AWFIS Space Solutions Ltd(AWFIS)

NSE: AWFISBSE: 544181

₹ 221-4.68%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,582 crWebsite: www.awfis.comUpdated: 24 Oct 2026

About

Awfis Space Solutions is India's largest and only integrated flexible workspace platform, operating 242 centres with ~159,000 seats across 15 states as of Q1 FY27. The business runs three segments - coworking and managed offices, design and build (Transform by Awfis), and allied services - with FY26 revenue of INR 1,493 crores. Coworking and allied services accounted for 82.8% of FY26 revenue, with the segment growing 35% year-on-year to INR 1,237 crores.^[1][2][3]

Business segments

Co-working space on rent and allied services: INR 1,236.85 Cr revenue in FY26, 82.8% of total, share up 9.9 percentage points over FY2024-FY2026; EBIT margin 7.2%.^[3][1]
Construction and fit-out projects (Transform by Awfis): INR 256.63 Cr revenue in FY26, 17.2% of total, share down 6.9 percentage points over FY2024-FY2026; EBIT margin 6.2%.^[3][1]
Awfis describes its three segments - Workspace Solutions, Design and Build, and Allied Services - as one integrated platform rather than separate offerings.^[1]

Products and service portfolio

Premium tiers include Gold and Elite by Awfis; Elite offers Private Alcoves, Lounges, Biophilic Pods, Zen Rooms, Executive Suites and concierge-level service aimed at GCCs and multinationals.^[1]
37 Gold and Elite centres operational in Q1 FY27 (27 Gold, 10 Elite), up from 35 at end of FY26; new premium inventory expected to carry a 30-50% pricing premium.^[4]
Transform by Awfis third-party revenue reached INR 152 Cr in FY26, a 27% CAGR from FY24; third-party share of D&B projects rose to 59% in FY26 from 46% in FY25.^[1]
Frame by Awfis is a capital-light furniture and fit-out arm using 5+ contract-manufacturing partners, used by default in new centres and D&B projects as of H1 FY27.^[1]
Awfis Go transport service, delivered via ECO Mobility, RouteMatic and ValetEZ, reached nearly 35% adoption among active workspace users in FY26.^[1]

Network and capacity

242 operational centres with ~159,000 seats across 15 Indian states as of Q1 FY27; total chargeable area of 8.1 million sq. ft. as of FY26.^[4]
Signed supply, including centres under fit-out and signed LOIs, of ~266 centres as of FY26.^[1]
Net seats grew ~59% between Q1 FY25 and Q1 FY27, adding 59,000 net seats; FY26 alone added ~22,000 net and ~30,000 gross seats.^[4]
States covered: Assam, Delhi, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh and West Bengal.^[1]
The company intends to keep an approximately 60:40 mix of managed-aggregation to straight-lease centres (FY26 annual report).^[1]

Key operating metrics

Blended occupancy ~76% and mature-centre occupancy ~84% as of FY26.^[1]
Blended occupancy 76% in Q1 FY27, steady vs Q4 FY26 despite a ~3,000-seat enterprise exit; mature-centre occupancy 83% in Q1 FY27 vs 84% in Q4 FY26.^[4]
Weighted average client tenure 38 months in Q1 FY27 (vs 37 months at Mar-26); average lock-in tenure 26 months in Q1 FY27.^[4]
13,000+ seats sold and ~4,600 gross seats added in Q1 FY27.^[4]
Cash EBITDA, a new metric from Q1 FY27: INR 44 Cr in Q1 FY27, +34% YoY, a 10.1% margin on normalised revenue of INR 437 Cr.^[4]

Customers and client mix

100+ GCC clients across 9 cities contributed 24% of rental revenue in Q1 FY27 (vs 23% in FY26); 79% of GCC clients are North America-headquartered.^[4]
Client mix by domicile in FY26: 53% Professional India, 29% North America, 12% Europe, 4% Asia and ANZ.^[1]
Client mix by sector in FY26: Technology 39%, Professional Services 16%, BFSI 13%, Healthcare and Life Sciences 11%, Manufacturing 10%.^[1]
The 500+ seat cohort was 37% of the portfolio in FY26; 48% of clients used multiple Awfis centres as of Q4 FY26.^[1]
80% of external D&B revenue came from clients who first joined through the flex portfolio, as of Q1 FY27.^[4]

Expansion and capex

FY27 guidance: 22,000-25,000 gross seats (~1.25 mn sq. ft.), with 12,000+ seats targeted in H1 FY27; FY27 capex guidance INR 200-210 Cr.^[4]
Developer partnership with Malpani Estates for two Grade A+ properties in Pune totalling 1.4 lakh sq. ft., under a co-branded, capital-light model.^[4]
Target for premium centres: ~20% of total by end of FY27, up from ~15% at Q1 FY27.^[4]
Over INR 400 Cr of cumulative capex deployed from Q1 FY25 to Q1 FY27, all funded from operating cash flows with no further equity raise.^[4]

Recent developments

29 September 2026: took an overdraft facility of INR 50 Million and a corporate term loan of INR 750 Million from IDFC FIRST Bank.^[5]
September 2026: opened a new Elite centre in Aerocity, New Delhi, adding ~1,00,000 sq. ft. of chargeable area.^[6]
FY26: credit rating upgraded to A+ (Stable); the company reported a net cash position.^[1]
May 2026: a large enterprise client (~3,000 seats across 5 centres in 3 cities) left after being acquired by an MNC; management said much of the freed capacity is pre-committed.^[4]
Q1 FY27: Transform by Awfis revenue INR 73 Cr (+25% YoY), 92% from third parties; over INR 200 Cr of FY27 mandates won.^[4]
FY27 targets: consolidated revenue of INR 1,800 Cr+ and cash EBITDA of INR 190-200 Cr.^[4]

Market Cap

₹1,582 Cr

High / Low

₹638 / 218

Stock P/E

18.6

Price / Book

2.9

Book Value

₹77

EPS

₹9.9

No. of Shares

7.15 Cr

ROCE

14.2%

ROE

14.0%

OPM

16.3%

Debt / Equity

0.09

Sales

₹1,493 Cr

Net Profit

₹71 Cr

Promoter holding

17.0%

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