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Smartworks Coworking Spaces Q2 FY27 results: net profit ₹25.64 crore vs ₹3.14 crore loss, revenue up 39.2%
Smartworks Coworking Spaces Limited reported Q2 FY27 consolidated revenue of ₹591.37 crore, up 39.2% from the year-ago quarter, while EBITDA rose to ₹377.56 crore and net profit reached ₹25.64 crore. The company raised FY27 revenue growth guidance to 33-35% from 28-30%, while maintaining normalised EBITDA margin guidance at 19-20%.
Key points
- Consolidated Q2 FY27 revenue was ₹591.37 crore, up ₹166.59 crore or 39.2% from Q2 FY26 and ₹45.12 crore or 8.3% from Q1 FY27.
- Consolidated EBITDA was ₹377.56 crore, with an EBITDA margin of 63.8%, compared with ₹270.14 crore and 63.6% in Q2 FY26.
- The company reported a net profit of ₹25.64 crore and basic EPS of ₹2.24, against a net loss of ₹3.14 crore and EPS of -₹0.27 in Q2 FY26.
- H1 FY27 revenue was ₹1,137.62 crore, up 41.5% from H1 FY26, while PAT was ₹38.79 crore versus a net loss of ₹7.34 crore.
- Management raised FY27 revenue growth guidance to 33-35% from 28-30% and maintained normalised EBITDA margin guidance at 19-20%.
How did Smartworks Coworking Spaces perform in Q2 FY27?
Smartworks Coworking Spaces reported Q2 FY27 consolidated revenue of ₹591.37 crore for the July–September 2026 quarter, up 39.2% from ₹424.78 crore in Q2 FY26 and 8.3% from ₹546.25 crore in Q1 FY27. Total income was ₹605.30 crore, while EBITDA rose to ₹377.56 crore from ₹270.14 crore a year earlier. The reported EBITDA margin was 63.8%, compared with 63.6% in Q2 FY26 and 63.3% in the previous quarter.
Profit before tax was ₹34.87 crore, compared with a loss of ₹4.39 crore in the year-ago quarter and ₹17.57 crore in Q1 FY27. Net profit was ₹25.64 crore, compared with a net loss of ₹3.14 crore in Q2 FY26 and ₹13.15 crore in Q1 FY27. Basic EPS was ₹2.24, compared with -₹0.27 a year earlier and ₹1.15 in the previous quarter. On a standalone basis, revenue was ₹572.79 crore and PAT was ₹27.86 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 591.37 | 546.25 | 424.78 | +39.2% | +8.3% |
| Other income | 13.93 | 13.42 | 16.28 | −14.4% | +3.8% |
| Total expenses | 570.43 | 542.10 | 445.45 | +28.1% | +5.2% |
| EBITDA | 377.56 | 345.96 | 270.14 | +39.8% | +9.1% |
| EBITDA margin | 63.8% | 63.3% | 63.6% | +0.2 pp | +0.5 pp |
| Profit before tax | 34.87 | 17.57 | −4.39 | turned to profit | +98.5% |
| Tax | 9.23 | 4.42 | −1.25 | +108.8% | |
| Net profit | 25.64 | 13.15 | −3.14 | turned to profit | +95.0% |
| EPS (₹) | 2.24 | 1.15 | −0.27 | turned to profit | +94.8% |
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 Smartworks Coworking Spaces' costs and profit?
Total expenses were ₹570.43 crore in Q2 FY27, up ₹124.98 crore or 28.1% from Q2 FY26. Employee cost increased by ₹4.81 crore or 20.8% to ₹27.90 crore, finance costs rose by ₹4.76 crore or 5.1% to ₹97.56 crore, and depreciation increased by ₹61.05 crore or 30.8% to ₹259.06 crore. Other expenses were higher by ₹53.24 crore or 40.5% at ₹184.62 crore. There was no exceptional item in the quarter.
