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Awfis Space Solutions Q2 FY27 results: net profit up 92.9% to ₹30.80 crore, revenue up 19.6%
Awfis Space Solutions Limited reported consolidated revenue of ₹438.73 crore for Q2 FY27, up 19.6% from a year earlier, with EBITDA of ₹173.72 crore and a net profit of ₹30.80 crore. Basic EPS was ₹4.30, and the results were approved by the board on 3 November 2026 along with changes to the company secretary role and a deferral of the Design & Build business transfer.
Key points
- Consolidated revenue rose to ₹438.73 crore in Q2 FY27 from ₹366.86 crore in Q2 FY26, while EBITDA rose to ₹173.72 crore from ₹132.30 crore and the margin to 39.6% from 36.1%.
- Net profit for the quarter was ₹30.80 crore, up from ₹15.97 crore a year earlier, and basic EPS was ₹4.30 against ₹2.24.
- In H1 FY27, revenue rose to ₹863.65 crore from ₹701.56 crore and net profit to ₹54.76 crore from ₹25.95 crore.
- Total assets stood at ₹3,080.26 crore on 30 September 2026 against ₹2,910.19 crore on 31 March 2026, with cash of ₹54.95 crore and borrowings of ₹51.43 crore.
- Management maintained FY27 guidance of revenue above ₹1,800 crore and cash EBITDA of ₹190–200 crore, and expects a cash EBITDA margin of at least 11.5% in Q4 FY27.
How did Awfis Space Solutions perform in Q2 FY27?
Awfis Space Solutions reported consolidated revenue of ₹438.73 crore for Q2 FY27, the July–September 2026 quarter, against ₹366.86 crore in Q2 FY26, a rise of ₹71.87 crore or 19.6%. EBITDA was ₹173.72 crore, up ₹41.42 crore or 31.3%, and the EBITDA margin widened to 39.6% from 36.1%, a gain of 3.5 percentage points. Profit before tax was ₹31.24 crore against ₹16.33 crore, and net profit was ₹30.80 crore against ₹15.97 crore, with basic EPS of ₹4.30 versus ₹2.24.
Against the previous quarter, Q1 FY27, revenue rose by ₹13.81 crore or 3.3% to ₹438.73 crore from ₹424.92 crore. EBITDA increased by ₹11.44 crore or 7.0% to ₹173.72 crore from ₹162.28 crore, and the margin rose to 39.6% from 38.2%. Net profit was ₹30.80 crore, up ₹6.84 crore or 28.5% from ₹23.96 crore, and basic EPS rose to ₹4.30 from ₹3.35.
On the standalone basis, revenue was ₹359.97 crore, down 1.4%, with profit after tax of ₹29.50 crore against ₹15.05 crore in the year-ago quarter. The board approved the standalone and consolidated unaudited results for the quarter and half year ended 30 September 2026 on 3 November 2026, and took on record the limited review reports of Walker Chandiok & Co LLP.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 438.73 | 424.92 | 366.86 | +19.6% | +3.3% |
| Other income | 25.57 | 23.95 | 26.11 | −2.1% | +6.8% |
| Total expenses | 433.05 | 424.46 | 376.64 | +15.0% | +2.0% |
| EBITDA | 173.72 | 162.28 | 132.30 | +31.3% | +7.0% |
| EBITDA margin | 39.6% | 38.2% | 36.1% | +3.5 pp | +1.4 pp |
| Profit before tax | 31.24 | 24.42 | 16.33 | +91.3% | +27.9% |
| Tax | 0.44 | 0.45 | 0.36 | +22.2% | −2.2% |
| Net profit | 30.80 | 23.96 | 15.97 | +92.9% | +28.5% |
| EPS (₹) | 4.30 | 3.35 | 2.24 | +92.0% | +28.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Awfis Space Solutions' costs and profit?
Total expenses for Q2 FY27 were ₹433.05 crore, up ₹56.41 crore or 15.0% from ₹376.64 crore in Q2 FY26, which was lower than the rise in revenue over the same period. Within that total, depreciation rose by ₹23.85 crore or 25.1% to ₹118.99 crore from ₹95.14 crore, other expenses rose by ₹11.77 crore or 6.1% to ₹206.11 crore from ₹194.34 crore, and finance costs rose by ₹2.10 crore or 4.5% to ₹49.05 crore from ₹46.95 crore. Employee cost was ₹32.67 crore, down ₹0.57 crore or 1.7% from ₹33.24 crore.
Other income was ₹25.57 crore in Q2 FY27, down ₹0.54 crore or 2.1% from ₹26.11 crore in Q2 FY26. Tax expense was ₹0.44 crore against ₹0.36 crore, up ₹0.08 crore or 22.2%. There was no exceptional item in the quarter. Profit before tax therefore rose to ₹31.24 crore from ₹16.33 crore, and net profit rose to ₹30.80 crore from ₹15.97 crore.
