NSE: SMARTWORKS · BSE: 544447
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Workspace leasing (seat and office rentals), Value-added services (SmartVantage VAS). Asset-heavy, long-tenor managed-office platform with high contracted revenue visibility.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,796 |
| EBITDA (ex other income) | 1,155 |
| margin % | 64.3 |
| Owners' profit | 11 |
| EPS, as reported (₹) | 0.95 |
| ROE % · ROCE % | 2.0 · 7.5 |
| Debt / equity (x) | 0.39 |
| Cash from operations | 1,197 |
| Capex | (388) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 379 | 425 | 472 | 520 | 546 |
| Profit before tax | (6) | (4) | 2 | 22 | 18 |
| Net profit | (4) | (3) | 1 | 17 | 13 |
| EPS (₹) | (0.41) | (0.27) | 0.11 | 1.45 | 1.15 |
Exhibit 3: 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 190.2 | 13.0 | 78 of 79 | 1% |
| P/B | 10.0 | 1.3 | 85 of 95 | 11% |
| ROCE | 0.3 | 3.4 | 74 of 103 | 28% |
| ROE | 2.0 | 2.9 | 62 of 113 | 46% |
| Debt / Equity | 0.4 | 0.1 | 70 of 91 | 23% |
| EBITDA margin | 65.8 | 25.4 | 24 of 92 | 75% |
| Revenue growth | 44.0 | 16.2 | 27 of 91 | 71% |
| Profit growth | 413.3 | 5.2 | 14 of 110 | 88% |
| Market cap | 5302 | 47 | 5 of 108 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Smartworks files NCLT application to set off Rs 385.6 cr losses via Securities Premium | corporate actions | high | — | — |
| 7 Oct 2026 · Quarterly RTA compliance certificate for Q2 FY26 filed with exchanges | compliance | minimal | — | — |
| 6 Oct 2026 · Smartworks announces Q2 FY27 earnings call on Oct 30 | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Board meeting on Oct 30 to consider Q2 FY27 results | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Smartworks bags INR 305 crore managed office deals from new clients | business updates | high | — | — |
| 24 Sept 2026 · Smartworks appoints two independent directors at AGM | management changes | medium | — | — |
| 24 Sept 2026 · Smartworks AGM 2026 results: all 8 resolutions passed including share capital reduction | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · Trading Window closed from Oct 1 ahead of Q2 FY26 results | compliance | minimal | — | — |
| 22 Sept 2026 · Smartworks AGM: Share Capital Reduction & New Director Appointments | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Smartworks to attend Ambit REIT conference on 8 September | board shareholder meetings | low | — | — |
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.