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Smartworks Coworking Spaces Ltd

SMARTWORKS

NSE

₹464.15-0.45%19 Oct 2026 at 3:31 PM

Reports

Realty CoWorking

Smartworks Coworking Spaces Ltd

SMARTWORKS

NSE

₹464.15

-0.45%

19 Oct 2026 at 3:31 PM

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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.

Smartworks is India’s largest managed office platform, not a landlord but a “workspace operating system” that takes entire bare-shell buildings and turns them into fully serviced, tech-enabled enterprise campuses in weeks rather than years. Founded in 2015 by Neetish Sarda and listed in July 2025, the company scaled to over 16 million square feet across 66 centres with just ~₹500 crores of equity, funding its growth almost entirely from its own operating cash flows. The recurring approach is an asset-light, capital-efficient model built on long-term leases, a single-contract promise to clients, and a proprietary technology backbone that compresses delivery timelines and keeps costs low - a model the company describes as having four pillars: high growth, predictable revenue, self-sustaining cash flows, and longevity.

Business segments

A single engine - managed enterprise campuses - with two margin-accretive service layers that scale alongside it and a dedicated platform for global capability centres, all powered by a shared technology backbone.

1. Managed Campuses: the core annuity engine

The company leases entire Grade A buildings on 10-15 year terms, transforms them into branded, amenity-rich campuses, and delivers move-in-ready offices to enterprises under a single contract - collecting predictable, REIT-like rental income with a revenue-to-rent ratio of roughly 2.0x.

Whole buildings, not floors - by taking entire or large portions of buildings, Smartworks secures preferred terms from landlords, controls every aspect of design and branding, and faces less competition for supply than floor-by-floor operators. Two-thirds of its leased area is full-building campuses, and over six of its centres exceed 500,000 square feet each, with the largest - an ~815,000 sq. ft. facility in Mumbai - set to go live in late 2026.
A single point of accountability - a client moving into a conventional office must separately manage design, fitout, IT, pantry, cleaning, security, compliance, electricity, and billing across multiple vendors; Smartworks replaces all of that with one contract, one service-level agreement, and one invoice. The result is a “de-risked model” where a fully customised office goes live in 45-60 days, compared to the industry’s typical 6-9 months.
Micro-cities of productivity - each campus layers in recreational zones, a crèche, medical room, gym, smart café, gaming zone, 24x7 secure access, and community events, creating what the company calls an “Integrated Experience Ecosystem” designed to draw employees back to the office. Large campuses routinely see 8,000-10,000 people daily, giving the company economies of scale that it claims translate to 15-20% rental savings on campuses of 800,000 sq. ft. and above.
Supply visibility as the moat - in a market where Grade A office supply is scarce, Smartworks has locked in its entire supply pipeline for FY27 and over 75% for FY28, with 65% of its total area coming from centres larger than 300,000 sq. ft.. Institutional developers such as DLF, Hiranandani, and TATA Realty supply roughly 35% of its leased area, a share that has been rising.
Capital-light, self-funding growth - the company owns no real estate and follows a phased fitout approach, building shared spaces first and customising work areas only as clients sign on, which keeps its upfront cost to roughly ₹1,350 per sq. ft. and its average payback period to 30-32 months - about half the industry standard. The mature portfolio of 8.9 million sq. ft. operates at 89% occupancy, with committed occupancy above 93%, generating a durable annuity stream.

2. Enterprise client platform: the stickiness engine

Roughly 90% of rental revenue comes from enterprises - Fortune 500s, global MNCs, and Indian conglomerates - whose long tenures, multi-city footprints, and repeat expansion create a pre-filled demand pipeline that the company calls its “biggest moat”.

Large deals, long lock-ins - clients taking 300 or more seats contribute about 69% of rental revenue, and the 1,000-plus-seat cohort alone accounts for more than a third, having tripled its share over three years. These deals carry an average tenure of ~47 months and a weighted average lock-in of 34 months, making them margin-accretive and insulating the portfolio from short-term churn.
Structurally de-risked portfolio - the top 10 clients have fallen from 39% of rental revenue in FY19 to 20% in FY26, and no single client contributes more than about 4% of rental revenue or occupies more than 30% of any one centre. The seat retention rate is ~88%, and the average client tenure across the platform is 45-47 months, providing revenue visibility.
Diversified beyond IT - while IT and technology still make up 39% of rental revenue, roughly 77% of the ~38,000 net seats leased in FY26 came from Non-IT/IES sectors such as business consulting, engineering and manufacturing, and BFSI, broadening the platform’s resilience.

