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Smartworks Coworking Spaces Results: Latest Quarterly Results & Analysis

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Smartworks Coworking Spaces Ltd. 22 Jul 2026 12:29 PM
Result PDF

Q1FY27 Quarterly Result Announced for Smartworks Coworking Spaces Ltd.

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

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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