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Smartworks Coworking Spaces Results: Latest Quarterly Results & Analysis

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Smartworks Coworking Spaces Ltd. 30 Oct 2026 12:47 PM
Result PDF

Q2FY27 Quarterly Result Announced for Smartworks Coworking Spaces Ltd.

Special Consumer Services company Smartworks Coworking Spaces announced Q2FY27 results

Consolidated Financial Highlights:

  • Revenue from operations: For Q2FY27, revenue from operations stood at Rs 5,913.70 million, registering a QoQ increase of 8.26% from Rs 5,462.48 million in Q1FY27 and a YoY increase of 39.22% from Rs 4,247.83 million in Q2FY26. For H1FY27, revenue from operations reached Rs 11,376.18 million, showing a growth of 41.50% compared to Rs 8,039.94 million in H1FY26.
  • Total income: For Q2FY27, total income was Rs 6,053.01 million, up 8.15% QoQ from Rs 5,596.66 million in Q1FY27 and up 37.24% YoY from Rs 4,410.67 million in Q2FY26. For H1FY27, total income stood at Rs 11,649.67 million, a growth of 40.52% compared to Rs 8,290.54 million in H1FY26.
  • Profit before tax (PBT): For Q2FY27, PBT was Rs 348.70 million, up 98.49% QoQ from Rs 175.68 million in Q1FY27 and up 894.85% YoY from a loss before tax of Rs 43.87 million in Q2FY26. For H1FY27, PBT stood at Rs 524.38 million, turning around by 626.70% from a loss before tax of Rs 99.56 million in H1FY26.
  • Profit after tax (PAT): For Q2FY27, PAT was Rs 256.41 million, expanding by 95.02% QoQ from Rs 131.48 million in Q1FY27 and up 916.85% YoY from a loss of Rs 31.39 million in Q2FY26. For H1FY27, PAT stood at Rs 387.89 million, a turnaround of 628.75% from a net loss of Rs 73.36 million in H1FY26.
  • Earnings per share (EPS): For Q2FY27, basic and diluted EPS stood at Rs 2.24, rising 94.78% QoQ from Rs 1.15 in Q1FY27 and up 929.63% YoY from a negative EPS of Rs 0.27 in Q2FY26. For H1FY27, basic and diluted EPS was Rs 3.39, growing 598.53% compared to a negative EPS of Rs 0.68 in H1FY26.

Standalone Financial Highlights:

  • Revenue from operations: For Q2FY27, revenue from operations stood at Rs 5,727.89 million, increasing by 8.54% QoQ from Rs 5,277.13 million in Q1FY27 and growing 38.49% YoY from Rs 4,136.09 million in Q2FY26. For H1FY27, revenue from operations reached Rs 11,005.02 million, an increase of 41.38% compared to Rs 7,783.94 million in H1FY26.
  • Total income: For Q2FY27, total income was Rs 5,870.97 million, up 8.43% QoQ from Rs 5,414.34 million in Q1FY27 and up 36.45% YoY from Rs 4,302.69 million in Q2FY26. For H1FY27, total income stood at Rs 11,285.31 million, higher by 40.33% compared to Rs 8,041.91 million in H1FY26.
  • Profit before tax (PBT): For Q2FY27, PBT was Rs 372.34 million, rising 171.15% QoQ from Rs 137.32 million in Q1FY27 and increasing 833.96% YoY from a loss before tax of Rs 50.73 million in Q2FY26. For H1FY27, PBT was Rs 509.66 million, a turnaround of 559.61% compared to a loss before tax of Rs 110.89 million in H1FY26.
  • Profit after tax (PAT): For Q2FY27, PAT stood at Rs 278.62 million, advancing 171.14% QoQ from Rs 102.76 million in Q1FY27 and up 833.98% YoY from a net loss of Rs 37.96 million in Q2FY26. For H1FY27, PAT stood at Rs 381.38 million, reflecting a turnaround of 559.60% from a net loss of Rs 82.98 million in H1FY26.
  • Earnings per share (EPS): For Q2FY27, basic and diluted EPS was Rs 2.44, up 171.11% QoQ from Rs 0.90 in Q1FY27 and up 839.39% YoY from a negative EPS of Rs 0.33 in Q2FY26. For H1FY27, basic and diluted EPS reached Rs 3.34, increasing 533.77% compared to a negative EPS of Rs 0.77 in H1FY26.

