Smartworks Coworking Spaces LimitedQ1 FY27 Results & Financial Update
Smartworks Coworking Spaces Limited: Q1 FY27 consolidated results and company financials – revenue ₹546.00 Cr, PAT ₹13.00 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 Q1 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 marked the completion of its first full year as a publicly listed entity with robust operating momentum during the quarter ended June 30, 2026, delivering its fifth consecutive quarter of sequential revenue growth since listing.
Revenue from operations reached ₹546 crore, supported by strong enterprise client demand and high asset utilization across its operational portfolio, reflecting sustained adoption of flexible, fully managed workspaces over traditional offices.
The operational footprint expanded further during the period, reaching 10.4 million square feet across 54 operational centres, while the total secured footprint stood at 16.9 million square feet across 70 centres including signed buildings.
Mature centres maintained strong operating performance with an occupancy rate of approximately 89 percent and committed occupancy reaching 92 percent, reinforcing the stability and high demand for the company's campuses.
Strategic developments included the acquisition of Workstudio which doubled Singapore capacity to approximately 1,500 seats, and the signing of letters of intent for massive upcoming developments including Eastside in Pune and Eastbridge in Mumbai.
01 · Business model
What does Smartworks Coworking Spaces do?
Smartworks Coworking Spaces Limited operates as India's largest managed office platform measured by overall footprint, providing enterprise-grade, fully managed workspace solutions tailored for mid-to-large enterprises, multinational corporations, conglomerates, and unicorns.
The company partners with real estate developers to transform large, bare-shell assets into comprehensive business campuses equipped with amenities such as cafeterias, convenience stores, gyms, recreation zones, crèches, and round-the-clock technical support.
Operating across multiple cities in India and Singapore, Smartworks derives the vast majority of its revenue from enterprise clients, offering tailored space designs and specialized solutions like SmartVantage to support GCCs and corporate expansions.
02 · Historical context
What shaped the business before this quarter
Smartworks completed its first full year as a listed company following its initial public offering on NSE and BSE on July 17, 2025.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹546.00 Cr |
| EBITDA | ₹107.00 Cr |
| Profit after tax | ₹13.00 Cr |
| EBITDA margin | 19.60% |
Financial interpretation
What the reported numbers mean
Profit after tax represented 2.4% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Enterprise clients accounted for approximately 92 percent of total rental revenue, driven by broad adoption from Fortune 500, Forbes 2000 companies, and large Indian conglomerates.
Revenue from multi-city clients increased to approximately 35 percent of rental revenue, reflecting deeper commitments and scaling across multiple geographies by existing enterprise accounts.
Global Capability Centres contributed approximately 21 percent of rental revenue during the quarter, rising from 15 percent in the previous fiscal year.
What drove margins
Normalised EBITDA margin expanded by 337 basis points year-on-year to 19.6 percent, driven by high occupancy in mature centres and scale efficiencies across the portfolio.
05 · Demand, customers & order book
Where demand is coming from
Contracted rental revenue stood at approximately ₹5,400 crore as of June 30, 2026, providing robust multi-year revenue visibility.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Clients with over 1,000 seats grew to contribute approximately 41 percent of rental revenue, up from 37 percent in the preceding fiscal year.
Geography and market mix
Capacity in Singapore doubled to approximately 1,500 seats following the acquisition of Workstudio, with existing centres operating at high occupancy levels.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The operational portfolio expanded to 10.4 million square feet across 54 operational centres in 15 cities, while total secured footprint reached 16.9 million square feet across 70 centres.
The company added 0.3 million square feet of new operational area during the quarter towards its full-year expansion targets.
Projects, capex and execution
The company signed a letter of intent for Eastside by Panchshil Realty in Kharadi, Pune, spanning approximately 8.63 lakh square feet, scheduled to open in H2 FY27 as the world's largest managed office campus.
Another 2.2 to 2.7 million square feet of space, including Eastbridge in Mumbai (~8.15 lakh sq. ft.), is set to become operational over the next nine months.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Smartworks is continuously integrating artificial intelligence into internal tools and processes to facilitate faster execution, enhanced decision-making, and improved member experiences.
09 · Reported developments
What changed operationally
10 · Management guidance & targets
What management is targeting from here
Smartworks reiterated its FY27 guidance of 28 to 30 percent revenue growth, 19 to 20 percent normalised EBITDA margin, and an operational footprint of 12.5 to 13 million square feet by March 2027.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Industry leasing tailwinds
India's office market recorded its highest-ever quarterly leasing of approximately 24.6 million sq. ft. in April-June 2026, with managed workspace operators accounting for 27 percent of total leasing as the largest single category.
12 · 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 measured by overall footprint, providing enterprise-grade, fully managed workspace solutions tailored for mid-to-large enterprises, multinational corporations, conglomerates, and unicorns.
What is the clearest takeaway from Q1 FY27?
Smartworks marked the completion of its first full year as a publicly listed entity with robust operating momentum during the quarter ended June 30, 2026, delivering its fifth consecutive quarter of sequential revenue growth since listing.
What drove revenue or demand?
Enterprise clients accounted for approximately 92 percent of total rental revenue, driven by broad adoption from Fortune 500, Forbes 2000 companies, and large Indian conglomerates.
What mattered most for margins or profitability?
Normalised EBITDA margin expanded by 337 basis points year-on-year to 19.6 percent, driven by high occupancy in mature centres and scale efficiencies across the portfolio.
What changed operationally beyond the headline numbers?
The operational portfolio expanded to 10.4 million square feet across 54 operational centres in 15 cities, while total secured footprint reached 16.9 million square feet across 70 centres.
What is management guiding or targeting from here?
Smartworks reiterated its FY27 guidance of 28 to 30 percent revenue growth, 19 to 20 percent normalised EBITDA margin, and an operational footprint of 12.5 to 13 million square feet by March 2027.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Footprint expansion milestones: Monitor the operational rollout of the 2.2 to 2.7 million sq. ft. pipeline, including the launch of Eastside in Pune and Eastbridge in Mumbai during the remainder of FY27.
- 02
Occupancy and revenue delivery: Track the execution against FY27 guidance targets of 28-30 percent revenue growth and operational footprint reaching 12.5 to 13 million sq. ft. by March 2027.
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