A 20-megawatt solar plant in Karnataka has spent the past financial year powering most of IndiQube's Bengaluru centres. A second is now live in Maharashtra, while a third will be operational in Tamil Nadu in the next quarter. For a flexible workspace company, this is an unusual capital allocation. Flex operators compete on rent per seat, fit-out quality, and how fast they fill a new centre. They do not, as a rule, build power infrastructure. Rishi Das, Co-founder and CEO of IndiQube, thinks that is changing. "A lot of customers have ESG mandates now, and they want their entire facilities to run on green power. That is coming very handy for us," he says. "Data centre players are coming to us asking if they can locate their centres in our buildings, and one big attraction we provide is that most of our Karnataka buildings are on green power." His bet: As Indian flex matures from a real-estate play into an enterprise services play, sustainability is the wedge that opens doors to bigger clients, higher-value verticals, and assets other operators would walk past. IndiQube's just-announced FY26 results, its first full year as a listed entity, suggest the bet is paying off. For the year ended March 31, 2026, IndiQube reported revenue of Rs 1,469 crore on an IGAAP-equivalent basis, up 37% YoY. PAT came in at Rs 125 crore, a 145% jump. Cash flow from operations grew 147% to Rs 304 crore. EBITDA margins held at 21%; RoE moved to 16% from 14%. The last quarter was the best in the company's history, with revenue of Rs 407 crore (up 36% YoY) and PAT of Rs 30 crore. Post-IPO, debt-to-equity dropped from 0.90 to 0.08, putting IndiQube in a net cash position of Rs 95 crore. In fact, CRISIL has reaffirmed its A+/Stable rating. The company now operates 9.66 million sq ft across 130 centres in 17 cities, having added 28,000 seats in FY26. Steady-state occupancy sits at 88%. Sustainability investments are expensive and slow to monetise. IndiQube now has the balance sheet to keep making them. Beyond the solar build-out, 3.3 million sq ft of IndiQube's portfolio is green-certified or under certification, spread across 37 centres. That is over a third of total AUM, with more in the pipeline. The infrastructure lets IndiQube offer something most flex operators cannot: a real, traceable green-power story across a client's pan-India footprint. The Q4 wins reflect this: a Rs 54 crore, 1,140-seat deal with a GCC in Pune; a Rs 52 crore deal with a Japanese ecommerce major in Bengaluru; a Rs 75 crore engagement with a healthcare technology GCC for 48,000 sq ft. The diversification of GCC nationalities is helping too. "We are seeing a lot more European, Japanese, Korean GCCs now, across logistics, mining, manufacturing, transportation, and deep tech," Das says. The shift broadens the kind of demand IndiQube is seeing, and these clients tend to arrive with ESG procurement criteria already built in. It is also opening doors to entirely new categories of tenants. EV charging oper
