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EFC (I) Ltd

EFCIL

BSE

₹168.10-1.44%19 Oct 2026

Reports

Realty CoWorking

EFC (I) Ltd

EFCIL

BSE

₹168.10

-1.44%

19 Oct 2026

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Realty CoWorking

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

EFC (I) Ltd is India’s first listed integrated workspace provider - it doesn’t just rent desks, it builds, furnishes and runs entire offices so companies can outsource their workplace from floor to furniture. The business began in 2014 when first-generation entrepreneur Mr. Umesh Sahay bootstrapped a single 99-seat centre in Pune, and it reached the public market in 2022 through a reverse merger with a listed entity that had previously traded in cotton fabrics. The recurring approach that explains everything else is an integrated platform: the leasing business creates sticky, recurring revenue; the design-and-build arm captures fit-out mandates from those same clients; and the in-house furniture factory supplies both, turning what would be costs into margin - a flywheel where each engine feeds the next.

Business segments

Three engines at different stages - a managed-office cash cow, a turnkey fit-out growth driver, and a furniture manufacturing bet that supplies the first two while building an outside customer base - each designed to capture a different slice of the same workplace journey.

1. Managed office leasing: the recurring-revenue foundation

EFC takes empty commercial buildings, designs and furnishes them into ready-to-use offices, then charges clients a single all-inclusive fee per desk - a model that turns real estate into a subscription.

Clients stay for years - the average enterprise client tenure is about 51 months, while EFC’s own lease commitments with landlords average over five years, giving it a healthy spread between what it collects and what it owes. A new centre typically pays back its fit-out investment in 18 to 20 months.
Two models, one brand family - about 18 centres are owned properties that build asset value and eliminate landlord dependency; the other 99 are leased under an asset-light model where landlords often fund the fit-out. The portfolio operates under three brands: EFC for enterprises, BIGBOX for premium managed workspaces, and PRINT for affordable teams.
Scale that attracts big names - as of Q4 FY26, the vertical had 78,782 total seats across 25 cities, serving over 750 clients including Bajaj Finserv, Standard Chartered, Ericsson and CRISIL. Enterprise clients generate 61% of revenue, and the top 10 contribute only 24%, down from 49% in FY21 - so no single customer calls the shots.
A new bet on retail - in late 2025 the company launched EFC Retail Spaces to bring the same managed-aggregation model to premium showrooms and shop spaces, starting in metro cities like Mumbai, Pune and Bengaluru.

2. Design and build: the growth engine that fits out the workplace

Under the brand A WHITEHILLS, this vertical designs and executes complete office interiors - from concept and engineering to furniture installation - keeping almost all the work in-house rather than subcontracting.

One-stop shop, not a coordinator - the team handles conceptual design, MEP (mechanical, electrical and plumbing) engineering, procurement and project execution itself, which means it captures margin that traditional fit-out firms lose to third-party specialists.
Big-ticket capability - the vertical has delivered single contracts worth up to ₹200 crore and counts TCS and Coforge among its clients; its largest single job was a 100,000-square-foot commercial space for Coforge. It also holds a rate contract to build Passport Seva Kendras across India.
Design footprint and order book - over 80 designers and engineers have designed roughly 5.5 million square feet across more than 15 locations, and the order book stands above ₹200 crore.
Merging into the parent - Whitehills Interior Limited was sanctioned for amalgamation into EFC (I) Ltd by the NCLT in November 2025, with effect from April 2023, so the fit-out engine is becoming a direct division rather than a separate subsidiary.

3. Furniture manufacturing: the margin-accretive backward integration

EFC built its own 1.25-lakh-square-foot furniture factory in Pune so it can supply workstations, desks and seating to its own offices and fit-out projects - and increasingly to outside hospitality, education and co-living clients.

