1. 13 large mandates in pipeline expected to go live in next 2-3 quarters Pending - At the Q4 FY26 call, management stated "13 LARGE MANDATES IN PIPELINE" with "EXPECTED GO LIVE: NEXT 2-3 QUARTERS". The 2-3 quarter window from May 2026 extends to Q2-Q3 FY27, a horizon not yet reached.
2. Awfis Transform INR130 crores of mandates already won, to be delivered across next 6-7 months Pending - At the Q4 FY26 call, management guided the Awfis Transform pipeline going into FY27 is "materially stronger" with INR130 crores of mandates already won and in delivery across the next 6 to 7 months. The 6-7 month window from May 2026 extends to November-December 2026, a horizon not yet reached.
3. Partial managed office format centers going live soon with marquee anchor clients Pending - At the Q4 FY26 call, management guided the partial managed office format would have centers going live soon with marquee anchor clients secured at signing. Our record holds no disclosure of partial MO centers having gone live as of the Q4 FY26 call date.
4. Developer partnership model to become a "meaningful supply pillar" in FY27 and FY28 On track - At the Q4 FY26 call, management guided the developer partnership model with 2 marquee institutional developers is expected to become a "meaningful supply pillar" in FY27 and FY28. The model was announced with specific developer partnerships and pre-committed supply of 4L sq. ft. through Q2 FY28.
5. Occupancy for >12-month centers to improve by 100-150 bps in next 1-2 quarters (from Q3 FY26) Pending - At the Q3 FY26 call, management guided occupancy for centers older than 12 months will improve by \~100-150 basis points in the next one to two quarters. >12-month vintage center occupancy was 84% in Q3 FY26 and remained 84% in Q4 FY26; the guidance horizon extends through Q1 FY27, which has not yet been reported.
6. Blended occupancy improvement "substantially" in next 1-2 quarters (from Q3 FY26) Partial - At the Q3 FY26 call, management guided that blended occupancy would improve "substantially" in the next one to two quarters. Blended occupancy was \~75% in Q3 FY26 and improved to 76% in Q4 FY26, a 100 bps improvement within the window.
7. FY26 construction fit-out segment revenue split settling at \~80:20 (co-working vs transform) Partial - At the Q3 FY26 call, management guided that the construction fit-out segment revenue split will settle at roughly 80-20 (co-working vs transform). FY26 co-working and allied services revenue was INR1,237 crores and construction and fit-out projects revenue was INR257 crores (SQL; D12 p.27), yielding an \~83:17 split.
8. FY26 total capacity of \~175,000 seats Delivered - At the Q2 FY26 call, management guided FY26 total capacity of \~175,000 seats, later revised at Q3 FY26 to \~1,77,000 seats including centers under fit-out and LOI. As of FY26-end, signed supply including fit-outs and LOIs was \~184,000 seats across 266 centers, exceeding the revised target.
9. FY26 IGAAP-equivalent EBITDA margin of 14-15% Delivered - At the Q2 FY26 call, management guided FY26 margins are expected to stay stable between 14% to 15% on an IGAAP-equivalent basis. FY26 normalized EBITDA margin was 14.3%, within the guided range.
10. Transfer of Design & Build business to Awfis Transform Private Limited by end of calendar year 2026 On track - The Board approved the extension of the timeline for completion of the transfer of the Design and Build Business, now expected to be completed by end of calendar year 2026. The subsidiary ATPL was incorporated on 3 December 2025 and the business transfer agreement was signed on a slump sale basis for INR26.59 crore.
11. Mature center occupancy improvement of \~200 bps over next couple of quarters Pending - At the Q4 FY26 call, management guided mature center occupancy of 84% has room to improve, targeting a "couple of 100 basis point increase over the next couple of quarters". The next couple of quarters from March 2026 extends to Q1-Q2 FY27, a horizon not yet reached.
12. 2-3 large external Frame mandates closed by H2 FY27 Pending - At the Q4 FY26 call, management guided that by H2 FY27, they expect to have 2-3 large external mandates closed for Frame with corporate clients where there is no existing Flex or D&B relationship. The H2 FY27 horizon has not yet been reached.
13. Frame by Awfis furniture deployed in majority of new coworking centers by H1 FY27 Pending - At the Q4 FY26 call, management guided Frame by Awfis would have furniture deployed in the majority of new coworking centers by H1 FY27, and 30-40% of D&B deployments would integrate Frame through the existing Transform pipeline. H1 FY27 ends September 2026, a horizon not yet reached.
14. FY27 capex "almost on similar lines of FY26" (\~INR208 crores) Pending - At the Q4 FY26 call, management guided FY27 capex would be "almost on similar lines of FY26", implying a level comparable to FY26. FY27 ends March 2027, a horizon not yet reached.
15. FY27 gross seat additions of 22,000-25,000 Pending - At the Q4 FY26 call, management guided gross seat additions of 22,000 to 25,000 seats for FY27. FY27 ends March 2027, a horizon not yet reached.
16. FY27 total consolidated revenue growth of \~25-27% Pending - At the Q4 FY26 call, management discussed strategies such as partial managed offices and developer partnerships to drive future growth. FY27 ends March 2027, a horizon not yet reached.
17. No tax outgo for Awfis main entity in FY26 Missed - At the Q4 FY25 call, management guided that for the Awfis main entity, "most likely" there would be no tax outgo in FY26 due to carryforward losses. FY26 has concluded and the company reported a PAT of ₹70.85 cr with no explicit confirmation that zero tax was achieved for the main entity.
