Buy Indiqube Spaces; target of Rs 271: ICICI Securities
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓ICICI Securities issued a buy rating for Indiqube Spaces with a target price of Rs 271.
- ✓The company delivered strong Q2FY27 results as mature centre occupancy rose to 91 percent.
- ✓Revenue grew 12 percent, and management said growth momentum would sustain as new office space becomes operational later this year.
Story at a Glance
- Category
- Indian Markets
- Reported By
- MoneyControl
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
ICICI Securities's research report on Indiqube Spaces Indiqube Spaces Ltd. (Indiqube) delivered a strong Q2FY27 result on the back of mature centre occupancy rising 100bps QoQ to 91%. Hence, Q2FY27 revenue was up 12% QoQ with IGAAP EBITDA (cash EBIT) up 39% QoQ to INR 1bn at an IGAAP EBITDA margin of 22% (up 430bps QoQ) owing to higher VAS margins of 20%. For the remainder of FY27, management is confident that growth momentum would sustain, with 1-1.5msf of new area becoming operational. We build in a 26% revenue CAGR and 32% IGAAP EBITDA CAGR over FY26-28E. We retain BUY with a revised TP of INR 271 (earlier INR 263) at 15x Sep'27E EV/EBITDA, as we raise our FY27-28E EBITDA by 2%, factoring in higher IGAAP EBITDA margin.
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