Supplies the group, then sells to the world - the factory serves a dual purpose: it meets the internal furniture needs of the managed-office and design-and-build businesses, and it pursues external contracts across real estate, IT, hospitality and education. This turns what would be a procurement cost into a captured margin.
Premium push and export proof - a high-end brand called mirové targets designer-led residential and hospitality spaces with Italian-leather seating, sold through a partner distribution model. The factory has already shipped an international export order to Saudi Arabia, with over 80% of shipment completed during the quarter.
Consolidating the supply chain - EFC has steadily increased its stake in the furniture subsidiary Ek Design Industries to 89.59%, and it acquired the furniture manufacturer Degwekar Industries as a wholly-owned unit, bringing more production capability directly under its control.

Group structure and partners

EFC (I) Ltd sits atop a web of subsidiaries and investment vehicles, each built to hold a specific property, operate a distinct business line, or raise third-party capital - a structure designed to separate asset ownership from operating control.

Operating subsidiaries by business line - EFC Limited (100% owned) runs the managed-office leasing business and is the highest-revenue vertical; Whitehills Interior Limited is being merged into the parent; Ek Design Industries (89.59%) runs the furniture factory; and Bigbox Ventures (51%) operates over 3,000 co-working workstations across nine Pune locations.
Property-holding SPVs - multiple step-down subsidiaries have been incorporated to hold individual owned buildings - such as Sprint Towers, Marisoft IT Park and Godrej Eternia floors - through demergers from EFC Limited, isolating each asset for potential monetisation.
Strategic investments beyond the core - EFC acquired a 15% stake in MPF Systems Limited (a solar, wind and green-hydrogen company) as a strategic investor under the insolvency code, and it took full control of the associate company Forty Two Ventures to develop furniture studios and experience centres.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹2,518Cr

Close Price

₹167.95

Industry

Realty CoWorking

Price To Earnings

9.20

Price To Sales

2.29

Revenue

₹1,100Cr

Rev Gr TTM

Revenue Growth TTM

42.05%

PAT Gr TTM

PAT Growth TTM

50.77%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	98	172	93	102	166	177	211	220	255	270	293	283
Growth YoY Revenue Growth YoY%	569.6	553.8	54.5	80.9	70.3	3.0	126.4	115.2	53.0	52.1	38.8	28.8
Expenses ExpensesCr	58	111	41	56	87	85	102	117	144	158	149	160
Operating Profit Operating ProfitCr	40	61	52	46	79	93	109	102	111	112	144	123
OPM OPM%	41.0	35.5	56.1	45.5	47.7	52.3	51.8	46.6	43.5	41.4	49.0	43.5
Other Income Other IncomeCr	1	2	6	3	5	4	5	4	2	7	4	11
Interest Expense Interest ExpenseCr	7	11	7	5	7	18	15	12	6	10	28	10
Depreciation DepreciationCr	20	20	19	23	21	26	30	28	31	26	35	23
PBT PBTCr	15	31	32	21	56	52	71	66	76	82	85	101
Tax TaxCr	4	10	4	6	19	12	23	19	19	20	16	30
PAT PATCr	11	21	28	16	37	40	48	47	57	62	69	71
Growth YoY PAT Growth YoY%	862.6	886.9	205.4	395.9	230.3	91.6	71.7	195.9	55.1	54.2	43.5	51.8
NPM NPM%	11.3	12.3	30.0	15.4	22.0	22.8	22.7	21.3	22.3	23.1	23.5	25.1
EPS EPS₹	1.4	2.6	2.8	1.6	3.6	1.6	3.1	4.3	4.0	4.5	4.9	4.8

