,050 | 4,095 | 5,207 |
| Other Liabilities | 264 | 245 | 262 | 352 | 489 | 600 | 790 |
| Total Liabilities | 450 | 448 | 2,284 | 2,969 | 3,668 | 4,685 | 6,511 |
| Fixed Assets | 248 | 238 | 2,006 | 2,546 | 3,085 | 3,955 | 5,213 |
| CWIP | 0 | 0 | 26 | 24 | 79 | 114 | 96 |
| Investments | 2 | 2 | 2 | 1 | 1 | 0 | 0 |
| Other Assets | 200 | 208 | 250 | 398 | 503 | 616 | 1,202 |
| Total Assets | 450 | 448 | 2,284 | 2,969 | 3,668 | 4,685 | 6,511 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 47 | 39 | 202 | 324 | 542 | 612 | 920 |
| Cash from Investing Activity | -105 | -53 | -47 | -174 | -193 | -259 | -737 |
| Cash from Financing Activity | 34 | 14 | -176 | -149 | -365 | -337 | -178 |
| Net Cash Flow | -24 | -1 | -21 | 1 | -15 | 15 | 6 |
| Free Cash Flow | -56 | -15 | 155 | 152 | 353 | 355 | 494 |
| CFO/OP | 250% | 93% | 160% | 141% | 231% | 101% | 108% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 18 | 26 | 27 | 21 | 26 | 27 | 28 |
| Inventory Days | 3 | ||||||
| Days Payable | 304 | ||||||
| Cash Conversion Cycle | 18 | 26 | 27 | 21 | 26 | 27 | -273 |
| Working Capital Days | -176 | -167 | -307 | -207 | -200 | -208 | -193 |
| ROCE % | 4% | -7% | -2% | -4% | 5% | 6% |
| Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|
| Promoters | 60.60% | 60.04% | 60.10% | 60.11% |
| FIIs | 2.67% | 2.30% | 2.18% | 2.16% |
| DIIs | 14.37% | 14.66% | 14.69% | 14.35% |
| Public | 22.35% | 23.00% | 23.03% | 23.39% |
| No. of Shareholders | 28,007 | 24,464 | 23,319 | 23,865 |
Fundamentals
Market Cap₹ 4,148 Cr.
Current Price₹ 196
Book Value₹ 24.3
ROCE6.38 %
ROE-42.2 %
Dividend Yield0.00 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)39%
Compounded Profit Growth (TTM)30%
Standalone figures.
Valuation
Market capRs 4,176 Cr
Enterprise valueRs 7,091 Cr
Price to book-13.55x
Price to sales2.88x
EV / EBITDA7.40x
EV / EBIT22.69x
EV / sales4.89x
Price to cash flow12.89x
Earnings yield-2.55%
Profitability
Operating margin (excl. other income)40.83%
Operating margin (incl. other income)44.54%
EBITDA margin66.03%
Pre-tax margin-9.35%
Net profit margin-7.33%
Net margin, latest quarter-5.64%
ROE88.71%
ROCE-1.72%
ROA-7.54%
ROE, 3-year average161.32%
ROCE, 3-year average-1.86%
ROA, 3-year average-8.26%
ROIC (approx.)10.42%
Tax rate13.08%
Other income / net worth-6.99%
Growth
Sales growth (latest year)68.48%
Sales CAGR, 3 years34.23%
Sales growth QoQ2.95%
Sales growth YoY (latest quarter)35.20%
Per share
EPS (TTM)Rs -5.03
EPS (latest year)Rs -1,080.46
EPS (latest quarter)Rs -1.07
EPS, 3-year averageRs -773.40
Book value per shareRs -14.57
Sales per shareRs 68.61
Cash flow per shareRs 15.32
Free cash flow per shareRs 23.36
Efficiency
Asset turnover0.20x
Fixed asset turnover0.23x
Debtor days21 days
Debtors turnover17.46x
Creditor days304 days
Cash conversion cycle-273 days
Working capital days-193 days
Leverage
Total debtRs 2,926 Cr
Cash and bankRs 10 Cr
Net debtRs 2,915 Cr
Debt to equity-9.50x
Net debt / EBITDA3.04x
Interest coverage0.70x
Current ratio (filing 2026-03-31)0.62x
Quick ratio (filing 2026-03-31)0.62x
Trade payables (filing 2026-03-31)Rs 80 Cr
Owners' fund to total sources-10.38%
Debt to assets98.54%
Cash flow
Cash from Operating Activity (latest year)Rs 324 Cr
Cash from Investing Activity (latest year)Rs -174 Cr
Cash from Financing Activity (latest year)Rs -149 Cr
Net Cash Flow (latest year)Rs 1 Cr
Free cash flow (latest year)Rs 494 Cr
FCFE (approx.: FCF + change in debt)Rs 1,260 Cr
Sales to cash flow1.79x
Statement figures
Net sales (TTM)Rs 1,451 Cr
Net sales (latest year)Rs 580 Cr
Sales (latest quarter)Rs 401 Cr
Operating profit excl. other income (latest year)Rs 237 Cr
