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AWFIS Space Solutions Ltd

AWFIS

NSE

₹239.24-2.26%19 Oct 2026

Reports

Realty CoWorking

AWFIS Space Solutions Ltd

AWFIS

NSE

₹239.24

-2.26%

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.

Awfis is India’s largest flexible workspace company, and the first to go public - it doesn’t just rent desks, but acts as a single platform for everything from a one-hour hot seat to a fully built, multi-year corporate headquarters. It was founded in 2015 to fix three things broken in Indian office leasing: opaque pricing, limited access across neighbourhoods, and rigid long-term contracts that small and mid-sized tenants could not stomach. The recurring approach that explains the whole business is a capital-light “managed aggregation” model - instead of buying or leasing buildings outright, Awfis partners with property owners who co-invest in the fit-out, shares the revenue, and gives Awfis a network it can scale fast without heavy debt.

Business segments

Three businesses that feed each other - a flexible workspace engine that builds client relationships at scale, a design-and-build arm that converts those relationships into project revenue, and a furniture brand that outfits both its own centres and its clients’ offices.

1. Flexible workspaces: the relationship engine

Awfis runs a network of 250 centres where companies pay per seat, on terms ranging from an hour to several years - and the real business model is the spread between what clients pay and what the space costs.

A brand ladder that captures everyone - the core “awfis” brand serves value-conscious teams in Tier 1 and Tier 2 cities, “awfisgold” offers premium finishes in select micro-markets, and “Elite by Awfis” targets multinationals and global capability centres (GCCs) with concierge services, biophilic pods, and curated networking events. As of March 2026, there were 35 Gold and Elite centres across key enterprise hubs.
Managed offices for single tenants - for large enterprises and GCCs, Awfis builds and operates an entire workspace under a multi-year, service-level-agreement-backed contract, often with 40-70% of seats pre-committed by an anchor client before the centre even opens, which de-risks the investment from day one.
High-margin services layered on top - once a client is in a seat, Awfis sells IT infrastructure, food and beverage (through over 200 in-house cafés recording more than 35 purchases a minute), employee transport, and access to 600-plus meeting rooms and lounges across cities. These allied services turn a seat rental into a fuller workplace contract.
The supply model is the moat - under the “managed aggregation” approach, the property owner funds 50-90% of the fit-out cost and shares revenue or profit with Awfis, while Awfis provides a minimum guarantee set at roughly 46% of the micro-market rental, typically starting only after the 5th to 13th month of operation. This structure delivers a payback period of about 16 months and a return on capital employed of roughly 78%, compared with 36 months and 33% under a conventional straight lease. As of March 2026, 60% of signed supply sat under this model.
Density creates network effects - Awfis clusters multiple centres in the same micro-market - 12 centres on Outer Ring Road in Bangalore, 5 in BKC Mumbai - so that a client can expand within a neighbourhood, shared operational infrastructure lowers costs, and churn is contained because multi-city clients default to Awfis for new locations.

2. Awfis Transform: the design-and-build flywheel

Awfis designs and fits out offices for other companies - a project business that grew out of fitting out its own centres, and now wins most of its external work from existing workspace clients.

Bigger mandates, stickier relationships - the average project size nearly doubled, with five orders above Rs. 10 crore in FY26 compared with just one in the prior two years combined. The service covers everything from space planning and design to procurement and project delivery, with Awfis collaborating with third-party contractors for the actual build phase.
The cross-sell engine in action - 80% of external design-and-build revenue comes from companies that were already Awfis flex-space clients, because a firm that starts with a few seats often returns when it needs a custom-built office. That flywheel also runs in reverse: a Transform project often anchors future flex and managed-office demand from the same client.

3. Frame by Awfis: furniture that outfits the ecosystem

A newly launched office-furniture brand that supplies its own centres, rides the Transform pipeline, and sells to external corporate buyers - all on a contract-manufacturing model with no factory of its own.

Vertical integration without the heavy assets - Frame operates through five-plus contract-manufacturing partners covering all major furniture categories, so Awfis avoids owning plants while still controlling design, quality, and cost. The initial investment of roughly Rs. 8-10 crore goes into design, prototyping, certifications, and working capital, not brick-and-mortar.
Built-in demand from day one - the majority of new Awfis centres will be furnished with Frame products by the first half of FY27, and 30-40% of Transform design-and-build projects are already integrating Frame furniture, giving the brand a captive launchpad before it chases outside orders.
An additional revenue stream with the same customer base - the same enterprises that take flex seats and Transform fit-outs can now buy complete office-furniture solutions, including repair, cleaning, and moving services, from a single vendor. Early external traction includes multiple corporate deals already closed.

