SMARTWORKS COWORKING SP L

Operates managed and flexible office (coworking) workspace across India and Singapore, leasing ready-to-use office seats and floors to enterprise clients. The platform spans roughly 17 million sq ft across 70 centres in 15 cities, serving 760+ clients and 150,000+ professionals, with large enterprises accounting for around 90% of revenue. Revenue comes primarily from seat rentals under multi-year enterprise contracts, supplemented by a value-added services offering branded SmartVantage that generated about INR 68 cr in non-lease revenue in Q1 FY27. The customer mix is shifting toward Global Capability Centres (21% of revenue) and large 1,000-plus seater cohorts (41% of revenue), and a recent acquisition of Singapore-based Workstudio Spaces adds four centres, about 76,000 sq ft and 1,500 seats. Forward visibility is unusually high for the sector: about INR 5,400 cr of contracted rental revenue already covers 87% of FY27. Costs are dominated by depreciation (46.2% of revenue) and other operating expenses (30%), reflecting the asset-heavy fit-out model that requires INR 1,350 per sq ft of capex on new centres.