Other income fell by ₹2.35 crore or 14.4% to ₹13.93 crore from ₹16.28 crore in Q2 FY26. Tax expense was ₹9.23 crore, compared with a tax credit of ₹1.25 crore in the year-ago quarter, while PBT moved from a loss of ₹4.39 crore to profit of ₹34.87 crore. Against Q1 FY27, total expenses rose by ₹28.33 crore, other income rose by ₹0.51 crore, and tax expense was higher by ₹4.81 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 27.90 | 23.09 | +4.81 | +20.8% |
| Finance costs | 97.56 | 92.80 | +4.76 | +5.1% |
| Depreciation | 259.06 | 198.01 | +61.05 | +30.8% |
| Other expenses | 184.62 | 131.38 | +53.24 | +40.5% |
| Total expenses | 570.43 | 445.45 | +124.98 | +28.1% |
| Other income | 13.93 | 16.28 | −2.35 | −14.4% |
| Tax | 9.23 | −1.25 | +10.48 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, Smartworks Coworking Spaces reported consolidated revenue of ₹1,137.62 crore, up ₹333.63 crore or 41.5% from H1 FY26. Total income was ₹1,164.97 crore, compared with ₹829.05 crore, while PBT was ₹52.44 crore versus a loss of ₹9.96 crore. PAT was ₹38.79 crore, compared with a net loss of ₹7.34 crore, and EPS was ₹3.39 versus -₹0.68.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,138 | 803.99 | +41.5% |
| Profit before tax | 52.44 | −9.96 | turned to profit |
| Net profit | 38.79 | −7.34 | turned to profit |
| EPS (₹) | 3.39 | −0.68 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹7,738.99 crore, compared with ₹6,463.62 crore at 31 March 2026. Total equity was ₹571.00 crore, compared with ₹530.68 crore, while borrowings rose to ₹233.74 crore from ₹206.97 crore. Cash and cash equivalents were ₹83.19 crore, compared with ₹87.92 crore at the previous balance-sheet date.
H1 FY27 operating cash flow was ₹701.94 crore, compared with ₹527.80 crore in H1 FY26. Investing cash flow was negative ₹209.80 crore, compared with negative ₹319.69 crore, and financing cash flow was negative ₹497.40 crore, compared with negative ₹105.99 crore. Capital expenditure was ₹306.59 crore, compared with ₹185.78 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 7,739 | 6,464 |
| Total equity | 571 | 530.68 |
| Borrowings | 233.74 | 206.97 |
| Cash and equivalents | 83.19 | 87.92 |
| Inventories | 0 | 0 |
| Trade receivables | 49.75 | 38.73 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 701.94 | 527.80 |
| Cash from investing | −209.80 | −319.69 |
| Cash from financing | −497.40 | −105.99 |
| Capital expenditure | 306.59 | 185.78 |
Source: Company's results filing (XBRL).
How has Smartworks Coworking Spaces done over the last 6 quarters?
Revenue rose in each of the last two quarters on a year-on-year basis. It increased from ₹379.21 crore in Q1 FY26 to ₹424.78 crore in Q2 FY26, ₹472.13 crore in Q3 FY26 and ₹519.68 crore in Q4 FY26, before reaching ₹546.25 crore in Q1 FY27 and ₹591.37 crore in Q2 FY27. PAT moved from a loss of ₹4.20 crore in Q1 FY26 to a loss of ₹3.14 crore in Q2 FY26, then profit of ₹1.24 crore in Q3 FY26 and ₹16.62 crore in Q4 FY26, before easing to ₹13.15 crore in Q1 FY27 and rising to ₹25.64 crore in Q2 FY27.
The reported EBITDA margin was 63.6% in Q1 FY26 and Q2 FY26, reached 65.1% in Q4 FY26, fell to 63.3% in Q1 FY27 and edged up to 63.8% in Q2 FY27. Revenue and PAT therefore continued to rise in the latest quarter, while margin recovered slightly from the previous quarter.
What else did the company announce?
The company filed its Q2 FY27 earnings presentation with the exchanges on 30 October 2026, stating that FY27 revenue growth guidance had been raised to 33-35%. The presentation also showed a normalised EBITDA margin of 19.7% for H1 FY27, contracted rental revenue of about ₹5,800 million, operational space of 10.9 Msf and capital expenditure of ₹3,066 million.
