20% Upper Circuit: Stock Skyrockets After Signing Deal with Japanese E-commerce Giant

Synopsis: Small-cap stock hit 20 percent upper circuit after signing a major workspace deal of Rs 52 crore with a global e-commerce firm, boosting investor sentiment.

The shares of the company, which offers “office-in-a-box” solutions, managed offices, and coworking spaces, catering to unicorns, global capability centers (GCCs), and corporates, gained investor traction after an international order.

With a market capitalization of Rs 3,886 crore, Indiqube Spaces Ltd’s shares on Thursday made a day high of Rs 186.60 per share, up by 20 percent from its previous day’s close price of Rs 155.50 per share. The share of the company has given a negative return of 16.84 percent since its listing in July 2025.

Significant Deal

IndiQube Spaces has signed a Rs 52 crore workspace deal with a Japanese e-commerce major for around 35,000 sq ft in Bengaluru’s Outer Ring Road over five years. The agreement will provide a fully managed, enterprise-grade office, supporting the client’s India expansion in a key technology and business hub.

The deal comes as India’s flex office market surpasses 100 million sq ft, driven by rising demand for flexible and managed workspaces. Bengaluru remains a key growth hub, with Outer Ring Road emerging as a preferred location due to its strong tech ecosystem, infrastructure, and talent availability.

Commenting on the deal, Rishi Das said global e-commerce firms now view workspaces as strategic tools for growth, collaboration, and execution, highlighting Bengaluru’s importance. Meghna Agarwal added that enterprises seek flexible, customised offices that support evolving teams, with a strong focus on seamless operations, technology, and employee experience.

About the Company 

IndiQube is a company that provides ready-to-use office spaces for startups, global firms, and large companies. Instead of just renting space, it offers fully managed offices with design, technology, and support services included. It operates across 17 cities and manages over 9.55 million sq ft of workspace, helping companies scale easily with flexible, modern, and employee-friendly work environments.

Financial Highlights: The revenue from operations grew by 45.5 percent to Rs 390 crore in Q3 FY26, corresponding to the same quarter in the last financial year, and the operating margin increased from 59 percent to 61 percent YoY. Accompanied by a loss of Rs 17 crore in Q3 FY26 from Rs 14 crore in Q3 FY25, resulting in negative EPS of Rs 0.81 per share in Q3 FY26.

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