Smartworks Coworking Spaces Limited has informed the Exchange about Investor Presentation
SMARTWORKS · price
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Smartworks Coworking Spaces reported Q1 FY26 (quarter ended June 30, 2025) results to the exchanges, with revenue rising 21% year-on-year to INR 3,792 million. Normalized EBITDA more than doubled to INR 607 million (up 109% YoY) with margins expanding to 16.0% from 9.3% in Q1 FY25, and the company turned normalized profit before tax positive at INR 168 million. Annualized RoCE nearly doubled to 13.0% (from 6.5% in FY25), while operating cash flow jumped 71% to INR 855 million with cash RoCE at 47.6%. Operationally, the company has 54 leased centres across 15 cities with 10.1 million sq ft leased area (12.0 million sq ft including LOIs), 83% seat occupancy, 95% seat retention, and an average enterprise client tenure of 49 months. Management highlighted that asset-liability mismatch risk has been eliminated for FY26 and FY27, with capex kept low at around INR 1,350 per sq ft.
Strong quarter for Smartworks with sharp margin expansion, return to PBT profitability, and a near-doubling of RoCE, suggesting improving operational leverage. The healthy supply pipeline and stable enterprise client base (90% of revenue) point to continued growth, which should be viewed positively by shareholders. However, the company remains in reported PAT loss on an IndAS basis, so investors should track the gap between normalized and reported metrics.