Indiqube Spaces Ltd. (INDIQUBE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+456.4%

₹995.73

vs ₹178.96 price

Levered DCF

₹946.27

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	-25.59×	-32.78×	-13.41×	-23.11×	-24.3×	-163.89×
P/B	5.29×	-1,471.43×	35.04×	-14.86×	-33.04×	50.69×
P/S	1.78×	4.32×	5.51×	7.9×	13.3×	8.64×
EV / EBITDA	14.8×	13.22×	29.22×	29.13×	48.17×	71.01×
Gross margin	-20.1%	88.6%	89.3%	89.0%	91.7%	100.0%
Operating margin	-8.9%	12.4%	13.2%	8.8%	-2.2%	35.6%
Net margin	-7.0%	-13.2%	-41.1%	-34.2%	-54.7%	-5.3%
Current ratio	0.96×	0.26×	0.27×	0.26×	0.18×	0×
Debt / equity	10.12×	-1,313.98×	23.34×	-9.5×	-15.59×	1.43×
Interest coverage	0×	0.4×	0.43×	0.27×	-0.05×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-20.7%	4487.8%	-261.4%	64.3%	136.0%	-30.9%
Return on invested capital	-1.6%	2.7%	2.9%	1.6%	-0.3%	23.4%
Return on assets	-1.6%	-3.0%	-9.3%	-6.7%	-8.2%	-3.5%
Free cash flow yield	17.3%	7.7%	7.7%	3.3%	3.4%	-0.6%
Earnings yield	-3.9%	-3.0%	-7.5%	-4.3%	-4.1%	-0.6%
Enterprise value	₹75.4B	₹86.6B	₹76.3B	₹74.9B	₹67.4B	₹26.1B
Net debt / EBITDA	9.46×	6.23×	11.68×	11.34×	15.44×	1.88×
Cash conversion cycle (days)	11	-137	-156	-135	-277	0