Smartworks Coworking Spaces LimitedQ2 FY27 Results & Financial Update
Smartworks Coworking Spaces Limited: Q2 FY27 consolidated results and company financials – revenue ₹6.30 Cr, PAT ₹0.46 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Smartworks Coworking Spaces Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Smartworks Coworking Spaces Limited reported consolidated revenue from operations of ₹5,913.70 million for the quarter ended September 30, 2026, marking an increase compared to ₹5,462.48 million in the previous quarter and ₹4,247.83 million in the corresponding quarter of the previous year.
Total consolidated income for Q2 FY27 reached ₹6,053.01 million, up from ₹5,596.66 million in Q1 FY27 and ₹4,410.67 million in the year-ago period. Total expenses for the quarter stood at ₹5,704.31 million, compared to ₹5,420.98 million in the preceding quarter.
Profit before tax for the current quarter improved significantly to ₹348.70 million, recovering from a loss of ₹43.87 million in the corresponding period last year and increasing from ₹175.68 million in Q1 FY27.
Consolidated profit after tax for Q2 FY27 stood at ₹0.46 million, compared to ₹131.48 million in the previous quarter and a net loss of ₹31.39 million in the year-ago quarter. Basic and diluted earnings per share for the quarter were ₹2.24, compared to ₹1.15 in Q1 FY27 and ₹(0.27) in Q2 FY26.
According to the company's media release, normalized EBITDA for Q2 FY27 rose 68% year-on-year to ₹117 crore with margins improving to 19.8%, driven by sustained enterprise demand, client expansions, and operating leverage.
During the quarter, the company completed the acquisition of Workstudio Spaces Pte. Ltd. in Singapore through its subsidiary Smartworks Space Pte. Ltd., adding to its international presence and integrating new managed space assets.
01 · Business model
What does Smartworks Coworking Spaces do?
Smartworks Coworking Spaces Limited operates as India's largest managed office platform by overall footprint, specialising in developing and licensing fully serviced office spaces, design and fitout services, and related offerings. The company collaborates with prominent real estate developers to convert large commercial buildings into enterprise-grade campuses.
The operational model revolves around providing customized, scalable office spaces equipped with comprehensive amenities including cafeterias, fitness centers, recreation zones, and convenience facilities. This setup allows corporate clients to establish and expand their work environments quickly without capital-intensive infrastructure buildouts.
The customer base spans over 780 clients, featuring Fortune 500 enterprises, Forbes Global 2000 corporations, multinational companies, Global Capability Centres (GCCs), prominent Indian conglomerates, and high-growth startups. The company also offers SmartVantage, a tailored solution for GCCs combining managed campuses with vendor-supported operational ecosystems.
Geographically, operations extend across major commercial centers in India and international locations such as Singapore, where the company recently expanded its footprint to four centres and approximately 1,600 seats following the acquisition of Workstudio Spaces Pte. Ltd.
02 · Historical context
What shaped the business before this quarter
During the year ended March 31, 2025, the company successfully completed its Initial Public Offering (IPO) of 14,321,474 equity shares at an issue price of ₹407 per share, listing on NSE and BSE on July 17, 2025.
The board approved utilizing ₹3,856.18 million from the securities premium account to set off accumulated losses up to March 31, 2026, pending NCLT sanction.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹6.30 Cr | ₹546.00 Cr |
| Profit after tax | ₹0.46 Cr | ₹13.00 Cr |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Growth was propelled by existing enterprise clients expanding their desk counts and footprints across campuses, alongside new enterprise acquisitions.
Global Capability Centres (GCCs) continued to represent a key revenue pillar, contributing approximately 22% of total rental revenue.
What drove margins
Normalization of margins was supported by high occupancy levels in mature centers and scaling efficiencies across newer campuses.
Depreciation and amortisation expenses stood at ₹2,590.61 million and finance costs at ₹975.61 million, reflecting lease liabilities under Ind AS 116 for extensive campus networks.
05 · Demand, customers & order book
Where demand is coming from
Contracted rental revenue expanded to approximately ₹5,800 crore, providing forward revenue visibility.