The board approved the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026, along with the limited review report. The Audit Committee reviewed and recommended the results on 29 October 2026, and the board approved them on 30 October 2026. No dividend, fund raise or appointment was stated in the same-day filings.
What did Smartworks Coworking Spaces' management say?
Management said FY27 revenue growth guidance was raised to 33-35% from 28-30%, while normalised EBITDA margin guidance was maintained at 19-20% and was tracking toward the upper end of the band. Management also said the company expected more than 12.5-13 million sq ft of operational space by March 2027 and FY27 capital expenditure of ₹550-600 crores, of which ₹307 crores was deployed in H1.
Management said contracted rental revenue rose to INR 5,800 crores from INR 5,400 crores in the prior quarter. About 45,000 H2 seats were expected to open at Eastside and East Bridge, with roughly 35% prefill. Management said blended occupancy may temporarily fall below 80% during the H2 FY27 ramp, while reported cash conversion may remain below 1x as deposits are paid to block new supply.
Management identified campus-opening delays, new-supply margin drag, occupancy dilution and cash conversion as near-term risks. It said some properties could be delayed by one to two quarters and East Bridge awaited OC. The company also said mature-campus occupancy generally reaches 88-90% within 18 months of opening, and the earnings call included no analyst questions in the supplied record.
How did Smartworks Coworking Spaces shares react?
The stock was already trading when the filing appeared. From the price at that time, it fell 4.0% after five minutes, 1.5% after 15 minutes and 4.5% after 30 minutes. On the reaction day, it closed 0.9% below the previous close, and by the next day's close it was down 1.5% from its pre-results close.
On the reaction day, the median move for other Diversified Commercial Services stocks was -0.1%, so Smartworks underperformed the industry by 0.8 percentage points. By the next day's close, the industry median was unchanged and the Nifty Microcap 250 was down 1.1%, while Smartworks was down 1.5% from its pre-results close.
Earlier reaction-day moves were -1.9% on 22 July 2026, -2.9% on 30 April 2026, -2.5% on 15 January 2026 and -2.6% on 6 November 2025. The reaction on 12 August 2025 was 2.7%.
| After the filing | Stock | Diversified Commercial Services median |
|---|---|---|
| 5 minutes | −4.0% | |
| 15 minutes | −1.5% | |
| 30 minutes | −4.5% | |
| Reaction day | −0.9% | −0.1% |
| Next day | −1.5% | +0.0% |
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 |
|---|---|
| 22 July 2026 | −1.9% |
| 30 April 2026 | −2.9% |
| 15 January 2026 | −2.5% |
| 6 November 2025 | −2.6% |
| 12 August 2025 | +2.7% |
Source: MarketPing price-reaction measurement.
How did other Diversified Commercial Services companies do?
Among 33 Diversified Commercial Services peers compared for the quarter, the median revenue growth was 14.1%. Smartworks' 39.2% consolidated revenue growth was faster than 26 peers and slower than 7 peers. Of the 47 peers for which profit was compared, 27 reported higher profit.
| Smartworks Coworking Spaces revenue growth (YoY) | +39.2% |
|---|---|
| Median of 33 other Diversified Commercial Services companies | +14.1% |
| Companies with slower revenue growth than Smartworks Coworking Spaces | 26 of 33 |
| Companies with faster revenue growth than Smartworks Coworking Spaces | 7 of 33 |
| Companies whose net profit rose | 27 of 47 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Smartworks Coworking Spaces' revenue in Q2 FY27?
Revenue from operations was ₹591.37 crore, up 39.2% from ₹424.78 crore in Q2 FY26 (consolidated).
Did Smartworks Coworking Spaces make a profit in Q2 FY27?
Yes. Net profit was ₹25.64 crore, against a net loss of ₹3.14 crore in Q2 FY26.
What was Smartworks Coworking Spaces' EPS in Q2 FY27?
Basic earnings per share were ₹2.24, against a loss of ₹0.27 in Q2 FY26.
How did Smartworks Coworking Spaces shares react to the Q2 FY27 results?
On the reaction day the stock moved −0.9% from the previous close; the median Diversified Commercial Services stock moved −0.1%.
When did Smartworks Coworking Spaces announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
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.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.