Sequentially, total expenses rose by ₹8.59 crore or 2.0% to ₹433.05 crore from ₹424.46 crore in Q1 FY27. Other expenses fell by ₹12.57 crore or 5.7% to ₹206.11 crore from ₹218.68 crore, while depreciation rose by ₹5.83 crore or 5.2% and finance costs by ₹0.40 crore or 0.8%. Other income rose by ₹1.62 crore or 6.8% to ₹25.57 crore from ₹23.95 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 32.67 | 33.24 | −0.57 | −1.7% |
| Finance costs | 49.05 | 46.95 | +2.10 | +4.5% |
| Depreciation | 118.99 | 95.14 | +23.85 | +25.1% |
| Other expenses | 206.11 | 194.34 | +11.77 | +6.1% |
| Total expenses | 433.05 | 376.64 | +56.41 | +15.0% |
| Other income | 25.57 | 26.11 | −0.54 | −2.1% |
| Tax | 0.44 | 0.36 | +0.08 | +22.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹863.65 crore, up ₹162.09 crore or 23.1% from ₹701.56 crore in H1 FY26. Total income rose to ₹913.16 crore from ₹746.01 crore, an increase of ₹167.15 crore or 22.4%. Profit before tax increased to ₹55.66 crore from ₹26.71 crore, up ₹28.95 crore or 108.4%.
Net profit for the first half was ₹54.76 crore against ₹25.95 crore in the year-ago period, a rise of ₹28.81 crore or 111.0%. Basic EPS was ₹7.65 against ₹3.64, up ₹4.01 or 110.2%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 863.65 | 701.56 | +23.1% |
| Profit before tax | 55.66 | 26.71 | +108.4% |
| Net profit | 54.76 | 25.95 | +111.0% |
| EPS (₹) | 7.65 | 3.64 | +110.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets rose to ₹3,080.26 crore at 30 September 2026 from ₹2,910.19 crore at 31 March 2026. Total equity increased to ₹608.59 crore from ₹552.45 crore, while borrowings edged up to ₹51.43 crore from ₹50.9 crore. Cash and cash equivalents stood at ₹54.95 crore against ₹56.42 crore.
Trade receivables fell to ₹149.56 crore from ₹211.07 crore at 31 March 2026, and trade payables rose to ₹347.53 crore from ₹307.7 crore. Inventories were ₹0.85 crore against ₹0.72 crore.
For the first half, operating cash flow was ₹368.06 crore against ₹282.0 crore in H1 FY26. Investing cash flow was negative ₹92.38 crore compared with negative ₹95.51 crore, financing cash flow was negative ₹277.15 crore against negative ₹182.88 crore, and capital expenditure was ₹113.11 crore compared with ₹110.54 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,080 | 2,910 |
| Total equity | 608.59 | 552.45 |
| Borrowings | 51.43 | 50.90 |
| Cash and equivalents | 54.95 | 56.42 |
| Inventories | 0.85 | 0.72 |
| Trade receivables | 149.56 | 211.07 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 368.06 | 282 |
| Cash from investing | −92.38 | −95.51 |
| Cash from financing | −277.15 | −182.88 |
| Capital expenditure | 113.11 | 110.54 |
Source: Company's results filing (XBRL).
How has Awfis Space Solutions done over the last 8 quarters?
Revenue has risen year on year in each of the last seven quarters, and profit after tax has risen year on year in each of the last four. In Q2 FY27, revenue of ₹438.73 crore and net profit of ₹30.80 crore were both the highest of the eight quarters shown, and the EBITDA margin of 39.6% was also the highest.
Across the earlier quarters, revenue moved from ₹317.72 crore in Q3 FY25 to ₹410.14 crore in Q4 FY26 before reaching ₹438.73 crore. Net profit bottomed at ₹9.98 crore in Q1 FY26 after ₹11.23 crore in Q4 FY25, and the EBITDA margin moved from 33.8% in Q3 FY25 to 37.8% in Q1 FY26 before easing to 36.1% in Q2 FY26. The current direction is upward on all three measures.
Which businesses drove the quarter?
The co-working space on rent and allied services segment reported revenue of ₹363.56 crore in Q2 FY27 against ₹297.41 crore in Q2 FY26, growth of 22.2%. Segment EBIT was ₹34.15 crore against ₹17.77 crore, and the EBIT margin was 9.4%.