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	98	172	93	102	166	177	211	220	255	270	293	283
Growth YoY Revenue Growth YoY%	569.6	553.8	54.5	80.9	70.3	3.0	126.4	115.2	53.0	52.1	38.8	28.8
Expenses ExpensesCr	58	111	41	56	87	85	102	117	144	158	149	160
Operating Profit Operating ProfitCr	40	61	52	46	79	93	109	102	111	112	144	123
OPM OPM%	41.0	35.5	56.1	45.5	47.7	52.3	51.8	46.6	43.5	41.4	49.0	43.5
Other Income Other IncomeCr	1	2	6	3	5	4	5	4	2	7	4	11
Interest Expense Interest ExpenseCr	7	11	7	5	7	18	15	12	6	10	28	10
Depreciation DepreciationCr	20	20	19	23	21	26	30	28	31	26	35	23
PBT PBTCr	15	31	32	21	56	52	71	66	76	82	85	101
Tax TaxCr	4	10	4	6	19	12	23	19	19	20	16	30
PAT PATCr	11	21	28	16	37	40	48	47	57	62	69	71
Growth YoY PAT Growth YoY%	862.6	886.9	205.4	395.9	230.3	91.6	71.7	195.9	55.1	54.2	43.5	51.8
NPM NPM%	11.3	12.3	30.0	15.4	22.0	22.8	22.7	21.3	22.3	23.1	23.5	25.1
EPS EPS₹	1.4	2.6	2.8	1.6	3.6	1.6	3.1	4.3	4.0	4.5	4.9	4.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	0	103	419	657	1,037	1,100
Growth Revenue Growth%			306.4	56.6	57.9	42.0
Expenses ExpensesCr	0	48	237	329	568	611
Operating Profit Operating ProfitCr	0	55	183	328	468	489
OPM OPM%		53.7	43.5	49.9	45.2	44.5
Other Income Other IncomeCr	0	1	9	18	17	25
Interest Expense Interest ExpenseCr	0	15	35	46	56	55
Depreciation DepreciationCr	0	35	76	100	120	115
PBT PBTCr	0	7	81	200	309	344
Tax TaxCr	0	3	18	59	74	85
PAT PATCr	0	4	63	141	235	259
Growth PAT Growth%		30,554.8	1,538.9	122.4	66.7	50.8
NPM NPM%		3.7	15.1	21.4	22.6	23.5
EPS EPS₹	0.2	0.9	6.9	10.2	16.4	18.3

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	0	103	419	657	1,037	1,100
Growth Revenue Growth%			306.4	56.6	57.9	42.0
Expenses ExpensesCr	0	48	237	329	568	611
Operating Profit Operating ProfitCr	0	55	183	328	468	489
OPM OPM%		53.7	43.5	49.9	45.2	44.5
Other Income Other IncomeCr	0	1	9	18	17	25
Interest Expense Interest ExpenseCr	0	15	35	46	56	55
Depreciation DepreciationCr	0	35	76	100	120	115
PBT PBTCr	0	7	81	200	309	344
Tax TaxCr	0	3	18	59	74	85
PAT PATCr	0	4	63	141	235	259
Growth PAT Growth%		30,554.8	1,538.9	122.4	66.7	50.8
NPM NPM%		3.7	15.1	21.4	22.6	23.5
EPS EPS₹	0.2	0.9	6.9	10.2	16.4	18.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	7	10	20	27
Reserves ReservesCr	1	64	417	560	780
Current Liabilities Current LiabilitiesCr	0	103	158	327	625
Non Current Liabilities Non Current LiabilitiesCr	0	298	391	791	1,236
Total Liabilities Total LiabilitiesCr	2	476	980	1,699	2,675
Current Assets Current AssetsCr	2	92	459	476	723
Non Current Assets Non Current AssetsCr	0	384	522	1,223	1,952
Total Assets Total AssetsCr	2	476	980	1,699	2,675

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	7	10	20	27
Reserves ReservesCr	1	64	417	560	780
Current Liabilities Current LiabilitiesCr	0	103	158	327	625
Non Current Liabilities Non Current LiabilitiesCr	0	298	391	791	1,236
Total Liabilities Total LiabilitiesCr	2	476	980	1,699	2,675
Current Assets Current AssetsCr	2	92	459	476	723
Non Current Assets Non Current AssetsCr	0	384	522	1,223	1,952
Total Assets Total AssetsCr	2	476	980	1,699	2,675

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	-51	11	134	209
Investing Cash Flow Investing Cash FlowCr	1	-35	-256	-110	-46
Financing Cash Flow Financing Cash FlowCr	0	89	255	-19	-169
Net Cash Flow Net Cash FlowCr	1	2	10	4	-7
Free Cash Flow Free Cash FlowCr	0	-71	-50	-11	101
CFO To PAT CFO To PAT%	-755.6	-1,318.4	16.7	95.0	88.9
CFO To EBITDA CFO To EBITDA%	109.8	-91.9	5.8	40.8	44.5

