Smartworks Coworking Spaces Limited has informed the Exchange about Transcript
SMARTWORKS · price
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Smartworks held its first earnings call as a listed company, reporting Q1 FY26 revenue of INR 3,792 million, up 21% year-on-year and 5.8% sequentially. Normalized EBITDA jumped 109% YoY to INR 607 million, with margins expanding from 12.5% in FY25 to 16%, supported by maturing centres and operating leverage. The company now operates 12 million sq ft across 56 centres in 15 cities, with operational occupancy of 83% and committed occupancy of 89%, giving visibility to over INR 40,000 million in committed revenue. Management plans to add 2.5-3 million sq ft annually and grow seats from 190,000 to 275,000 within the next 4-5 quarters, targeting 25-30% year-on-year growth. The company is net debt-negative post-IPO with cost of borrowing at 9-10% and ROCE of 13% (cash ROCE of 47%), aiming to double ROCE within two years.
Positive opening quarter as a listed entity with a clear margin expansion story and strong revenue visibility through committed contracts. Shareholders get a defined multi-year growth roadmap, though reported IndAS PBT remained marginally negative (INR 56 million loss) due to non-cash lease accounting, even as normalized PBT turned positive at INR 168 million.