Group structure and partners

Awfis is a single listed entity with one wholly owned subsidiary created to house the design-and-build business, and a clean separation from a former facility-management division.

The parent company, Awfis Space Solutions Limited, is listed on the NSE and BSE and led by Chairman and Managing Director Amit Ramani alongside a management team that includes the CEO, CFO, COO, and chief strategy officer.
Awfis Transform Private Limited was incorporated in December 2025 as a wholly owned subsidiary to receive the design-and-build undertaking via a slump sale, a transaction expected to close by the end of calendar year 2026. The move is designed to give the D&B business independent scale and the ability to target new sectors such as retail and hospitality.
The company previously owned Awfis Care Private Limited, a facility-management division that served both Awfis centres and external clients across 22 cities. That division was sold in 2024 to SMS Integrated Facility Services Private Limited, a Samara Capital company, for Rs. 27.50 crore, streamlining the group around its core workspace and fit-out capabilities.
Peak XV Partners Investments V, an early investor holding roughly 3.27% of shares, was reclassified from the promoter group to the public category in 2025, reflecting its transition to a financial shareholder.

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

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Peer Comparison

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹1,731Cr

Close Price

₹241.90

Industry

Realty CoWorking

Price To Earnings

20.38

Price To Sales

1.09

Revenue

₹1,584Cr

Rev Gr TTM

Revenue Growth TTM

23.29%

PAT Gr TTM

PAT Growth TTM

13.03%

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	208	221	232	258	292	318	340	335	367	382	410	425
Growth YoY Revenue Growth YoY%			45.2	37.3	40.5	44.0	46.2	29.9	25.5	20.2	20.7	27.0
Expenses ExpensesCr	148	153	165	179	192	210	224	208	235	243	258	263
Operating Profit Operating ProfitCr	60	67	67	79	100	107	116	127	132	139	152	162
OPM OPM%	28.8	30.6	28.9	30.7	34.3	33.8	34.1	37.8	36.1	36.5	37.0	38.2
Other Income Other IncomeCr	7	5	9	10	34	15	20	18	26	29	19	24
Interest Expense Interest ExpenseCr	23	25	24	28	30	35	43	46	47	47	46	49
Depreciation DepreciationCr	48	54	51	58	65	72	81	89	95	99	101	113
PBT PBTCr	-4	-6	1	3	39	15	12	10	16	22	24	24
Tax TaxCr	0	0	0	0	0	0	1	0	0	0	0	0
PAT PATCr	-4	-6	1	3	39	15	11	10	16	22	23	24
Growth YoY PAT Growth YoY%			110.0	133.6	989.0	341.3	713.8	257.7	-58.7	42.7	107.0	140.1
NPM NPM%	-2.1	-2.9	0.6	1.1	13.2	4.8	3.3	3.0	4.3	5.7	5.7	5.6
EPS EPS₹	-2.6	-3.3	0.7	0.4	5.5	2.1	1.6	1.4	2.2	3.0	3.3	3.4

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	208	221	232	258	292	318	340	335	367	382	410	425
Growth YoY Revenue Growth YoY%			45.2	37.3	40.5	44.0	46.2	29.9	25.5	20.2	20.7	27.0
Expenses ExpensesCr	148	153	165	179	192	210	224	208	235	243	258	263
Operating Profit Operating ProfitCr	60	67	67	79	100	107	116	127	132	139	152	162
OPM OPM%	28.8	30.6	28.9	30.7	34.3	33.8	34.1	37.8	36.1	36.5	37.0	38.2
Other Income Other IncomeCr	7	5	9	10	34	15	20	18	26	29	19	24
Interest Expense Interest ExpenseCr	23	25	24	28	30	35	43	46	47	47	46	49
Depreciation DepreciationCr	48	54	51	58	65	72	81	89	95	99	101	113
PBT PBTCr	-4	-6	1	3	39	15	12	10	16	22	24	24
Tax TaxCr	0	0	0	0	0	0	1	0	0	0	0	0
PAT PATCr	-4	-6	1	3	39	15	11	10	16	22	23	24
Growth YoY PAT Growth YoY%			110.0	133.6	989.0	341.3	713.8	257.7	-58.7	42.7	107.0	140.1
NPM NPM%	-2.1	-2.9	0.6	1.1	13.2	4.8	3.3	3.0	4.3	5.7	5.7	5.6
EPS EPS₹	-2.6	-3.3	0.7	0.4	5.5	2.1	1.6	1.4	2.2	3.0	3.3	3.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	18	56	154	226	178	257	545	849	1,208	1,493	1,584
Growth Revenue Growth%		209.9	174.3	47.0	-21.2	44.1	112.1	55.7	42.3	23.7	23.3
Expenses ExpensesCr	39	110	187	223	125	189	390	603	805	944	998
Operating Profit Operating ProfitCr	-21	-54	-33	3	53	68	156	245	402	550	586
OPM OPM%	-116.7	-96.5	-21.6	1.5	29.8	26.6	28.5	28.9	33.3	36.8	37.0
Other Income Other IncomeCr	0	6	7	3	38	22	21	26	78	93	98
Interest Expense Interest ExpenseCr	0	1	5	9	47	49	73	93	136	186	189
Depreciation DepreciationCr	5	14	31	54	87	98	150	196	276	384	409
PBT PBTCr	-26	-64	-62	-68	-43	-57	-47	-18	69	72	86
Tax TaxCr	0	0	0	0	0	0	0	0	1	1	1
PAT PATCr	-26	-64	-62	-68	-43	-57	-47	-18	68	71	85
Growth PAT Growth%		-143.0	2.0	-8.8	37.3	-34.0	18.4	62.3	486.4	4.4	13.0
NPM NPM%	-144.7	-113.5	-40.5	-30.0	-23.9	-22.2	-8.6	-2.1	5.6	4.7	5.4
EPS EPS₹	-9.0	-21.8	-21.3	-22.6	-14.2	-19.0	-15.5	-2.8	9.8	9.9	11.9