Operating profit (latest quarter)Rs 248 Cr
Other income (TTM)Rs 77 Cr
EBITDA (TTM)Rs 958 Cr
PBDT (TTM)Rs 510 Cr
Profit before tax (TTM)Rs -136 Cr
Tax (latest year)Rs -30 Cr
Net profit (TTM)Rs -106 Cr
Net profit (latest year)Rs -198 Cr
Net profit (latest quarter)Rs -23 Cr
Depreciation (TTM)Rs 645 Cr
Depreciation (latest quarter)Rs 177 Cr
Interest (TTM)Rs 448 Cr
Cost of goods sold (latest year)Rs 129 Cr
Total expenditure (latest year)Rs 343 Cr
Total income (latest year)Rs 601 Cr
Share capitalRs 0 Cr
ReservesRs -308 Cr
Shareholders' fundsRs -308 Cr
Total assetsRs 2,969 Cr
Net blockRs 2,546 Cr
Capital work in progressRs 24 Cr
InvestmentsRs 1 Cr
ReceivablesRs 33 Cr
Other liabilitiesRs 352 Cr
Shares outstanding (crore)21.15
Ownership
Promoter holding60.11%
Computed by MarketFriction from the standalone statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
| Period | INDIQUBE | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +1.8% | -2.8% | +4.5 pts |
| 1 month | +3.9% | -6.8% | +10.7 pts |
| 3 months | +16.1% | -7.6% | +23.7 pts |
| 6 months | +45.6% | +0.4% | +45.2 pts |
| 1 year | -14.6% | -9.9% | -4.7 pts |
24 mutual fund schemes hold about ₹411 Cr.
Over three months 3 bought more and 17 sold (share counts, price move removed).
| Fund | Weight | Est. Cr | 3m shares |
|---|---|---|---|
| Bandhan Large & Mid Cap Fund | 0.34% | 71 | -13% |
| ICICI Pru Small Cap Fund | 0.66% | 64 | +12% |
| ICICI Pru Small Cap Fund | 0.66% | 63 | +12% |
| Motilal Oswal Large Cap Fund | 1.75% | 55 | +18% |
| Invesco India ELSS Tax Saver Fund | 1.63% | 45 | +0% |
| Invesco India Infrastructure Fund | 1.91% | 30 | -1% |
| Aditya Birla SL Value Fund | 0.29% | 20 | -7% |
| Aditya Birla SL Aggressive Hybrid Fund | 0.23% | 17 | -4% |
| WOC Flexi Cap Fund | 0.18% | 16 | -13% |
| Aditya Birla SL Small Cap Fund | 0.18% | 12 | -45% |
| WOC Mid Cap Fund | 0.09% | 7 | -20% |
| WOC Multi Cap Fund | 0.17% | 7 | -14% |
| WOC Multi Asset Allocation Fund | 0.03% | 3 | -14% |
| WOC ELSS Tax Saver Fund | 0.23% | 1 | -9% |
| WOC Balanced Advantage Fund | 0.05% | 1 | -6% |
| WOC Balanced Hybrid Fund | 0.04% | 0 | -5% |
| WOC Equity Savings Fund | 0.04% | 0 | -2% |
| Groww Multicap Fund | 0.00% | 0 | -100% |
| Baroda BNP Paribas Multi Cap Fund | 0.00% | 0 | -100% |
| Groww Largecap Fund(Q | 0.00% | 0 | -100% |
| Edelweiss Balanced Advantage Fund(Q | 0.00% | 0 | -100% |
| Edelweiss Recently Listed IPO Fund | 0.00% | 0 | -100% |
| Groww Largecap Fund(H | 0.00% | 0 | -100% |
| Aditya Birla SL Infrastructure Fund | 0.00% | 0 | -100% |
Red flags
F-score 5 of 8| serious | Negative equity Shareholders' equity is negative |
| explain | Debt up, profit down Borrowings up 35% while net profit fell in 2026 |
| look | Share dilution Share count up 11% in a year, 11% in three |
| look | Repeated losses Net loss in each of the last two years |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹423 Cr +36.9% vs Jun 2025.
Net loss ₹24 Cr.
Activity
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| TVS Infrastructure Trust | 2,347 | 45.4 | % |
No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
EPS in the scrip is zero (4 trailing quarters)
Quick answers
What is the market cap of Indiqube Spaces Ltd?
Indiqube Spaces Ltd (INDIQUBE) has a market capitalisation of Rs 4,148 Cr. at the 2026-10-01 close.
What were Indiqube Spaces Ltd's latest quarterly results?
In the Jun 2026 quarter, Indiqube Spaces Ltd sales was Rs 423 Cr (+36.9% vs Jun 2025) with a net loss of Rs 24 Cr.
What is the 52-week high and low of Indiqube Spaces Ltd?
The 52-week high is Rs 235.79 and the 52-week low is Rs 131.15.