Construction and fit-out projects reported revenue of ₹75.16 crore against ₹69.45 crore in the year-ago quarter, growth of 8.2%. Segment EBIT was ₹7.69 crore compared with ₹5.41 crore, and the EBIT margin was 10.2%. The Others segment reported no revenue and no EBIT in either period.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Co-working space on rent and allied services | 363.56 | +22.2% | 34.15 | 9.4% |
| Construction and fit-out projects | 75.16 | +8.2% | 7.69 | 10.2% |
| Others | 0 | 0 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
Alongside the results on 3 November 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, and took on record the limited review reports issued by Walker Chandiok & Co LLP.
The board took note of the resignation of Company Secretary and Compliance Officer Shweta Gupta, who will be relieved of her duties with her employment continuing up to and including 10 November 2026. It approved the appointment of Juhi Garg as Company Secretary and Compliance Officer and Key Managerial Personnel with effect from 11 November 2026, and designated her as the authorised person and compliance officer under the relevant SEBI regulations.
The board also decided to defer the completion of the transfer of the company's Design & Build Business to Awfis Transform Private Limited beyond the previously indicated timeline of the end of calendar year 2026. The company said the deferral is necessitated by procedural, administrative, operational and transition-related requirements, which management expects to complete in the next twelve months, and the final purchase price will be determined on the basis of an updated valuation report.
What did Awfis Space Solutions' management say?
In the earnings call on 4 November 2026, management said cash EBITDA margin is expected to rise sequentially in the second half, reach at least 11.5% in Q4 FY27 and about 12.1% by March. Management also indicated FY28 gross additions of at least 20%–25% above FY27 if macro conditions hold, and ancillary revenue growth of 25%–30%+ over the next 12 months.
Chairman and Managing Director Amit Ramani said: "Flex is no longer a startup enabler. It is a core real estate strategy for large enterprises, and the operators who can offer a Grade A plus address, enterprise-grade fit-out, and a national network are the ones taking that share." He added that Transform's order book and advance pipeline stood at over ₹220 crore, supporting visibility for the second half.
How did Awfis Space Solutions shares react?
The results were filed after market on 3 November 2026. From the price when the filing appeared, the stock was up 3.5% after 5 minutes, 6.0% after 15 minutes and 5.1% after 30 minutes. On the reaction day it closed 6.6% above the previous close of ₹238.4.
Earlier results-day moves were mixed: 4.0% on 11 August 2025 and 0.1% on 26 May 2025, against falls of 1.2% on 13 August 2026, 1.8% on 25 May 2026, 0.8% on 2 February 2026, 8.8% on 11 November 2025 and 1.5% on 11 November 2024.
| After the filing | Stock | Diversified Commercial Services median |
|---|---|---|
| 5 minutes | +3.5% | |
| 15 minutes | +6.0% | |
| 30 minutes | +5.1% | |
| Reaction day | +6.6% | +1.6% |
| Next day | +13.3% | +1.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 13 August 2026 | −1.2% |
| 25 May 2026 | −1.8% |
| 2 February 2026 | −0.8% |
| 11 November 2025 | −8.8% |
| 11 August 2025 | +4.0% |
| 26 May 2025 | +0.1% |
| 11 February 2025 | +0.8% |
| 11 November 2024 | −1.5% |
Source: MarketPing price-reaction measurement.
How did other Diversified Commercial Services companies do?
Twenty-nine other Diversified Commercial Services companies were compared for this quarter, with a median revenue growth of 14.7%. Of these, 13 grew faster than Awfis Space Solutions and 16 grew more slowly. Among the 40 peers whose profit was compared, 24 reported higher profit.
| Awfis Space Solutions revenue growth (YoY) | +19.6% |
|---|---|
| Median of 29 other Diversified Commercial Services companies | +14.7% |
| Companies with slower revenue growth than Awfis Space Solutions | 16 of 29 |
| Companies with faster revenue growth than Awfis Space Solutions | 13 of 29 |
| Companies whose net profit rose | 24 of 40 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Awfis Space Solutions' revenue in Q2 FY27?
Revenue from operations was ₹438.73 crore, up 19.6% from ₹366.86 crore in Q2 FY26 (consolidated).
Did Awfis Space Solutions make a profit in Q2 FY27?
Yes. Net profit was ₹30.80 crore, against a net profit of ₹15.97 crore in Q2 FY26.
What was Awfis Space Solutions' EPS in Q2 FY27?
Basic earnings per share were ₹4.30, against ₹2.24 in Q2 FY26.
How did Awfis Space Solutions shares react to the Q2 FY27 results?
On the reaction day the stock moved +6.6% from the previous close; the median Diversified Commercial Services stock moved +1.6%.
When did Awfis Space Solutions announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for The Meeting To Be Held On November 03, 2026, Under Regulation 29 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015. (BSE, 28 October 2026) · PDF
- Unaudited Financial Results And Limited Review Reports For The Quarter And Half Year Ended September 30, 2026. (BSE, 3 November 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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