3. SmartVantage: the GCC growth vertical

Global Capability Centres - offshore hubs for multinationals - contributed more than 15% of rental revenue in FY26, and the company has built a dedicated enablement platform called SmartVantage to capture a demand wave that industry estimates suggest will drive 50-55 billion square feet of new office absorption over two years.

Beyond real estate - SmartVantage layers legal and compliance support, talent and workforce solutions, operational assistance such as tax advisory, and innovation and research services on top of the core managed campus, turning a space lease into a full GCC setup package.
Curated partner ecosystem - the platform operates through strategic alliances with specialist firms covering chartered accountancy, talent networks, and workforce solutions, so Smartworks itself stays asset-light while offering a comprehensive service.
Large-format campuses as the draw - GCCs typically need whole-building, amenity-rich environments that can house thousands of employees, which aligns directly with Smartworks’ core product of campuses exceeding 500,000 sq. ft.. The company expects its GCC revenue to double within a couple of years.

4. Ancillary services: margin layers on the annuity

Fit-out-as-a-Service and Value-added Services are capital-light revenue streams that ride on top of the core leasing engine, improving margins without requiring additional real estate exposure.

Fit-out-as-a-Service - the company uses its in-house design team, a library of over 1,000 previously built offices, and its vendor network to design and fit out spaces for clients, turning a capability it already had into a standalone revenue line introduced in FY25.
Software fees - a smaller stream introduced in FY 2023-24, this covers expertise in software selection, implementation, and integration for clients, further monetising the company’s operational know-how.

Technology platform

A proprietary stack - BuildX, a client super app, an IoT-based building management system, and a CRM - compresses delivery timelines, lowers operating costs, and creates the speed and experience that the enterprise model depends on.

BuildX compresses time - the project and design management platform enables fully customised offices to be delivered in 45-60 days, roughly a quarter of the industry’s typical 6-9 months, by standardising modular components from a design library built across more than 1,000 projects.
IoT-driven efficiency - the Virtual Building Management System monitors over 1,000 IoT devices across 42 centres, optimising energy use and keeping operating expenses to roughly ₹34-36 per sq. ft. per month, among the lowest in the industry.
Unified client experience - the Smartworks Super App gives employees access to amenities, community events, and building services, while a client portal provides enterprises with account management, reinforcing stickiness through daily utility.

Group structure and partners

Smartworks Coworking Spaces Limited is a publicly listed company with a 65.15% promoter holding, four subsidiaries including a Singapore entity, and a recent acquisition that doubled its international footprint.

The company listed on the NSE and BSE on 17 July 2025, in an IPO that was oversubscribed roughly 13.5 times.
Its four subsidiaries include Smartworks Tech Solutions, Smartworks Office Services, Smartworks Stellar Services, and Smartworks Space Pte. Ltd. in Singapore.
Through the Singapore subsidiary, Smartworks acquired 100% of WorkStudio Spaces Pte. Ltd. in July 2026 for SGD 2.47 million, adding ~26,000 sq. ft. and over 45 clients, which brought its Singapore portfolio to four centres totalling ~76,000 sq. ft. and over 1,500 seats.
The company diluted its stake in associate Clean Max DOS Private Limited from 24.82% to 9.08% in August 2025, consistent with a focus on its core managed-office platform.

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

₹5,433Cr

Close Price

₹475.00

Industry

Realty CoWorking

Price To Earnings

194.67

Price To Sales

2.77

Revenue

₹1,963Cr

Rev Gr TTM

Revenue Growth TTM

36.32%

PAT Gr TTM

PAT Growth TTM

162.83%

Upcoming Results on

30 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	313	350	352	358	379	425	472	520	546
Growth YoY Revenue Growth YoY%					21.0	21.2	34.2	45.0	44.0
Expenses ExpensesCr	121	136	134	126	138	155	167	181	200
Operating Profit Operating ProfitCr	192	214	218	232	241	270	306	338	346
OPM OPM%	61.3	61.2	62.0	64.8	63.6	63.6	64.7	65.1	63.3
Other Income Other IncomeCr	10	10	12	4	9	16	16	13	13
Interest Expense Interest ExpenseCr	86	86	85	80	81	93	97	95	96
Depreciation DepreciationCr	147	160	167	161	174	198	223	234	246
PBT PBTCr	-31	-21	-22	-5	-6	-4	2	22	18
Tax TaxCr	-8	-5	-6	3	-1	-1	0	6	4
PAT PATCr	-23	-16	-16	-8	-4	-3	1	17	13
Growth YoY PAT Growth YoY%					81.8	80.2	107.7	300.2	413.1
NPM NPM%	-7.3	-4.5	-4.6	-2.3	-1.1	-0.7	0.3	3.2	2.4
EPS EPS₹	-2.3	-1.5	-1.6	-0.8	-0.4	-0.3	0.1	1.4	1.1

