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Smartworks FY26: Achieves First PAT Profit of ₹10 Cr; Revenue Grows 31% to ₹1,796 Cr
Smartworks reported a landmark FY26, achieving its first full year of PAT profitability at ₹10 crore, a significant turnaround from a ₹63 crore loss in FY25. Revenue from operations grew 31% YoY to ₹1,796 crore, supported by a 37% expansion in total footprint to 16.1 million sq. ft. The company has transitioned to a net debt-negative position with ₹56 crore in net cash and boasts a contracted rental revenue pipeline exceeding ₹5,200 crore. Operational efficiency improved sharply, with ROCE doubling to 16% and normalized EBITDA growing 75% YoY to ₹314 crore.
Key Highlights
Achieved first-ever full-year PAT profitability of ₹10 Cr compared to a ₹63 Cr loss in FY25.
Revenue from operations grew 31% YoY to ₹1,796 Cr with normalized EBITDA margins expanding 440 bps to 17.5%.
Became the first listed Indian flex-space provider to cross 10.1 million sq. ft. of operational area.
Contracted rental revenue visibility stands at ₹5,200+ Cr, providing high predictability for future earnings.
Balance sheet significantly strengthened post-IPO, retiring ₹114 Cr debt to reach a net debt-negative status.
💼 Action for Investors
The company's transition to profitability and net-cash status while maintaining 30%+ growth makes it a compelling play in the commercial real estate sector. Investors should view the high occupancy levels and multi-year revenue visibility as strong indicators of sustainable long-term compounding.
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Smartworks FY26 Revenue Grows 36% CAGR; Q4 RoCE Hits 21.5% Amid Strong Enterprise Demand
Smartworks Coworking Spaces Limited reported a strong performance for FY26, with annual revenue reaching INR 17,958 million, marking a 36% CAGR since FY23. The company's normalized EBITDA margin expanded to 19% in Q4FY26, supported by a high mature occupancy rate of 89% across its 10.1 million square feet operational portfolio. With 90% of revenue derived from enterprise clients and an average tenure of 47 months, the company demonstrates high revenue visibility. Furthermore, the company has achieved a net-debt-negative balance sheet, positioning it for self-funded future growth.
Key Highlights
Total Revenue for FY26 stood at INR 17,958 million, growing at a 36% CAGR from FY23 to FY26.
Normalized EBITDA for FY26 reached INR 3,144 million, representing a 94% CAGR over the same three-year period.
Return on Capital Employed (RoCE) saw a significant jump to 21.5% in Q4FY26 compared to 15.4% in Q4FY25.
Total Super Built-up Area (SBA) expanded to 16.1 million square feet, a 37% YoY increase, with 10.1 million square feet currently operational.
Maintains a healthy balance sheet with a net-debt-negative status and a low cost of borrowing at under 9%.
💼 Action for Investors
Investors should note the company's successful transition from a capital-intensive scaling phase to a cash-compounding phase with improving margins and RoCE. The high stickiness of enterprise clients (90% of revenue) and negative working capital model make it a strong play in the Indian flexible workspace sector.
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Smartworks FY26 Revenue up 31% to ₹1,796 Cr; Achieves First Full-Year PAT Profitability
Smartworks reported a stellar FY26, its first as a listed entity, with revenue growing 31% to ₹1,796 crore and normalized EBITDA surging 75% to ₹314 crore. The company achieved a major milestone by turning PAT positive for the full year at ₹11 crore, compared to a loss of ₹63 crore in FY25. Operational efficiency improved significantly, with ROCE more than doubling to 16% and the company ending the year in a net cash position. With over ₹5,200 crore in contracted rental revenue and 100% of FY27 supply secured, the company demonstrates strong forward visibility.
Key Highlights
Revenue from operations grew 31% YoY to ₹1,796 Cr, with Q4 FY26 being the strongest ever at ₹520 Cr.
Achieved first full-year PAT profitability of ₹11 Cr vs a loss of ₹63 Cr in FY25.
Normalised EBITDA margin expanded by 440 bps to 17.5%, while ROCE more than doubled to 16%.
