Shares of Indiqube Spaces Ltd gained nearly 3% in Wednesday’s session, trading at ₹232.55, after ICICI Securities initiated coverage on the stock with a “buy” rating and a target price of ₹334. The target implies a potential upside of around 46% from current levels.
The brokerage expects robust growth in both revenue and profitability, backed by Indiqube’s strong position in India’s fast-growing office and flexible workspace segment. According to projections, the company could deliver a 29% revenue CAGR and a 45% EBITDA CAGR (post lease rental payments) over FY25–FY28.
Growth is anticipated to be driven by an estimated 5% same-store revenue growth, a 21% CAGR in new seats, and higher revenue from value-added services (VAS), which accounted for 13% of seat revenue in FY25.
ICICI Securities also foresees an EBITDA margin expansion of 550 basis points to 18.7% by FY28, supported by lower rental expenses as a share of operational revenue and expected annual utility savings of ₹150–200 million from Indiqube’s solar power plant in Karnataka.
The bullish outlook has boosted investor sentiment, pushing the stock higher in early trade.