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	18	56	154	226	178	257	545	849	1,208	1,493	1,584
Growth Revenue Growth%		209.9	174.3	47.0	-21.2	44.1	112.1	55.7	42.3	23.7	23.3
Expenses ExpensesCr	39	110	187	223	125	189	390	603	805	944	998
Operating Profit Operating ProfitCr	-21	-54	-33	3	53	68	156	245	402	550	586
OPM OPM%	-116.7	-96.5	-21.6	1.5	29.8	26.6	28.5	28.9	33.3	36.8	37.0
Other Income Other IncomeCr	0	6	7	3	38	22	21	26	78	93	98
Interest Expense Interest ExpenseCr	0	1	5	9	47	49	73	93	136	186	189
Depreciation DepreciationCr	5	14	31	54	87	98	150	196	276	384	409
PBT PBTCr	-26	-64	-62	-68	-43	-57	-47	-18	69	72	86
Tax TaxCr	0	0	0	0	0	0	0	0	1	1	1
PAT PATCr	-26	-64	-62	-68	-43	-57	-47	-18	68	71	85
Growth PAT Growth%		-143.0	2.0	-8.8	37.3	-34.0	18.4	62.3	486.4	4.4	13.0
NPM NPM%	-144.7	-113.5	-40.5	-30.0	-23.9	-22.2	-8.6	-2.1	5.6	4.7	5.4
EPS EPS₹	-9.0	-21.8	-21.3	-22.6	-14.2	-19.0	-15.5	-2.8	9.8	9.9	11.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	29	29	30	30	30	30	30	0	71	72
Reserves ReservesCr	10	-33	-67	-113	-167	-223	-204	-261	388	481
Current Liabilities Current LiabilitiesCr	12	39	61	74	109	213	280	457	727	990
Non Current Liabilities Non Current LiabilitiesCr	3	41	53	144	249	252	481	690	1,321	1,367
Total Liabilities Total LiabilitiesCr	54	151	197	277	509	560	931	1,398	2,507	2,910
Current Assets Current AssetsCr	8	60	70	96	151	122	139	304	516	678
Non Current Assets Non Current AssetsCr	46	91	127	181	358	438	792	1,094	1,991	2,233
Total Assets Total AssetsCr	54	151	197	277	509	560	931	1,398	2,507	2,910

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	29	29	30	30	30	30	30	0	71	72
Reserves ReservesCr	10	-33	-67	-113	-167	-223	-204	-261	388	481
Current Liabilities Current LiabilitiesCr	12	39	61	74	109	213	280	457	727	990
Non Current Liabilities Non Current LiabilitiesCr	3	41	53	144	249	252	481	690	1,321	1,367
Total Liabilities Total LiabilitiesCr	54	151	197	277	509	560	931	1,398	2,507	2,910
Current Assets Current AssetsCr	8	60	70	96	151	122	139	304	516	678
Non Current Assets Non Current AssetsCr	46	91	127	181	358	438	792	1,094	1,991	2,233
Total Assets Total AssetsCr	54	151	197	277	509	560	931	1,398	2,507	2,910

