NSE: AWFIS · BSE: 544181
AWFIS SPACE SOLUTIONS LTD
Operates a co-working office space network across India, renting flexible workspaces and allied services to enterprises, GCCs, and SMEs. The co-working segment on rent and allied services contributed 82.8% of FY26 segment revenue at INR 1,236.853 crore, while construction and fit-out projects (building and furnishing client offices) made up 17.2% at INR 256.631 crore. By end of FY26, the network ran 250 centers with approximately 167,000 operational seats across 18 cities, having added 30,000 gross seats across 41 new centers during the year, all positioned in Grade A or A+ buildings. GCC clients (100+) account for roughly 23% of rental revenue, and 48% of clients operate from multiple centers. The biggest cost line is other operating expenses at 52.4% of revenue (largely property rent and center operating costs), with depreciation at 25.7% and employee costs at 8.7%; FY26 capex was INR 208 crores. The design-build arm Awfis Transform generated INR 152 crores in third-party revenue in FY26, up from INR 95 crores in FY25, with a INR 130 crores pipeline already won for FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Co-working space on rent and allied services (83%), Construction and fit-out projects (17%), Others (0%). Asset-light flexible office operator with embedded design-build arm
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 849 | 1,208 | 1,493 |
| EBITDA (ex other income) | 245 | 427 | 550 |
| margin % | 28.9 | 35.4 | 36.8 |
| Owners' profit | (18) | 0 | 0 |
| EPS, as reported (₹) | (2.79) | 9.75 | 9.93 |
| ROE % · ROCE % | (7.0) · 8.0 | 14.8 · 11.5 | 12.8 · 13.5 |
| Debt / equity (x) | 0.13 | 0.05 | 0.09 |
| Cash from operations | 228 | 363 | 616 |
| Capex | (144) | (199) | (208) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 292 | 318 | 340 | 335 | 367 | 382 | 410 | 425 |
| Profit before tax | 39 | 15 | 12 | 10 | 16 | 22 | 24 | 24 |
| Net profit | 39 | 15 | 11 | 10 | 16 | 22 | 23 | 24 |
| EPS (₹) | 5.55 | 2.15 | 1.58 | 1.40 | 2.24 | 3.03 | 3.25 | 3.35 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Co-working space on rent and allied services | 1,237 | 82.8 |
| Construction and fit-out projects | 257 | 17.2 |
| Total, before eliminations | 1,493 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 16,876 | 27.7 | 11.34 | 16.2 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,745 | 100.3 | 29.23 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,045 | 16.9 | 2.35 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,678 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,302 | 190.2 | 9.99 | 4.5 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,869 | 19.2 | 4.17 | 14.6 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,360 | 34.9 | 2.54 | 25.9 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,549 | — | 6.89 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.2 | 13.0 | 50 of 79 | 37% |
| P/B | 3.1 | 1.3 | 71 of 95 | 26% |
| ROCE | 3.8 | 3.4 | 50 of 103 | 52% |
| ROE | 12.8 | 2.9 | 27 of 113 | 77% |
| Debt / Equity | 0.1 | 0.1 | 46 of 91 | 50% |
| EBITDA margin | 43.8 | 25.4 | 34 of 92 | 64% |
| Revenue growth | 27.0 | 16.2 | 37 of 91 | 60% |
| Profit growth | 140.2 | 5.2 | 23 of 110 | 80% |
| Market cap | 1719 | 47 | 15 of 108 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA certificate under SEBI Reg 74(5) not applicable for Q2 FY27 | compliance | minimal | — | — |
| 2 Oct 2026 · Unfavourable arbitration award in lease dispute, net impact up to INR 6.3 crore | general | low | — | — |
| 30 Sept 2026 · Awfis secures INR 800 million credit facilities from IDFC First Bank | credit debt | medium | — | — |
| 24 Sept 2026 · Trading Window Closure from October 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 23 Sept 2026 · Awfis launches 1 lakh sq ft premium Elite centre in Delhi Aerocity | compliance | low | — | — |
| 23 Sept 2026 · Awfis 12th AGM: All 3 resolutions passed with requisite majority | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Awfis 12th AGM held on Sept 21, 2026; e-voting results awaited | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Awfis to attend Ambit Capital investor conference on Sep 8 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Awfis schedules analyst and institutional investor meetings on Sept 4 | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Newspaper ad about 12th AGM and e-voting info for Awfis Space Solutions | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.