Company turned net-debt-negative with gross debt reduced by over 50% since its July 2025 IPO.
Operational footprint crossed 10 million sq ft with ₹5,200+ Cr in contracted rental revenue visibility.
💼 Action for Investors
The company's transition to profitability and a net-cash balance sheet suggests a sustainable and scalable business model in the flex-space sector. Investors should consider this a strong growth play given the high revenue visibility and improving capital efficiency.
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Smartworks Approves FY26 Audited Financial Results with Unmodified Audit Opinion
Smartworks Coworking Spaces Limited's Board of Directors met on April 30, 2026, to approve the audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026. The statutory auditors, Deloitte Haskins & Sells LLP, issued an unmodified opinion, confirming that the financial statements provide a true and fair view of the company's performance. The board meeting was conducted efficiently, starting at 09:30 A.M. and concluding by 10:28 A.M. These results have been submitted to both the NSE and BSE in compliance with SEBI LODR Regulations.
Key Highlights
Approval of audited standalone and consolidated financial results for the fiscal year ended March 31, 2026.
Statutory auditors Deloitte Haskins & Sells LLP issued an audit report with an unmodified opinion.
The board meeting was held on April 30, 2026, and lasted approximately 58 minutes.
Financial results were prepared in accordance with Indian Accounting Standards (Ind AS) and SEBI Regulation 33.
The results for the final quarter are the balancing figures between audited full-year data and reviewed year-to-date figures up to Q3.
💼 Action for Investors
Investors should examine the detailed financial tables in the full disclosure to evaluate specific revenue growth and margin trends for the coworking business. The unmodified audit opinion provides a high level of assurance regarding the reliability of the reported figures.
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Smartworks Crosses 10 Million Sq. Ft. Operational Portfolio; Q3 Revenue Up 34% YoY
Smartworks has become the first listed Indian flexible workspace provider to reach a 10 million sq. ft. operational portfolio milestone following the launch of its Mumbai Tata Intellion Park centre. The company reported robust Q3 FY26 revenue of approximately ₹472 crore, marking a 34% year-on-year growth. Mature centres are performing strongly with a 93% committed occupancy rate, driven by demand from Global Capability Centres (GCCs) and Forbes 2000 companies. With a total area under management of 15.3 million sq. ft., the company is signaling a transition into a cash-compounding growth phase.
Key Highlights
Crossed 10 million sq. ft. operational portfolio, becoming the first listed Indian flex space provider to reach this scale.
Reported Q3 FY26 revenue of ~₹472 crore, representing a 34% year-on-year increase.
Maintained high operational efficiency with mature centres operating at ~93% committed occupancy.
Total footprint stands at ~15.3 million sq. ft. across 63 centres in 15 cities as of December 2025.
Serves over 770 clients including Forbes 2000 companies and large Global Capability Centres (GCCs).
💼 Action for Investors
Investors should monitor the company's ability to maintain high occupancy rates as it scales toward its 15.3 million sq. ft. AUM target. The strong revenue growth and leadership position in the enterprise-grade managed office segment make it a key player to watch in the commercial real estate tech space.
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Smartworks Adds 1.25 Lakh Sq. Ft. Capacity in Hyderabad with ₹17 Cr Investment
Smartworks Coworking Spaces has signed a lease deed for an additional 1,25,906 sq. ft. in Hyderabad to expand its operational footprint. The project requires an investment of approximately ₹17 crores, which will be funded through internal accruals or issue proceeds. As of December 2025, the company reported a high operational capacity utilization of 84% across its 9.2 million sq. ft. portfolio. This expansion is slated for completion within April 2026, signaling aggressive growth in the flexible workspace segment.
Key Highlights
New lease deed signed for 1,25,906 sq. ft. of capacity addition in Hyderabad
Estimated investment of ₹17.00 crores to be funded via internal accruals or issue proceeds
Existing operational capacity of 9.2 million sq. ft. shows strong utilization at 84%
Capacity addition is expected to be operational within April 2026
Total leased capacity as of December 31, 2025, stood at 11.1 million sq. ft.
