Managed workspace solutions provider IndiQube reported a 36.9% year-on-year increase in revenue from operations in Q1 FY27, while its losses narrowed 35% during the quarter.

IndiQube’s revenue from operations rose to Rs 423 crore in Q1 FY27 from Rs 309 crore in Q1 FY26, according to financial statements sourced from the National Stock Exchange (NSE).

Founded in 2015, IndiQube provides managed workspace solutions to startups, enterprises and SMEs, with a presence across major Indian cities. The company also reported Rs 26 crore in other income during the quarter, taking its total income to Rs 449 crore from Rs 324 crore in Q1 FY26.

On the expense side, depreciation related to leases remained the company’s largest cost component, rising 31.5% year-on-year to Rs 188 crore in Q1 FY27. Finance costs increased to Rs 127.2 crore, while employee benefit expenses grew 18.2% to Rs 23.64 crore.

Meanwhile, the cost of materials surged 174.2% to Rs 27.42 crore from Rs 10 crore in the year-ago quarter. Overall, IndiQube’s total expenses increased 28.1% to Rs 479 crore in Q1 FY27 from Rs 374 crore in Q1 FY26.

At the bottom line, IndiQube’s loss narrowed 35% to Rs 23.88 crore in Q1 FY27 from Rs 36.75 crore in Q1 FY26.

On a sequential basis, revenue from operations increased 5.3% to Rs 422.7 crore in Q1 FY27 from Rs 401.4 crore in Q4 FY26, while losses rose 5.2% from Rs 22.7 crore to Rs 23.88 crore.

IndiQube closed Wednesday’s trading session at Rs 183.79 per share, giving the company a market capitalisation of around Rs 3,923 crore.