Quarter	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	313	350	352	358	379	425	472	520	546
Growth YoY Revenue Growth YoY%					21.0	21.2	34.2	45.0	44.0
Expenses ExpensesCr	121	136	134	126	138	155	167	181	200
Operating Profit Operating ProfitCr	192	214	218	232	241	270	306	338	346
OPM OPM%	61.3	61.2	62.0	64.8	63.6	63.6	64.7	65.1	63.3
Other Income Other IncomeCr	10	10	12	4	9	16	16	13	13
Interest Expense Interest ExpenseCr	86	86	85	80	81	93	97	95	96
Depreciation DepreciationCr	147	160	167	161	174	198	223	234	246
PBT PBTCr	-31	-21	-22	-5	-6	-4	2	22	18
Tax TaxCr	-8	-5	-6	3	-1	-1	0	6	4
PAT PATCr	-23	-16	-16	-8	-4	-3	1	17	13
Growth YoY PAT Growth YoY%					81.8	80.2	107.7	300.2	413.1
NPM NPM%	-7.3	-4.5	-4.6	-2.3	-1.1	-0.7	0.3	3.2	2.4
EPS EPS₹	-2.3	-1.5	-1.6	-0.8	-0.4	-0.3	0.1	1.4	1.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	102	254	280	360	711	1,039	1,374	1,796	1,963
Growth Revenue Growth%		149.6	10.3	28.8	97.5	46.1	32.2	30.7	36.3
Expenses ExpensesCr	94	119	113	154	287	380	517	641	703
Operating Profit Operating ProfitCr	8	135	166	206	424	660	857	1,155	1,260
OPM OPM%	7.8	53.1	59.5	57.2	59.6	63.5	62.4	64.3	64.2
Other Income Other IncomeCr	0	8	30	34	33	74	36	54	59
Interest Expense Interest ExpenseCr	4	70	97	122	237	328	336	366	381
Depreciation DepreciationCr	8	103	172	212	356	473	636	829	901
PBT PBTCr	-4	-31	-72	-94	-136	-68	-79	14	37
Tax TaxCr	-6	-9	-18	-24	-35	-18	-16	3	9
PAT PATCr	2	-22	-54	-70	-101	-50	-63	11	28
Growth PAT Growth%		-1,313.2	-141.9	-29.1	-44.5	50.6	-26.5	116.7	162.8
NPM NPM%	1.8	-8.8	-19.4	-19.4	-14.2	-4.8	-4.6	0.6	1.4
EPS EPS₹	0.3	-2.7	-5.6	-7.3	-10.6	-5.2	-6.2	0.9	2.4

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	102	254	280	360	711	1,039	1,374	1,796	1,963
Growth Revenue Growth%		149.6	10.3	28.8	97.5	46.1	32.2	30.7	36.3
Expenses ExpensesCr	94	119	113	154	287	380	517	641	703
Operating Profit Operating ProfitCr	8	135	166	206	424	660	857	1,155	1,260
OPM OPM%	7.8	53.1	59.5	57.2	59.6	63.5	62.4	64.3	64.2
Other Income Other IncomeCr	0	8	30	34	33	74	36	54	59
Interest Expense Interest ExpenseCr	4	70	97	122	237	328	336	366	381
Depreciation DepreciationCr	8	103	172	212	356	473	636	829	901
PBT PBTCr	-4	-31	-72	-94	-136	-68	-79	14	37
Tax TaxCr	-6	-9	-18	-24	-35	-18	-16	3	9
PAT PATCr	2	-22	-54	-70	-101	-50	-63	11	28
Growth PAT Growth%		-1,313.2	-141.9	-29.1	-44.5	50.6	-26.5	116.7	162.8
NPM NPM%	1.8	-8.8	-19.4	-19.4	-14.2	-4.8	-4.6	0.6	1.4
EPS EPS₹	0.3	-2.7	-5.6	-7.3	-10.6	-5.2	-6.2	0.9	2.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	71	77	77	77	78	79	103	114
Reserves ReservesCr	-14	142	89	19	-65	-49	5	416
Current Liabilities Current LiabilitiesCr	101	193	296	479	782	955	1,217	1,397
Non Current Liabilities Non Current LiabilitiesCr	43	928	1,014	2,266	3,660	3,142	3,326	4,536
Total Liabilities Total LiabilitiesCr	202	1,359	1,494	2,860	4,474	4,147	4,651	6,464
Current Assets Current AssetsCr	27	179	152	195	361	265	255	486
Non Current Assets Non Current AssetsCr	174	1,180	1,342	2,665	4,113	3,882	4,396	5,978
Total Assets Total AssetsCr	202	1,359	1,494	2,860	4,474	4,147	4,651	6,464