💼 Action for Investors
Investors should view this as a positive growth signal, especially given the high existing utilization rate of 84%. Monitor the company's ability to maintain these occupancy levels as they scale their footprint in Tier-1 cities.
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Smartworks to Add 1.49 Lakh Sq. Ft. Capacity in Jaipur with ₹25 Cr Investment
Smartworks Coworking Spaces has entered into a lease deed to add 1,49,560 Sq. Ft. of capacity in Jaipur, aiming to expand its operational footprint. The expansion involves an estimated investment of ₹25 crore, which will be financed through internal accruals or issue proceeds. This move comes as the company reports a healthy 84% utilization rate on its existing 9.2 million Sq. Ft. operational capacity. The new facility is expected to be integrated into operations by April 2026.
Key Highlights
Addition of 1,49,560 Sq. Ft. in Jaipur to increase operational capacity
Estimated investment of approximately ₹25.00 crore for the expansion
Projected completion and operationalization by April 2026
Current operational capacity utilization stands at a robust 84% as of December 2025
Financing to be managed via internal accruals or proceeds from issues
💼 Action for Investors
Investors should monitor the company's ability to maintain high utilization rates as it scales its footprint into tier-2 markets like Jaipur. The expansion is a positive indicator of demand and growth momentum in the flexible workspace segment.
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Smartworks Q3 FY26: Revenue up 34% YoY to ₹472 Cr, Achieves First-Time Ind AS PAT Profitability
Smartworks Coworking Spaces reported a strong Q3 FY26 with revenue growing 34% YoY to ₹472 Cr and achieving its first-ever positive Ind AS PAT of ₹1 Cr. The company's operational scale reached 15.3 Mn Sq Ft of total SBA, supported by a high committed occupancy of 92% and a seat retention rate of 93%. Financial health improved significantly with ROCE expanding to 20.5% and net debt turning negative at -₹42 Cr. The enterprise-heavy model, contributing 90% of rental revenue with average tenures of 49 months, provides high revenue visibility.
Key Highlights
Revenue grew 11% QoQ and 34% YoY to ₹472 Cr in Q3 FY26
Achieved first-time Ind AS PAT profitability of ₹1 Cr with Normalized EBITDA at ₹85 Cr (17.9% margin)
Total portfolio expanded to 15.3 Mn Sq Ft across 15 cities, with 2.6 Mn Sq Ft added in Q3 alone
Strong balance sheet with Net Debt of -₹42 Cr and cost of borrowing reduced to below 9%
High operational efficiency with 92% committed occupancy and 93% seat retention rate
💼 Action for Investors
Investors should note the significant milestone of reaching PAT profitability and the company's transition to a net-cash positive position. The strong supply visibility for FY27 and high enterprise client retention make it a compelling growth story in the managed office space.
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Smartworks Crosses 2 Million Sq. Ft. in Mumbai with New 182,300 Sq. Ft. Lease
Smartworks has expanded its Mumbai footprint by leasing 182,300 sq. ft. at 'The Square' in Andheri (East), bringing its total portfolio in the city to over 2 million sq. ft. This expansion follows other massive additions including 815,000 sq. ft. in Vikhroli and 557,000 sq. ft. in Navi Mumbai. The company's total managed office area now stands at approximately 15.3 million sq. ft. across 63 centers. This move targets the high demand from enterprises and Global Capability Centers (GCCs) in India's financial capital.
Key Highlights
Leased 182,300 sq. ft. at 'The Square', Andheri (East), developed by Lloyds Realty Developers Ltd.
Mumbai portfolio now exceeds 2 million sq. ft. following multiple large-scale campus additions.
Total company footprint reaches ~15.3 million sq. ft. across 63 centres in 15 cities.
Recent major leases include 815,000 sq. ft. at Eastbridge and 557,000 sq. ft. at Intellion Park.
Serves a client base of 770+ enterprises, including Forbes 2000 companies and MNCs.
💼 Action for Investors
Investors should track the occupancy rates of these newly added large-scale campuses to ensure capacity growth translates into bottom-line performance. The aggressive expansion in Mumbai indicates strong confidence in the managed office sector's demand from large enterprises.
