SMARTWORKS

Smartworks Coworking Spaces share price & financials

Price
₹455.5
Market cap
₹5.5k Cr
Sector
Services
Calls analysed
4
Latest concall · Q1 FY27 · call held 22 Jul 2026

Smartworks Coworking Spaces Limited Q1 FY27

Revenue ₹546 cr +44%Normalized EBITDA ₹107 cr +74%Normalized EBITDA Margin 19.6% Normalized PAT ₹39 cr +200%

What went well

  • Revenue grew 44% year-on-year to INR 546 crores and 5% quarter-on-quarter, demonstrating strong top-line expansion.
  • Normalized EBITDA increased 74% year-on-year to INR 107 crores and 8% quarter-on-quarter, with margins expanding from 19% to 19.6%.
  • Normalized PAT nearly tripled from INR 13 crores in Q1 FY26 to INR 39 crores this quarter, reflecting enhanced profitability.

What to watch

  • Operating cash flow to EBITDA was 0.9x this quarter, below the structural target of 1x, primarily due to INR 33 crores in security deposits paid for future buildings.
  • Free cash flow was negative INR 56 crores, compared to negative INR 4.9 crores a year ago, attributed to a stepped-up capex cycle.
Read the full call →

What Smartworks Coworking Spaces Limited does

Smartworks Coworking Spaces is an enterprise-focused managed office (flex workspace) operator that leases bare-shell buildings from landlords, fits them out at its own cost, and re-lets fully amenitised, tech-enabled office space to large corporates and Global Capability Centres (GCCs) on multi-year contracts. It earns rental income from enterprise clients while itself paying rent to the underlying landlords, acting as a master-lease intermediary rather than an owner of the real estate. Beyond space, it monetises design, technology and workspace-management services through in-house proprietary platforms, and has launched a dedicated GCC-focused offering, SmartVantage, to help enterprises go live faster with regulatory, technology and partner support.

Total leased super built-up area (SBA)
16.1 Msf (369k total seat capacity)
Operational centres
66 centres across 15 Indian cities plus Singapore
Operational super built-up area
10.1 Msf (231k operational seats)
International footprint
2 centres in Singapore (~35k sq ft)
Market position
India's largest managed-office / flex workspace platform by total stock
Enterprise clients served
738 clients (as of FY25)
Founded 2015Headquarters Gurugram, Haryana (corporate office); New Delhi (registered office) Company website

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 1 delivered 5 missed 10 open
  • Growth without additional funding delivered said Q1 FY26 Promised: 25% to 30% year-on-year without any additional funding Q1 FY27: Reiterated self-funded growth model, evidenced by cash-flow funded acquisition of Workstudio.
  • OCF to EBITDA ratio missed said Q1 FY26 Promised: settle between 1.1 to 1.2 Q1 FY27: Ratio dropped to 0.9x, below the 1.1-1.2x target, due to security deposit payouts for future buildings.
  • Total square feet visibility revised down said Q1 FY26 Promised: 12 million square feet Q1 FY27: Visibility reduced to ~13.9m sq ft (10.4m operational + 3.5m signed), down from 15.6m sq ft in the previous quarter.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 44.1%, net profit up 425.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue350 352 358 379 425 +21%472 +34%520 +45%546 +44%
EBITDA214 218 232 241 270 +26%306 +40%338 +46%346 +44%
Net profit-16 -16 -8 -4 -3 +81%1 +106%17 +313%13 +425%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +4.5% 1Y

₹400₹450₹500₹550₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 7 Nov 2025Q3 FY26 — 16 Jan 2026Q1 FY27 — 22 Jul 2026

1Y: ₹507.95 on 10 Sept 2025 → ₹530.75. High ₹606.65 (4 Nov 2025), low ₹372.45 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−2.2%
22 Jul
Q3 FY26
−3.4%
16 Jan
Q2 FY26
−3.5%
7 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 30.8% a year over 1 year, FY25 to FY26. Operating margin widened to 64.3%.

Year endingFY25FY26
Revenue₹1.4k Cr₹1.8k Cr
Operating profit₹856 Cr₹1.2k Cr
Operating margin62.3%64.3%
Interest₹337 Cr₹366 Cr
Depreciation₹635 Cr₹829 Cr
Net profit₹-63 Cr₹11 Cr
Net margin-4.6%0.6%
Cash from operations₹929 Cr₹1.2k Cr
Free cash flow₹638 Cr₹810 Cr
ROCE7.0%8.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹77 Cr₹77 Cr₹78 Cr₹79 Cr₹114 Cr₹114 Cr
Reserves₹107 Cr₹37 Cr₹-46 Cr₹-29 Cr₹395 Cr₹416 Cr
Borrowings₹134 Cr₹248 Cr₹3.9k Cr₹3.4k Cr₹4.4k Cr₹4.8k Cr
Other liabilities₹1.2k Cr₹2.5k Cr₹529 Cr₹661 Cr₹920 Cr₹1.2k Cr
Total liabilities₹1.5k Cr₹2.9k Cr₹4.5k Cr₹4.1k Cr₹5.8k Cr₹6.5k Cr
Fixed assets₹1.2k Cr₹2.3k Cr₹3.7k Cr₹3.4k Cr₹4.7k Cr₹5.2k Cr
Capital work in progress₹13 Cr₹89 Cr₹52 Cr₹72 Cr₹56 Cr₹56 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹11 Cr₹2 Cr₹2 Cr
Other assets₹307 Cr₹442 Cr₹697 Cr₹652 Cr₹1.0k Cr₹1.2k Cr
Total assets₹1.5k Cr₹2.9k Cr₹4.5k Cr₹4.1k Cr₹5.8k Cr₹6.5k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Sep 2025, FIIs trimmed −0.65 pp while the public added +0.61 pp. The shareholder count shrank 16% to 20,263.

Promoters
58.3%
FIIs
0.3%
DIIs
8.9%
Public
32.5%

Since Sep 2025

  • FIIs −0.65 pp
  • Public +0.61 pp
  • Promoters +0.15 pp

How it drifted, 4 quarters

Sep '25Dec '25Jun '26

Ownership split by quarter, oldest first. Sep '25: Promoters 58.2%, FIIs 0.9%, DIIs 9.0%, Public 31.9%.Dec '25: Promoters 58.2%, FIIs 0.3%, DIIs 9.0%, Public 32.5%.Mar '26: Promoters 58.3%, FIIs 0.2%, DIIs 9.1%, Public 32.5%.Jun '26: Promoters 58.3%, FIIs 0.3%, DIIs 8.9%, Public 32.5%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Smartworks Coworking Spaces Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
NS Niketan LLP 37.03%newly disclosed
SNS Infrarealty LLP 21.21%unchanged
Space Solutions India Pte. Ltd. 14.90%unchanged
Mahima Stocks Private Limited 3.74%unchanged
Tata Mutual Fund - Tata Small Cap Fund Mutual fund1.90%unchanged
Ananta Capital Ventures Fund 1 VC / PE1.87%unchanged
Jagdish Naresh Master 1.05%unchanged
Baroda BNP Paribas Balanced Advantage Fund Mutual fund1.01%unchanged
Neetish Sarda 0.04%unchanged
Harsh Binani Huf 0.03%unchanged
Neeta Sarda 0.01%unchanged
Jiwanjyoti Distributors Private Limited 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (4)

Read the Q1 FY27 call →

Learn to analyse Smartworks Coworking Spaces Limited

Guides on how to read this kind of business and the numbers that matter.