Neetish Sarda, Founder & Managing Director, Smartworks, said: “We have delivered a strong performance in the first half and are tracking well ahead of the plan we set for FY27. This quarter, revenue grew 39% and normalised profit after tax more than doubled over last year, even as we invested through our heaviest expansion phase - and on the back of this, we have raised our full-year revenue growth guidance. It reflects what we have always believed: at scale, our growth and profitability compound together.

We are seeing sustained demand translate into growth. Existing clients are expanding with us across cities, while new global businesses, Indian conglomerates and GCCs are choosing our platform for their infrastructure needs. Our increasingly diversified client portfolio and growing pipeline of large deals reinforce the strength of our business model.

As large corporates expand across cities, they increasingly want the flexibility to grow teams, enter new markets and become operational quickly, without the complexity of building offices themselves - and large-format managed campuses are emerging as their preferred choice. We continue to add campuses in prime locations across key business markets, creating the capacity for corporates to scale and grow.

As the only listed flex player to post six consecutive quarters of sequential revenue and margin growth, with margins expanding ~360 bps, we have shown our ability to convert this demand into consistent financial performance. With our scale, developer partnerships and the category we have built, Smartworks is driving the next phase of growth in flexible, managed workspaces in India.”

Result PDF

Result PDF

Special Consumer Services company Smartworks Coworking Spaces announced Q1FY27 results

Standalone Financial Highlights:

  • Total Income: The Company reported a total income of Rs 5,414.34 million in Q1FY27, representing a YoY growth of 44.80% compared to Rs 3,739.22 million in Q1FY26 and a QoQ growth of 4.20% from Rs 5,196.27 million in Q4FY26.
  • Revenue from Operations: Revenue for Q1FY27 stood at Rs 5,277.13 million, marking an increase of 44.66% YoY from Rs 3,647.85 million in Q1FY26 and an increase of 4.16% QoQ from Rs 5,066.32 million in Q4FY26.
  • Profit Before Tax (PBT): For Q1FY27, PBT was Rs 137.32 million, reflecting a turnaround from a loss of Rs 60.16 million in Q1FY26 (YoY). However, it saw a QoQ decrease of 31.58% from Rs 200.69 million in Q4FY26.
  • Profit After Tax (PAT): The Company recorded a PAT of Rs 102.76 million in Q1FY27, showing significant YoY improvement from a loss of Rs 45.02 million in Q1FY26. On a QoQ basis, PAT declined by 31.58% from Rs 150.18 million in Q4FY26.
  • Earnings Per Share (EPS): Basic and Diluted EPS for Q1FY27 was Rs 0.90, compared to Rs 1.31 in Q4FY26 and a negative Rs 0.44 in Q1FY26.

Consolidated Financial Highlights:

  • Total Income: Consolidated total income for Q1FY27 was Rs 5,596.66 million, up 44.25% YoY from Rs 3,879.87 million in Q1FY26 and up 5.06% QoQ from Rs 5,327.04 million in Q4FY26.
  • Revenue from Operations: The Group reported revenue of Rs 5,462.48 million in Q1FY27, representing a growth of 44.05% YoY against Rs 3,792.11 million in Q1FY26 and a growth of 5.11% QoQ against Rs 5,196.83 million in Q4FY26.
  • Profit Before Tax (PBT): Consolidated PBT stood at Rs 175.68 million in Q1FY27, a turnaround from a loss of Rs 55.69 million in Q1FY26 (YoY) and a decrease of 21.04% QoQ from Rs 222.49 million in Q4FY26.
  • Profit After Tax (PAT): The Group earned a PAT of Rs 131.48 million in Q1FY27, compared to a loss of Rs 41.97 million in Q1FY26 (YoY) and a profit of Rs 166.24 million in Q4FY26 (QoQ decrease of 20.91%).
  • Earnings Per Share (EPS): Basic and Diluted EPS was Rs 1.15 for Q1FY27, vs Rs 1.45 in Q4FY26 and negative Rs 0.41 in Q1FY26.