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Smartworks to Add 1.82 Lakh Sq. Ft. Capacity in Mumbai with ₹25 Cr Investment
Smartworks Coworking Spaces has announced a capacity expansion in Mumbai by entering into a lease deed for 1,82,300 Sq. Ft. The project involves an investment of approximately ₹25 Crores and is expected to be operational within February 2026. This expansion follows a healthy 84% utilization rate of its existing 9.2 million Sq. Ft. operational capacity as of December 2025. The company plans to fund this growth through internal accruals or issue proceeds, indicating a focus on scaling its footprint in high-demand urban markets.
Key Highlights
New capacity addition of 1,82,300 Sq. Ft. in Mumbai via lease deed
Estimated investment of ₹25.00 Crores to be funded by internal accruals or issue proceeds
Expansion to be completed within February 2026
Existing operational capacity of 9.2 million Sq. Ft. with 84% utilization as of Dec 31, 2025
Total leased capacity currently stands at 11.1 million Sq. Ft.
💼 Action for Investors
Investors should monitor the company's ability to maintain high occupancy rates as it scales its footprint. The expansion is a positive indicator of demand in the flexible workspace segment and efficient capital deployment.
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Smartworks Q3 FY26: Turns IndAS PAT Positive; Revenue Up 34% YoY to INR 4,721 Mn
Smartworks reported a landmark Q3 FY26, turning IndAS PAT positive for the first time at INR 12 Mn. Revenue grew 34% YoY to INR 4,721 Mn, supported by a 20% QoQ expansion in total Super Built-up Area (SBA) to 15.3 million square feet. The company demonstrated strong operating leverage with normalized EBITDA rising 86% YoY to INR 847 Mn and ROCE expanding to 20.5%. With a net-debt-negative balance sheet and 92% committed occupancy, the company is moving into a self-funded growth phase.
Key Highlights
Revenue reached INR 4,721 Mn, representing 11% QoQ and 34% YoY growth.
Achieved first-ever positive IndAS PAT of INR 12 Mn with normalized EBITDA margins improving to 17.9%.
Total SBA expanded to 15.3 Msf across 15 cities, with 2.6 Msf added during the quarter.
Return on Capital Employed (ROCE) expanded to 20.5%, a significant jump of ~1350 bps YoY.
Maintained robust operational metrics with 92% committed occupancy and a 93% seat retention rate.
💼 Action for Investors
Investors should note the company's successful transition to profitability and its negative net-debt position, which validates the scalability of its managed office model. Monitor the execution of the 1.9 Msf upcoming supply to ensure margin expansion continues.
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Smartworks Q3 FY26: Revenue up 34% YoY, Achieves First-Ever Ind AS PAT Profitability
Smartworks reported a strong Q3 FY26 with revenue growing 34% YoY to INR 472.1 crore and achieving Ind AS PAT profitability for the first time at INR 1.2 crore. Normalized EBITDA margins expanded by 150 bps QoQ to 17.9%, driven by a high committed occupancy of 92% and enterprise-led demand. The company's ROCE saw a significant jump to 21% from 14% in the previous quarter, signaling high capital efficiency. Furthermore, the company is now net-debt negative with a reduced borrowing cost of under 9%.
Key Highlights
Revenue grew 34% YoY to INR 4,721 Mn with Normalized EBITDA rising 86% YoY to INR 847 Mn
Achieved first-time Ind AS PAT positive status at INR 12 Mn in Q3 FY26
ROCE inflected to 21% in Q3 FY26, up from 14% in Q2 FY26, driven by scale and margin expansion
Committed occupancy reached 92% with 90%+ of rental revenue contributed by enterprise clients
Net-debt negative balance sheet with borrowing costs declining to less than 9.0%
💼 Action for Investors
Investors should note the significant milestone of Ind AS profitability and the sharp rise in ROCE as indicators of a maturing, self-sustaining business model. The high enterprise client concentration and 92% committed occupancy provide strong revenue visibility for the coming quarters.
