Smartworks Coworking Spaces Ltd(SMARTWORKS)

NSE: SMARTWORKSBSE: 544447

₹ 433.45-4.43%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,958 crNext results: 30 Oct 2026Website: www.smartworksoffice.comUpdated: 24 Oct 2026

About

Smartworks Coworking Spaces Ltd is India's largest managed office platform, operating 10.4 Msf of space across enterprise-focused flex centres as of Q1 FY27. The company reported revenue of INR 1,795.81 crores in FY26 and generated INR 546 crores in Q1 FY27, growing 44% year-on-year. It serves large enterprises and Global Capability Centres (GCCs) under long-tenure annuity contracts, and is the first listed flex platform to cross 10 Msf of operational space.^[1]

Business model and revenue mix

Core revenue is lease rental income from enterprise managed offices; value-added services (VAS), Fitout-as-a-Service (FaaS), ancillary services, and software contribute an expanding non-lease line.^[2]
Non-lease rental revenue tripled YoY to INR 68 crores in Q1 FY27, up from INR 22 crores in Q1 FY26 (+202% YoY), with take-rate-based economics and no incremental operating expense.^[2]
FaaS GMV is approximately 8 - 9x reported revenue; VAS take rate runs at 10 - 12% of GMV (Q3 FY26).^[3]
Other operating revenue for FY26 was INR 2,023 Mn, up 139% YoY; Q4 FY26 other operating revenue was INR 681 Mn, up 296% YoY.^[4]
Design and fit-out services were introduced as a new revenue stream in FY25.^[5]
Campuses are customised and tech-enabled, with cafeterias, gyms, crèches, medical centres and smart stores, delivered in 45-60 days (FY25 annual report).^[5]

Operational footprint and capacity

Operational SBA reached 10.4 Msf in Q1 FY27, up 25% YoY; total SBA including pipeline stood at 16.1 Msf as of Q4 FY26.^[2]
The portfolio spans 14 cities; as of Q2 FY26 it comprised 49 centres managing 235,000+ seats.^[6]
Bengaluru SBA doubled YoY to 3.4 Msf by March 2026 (21% of total SBA vs 15% a year earlier); Gurugram grew 83% YoY and Noida 56% YoY over the same period.^[4]
Singapore: ~1,500 seats after the Workstudio acquisition in Q1 FY27, about 2% of revenue, funded from Singapore cash flows.^[2]
The proprietary BuildX platform manages project and design work and shortens delivery timelines (FY25 annual report).^[5]

Occupancy and contracted revenue

Overall occupancy was 81% in Q1 FY27; committed occupancy at mature centres was 92% in Q1 FY27.^[2]
Contracted rental revenue stood at approximately INR 5,400 crores as of Q1 FY27.^[2]
Seat retention rate was 74% in Q1 FY27, down from 95% in Q1 FY26; it had been 93% in Q3 FY26 as COVID-era deals reached renegotiation.^[2]
The company reports a payback of 30-32 months, against 51-52 months for typical operators (FY25 annual report).^[5]

Client mix and concentration

Enterprise clients contributed 92% of rental revenue in Q4 FY26, up from 88% in Q4 FY25; top-10 client concentration fell to 20% in FY26 from 39% in FY19.^[4]
The 1,000+ seat client cohort rose to 41% of rental revenue in Q1 FY27, up from 37% in FY26 and 12% three years ago; average contract tenure for this cohort exceeds 50 months.^[2]
Multi-city clients contributed 35% of rental revenue in Q1 FY27, up from 31% in FY26; the sub-100-seat cohort is being deliberately reduced.^[2]
GCC clients contributed 21% of rental revenue in Q1 FY27, up from 15% in FY26; Q1 FY27 signings include entities from Switzerland and Japan.^[2]
IT, technology and software development clients contributed about 42% of rental revenue (FY25 annual report); any single client is typically capped at 30% of a centre's space.^[5]
Institutional landlords including DLF, Raheja and Tata Realty have partnered with Smartworks (FY25 annual report).^[5]

SmartVantage GCC platform

SmartVantage enables GCCs to go live in six to eight weeks via ready-to-operate campuses bundling workspace, regulatory, technology, staffing, legal and tax support through partners.^[3]
SmartVantage won two large service contracts in Q1 FY27; incremental service revenue from them was not yet in the books at time of reporting.^[2]
Four GCC deals of 1,000+ seats each were signed in the nine months to December 2025, with clients from Europe and America.^[3]

Expansion and capex

Capex in Q1 FY27 was approximately INR 150 crores, up 66% YoY; FY27 capex is guided at INR 550 - 600 crores covering refurbishment and fresh fitout.^[2]
Over 3.5 Msf has been signed or is under construction as of Q1 FY27; operational footprint is targeted to exceed 13 Msf by March 2027.^[2]
Eastbridge Mumbai (Vikhroli, Hiranandani Group): 815,000 sq ft campus; capex of approximately INR 110 crores at full occupancy; handover due H2 FY27 with 30 - 35% pre-pipeline from existing clients.^[6]
Ongoing sourcing rate is 2.5 - 3 Msf per year; FY27 supply is 100% secured and FY28 sourcing is more than 75% complete (Q4 FY26).^[4]

People

Employees numbered 794 as of March 31, 2025, up from 651 a year earlier.^[5]

Recent developments

September 2026: new managed office deals announced, adding INR 305 crores of contracted rental revenue from new clients.^[7]
Q1 FY27: acquired Workstudio in Singapore at construction cost, doubling Singapore seats to about 1,500; Workstudio was at ~60% occupancy.^[2]
Q3 FY26: CareEdge upgraded the credit rating two notches to A-Stable; term-loan borrowing cost fell 180+ bps YoY to below 9%.^[3]
Q4 FY26: net debt was negative at INR (561) Mn; gross debt fell 48% YoY to INR 2,070 Mn from INR 3,978 Mn.^[4]
Shares listed on BSE and NSE on 17 July 2025 after the IPO; the ₹125 crore NCDs were prepaid after the IPO.^[5]
After FY25 year end, the company divested its 15.74% stake in associate Clean Max Dos Private Limited.^[5]

Market Cap

₹4,958 Cr

High / Low

₹618 / 361

Stock P/E

177.6

Price / Book

9.3

Book Value

₹46

EPS

₹0.9

No. of Shares

11.43 Cr

ROCE

7.5%

ROE

2.0%

OPM

20.5%

Debt / Equity

0.39

Sales

₹1,796 Cr

Net Profit

₹11 Cr

Promoter holding

58.3%

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