EFC (I) Ltd(EFCIL)

NSE: EFCILBSE: 512008

₹ 167.45-4.59%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,477 crWebsite: www.efclimited.inUpdated: 24 Oct 2026

About

EFC (I) Limited is a Pune-headquartered managed workspace company operating three verticals: flexible office leasing, design-and-build interior contracting, and furniture manufacturing. In FY26 it reported revenue of ₹1,036.68 Cr across 25 cities with 78,782 operational seats. The company describes itself as one of the leading real estate services enterprises delivering workspace solutions through a fully integrated model.^[1]

Business segments

Rental (leasing) segment: ₹535.65 Cr revenue, 51.7% of FY26 total, EBIT margin 39.7%.^[2]
Interior (Design & Build) segment: ₹437.79 Cr revenue, 42.2% of FY26 total, EBIT margin 27.3%.^[2]
Furniture segment: ₹63.23 Cr revenue, 6.1% of FY26 total, EBIT margin 24.7%.^[2]
In FY24, revenue was ₹263.04 Cr from rental/leasing of commercial property, ₹113.13 Cr from designing and ₹46.69 Cr from sale of furniture.^[3]
D&B revenue share expanded from 27% in FY24 to 42% in FY26, overtaking leasing as the mix driver.^[4]

Products and brands

Furniture vertical offers 1,500+ SKUs (expanded from 700+ in FY25) including workstations, executive desks, lounge seating, storage, hydraulic workstations and hospitality-grade furniture.^[4]
Premium furniture brand mirové targets high-end residential, hospitality and designer-led spaces with soft seating, loungers, workstations and recliners.^[5]
Design & Build covers 15+ industry sectors, with a four-phase delivery process.^[5]
Furniture vertical holds TUV-NORD certification, obtained in Q3 FY26.^[6]

Operations and capacity

Leasing platform: 78,782 total operational seats across 51 centres in 25 cities as of Q4 FY26, up from 60,012 seats in Q4 FY25.^[4]
By Q1 FY27 total seat capacity rose to 84,387 (+33% YoY) with 8,694 seats under development.^[7]
Geographic split in Q1 FY27: Western India 68% of seat capacity (57,350 seats, 87 centres), North 15%+, South 15%+.^[7]
Company owns 2,79,460 sq ft across four Pune-area properties: Sprint Wakdewadi, Marisoft IT Park, Sprint Towers and Konark Alpha.^[4]
Pune furniture plant capacity of ₹275-300 crore (FY25); capacity utilisation was 35 - 40% in Q3 FY26.^[5][8]
Design & Build has cumulatively delivered over 3.5 million sq ft of commercial interiors and completed 150+ projects (FY25).^[5]

Key operating numbers

Billed seats: 68,029 in Q1 FY27; blended occupancy 90%+ maintained through Q1 FY27.^[7]
Average enterprise client tenure: 52 months in Q1 FY27, up from 51 months in Q4 FY26 and 45 months in Q2 FY26.^[7]
Client retention rate: 95%+ in Q1 FY27, with churn of 4 - 5%.^[7]
Top-10 client revenue concentration was 24% in Q4 FY26 vs 66% in Q2 FY26.^[4]
D&B order book: ₹228+ Cr in Q1 FY27, up from ₹135 Cr at end of Q4 FY26; >85% from external clients.^[7]
Furniture order book: ₹53+ Cr in Q1 FY27.^[7]
Revenue-to-rent ratio: 2.5x in Q4 FY26.^[4]

Customers and distribution

Enterprise clients contribute 65% of leasing revenue in Q1 FY27; 720+ total clients served as of Q3 FY26.^[7]
Client base spans IT/ITeS, BFSI, engineering and manufacturing, consultancy and other sectors; over 600 clients as of FY25.^[5]
34% of leasing clients have a multi-city footprint as of Q3 FY26.^[6]
Furniture brand mirové is expanding through a partner-led distribution model with training, display and fulfilment support.^[5]
Company has no export activities and operates solely within India (FY25).^[5]

Expansion and capex

Management targets adding 18,000 - 20,000 billable seats in leasing in FY27.^[7]
Asset bought in March 2025 for ₹25.86 Cr (26,000 sq ft), refurbished in-house to 90%+ occupancy; sale LOI committed at ₹39 Cr in July 2026.^[7]
Strategy targets raising owned AUM from ~9% of total AUM to 20%, funded through EFC's balance sheet and REIT structures.^[8]
EMBERSTONE SM REIT launched in FY25 to monetise operational centres and recycle capital, with a listing planned.^[5]
FY24 plan to add more than 4,00,000 sq ft of leased space across Pune, Noida and Hyderabad.^[3]

Recent developments

Completed acquisition of Ultrafresh Modular Solutions Limited (100% via share swap) on 1 October 2026; it is now a wholly owned subsidiary.^[9]
Restructuring underway to merge EFC Limited (wholly owned subsidiary) into EFC (I) Limited; afterwards only an asset holding company (SPVs) and Ek Design Industries sit below the listed entity.^[7]
Retail leasing vertical launched in November 2025, targeting large corporates needing 5,000+ sq ft store formats across multiple cities.^[8]
Group entity acquired Pepperfry in Q2 FY26; Ek Design products to be listed on its omnichannel network spanning 26 - 28 states.^[8]
Shares listed on NSE on 20 August 2025; previously listed only on BSE.^[8]
In FY24, EFC Limited acquired a 51% stake in Bigbox Ventures, a managed workspace provider, and Ek Design acquired 100% of Degwekar Industries.^[3][5]
In FY24, the company filed for the merger of Whitehills Interior into itself and split each equity share 1:5.^[3]

Market Cap

₹2,477 Cr

High / Low

₹310 / 163

Stock P/E

9.4

Price / Book

3.1

Book Value

₹55

EPS

₹15.7

No. of Shares

14.79 Cr

ROCE

21.6%

ROE

34.3%

OPM

34.6%

Debt / Equity

0.38

Sales

₹1,037 Cr

Net Profit

₹235 Cr

Promoter holding

56.1%

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EFC (I) Ltd(EFCIL)

About

Business segments

Products and brands

Operations and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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