Intimation of Credit Rating pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations")

CARE Ratings has reaffirmed Smartworks Coworking Spaces' credit ratings at CARE A (Stable outlook) for long-term bank facilities of ₹310 crore and CARE A1 for short-term facilities of ₹50 crore. The ratings were previously upgraded in November 2025 from CARE BBB+. The reaffirmation reflects the company's improved scale of operations with total operating income rising to ₹1,795.81 crore in FY26 from ₹1,375.27 crore in FY25, healthy occupancy levels of 82%, and first-time net profit of ₹10.53 crore. The company also completed its IPO in July 2025 which improved its capital structure with gearing improving from 39.89x to 9.28x. Key risks noted include leveraged capital structure, sizable expansion plans, and exposure to macroeconomic conditions.