18. FY26 12-month-plus center occupancy at \~84-85% Delivered - At the Q4 FY25 call, management guided 12-month-plus centers should hit "about 84% or 85% kind of occupancies". >12-month vintage center occupancy was 84% in Q2 FY26, 84% in Q3 FY26, and 84% in Q4 FY26, holding at 84% throughout FY26.
19. FY26 H1 blended occupancy of 72-74% Delivered - At the Q4 FY25 call, management guided H1 FY26 blended occupancy will "hinge between 72% to 74% kind of occupancy". Exit month occupancy was 74% as of September 2025, the Q2 FY26 end, within the guided range.
20. 4-5 new Elite centers in FY26, total \~8-9 live by FY26-end Delivered - At the Q4 FY25 call, management guided 4 to 5 new Elite centers will be added in FY26, bringing total live Elite centers to "about 8 to 9 Elite centers, which will be live by end of the year". As of FY26-end, 8 Elite centers were operational.
21. FY26 total capex "in the same range as FY25" (\~INR200 crores) Partial - At the Q4 FY25 call, management guided FY26 total capex spend "in the same range as FY '25" of \~INR200 crores, later revised at Q2 FY26 to \~INR220 crores and tightened at Q3 FY26 to INR200-210 crores. FY26 capex landed at INR159 crores through nine months, with management expecting the full-year figure to be around the INR200-210 crores range.
22. FY26 seat additions "similar as FY25" (\~39,000 seats) Partial - At the Q4 FY25 call, management guided FY26 seat additions "similar as FY '25" i.e., \~39,000 seats, later revised at Q3 FY26 to \~32,000 operational seat additions with total operational seats exiting at \~1,66,000. FY26 operational seat additions were \~30,000 seats, with total operational capacity exiting at \~156,000 seats, modestly below the revised target.
23. FY26 EBITDA margin "similar to FY25 with a bit of an upward bias" Delivered - At the Q4 FY25 call, management guided FY26 EBITDA margin "similar to what we did for FY '25 with a bit of an upward bias" versus FY25's 33.3%. FY26 operating EBITDA margin was 36.8% (SQL; D12 p.5), an expansion of \~350 bps over FY25.
24. FY26 revenue growth of "at least about 30-odd percent" Missed - At the Q4 FY25 call, management guided FY26 revenue growth of "at least about 30-odd percent". FY26 consolidated revenue was INR1,493 crores, growth of 24% YoY (SQL; D12 p.5), below the guided floor.
25. Revenue mix maintained at \~75% co-working / \~20-25% Design & Build Delivered - At the Q4 FY24 call, management guided the revenue mix will continue to be about 75% co-working and about 20%-25% design and build. FY25 co-working allied services revenue contributed 76% of total revenue and construction fit-out accounted for \~23%, within the guided range.
26. Centers with >12-month vintage occupancy at 83-85% Delivered - At the Q1 FY25 call, management guided centers with greater than 12-month vintage will maintain occupancy between 83% to 85% on a consistent basis. >12-month vintage center occupancy was \~84% in Q1 FY25, 84% in Q2 FY25, 84% in Q3 FY25, and 84% in Q4 FY25.
27. Blended portfolio occupancy of 70-73% for FY25 Delivered - At the Q1 FY25 call, management guided blended portfolio occupancy will vary from about 70% to 73% on a quarter-on-quarter basis. Exit month occupancy was 71% in Q1 FY25, 73% in Q2 FY25, 73% in Q3 FY25, and 73% in Q4 FY25.
28. FY25 Design & Build revenue growth of 30%-plus Delivered - At the Q2 FY25 call, management guided the Design & Build business will grow at "30%-plus kind of a scenario" for the full year FY25. FY25 construction fit-out revenue grew 36% to INR278 crores, and management stated the vertical grew "almost about 30-plus percent".
29. FY25 Design & Build (Awfis Transform) margin improvement of \~1.5% Pending - At the Q4 FY24 call, management guided the Awfis Transform business would probably add another 1.5% to its current 14%-15% EBITDA margin for FY25, on a pre-IND-AS basis. FY25 construction fit-out segment PBIT margin was 8.39% (SQL), but this is a different metric and basis, so the outcome against the guided EBITDA margin cannot be confirmed.
30. FY25 MA/straight-lease mix maintained at 65-68% MA Delivered - At the Q4 FY24 call, management guided the split between Managed Aggregation and Straight Lease for the 40,000 seats in FY25 will continue to be approximately 65% to 68% MA. As of March 2025, managed aggregation model represented \~67% of the portfolio.
31. FY25 capex in similar range to FY24 (\~INR142 crores) Partial - At the Q4 FY24 call, management guided FY25 capex spends expected in a very similar range to FY24, which was INR142 crores, later flagged at Q2 FY25 as likely to be exceeded. FY25 capex spend was \~INR200 crores, materially higher than initial guidance but attributed to strong momentum.
32. FY25 EBITDA margin improvement of \~1.5% (Ind AS basis) Delivered - At the Q4 FY24 call, management guided the company should be able to improve EBITDA margins by approximately 1.5% for FY25 versus FY24. FY25 operating EBITDA margin was 33.3%, an improvement of 440 bps versus FY24's 28.9%, exceeding the initial guidance.
33. FY25 revenue growth of 30% Delivered - At the Q4 FY24 call, management guided the company expects to grow revenue by 30% in FY25. FY25 consolidated revenue was INR1,208 crores, a 42% YoY growth, "surpassing our initial revenue guidance of 30% set at the beginning of the financial year".
34. \~135,000 operational seats by end of FY25 Delivered - At the Q4 FY24 call, management guided the company plans to add \~40,000 new seats in FY25, reaching a total of \~135,000 operational seats by end of FY25. FY25 total seat additions were \~39,000 new seats and total operational capacity was \~134,000 seats across 208 centers as of March 2025.