Buy Indiqube Spaces; target of Rs 343: ICICI Securities

Buy

ICICI Securities's research report on Indiqube Spaces

Indiqube Spaces Ltd. (Indiqube) delivered a strong Q2FY26 on the back of a 600bps YoY and 200bps QoQ increase in overall occupancy to 87%. Heading into FY26, management remains confident of growth momentum sustaining, led by large deal wins in Bengaluru and Hyderabad during the quarter. We build in a 29% revenue CAGR and 46% IGAAP EBITDA CAGR over FY25–28E and retain BUY with a revised TP of INR 343 (earlier INR 334), as we raise our FY26 28E IGAAP EBITDA by 4% and value the company on Sep’27E at an EV of INR 68.8bn at 18x Sep’27E EV/EBITDA of INR 3.8bn. Adding net cash of INR 3.2bn, as of Sep’27E, we derive an equity value of INR 72bn or INR 343/share. Key risks: Slowdown in India’s office leasing; and competitive intensity in flexible workspaces.

Outlook

We retain BUY with a revised TP of INR 343 (earlier INR 334), as we raise our FY26 28E IGAAP EBITDA by 4% and value the company on Sep’27E at an EV of INR 68.8bn at 18x Sep’27E EV/EBITDA of INR 3.8bn. Adding net cash of INR 3.2bn, as of Sep’27E, we derive an equity value of INR 72bn or INR 343/share.

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