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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 13,611 | 22.3 | 9.15 | 13.1 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,297 | 106.7 | 31.07 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,728 | 18.6 | 2.58 | 13.1 | 13.8 | 14.8 | 26.2 | 68.9 |
| INOX GREEN ENERGY SER LTD | 7,175 | 57.5 | 4.18 | 42.6 | 6.0 | 9.0 | — | 131.6 |
| SMARTWORKS COWORKING SP L ◆ | 6,079 | 218.0 | 11.45 | 5.1 | 2.0 | 0.3 | — | 65.8 |
| NIRLON LTD | 5,526 | 16.0 | 11.79 | — | 73.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 2 Sept 2026 · Smartworks to attend Ambit REIT conference on 8 September | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Newspaper publication of 11th AGM Notice, AGM set for 22 September 2026 | compliance | minimal | — | — |
| 31 Aug 2026 · Smartworks sends AGM notice weblink letters to shareholders | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Smartworks BRSR filing for FY26: 54 offices, ESG roadmap through FY28 | compliance | minimal | — | — |
| 29 Aug 2026 · Smartworks AGM on Sep 22; capital reduction to set off INR 385.6 Cr losses | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Smartworks 11th AGM on Sept 22, 2026; capital reduction of Rs 385.61 Cr proposed | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Corrigendum: Fixes typos in AGM notice cover letter, no change to AGM date | compliance | minimal | — | — |
| 27 Aug 2026 · Corrigendum fixes typos in AGM notice cover letter | compliance | minimal | — | — |
| 26 Aug 2026 · Smartworks files newspaper notice for 11th AGM via video conferencing | compliance | minimal | — | — |
| 24 Aug 2026 · Board proposes 2 new independent directors and securities premium set-off against losses | management changes | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 18.1 |
| — |
| 79.4 |
| QUESS CORP LIMITED | 5,174 | 20.4 | 4.43 | 15.6 | 19.0 | 14.4 | 7.1 | 2.6 |
| INDIQUBE SPACES LIMITED | 4,272 | — | 8.30 | — | (20.7) | (2.5) | — | 67.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 218.0 | 14.3 | 86 of 89 | 3% |
| P/B | 11.4 | 1.5 | 86 of 92 | 7% |
| ROCE | 0.3 | 3.2 | 74 of 105 | 30% |
| ROE | 2.0 | 3.1 | 65 of 116 | 44% |
| Debt / Equity | 0.4 | 0.0 | 95 of 116 | 18% |
| 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 | 6079 | 56 | 5 of 104 | 96% |
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| 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 |
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.