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Smartworks Q3 FY26: Turns IndAS PAT Positive; Revenue Up 34% YoY to INR 4,721 Mn
Smartworks Coworking Spaces reported a milestone Q3 FY26, achieving IndAS PAT profitability for the first time at INR 12 Mn. Revenue grew 34% YoY to INR 4,721 Mn, supported by a 20% QoQ expansion in total Super Built-up Area to 15.3 million square feet. The company demonstrated strong operating leverage with Normalized EBITDA rising 86% YoY and ROCE expanding to 20.5%. With a net-debt-negative balance sheet and 92% committed occupancy, the platform is successfully transitioning into a self-funded growth phase.
Key Highlights
Achieved first-ever IndAS PAT positive result of INR 12 Mn in Q3 FY26
Revenue grew 34% YoY to INR 4,721 Mn with Normalized EBITDA margins improving to 17.9%
Total Super Built-up Area (SBA) expanded to 15.3 million square feet with 355k total seats
Strong operational metrics with 92% committed occupancy and a 93% seat retention rate
Return on Capital Employed (ROCE) expanded significantly to 20.5%, up ~600 bps QoQ
💼 Action for Investors
The transition to PAT profitability and a net-debt-negative status represents a significant de-risking of the business model. Investors should monitor the company's ability to maintain high occupancy levels as it continues its aggressive 15.3 Msf expansion plan.
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Smartworks Q3 FY26: Revenue Up 34% to ₹472 Cr, Achieves PAT Profitability and Record EBITDA
Smartworks reported a strong Q3 FY26 with revenue growing 34% YoY to ₹472 crore and achieving PAT profitability under Ind AS. The company reached a record normalised EBITDA of ₹85 crore with margins expanding to 18%, supported by a high occupancy rate of 93% in mature centres. Notably, operating cash flow at ₹101 crore exceeded EBITDA, and the company maintains a net-debt negative balance sheet of ₹42 crore. With a committed rental revenue pipeline of over ₹4,700 crore, the management signals a transition into a self-funded compounding growth phase.
Key Highlights
Revenue grew 34% YoY to ₹472 crore with a monthly revenue run-rate reaching ₹150 crore.
Normalised EBITDA hit a record ₹85 crore with margins expanding 150 bps to 18%.
Operating cash flow of ₹101 crore surpassed EBITDA, resulting in a strong OCF-to-EBITDA ratio of 1.2.
Annualised ROCE improved to 21% while maintaining a net-debt negative position of ₹42 crore.
Total footprint expanded to 15.3 million sq. ft. with committed rental revenue exceeding ₹4,700 crore.
💼 Action for Investors
Investors should note the achievement of PAT profitability and strong cash flow generation as a major de-risking event for the business model. The high visibility of future revenue and negative net debt suggest a sustainable, self-funded growth trajectory.
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Smartworks Turns Profitable in Q3 FY26 with Revenue Growth of 35.5% YoY to ₹4,609.85 Mn
Smartworks Coworking Spaces has achieved a significant milestone by turning profitable in Q3 FY26, reporting a net profit of ₹2.93 million against a loss of ₹174.18 million in the year-ago period. Revenue from operations grew by 35.5% YoY to ₹4,609.85 million, driven by expansion and higher occupancy. For the nine-month period ended December 2025, the company narrowed its losses to ₹80.05 million from ₹546.62 million previously. The company has successfully utilized ₹2,723.06 million of its ₹4,450 million IPO proceeds, primarily for debt repayment and capital expenditure for new centers.
Key Highlights
Revenue from operations rose 35.5% YoY to ₹4,609.85 million in Q3 FY26.
Reported a quarterly net profit of ₹2.93 million, a sharp turnaround from a loss of ₹174.18 million in Q3 FY25.
9M FY26 total income reached ₹12,815.78 million, up from ₹10,245.32 million in 9M FY25.
Utilized ₹1,140 million of IPO proceeds for debt repayment and ₹645.06 million for capital expenditure on new centers.
Recognized a one-time impact of ₹5.34 million in employee benefits due to the implementation of New Labour Codes.