Business Highlights:

  • Segment Performance: The Company’s primary business involves developing and licensing fully serviced office spaces, design and fitout services, and other related services. It operates as a single operating unit and therefore has a single operating segment.
  • IPO Proceeds Utilization: From the total fresh issue of Rs 4,450 million raised during the IPO in FY26, the Company has utilized Rs 3,747.88 million as of June 30, 2026. The funds were used for repayment/prepayment of borrowings (Rs 1,140.00 million), capital expenditure for fit-outs and security deposits in new centres (Rs 1,596.54 million), general corporate purposes (Rs 566.15 million), and offer-related expenses (Rs 445.19 million).
  • International Acquisition: Subsequent to the quarter ended June 30, 2026, the Group entered into an agreement to acquire 100% equity shares of Workstudio Spaces Pte. Ltd., a Singapore-based coworking space operator. The acquisition was completed on July 7, 2026, for a consideration of SGD 2.47 million (Rs 182.20 million).
  • Consolidated Entities: The consolidated results include the parent company and its four wholly-owned subsidiaries: Smartworks Tech Solutions Private Limited, Smartworks Office Services Private Limited, Smartworks Stellar Services Private Limited, and Smartworks Space Pte. Ltd.

Result PDF

Special Consumer Services company Smartworks Coworking Spaces announced Q1FY26 results

  • Revenue from operations for Q1FY26 stood at Rs 3,792 million.
  • EBITDA rose to Rs 607 million, a 109% YoY increase, with a margin of ~16%.
  • Profit Before Tax (PBT) improved to Rs 168 million, representing a 4.4% margin — a significant turnaround from Normalised loss before tax of Rs 102 million in Q1FY25.
  • PBT loss narrowed to (Rs 56 million) versus (Rs 311 million) in Q1FY25.
  • Normalised Operating Cash Flow rose over 71% YoY to Rs 855 million.

Neetish Sarda, Managing Director, Smartworks, said: “We are pleased to report a strong quarterly performance, driven by continued momentum across revenue, EBITDA, and operating efficiency. Our revenue growth this quarter reflects a combination of robust, sustained demand from enterprise clients and the deliberate capacity expansion we executed over the past year. By adding over 1 million sq. ft. of new supply, we not only strengthened our footprint in key markets but also positioned ourselves to capture incremental demand quickly. Normalised EBITDA doubled to Rs 607 million in Q1FY26 from Rs 290 Mn in Q1FY25. During the quarter, normalised EBITDA margins have improved to 16.0 % as compared to 9.3% in Q1FY25, reflecting the strength of our asset-light, enterprise-focused model and the inherent scalability of our managed campus platform.

This performance showcases our disciplined execution, cost-efficient expansion, and the trust our clients place in us to deliver ready-to-move, high-quality workspaces that are tailored to their business needs. As India’s largest managed office platform, we remain sharply focused on enabling enterprise productivity, offering reliable, value-driven, and flexible workspace solutions that meet the evolving demands of modern businesses across India's top commercial hubs.

Looking ahead, we will continue to leverage presence across markets, India and Singapore, and an integrated service model to drive sustainable growth and long-term value creation.”

Harsh Binani, Executive Director, Smartworks, said: “Our operational momentum remains strong, supported by a high-quality portfolio and a healthy pipeline of new supply. Today, we have more than Rs 40,000 million in committed revenue, providing strong visibility into future cash flows. We added several marquee clients across industries to our growing portfolio, reaffirming our position as the workspace partner of choice for enterprise India.

Over 90% of our revenue comes from enterprise clients, and more than 30% from multi-city engagements, a testament to the trust large corporations place in our platform. With 1.07 million sq. ft. scheduled for handover in the next two quarters, we are on track to expand to ~12 million sq. ft. during FY26, further consolidating our leadership in the segment.

Occupancy trends remain strong, anchored by our agile delivery model with turnaround times of just 45 to 60 days, among the fastest in the industry. This execution speed is enabled by deep operational expertise and a repeatable, scalable playbook, ensuring consistent delivery across locations. Our speed-to-market, paired with a capex-light structure and lowest-in-class operating costs, continues to unlock significant value. Long-tenured contracts (average client tenure of ~45 months) and multi-city relationships drive predictable, healthy cash flows, further insulating the business in a dynamic market.“

Result PDF

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