Indiqube Spaces Limited has initiated a postal ballot process to seek shareholder approval for varying the utilisation of its IPO proceeds and revising executive remuneration. The company proposes to reallocate ₹1,870 million from capital expenditure for new centers to security deposits, fit-outs, renewable power infrastructure, and strategic real estate. The remote e-voting is scheduled from May 26 to June 24, 2026, requiring a 90% supermajority for the variation to pass.
Indiqube Spaces Limited has initiated a postal ballot process seeking shareholder approval to vary the utilisation of its Initial Public Offering (IPO) proceeds and revise the remuneration of its senior executives. The company proposes to reallocate ₹1,870 million from the capital expenditure earmarked for establishing new centers to four new objects, including funding security deposits, fit-outs in non-Indiqube properties, renewable power infrastructure, and strategic commercial real estate opportunities. The remote e-voting process for these special resolutions is scheduled from May 26 to June 24, 2026.
The company had raised ₹6,044.59 million through its IPO in the Financial Year 2025-26. As of May 11, 2026, ₹3,511.83 million of the proceeds remained unutilised. The Board proposes to reduce the allocation for funding capital expenditure towards new centers from ₹4,626.49 million to ₹2,756.49 million. The reallocated funds include ₹520 million for security deposits, ₹550 million for fit-outs and interiors, ₹160 million for renewable power infrastructure, and ₹640 million for capital deployment in strategic real estate assets.
The variation in the objects of the IPO proceeds requires approval by a majority of more than 90% of the shareholding. The company stated that if the resolution passes the statutory threshold for a special resolution but fails to secure the 90% supermajority, the variation will not be implemented, and the exit offer provisions under SEBI ICDR Regulations will not apply. The revised utilisation is expected to be completed by Fiscal 2028.
In addition to the capital reallocation, the postal ballot includes special resolutions for revising the remuneration of Mr. Rishi Das, Chairman, Executive Director and Chief Executive Officer, and Ms. Meghna Agarwal, Chief Operating Officer and Executive Director. The Board has approved a revision in their remuneration for a period of three years effective December 18, 2025. The proposed base compensation for both executives is ₹26,400,000 per annum, with a performance-linked incentive of up to 15% of the base compensation.
The company reported a net loss of ₹1,063.42 million for the financial year ended March 31, 2026, compared to a net loss of ₹1,396.17 million in the previous year. The loss is attributed to the application of Ind AS, requiring the recognition of depreciation on right-of-use assets and interest on lease liabilities. The notice confirms that none of the directors or key managerial personnel, other than the interested parties, are financially concerned with the resolutions beyond their shareholding.
Ms. Varsha V Shenoy of M/s. VVS and Associates has been appointed as the Scrutinizer for the postal ballot process. Shareholders whose names appear in the Register of Members or List of Beneficial Owners as on May 22, 2026, are eligible to vote. The results of the postal ballot will be declared on the company’s website and communicated to the stock exchanges following the conclusion of the voting period.
Summary of Proposed Variation in IPO Proceeds
Object Original Allocation (₹ Million) Revised Allocation (₹ Million) Funding capital expenditure for new centers 4,626.49 2,756.49 Repayment of borrowings 913.40 913.40 General corporate purpose 504.70 504.70 Funding security deposit for new centers - 520.00 Funding capital expenditure for fit-outs - 550.00 Funding renewable power infrastructure - 160.00 Capital deployment in strategic real estate - 640.00 Total 6,044.59 6,044.59
Indiqube Spaces Limited has announced its audited financial results for the fiscal year ended March 31, 2026. The company reported a total income of Rs 1,491 crore for the full year, an increase from Rs 1,102.93 crore in the previous year. Revenue from operations rose 37% year-on-year to reach Rs 1,469 crore. The company reported a Profit After Tax (PAT) of Rs 125 crore for FY26, compared to Rs 51 crore in the previous year. The board approved the audited standalone financial results in a meeting held on May 20, 2026.
Financial Performance
The company reported a net profit of Rs 125 crore for the year ended March 31, 2026, under IGAAP equivalent reporting standards, compared to a net profit of Rs 51 crore in the previous year. Under Ind AS reporting standards, the company reported a net loss of Rs 106.42 crore, attributed to non-cash accounting adjustments including depreciation on Right-of-Use assets and interest on lease liabilities. The operating cash flow for FY26 stood at Rs 304 crore.
Metric Year ended March 31, 2026 Year ended March 31, 2025 Total Income Rs 1,491 Cr Rs 1,102.93 Cr Revenue from Operations Rs 1,469 Cr Rs 1,059.29 Cr PAT (IGAAP Equivalent) Rs 125 Cr Rs 51 Cr Net Loss (Ind AS) (Rs 106.42 Cr) (Rs 139.62 Cr) Operating Cash Flow Rs 304 Cr Rs 611.65 Cr
Q4 Performance
For the quarter ended March 31, 2026, Indiqube Spaces recorded a notable improvement in its standalone results. Revenue came in at Rs 415 crore, up from Rs 301 crore in the corresponding quarter of the previous year. The net profit for the quarter stood at Rs 30 crore, compared to a net profit of Rs 26 crore year-on-year.
Metric Q4 FY26 Q4 FY25 Revenue Rs 415 Crore Rs 301 Crore PAT Rs 30 Crore Rs 26 Crore
Operational Highlights
The company expanded its presence to 17 cities with 130 properties, covering over 9.66 million sq. ft of office space. The steady state occupancy improved to 88% for the year. The newspaper publication of the audited financial results for the quarter and year ended March 31, 2026, was scheduled in Financial Express and Vishwavani on May 21, 2026, pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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