Tablespace Technologies Limited

Key Metrics of Tablespace Technologies Limited

Revenue₹2,260 Cr▲ 66.1% YoYFY 2025-26

EBITDA₹1,175 Cr▲ 86.9% YoY

Net profit—

Net worth—

Competitors10identified

About Tablespace Technologies Limited

Sectors

IT Services & SoftwareIndian IT Services

Company details

Operational Areas of Tablespace Technologies Limited

IT Services & Software›Indian IT Services

Company summary

Entity details

CINU74999KA2017PLC101040

LEI code—

State codeKA

PIN code—

Current legal nameTABLESPACE TECHNOLOGIES LIMITED

Classification—

Listing statusUnlisted

Registration no.101040

Company age—

PAN—

CountryIndia

City—

StateKarnataka

Current statusACTIVE

Date of incorporation—

Registrar of companies—

Authorised capital—

Paid-up capital—

Employee count—

Compliance

Last AGM date—

Last balance sheet—

Next filing dueAOC-4 for FY 2025-26 · 30 Oct 2026

Industry classification

NIC code74999

Description of main activityOther business activities (consultancy, engineering, advertising, staffing)

Description of business activityOther business activities (consultancy, engineering, advertising, staffing)

SectorIT Services & Software · Indian IT Services

Premium

Financials, ratios and risk analysis

Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.

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Filing compliance

AGM for FY 2025-2630 Sep 2026 Statutory due date passed

AOC-4 for FY 2025-2630 Oct 2026 Statutory due date · 2 days left

MGT-7 for FY 2025-2629 Nov 2026 Statutory due date · 32 days left

Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.

Vendor checks & payment capacity

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Credit ratings

ICRA · 15 Jul 2026 ICRA A Stable outlook · Upgraded

Change in last 12 months—

Change since first rating on record—since Jul 2026

Rating actions11 up · 0 down

Liquidity (ICRA)Adequate

PositiveUpgraded by ICRA on 15 Jul 2026 (from A-)

Rating history

Rating actions

Date	Agency	Action	Long term	Short term	Outlook	Rated amount	Rationale
15 Jul 2026	ICRA	Upgraded (from A-)	A	—	Stable	₹1,456 Cr	View

Credit strengths (ICRA, Jul 2026)

+ Healthy occupancy and comfortable debt protection metrics

The company’s rent paying area stood at 10.1 msf as of March 2026 and increased significantly by 28% and 24% YoY in FY2025 and FY2026 respectively, while maintaining health occupancy above 90%, which is anticipated to sustain in the medium term.

+ Reputed client profile and low tenant concentration risk

The company has large and diversified geographical presence with 80+ live centres across eight cities – Bangalore, Hyderabad, Chennai, Mumbai, Pune, New Delhi, Delhi NCR (Gurgaon and Noida), Bhubaneshwar.

+ Extensive experience of promoters and management in commercial real estate and managed workspace segment

The company was promoted by the Late Amit Banerji (MD and Promoter), along with Mr.

Credit challenges

− Exposure to market risk due to large expansion plans

The company has large expansion plans with proposed addition of 4.0-6.0 msf over FY2027-FY2028 with a cumulative outlay of around Rs. 1,200-1,800 crore, exposing it to market risk for the new capacities.

− Moderate lease renewal risk

The customer leases contributing to ~24% and 17% of the total revenue are coming up for renewal in FY2027 and FY2028, respectively, exposing it to lease renewal risk.

− Exposure to cyclicality in the real estate sector

The company is exposed to the cyclicality in the office leasing segment and vulnerability to external factors.

Could lead to an upgrade

The rating could be upgraded if there is a sustained increase in scale of operations and profitability, along with improvement in debt protection metrics and

Could lead to a downgrade

The rating could be downgraded if there is a material decline in occupancy or profitability and/or significant speculative debt-funded expansion resulting in weakening of debt coverage metrics and

Agency-reported financials (ICRA, 15 Jul 2026)

Metric	FY2025	FY2026
Operating income	₹1,361 Cr	₹2,260 Cr
OPBDIT/OI	46.2%	52.0%
Total debt/OPBDIT (times)	8.30×	5.70×
Interest coverage (times)	2.00×	2.50×
Revenue growth (YoY)	—	66.1%
EBITDA (margin × income)	₹629 Cr	₹1,175 Cr
Implied total debt (debt/EBITDA × EBITDA)	₹5,217 Cr	₹6,698 Cr
Implied interest cost (EBITDA ÷ coverage)	₹314 Cr	₹470 Cr

Borrowings & rated debt

Rated borrowing limits (latest)₹1,456 Cr

Limits raised0 times1 new facility rated

Facility mix

Rated facilities

Facility	Type	Previous	Current	Change	Rating	Action	Agency
Long-term – Fund-based – Term loan	Term loans	₹1,179 Cr	₹1,014 Cr	−14.0%	A (Stable)	Upgraded	ICRA
Long-term – Proposed term loans	Term loans	—	₹142 Cr	—	A (Stable)	Upgraded	ICRA
Proposed non-convertible debenture	Debentures & bonds	—	₹300 Cr	—	A (Stable)	Assigned	ICRA

Credit assessment · Services

Rating Methodology – Service Sector Companies · Standalone accounts · FY 2025-26

Indicative long-term—

Indicative short-term—

Score—

LiquidityStretchedAgency: Adequate

DirectionStableAgency outlook: Stable

ICRA rating · Jul 2026A2 notches above indicative

Ratios, pillar scores and the indicative rating are part of Premium.

Rating status

Default	No default on record
Issuer cooperation	Cooperating
Credit enhancement	None – standalone rating
Next action stable or better (model)	20%
Information on file	44% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern

Indicative assessment from public data using the published methodology factors; not a credit rating.

Borrowing & funding lifecycle

⬇ PDF report ⬇ Excel

Can it borrow more?Further funding possible with conditions Next rating action stable or better: 20% (Downgrade likely) · ML model on 4072 rating histories, AUC 0.666

Rated limits₹1,456 Cr

Not yet allocated₹442 Cr

Extra debt within 3.5× EBITDA—

Interest coverage2.50×

Limit utilisation—

Open bank charges0 · —

Credit outlook model: 20% chance the next rating action is stable or better
Current rating A (investment grade)
Interest coverage 2.5×
₹442 cr of rated limits not yet tied to a lender

Rated limits by facility

Timeline

15 Jul 2026 ICRA upgraded: A (Stable)Rated limits ₹1,456.25 cr ICRA rationale

15 Jul 2026 ₹1,325 cr raised through equity from AGS TS II Holdings Pte Ltd

From the report

TTPL has raised equity of Rs. 1,325 crore ($175 million) from AGS TS II Holdings Pte Ltd. over FY2023-FY2025.

ICRA rationale

15 Jul 2026 Cash & liquid funds ₹125.9 cr, undrawn lines ₹55.8 cr

From the report

Liquidity position: Adequate The company’s liquidity position is adequate with free cash and cash equivalents of Rs. 125.9 crore and undrawn overdraft limits of Rs. 55.8 crore as on March 31, 2026.