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	-51	11	134	209
Investing Cash Flow Investing Cash FlowCr	1	-35	-256	-110	-46
Financing Cash Flow Financing Cash FlowCr	0	89	255	-19	-169
Net Cash Flow Net Cash FlowCr	1	2	10	4	-7
Free Cash Flow Free Cash FlowCr	0	-71	-50	-11	101
CFO To PAT CFO To PAT%	-755.6	-1,318.4	16.7	95.0	88.9
CFO To EBITDA CFO To EBITDA%	109.8	-91.9	5.8	40.8	44.5

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		645	1,644	2,465	2,446	2,518
Price To Earnings Price To Earnings		148.8	28.4	17.4	10.6	9.2
Price To Sales Price To Sales		6.3	3.9	3.8	2.4	2.3
Price To Book Price To Book		9.2	3.9	4.3	3.0	2.5
EV To EBITDA EV To EBITDA		17.4	10.2	9.8	8.0	7.9
Profitability Ratios Profitability Ratios
GPM GPM%		63.7	55.5	64.5	59.7	59.7
OPM OPM%		53.7	43.5	49.9	45.2	44.5
NPM NPM%		3.7	15.1	21.4	22.6	23.5
ROCE ROCE%	1.2	5.5	14.0	16.9	16.5	16.5
ROE ROE%	0.8	5.5	14.8	24.3	29.1	29.1
ROA ROA%	0.8	0.8	6.5	8.3	8.8	8.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		645	1,644	2,465	2,446	2,518
Price To Earnings Price To Earnings		148.8	28.4	17.4	10.6	9.2
Price To Sales Price To Sales		6.3	3.9	3.8	2.4	2.3
Price To Book Price To Book		9.2	3.9	4.3	3.0	2.5
EV To EBITDA EV To EBITDA		17.4	10.2	9.8	8.0	7.9
Profitability Ratios Profitability Ratios
GPM GPM%		63.7	55.5	64.5	59.7	59.7
OPM OPM%		53.7	43.5	49.9	45.2	44.5
NPM NPM%		3.7	15.1	21.4	22.6	23.5
ROCE ROCE%	1.2	5.5	14.0	16.9	16.5	16.5
ROE ROE%	0.8	5.5	14.8	24.3	29.1	29.1
ROA ROA%	0.8	0.8	6.5	8.3	8.8	8.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	WEWORK	SMARTWORKS	EFCIL	AWFIS
Market CapitalizationMkt CapCr	9,221	5,433	2,518	1,731
Close PriceClose₹	664.00	475.00	167.95	241.90
IndustryIndustry	Realty CoWorking	Realty CoWorking	Realty CoWorking	Realty CoWorking
Price To EarningsPE	105.56	194.67	9.20	20.38
Price To SalesPS	3.56	2.77	2.29	1.09
RevenueRevenueCr	2,589	1,963	1,100	1,584
Revenue Growth TTMRev Gr TTM%	27.1%	36.3%	42.0%	23.3%
PAT Growth TTMPAT Gr TTM%	-40.6%	162.8%	50.8%	13.0%

	WEWORK	SMARTWORKS	EFCIL	AWFIS
Market CapitalizationMkt CapCr	9,221	5,433	2,518	1,731
Close PriceClose₹	664.00	475.00	167.95	241.90
IndustryIndustry	Realty CoWorking	Realty CoWorking	Realty CoWorking	Realty CoWorking
Price To EarningsPE	105.56	194.67	9.20	20.38
Price To SalesPS	3.56	2.77	2.29	1.09
RevenueRevenueCr	2,589	1,963	1,100	1,584
Revenue Growth TTMRev Gr TTM%	27.1%	36.3%	42.0%	23.3%
PAT Growth TTMPAT Gr TTM%	-40.6%	162.8%	50.8%	13.0%