Consolidated

Standalone

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-21	-57	-11	-8	57	83	181	229	363	616
Investing Cash Flow Investing Cash FlowCr	-41	-65	-41	-110	-38	-7	-156	-163	-203	-220
Financing Cash Flow Financing Cash FlowCr	65	121	62	113	-17	-80	-28	-65	-124	-380
Net Cash Flow Net Cash FlowCr	3	-1	9	-5	3	-4	-3	2	36	16
Free Cash Flow Free Cash FlowCr	-61	-84	-54	-93	23	19	37	85	164	408
CFO To PAT CFO To PAT%	78.2	89.9	18.4	11.5	-134.7	-144.7	-388.9	-1,303.4	534.2	869.7
CFO To EBITDA CFO To EBITDA%	97.0	105.7	34.5	-224.6	108.2	121.0	116.6	93.3	90.1	112.1

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-21	-57	-11	-8	57	83	181	229	363	616
Investing Cash Flow Investing Cash FlowCr	-41	-65	-41	-110	-38	-7	-156	-163	-203	-220
Financing Cash Flow Financing Cash FlowCr	65	121	62	113	-17	-80	-28	-65	-124	-380
Net Cash Flow Net Cash FlowCr	3	-1	9	-5	3	-4	-3	2	36	16
Free Cash Flow Free Cash FlowCr	-61	-84	-54	-93	23	19	37	85	164	408
CFO To PAT CFO To PAT%	78.2	89.9	18.4	11.5	-134.7	-144.7	-388.9	-1,303.4	534.2	869.7
CFO To EBITDA CFO To EBITDA%	97.0	105.7	34.5	-224.6	108.2	121.0	116.6	93.3	90.1	112.1

Consolidated

Standalone

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr									4,700	1,650	1,731
Price To Earnings Price To Earnings									69.3	23.3	20.4
Price To Sales Price To Sales									3.9	1.1	1.1
Price To Book Price To Book									10.2	3.0	3.1
EV To EBITDA EV To EBITDA									15.0	5.6	5.4
Profitability Ratios Profitability Ratios
GPM GPM%	84.4	79.0	85.8	86.7	93.1	81.4	80.5	77.2	78.1	83.5	83.5
OPM OPM%	-116.7	-96.5	-21.6	1.5	29.8	26.6	28.5	28.9	33.3	36.8	37.0
NPM NPM%	-144.7	-113.5	-40.5	-30.0	-23.9	-22.2	-8.6	-2.1	5.6	4.7	5.4
ROCE ROCE%	-66.8	-370.7	205.8	29,074.8	3.1	-8.1	8.0	16.0	10.9	12.6	12.6
ROE ROE%	-66.8	1,508.8	167.9	82.5	31.1	29.6	26.8	6.7	14.8	12.8	12.8
ROA ROA%	-48.3	-42.3	-31.8	-24.6	-8.4	-10.2	-5.0	-1.3	2.7	2.4	2.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr									4,700	1,650	1,731
Price To Earnings Price To Earnings									69.3	23.3	20.4
Price To Sales Price To Sales									3.9	1.1	1.1
Price To Book Price To Book									10.2	3.0	3.1
EV To EBITDA EV To EBITDA									15.0	5.6	5.4
Profitability Ratios Profitability Ratios
GPM GPM%	84.4	79.0	85.8	86.7	93.1	81.4	80.5	77.2	78.1	83.5	83.5
OPM OPM%	-116.7	-96.5	-21.6	1.5	29.8	26.6	28.5	28.9	33.3	36.8	37.0
NPM NPM%	-144.7	-113.5	-40.5	-30.0	-23.9	-22.2	-8.6	-2.1	5.6	4.7	5.4
ROCE ROCE%	-66.8	-370.7	205.8	29,074.8	3.1	-8.1	8.0	16.0	10.9	12.6	12.6
ROE ROE%	-66.8	1,508.8	167.9	82.5	31.1	29.6	26.8	6.7	14.8	12.8	12.8
ROA ROA%	-48.3	-42.3	-31.8	-24.6	-8.4	-10.2	-5.0	-1.3	2.7	2.4	2.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	WEWORK	SMARTWORKS	EFCIL	AWFIS
Market CapitalizationMkt CapCr	9,221	5,433	2,519	1,731
Close PriceClose₹	664.00	475.00	168.01	241.90
IndustryIndustry	Realty CoWorking	Realty CoWorking	Realty CoWorking	Realty CoWorking
Price To EarningsPE	105.56	194.67	9.21	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	2,519	1,731
Close PriceClose₹	664.00	475.00	168.01	241.90
IndustryIndustry	Realty CoWorking	Realty CoWorking	Realty CoWorking	Realty CoWorking
Price To EarningsPE	105.56	194.67	9.21	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%