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	71	77	77	77	78	79	103	114
Reserves ReservesCr	-14	142	89	19	-65	-49	5	416
Current Liabilities Current LiabilitiesCr	101	193	296	479	782	955	1,217	1,397
Non Current Liabilities Non Current LiabilitiesCr	43	928	1,014	2,266	3,660	3,142	3,326	4,536
Total Liabilities Total LiabilitiesCr	202	1,359	1,494	2,860	4,474	4,147	4,651	6,464
Current Assets Current AssetsCr	27	179	152	195	361	265	255	486
Non Current Assets Non Current AssetsCr	174	1,180	1,342	2,665	4,113	3,882	4,396	5,978
Total Assets Total AssetsCr	202	1,359	1,494	2,860	4,474	4,147	4,651	6,464

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	114	153	216	532	743	929	1,197
Investing Cash Flow Investing Cash FlowCr	-62	-219	-41	-95	-307	-192	-276	-501
Financing Cash Flow Financing Cash FlowCr	62	113	-161	-109	-171	-577	-638	-621
Net Cash Flow Net Cash FlowCr	-1	9	-50	13	55	-26	15	75
Free Cash Flow Free Cash FlowCr	-64	8	86	105	235	480	638	810
CFO To PAT CFO To PAT%	-58.4	-510.7	-282.4	-309.2	-526.3	-1,487.9	-1,469.7	11,371.2
CFO To EBITDA CFO To EBITDA%	-13.7	84.9	92.0	104.9	125.4	112.7	108.3	103.6

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	114	153	216	532	743	929	1,197
Investing Cash Flow Investing Cash FlowCr	-62	-219	-41	-95	-307	-192	-276	-501
Financing Cash Flow Financing Cash FlowCr	62	113	-161	-109	-171	-577	-638	-621
Net Cash Flow Net Cash FlowCr	-1	9	-50	13	55	-26	15	75
Free Cash Flow Free Cash FlowCr	-64	8	86	105	235	480	638	810
CFO To PAT CFO To PAT%	-58.4	-510.7	-282.4	-309.2	-526.3	-1,487.9	-1,469.7	11,371.2
CFO To EBITDA CFO To EBITDA%	-13.7	84.9	92.0	104.9	125.4	112.7	108.3	103.6

Consolidated

Standalone

Financial Year	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								4,193	5,433
Price To Earnings Price To Earnings								398.9	194.7
Price To Sales Price To Sales								2.3	2.8
Price To Book Price To Book								7.9	10.2
EV To EBITDA EV To EBITDA								7.6	7.8
Profitability Ratios Profitability Ratios
GPM GPM%	79.1	100.0	100.0	100.0	70.2	72.4	71.9	73.5	73.5
OPM OPM%	7.8	53.1	59.5	57.2	59.6	63.5	62.4	64.3	64.2
NPM NPM%	1.8	-8.8	-19.4	-19.4	-14.2	-4.8	-4.6	0.6	1.4
ROCE ROCE%	-0.1	13.8	8.0	8.2	2.6	7.5	6.7	7.2	7.2
ROE ROE%	3.2	-10.2	-32.7	-73.0	-785.0	-165.4	-58.6	2.0	2.0
ROA ROA%	0.9	-1.6	-3.6	-2.4	-2.3	-1.2	-1.4	0.2	0.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	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								4,193	5,433
Price To Earnings Price To Earnings								398.9	194.7
Price To Sales Price To Sales								2.3	2.8
Price To Book Price To Book								7.9	10.2
EV To EBITDA EV To EBITDA								7.6	7.8
Profitability Ratios Profitability Ratios
GPM GPM%	79.1	100.0	100.0	100.0	70.2	72.4	71.9	73.5	73.5
OPM OPM%	7.8	53.1	59.5	57.2	59.6	63.5	62.4	64.3	64.2
NPM NPM%	1.8	-8.8	-19.4	-19.4	-14.2	-4.8	-4.6	0.6	1.4
ROCE ROCE%	-0.1	13.8	8.0	8.2	2.6	7.5	6.7	7.2	7.2
ROE ROE%	3.2	-10.2	-32.7	-73.0	-785.0	-165.4	-58.6	2.0	2.0
ROA ROA%	0.9	-1.6	-3.6	-2.4	-2.3	-1.2	-1.4	0.2	0.2
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%