IndiQube Spaces targets 30-35% growth in FY26, eyes 85% occupancy

Managed workspace operator IndiQube guides for 30-35% revenue growth in FY26, plans up to 2 million sq ft annual addition, and aims to sustain 80-85% occupancy

Bengaluru-based managed workspace operator IndiQube Spaces is sharpening its expansion plans as it sets its guidance of 30–35 per cent revenue growth for FY26. Further, the company plans to add 1.5 to 2 million square feet annually while maintaining occupancy in the 80–85 per cent range at a corporate level.

 

With a portfolio of about 2.12 lakh seats, of which 1.4 lakh seats are already rent-yielding, IndiQube expects the inventory of about 3.26 million square feet (72,000 seats) to become operational over the next 18–24 months.

 

“Whatever we have already signed will itself deliver close to 30–35 per cent annual top-line growth,” Meghna Agarwal, co-founder, IndiQube Spaces, told Business Standard. 

Agarwal noted that the company is also stepping up capital expenditure, with close to Rs 180 crore deployed in the first half of the fiscal (FY26) and a similar outlay expected in the second half. 

Further commenting on the occupancy front, Agarwal said that new centres take time to ramp up. “But once they cross 12 months, we stabilise between 85 and 90 per cent. At a corporate level, we guide for 80–85 per cent and intend to maintain that. The gap between new and mature centre occupancy reflects the gestation cycle in flex real estate. Sustained expansion requires balancing growth with utilisation to avoid margin pressure.”

 

IndiQube Spaces recently entered the Bhubaneswar market with 45,000 square feet located in Patia. The flex space operator is banking on a twin strategy — deeper penetration in existing micro-markets and selective presence in Tier II and Tier III cities.

 

“Deeper penetration is important because clients typically expand within the same micro-market. If we are not present there, they would not move with us,” Agarwal added. In Tier II markets, the company adopts a test-and-scale model where it starts with one asset, gauges demand, and then expands rapidly if traction is strong.

 

Nearly 64 per cent of IndiQube’s total seats are occupied by clients taking up 300 seats or more, underscoring the company’s inclination towards large enterprises. In contrast, just 11 per cent of the portfolio comes from clients occupying between 0 and 100 seats, typically early-stage start-ups or traditional co-working users. Overall, close to 90 per cent of the portfolio comprises large, long-stay clients, reflecting a deliberate strategic shift. IndiQube plans to continue adding 33,000–44,000 seats annually.