2 weeks ago
IndiQube co-founder says GCC story in managed offices overplayed
IndiQube is a company that rents out office space to other businesses.
Its co-founder, Meghna Agarwal, says everyone is talking too much about global capability centres, which are big offices that companies set up in India to do work for their other offices around the world.
She thinks a business like hers should not depend on just one type of customer.
Instead, it should be flexible and serve many different kinds of companies in many different places.
IndiQube makes a lot of money from those global offices — more than half of its income.
But Agarwal still believes spreading risk is smarter.
The company just told everyone how it did in the last three months.
It made Rs 428 crore, which is 37% more than the same time last year.
More of its office space is now filled with customers, and it hopes to grow even more this year.
Agarwal says the company does not need to borrow money from outsiders to keep growing.
IndiQube co-founder Meghna Agarwal said the GCC narrative in managed offices has been 'overplayed and hyped.'
GCCs accounted for 53% of IndiQube's June-quarter revenue and about half of its occupied area.
IndiQube reported Q1FY27 revenue of Rs 428 crore, up 37% year-on-year, with a PAT of Rs 35 crore at an 8% margin.
Occupancy improved to 86% from 85%, with rent-paying area unchanged at 7.84 million sq ft.
Agarwal guided for 30% revenue growth this year and ruled out an external fundraise.
- Who
- Meghna Agarwal, co-founder of managed office operator IndiQube.
- What
- Said the GCC-driven narrative in managed offices is overplayed and released IndiQube's Q1FY27 financial results.
- Where
- India, with IndiQube listed on the NSE.
- When
- A day after IndiQube reported its Q1FY27 (June quarter) results; shares were trading on Thursday.
- Why
- To argue that operators must stay flexible across asset formats and micro-markets rather than rely on a single occupier segment.
Key facts
- Company
- IndiQube
- Key figure
- Meghna Agarwal, co-founder
- Q1FY27 revenue
- Rs 428 crore (up 37% YoY)
- Profit after tax
- Rs 35 crore (8% margin)
- Occupancy
- 86%, up from 85%
- Rent-paying area
- 7.84 million sq ft
- GCC share of revenue
- 53%
- Share price (NSE)
- Rs 182.35, down 0.78%
Quotes
Meghna Agarwal
IndiQube co-founder
“The narrative around GCCs has been overplayed and hyped.”
financialexpress.com
“An operator cannot be built on a single asset class.”
financialexpress.com