💼 Action for Investors
The shift to quarterly profitability is a strong positive signal for this recently listed player in the flexible workspace segment. Investors should monitor the deployment of the remaining ₹1,726.94 million IPO funds into new centers to ensure continued revenue momentum.
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Smartworks Turns Profitable in Q3 FY26 with Revenue Growth of 35.5% YoY to ₹4,610 Million
Smartworks Coworking Spaces has reported a significant financial turnaround for the quarter ended December 31, 2025, posting a standalone net profit of ₹2.93 million compared to a loss of ₹174.18 million in the same period last year. Revenue from operations grew 35.5% year-on-year to ₹4,609.85 million, reflecting strong demand for managed office spaces. The company has effectively utilized ₹2,723.06 million of its IPO proceeds, including full repayment of targeted borrowings worth ₹1,140 million. While finance costs remain high at ₹956.89 million, the shift to profitability marks a critical milestone for the recently listed entity.
Key Highlights
Revenue from operations rose to ₹4,609.85 million in Q3 FY26 from ₹3,402.93 million in Q3 FY25.
Achieved a standalone net profit of ₹2.93 million, reversing a loss of ₹174.18 million YoY.
Total income for the nine-month period ended Dec 2025 reached ₹12,815.78 million.
Fully utilized ₹1,140 million from IPO proceeds for debt repayment to strengthen the balance sheet.
Capital expenditure for new centers is underway with ₹645.06 million utilized out of ₹2,258.40 million allocated.
💼 Action for Investors
Investors should view the transition to profitability as a positive signal of operational scale and efficiency post-IPO. Monitor the company's ability to maintain margins as it deploys the remaining ₹1,613 million in capital expenditure for new center expansions.
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Smartworks Report: India Flex Space Market to Reach $10B by 2028 Driven by GCC Growth
Smartworks, in collaboration with UnearthIQ, projects India's flex space market to grow from $3-4 billion currently to $9-10 billion by 2028. This growth is primarily fueled by Global Capability Centers (GCCs), which are expected to require up to 200 million sq. ft. of office space by 2030, with flex spaces capturing nearly half of this demand. The company is positioning itself to capture this shift through its 'SmartVantage' platform, targeting the 1,850+ GCCs currently operating in India. As a leading managed office platform with 14 million sq. ft. under management, Smartworks is strategically aligned with the projected $120-130 billion commercial real estate market expansion by 2030.
Key Highlights
Flex space market projected to surge to $9–10 billion by 2028 from the current $3-4 billion valuation.
GCCs expected to drive 160–200 million sq. ft. of office demand by 2030, with flex spaces capturing 65–80 million sq. ft.
India's total commercial real estate market is on course to reach $120–130 billion by 2030, up from $50-60 billion.
Smartworks currently manages ~14 million sq. ft. across 61 centers in 14 cities serving over 760 clients.
GCCs are adding 80,000–120,000 seats annually, creating a $170–254 million yearly opportunity for workspace operators.
💼 Action for Investors
Investors should monitor Smartworks' ability to scale its 'SmartVantage' platform to capture the high-margin GCC segment. The company's leadership in managed office space makes it a primary beneficiary of the structural shift toward asset-light office models in India.
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Smartworks leases ~1.68 lakh sq. ft. to IT major in Kolkata
Smartworks Coworking Spaces Limited has leased approximately 1.68 lakh sq. ft. of office space in Kolkata to a leading IT services provider. The new office space is spread across two Smartworks campuses, Victoria Park and Mediasiti. This deal marks the largest flex-office transaction in the Kolkata region. Smartworks now has a portfolio of approximately 14 million sq. ft. across 14 cities.
Key Highlights
Leased ~1.68 lakh sq. ft. to an IT services major in Kolkata
Portfolio of ~14 million sq. ft. across 14 cities
Located in Victoria Park and Mediasiti, Salt Lake City, Sector V
Smartworks serves over 760 clients
💼 Action for Investors
This expansion indicates positive growth for Smartworks. Investors should monitor the company's ability to maintain occupancy rates and profitability in its expanded locations.