Clients occupying more than 1,000 seats accounted for approximately 41% of rental revenue, while multi-city clients contributed around 35%.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company's primary business segment involves developing and licensing fully serviced office spaces, design and fitout services, and related services, reviewed as a single operating unit by the Chief Operating Decision Maker.
Geography and market mix
The total footprint reached approximately 17.5 million sq. ft. across 71 centres in 15 cities, with international operations in Singapore expanding to four centres representing approximately 1,600 seats.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The operational footprint increased to approximately 10.9 million sq. ft., with mature centres maintaining an occupancy rate of around 88% and committed occupancy standing at approximately 91%.
Two large managed office campuses—Eastside in Pune (~863,000 sq. ft.) and Eastbridge in Mumbai (~815,000 sq. ft.)—are scheduled to become operational in H2 FY27.
Projects, capex and execution
Out of ₹2,258.40 million allocated for fit-outs in new centres and security deposits from IPO proceeds, ₹2,258.34 million had been utilized up to September 30, 2026.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Smartworks Space Pte. Ltd. acquired 100% of Workstudio Spaces Pte. Ltd. on July 7, 2026, for SGD 2.47 million (₹180.68 million), integrated into consolidated results from July 1, 2026, generating ₹58.59 million in goodwill.
09 · Reported developments
What changed operationally
Marked the sixth consecutive quarter of sequential revenue growth since listing, accompanied by a year-on-year increase in normalized EBITDA and PAT.
10 · Items worth noticing
The line items that can distort a quick read
Goodwill of ₹58.59 million was recognized on the consolidation of Workstudio Spaces Pte. Ltd.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash generated from operating activities for the six months ended September 30, 2026, stood at ₹7,019.43 million on a consolidated basis.
Capital allocation & funding
Non-current borrowings stood at ₹1,467.68 million and non-current lease liabilities at ₹47,482.03 million as of September 30, 2026.
12 · Management guidance & targets
What management is targeting from here
Management revised its FY27 revenue growth guidance upward to 33–35% from the earlier 28–30%, while maintaining normalized EBITDA margin guidance at 19–20% and an annual footprint addition target of 2.5–3 million sq. ft.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
ROCE Improvement
Annualised normalised ROCE reached 21.6%, compared with 13.6% in the corresponding period of the previous year.
14 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations rose from ₹5,462.48 million in Q1 FY27 to ₹5,913.70 million in Q2 FY27.
15 · Key Q&A
The quarter, answered directly
What does Smartworks Coworking Spaces do?
Smartworks Coworking Spaces Limited operates as India's largest managed office platform by overall footprint, specialising in developing and licensing fully serviced office spaces, design and fitout services, and related offerings. The company collaborates with prominent real estate developers to convert large commercial buildings into enterprise-grade campuses.
What is the clearest takeaway from Q2 FY27?
Smartworks Coworking Spaces Limited reported consolidated revenue from operations of ₹5,913.70 million for the quarter ended September 30, 2026, marking an increase compared to ₹5,462.48 million in the previous quarter and ₹4,247.83 million in the corresponding quarter of the previous year.
What drove revenue or demand?
Growth was propelled by existing enterprise clients expanding their desk counts and footprints across campuses, alongside new enterprise acquisitions.
What mattered most for margins or profitability?
Normalization of margins was supported by high occupancy levels in mature centers and scaling efficiencies across newer campuses.
What changed operationally beyond the headline numbers?
The operational footprint increased to approximately 10.9 million sq. ft., with mature centres maintaining an occupancy rate of around 88% and committed occupancy standing at approximately 91%.
What is management guiding or targeting from here?
Management revised its FY27 revenue growth guidance upward to 33–35% from the earlier 28–30%, while maintaining normalized EBITDA margin guidance at 19–20% and an annual footprint addition target of 2.5–3 million sq. ft.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Campus Launch Timelines: Execution and operationalization of large campuses like Eastside in Pune and Eastbridge in Mumbai during H2 FY27.
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