Indiqube Spaces (INDIQUBE)
TurnaroundFairStock Score: 9/100 — RISKY
Score breakdown: P/E: 0/3 · ROCE: 0/2 · Growth: 0/2 · Dividend: 0/1
Key Financials
| Current Price | ₹180 |
| Market Cap | ₹3,815.96 Cr |
| P/E Ratio | 0 |
| ROCE | 4.76% |
| ROE | —% |
| Dividend Yield | 0% |
| Profit Growth | -24.33% |
| Debt/Equity | 10.12 |
| Sales Growth | 45.1% |
| Promoter Holding | 60.04% |
| 52-Week Range | ₹131.15 — ₹243.8 |
| Sector | Commercial Services & Supplies |
| Book Value | ₹24.28 |
Strengths
- Sales growth is robust at 45.56%, showing strong demand for its services.
- Latest quarter revenue of ₹390 Cr indicates meaningful scale.
- Promoter holding of 60.04% aligns owners' interests with minority shareholders.
Concerns
- Company is loss-making: latest quarter net profit is -₹17 Cr and profit growth is -24.33%, leaving P/E at 0.00.
- Debt/equity of 8.67 is extremely high, while ROCE of 4.76% is too low to justify such leverage.
- P/B of 6.51 against book value of ₹27.27 means the market price has far outpaced asset backing; zero dividend adds no return while waiting.
- Fundamental quality scores are weak: Piotroski F-Score 4/9 and FairStock Score 9/100.
AI Analysis
Indiqube Spaces shows the classic tension between growth and value. Sales climbed 45.56%, and the latest quarter shows ₹390 Cr of revenue, so the business is obviously finding customers. But Graham was adamant: revenue is not profit, and a company that cannot earn money for shareholders is just consuming capital. Latest quarter net profit is minus ₹17 Cr; reported profit growth is minus 24.33%; the P/E is 0.00 because earnings simply do not exist. With a debt/equity of 8.67, this is a leveraged structure, and ROCE at 4.76% offers little comfort. I am being asked to pay ₹177.60 for ₹27.27 of book value—6.51 times book—for a business with zero dividend yield and a Piotroski score of 4/9. The FairStock Score of 9/100 is a flashing red beacon. High promoter holding of 60.04% is good, but ownership alignment cannot compensate for a capital structure that leaves no margin for error. Some analysts may call this a fast grower; I call it an unproven, expensive hope. The 52-week range of ₹131.15 to ₹243.80 shows the stock has fallen from favor, but a lower price is not automatically a bargain. I would need to see consistent profitability, lower debt, and proof that this 45% growth actually converts to cash earnings before I would commit a rupee. Until then, this is a business to watch, not to own.
Data from BSE/NSE filings. AI analysis is for educational purposes only — not investment advice. Scoring methodology · Disclaimer