AWFIS
Small CapAwfis Space Solutions Limited
Services
Awfis Space Solutions Limited provides flexible workspace solutions, including co-working spaces, managed offices, and allied services like Design & Build. It operates 266 centers with ~184K seats across 18 cities, serving ~3.5K diversified clients, with a growing focus on enterprises and Global Capability Centers (GCCs).
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +21% YoY · PAT +109% YoY · margin expansion · +7% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹410 Cr | +20.6% | +7.3% |
| EBITDA | ₹152 Cr | +31.0% | +9.4% |
| Operating margin | 37.0% | +300 bps | +100 bps |
| PAT | ₹23 Cr | +109.1% | +4.5% |
| PAT margin | 5.6% | +237 bps | -15 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Awfis reports highest-ever quarterly revenue (Rs. 410 Cr, +21% YoY) and EBITDA (Rs. 152 Cr, +31% YoY) in Q4 FY26. FY26 annual revenue reached Rs. 1,493 Cr (+24% YoY), driven by 35% YoY growth in co-working. PBT for FY26 stood at Rs. 72 Cr (+65% YoY).
The company demonstrates strong financial performance, capital efficiency, and network expansion, anchored by enterprise and GCC demand. Its capital-light supply strategy and diversified service offerings position it for continued growth, with management expressing confidence in the FY27 outlook.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
GCC Demand
AI-led GCC expansion drives larger, premium-led requirements; Awfis is positioned to capture demand from entry to scale, with multiple 2,000+ seater mandates closed.
Premiumization at Scale
Gold and Elite centres are scaling meaningfully in FY27, with Awfis 6.0 next-gen format rolling out, deepening presence in marquee IT parks and Grade A/A+ assets.
Multi-format Supply Strategy
Partial MO is scaling, unlocking coworking and managed office in one structure. Developer partnerships are the next phase of capital-light, Grade A/A+ expansion.
Awfis Transform (D&B Business)
Third-party D&B revenue compounded at 27% CAGR from FY24 to FY26, reaching Rs. 152 Cr. Average ticket size doubled in 2 years, with a shift to higher-value mandates.
FY26 Network Expansion
Added 41 new centres and 30K operational seats, expanding signed network to 266 centres with ~184K seats.
Q4 FY26 Network Expansion
Added 6 new centres and 4K+ seats in Q4 FY26.
Quality of New Supply
100% of new supply is in Grade A/A+ assets, deliberately placed in high-demand micro-markets.
India's GCC Growth Story
India is adding ~20-30 first-time GCCs every quarter, with ~2,500+ GCCs expected by FY30, driving significant CRE leasing.
Growing Flex Space Penetration
Flex share of office leasing is projected to reach 21% in CY26, with flexible workspace stock increasing ~3.5X since 2020.
Enterprise & MNC Demand
64% of clientele are Enterprise/MNCs, providing a resilient revenue anchor with large tickets and long lock-ins.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential for assessing overall growth and annual performance in a growing services business. QoQ comparison provides insight into sequential momentum, recent demand trends, and operational efficiency in a dynamic market.
Revenue from Co-working
Q4 FY26: Rs. 342 Cr (+27% YoY); FY26: Rs. 1,237 Cr (+35% YoY)
Operating EBITDA Margin
Q4 FY26: 37.0%; FY26: 36.8%
Return on Capital Employed (ROCE)
FY26: 60%
Mature Centres Occupancy
84%
Record Performance
Q4 FY26 marked the highest-ever quarterly revenue, EBITDA, and profitability in Awfis' history.
Defining Year
FY26 was a defining year, delivering highest-ever annual revenue and an industry-leading ROCE of 60%.
Strong Position for FY27
As we enter FY27, the business is in its strongest position yet, with a deep foundation, clarity of strategy, and depth of execution.
Transform Flywheel Accelerating
The Transform flywheel is turning - bigger projects, deeper accounts, structural growth, with FY27 expected to accelerate.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Blended Occupancy | 76% | Sustained healthy occupancy levels and uplift from mature and new centre seasoning. |
| GCC Client Contribution to Rental Revenue | 23% | Continued growth in GCC client base and securing larger mandates (>2,000 seats). |
| Awfis Transform Third-Party Revenue | Rs. 152 Cr (FY26) | Conversion of pipeline mandates and further increase in average ticket size for D&B projects. |
| Capital-Light Supply Strategy Evolution | MA backbone, SL selective, Partial MO scaling, developer partnerships in discussion. | Successful execution of developer partnerships and continued agility across supply formats. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +13.6% / mo
Technical chart
AWFISweekly · 5Y-26.3%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 41. Wait for confirmation.
- SMA20 rising (~12.0% over last month) — short-term momentum positive.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 57% off 52W high · 30% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 18.6%.
- Fair-value margin of safety is positive at 16.7%.
- Cash flow contributes 10/10 to the score.
Main drags
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Quality is weaker at 7/20; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 67th percentile of the scored universe and 73rd percentile within Services. Main check: balance sheet trust is weak at 40/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Debt/equity is 2.91.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 73rd pctile, median 66 · Small: 72nd pctile, median 65
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.6%.
- ▸5 years of positive FCF.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 2.91.
- ▸Promoter holding is only 17%.
- ▸Promoter holding fell 3.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 30.10
- P/B
- 3.85
- EV/EBITDA
- 3.89
- Market Cap
- 2133.00Cr
Profitability
- ROE
- 14.00%
- ROCE
- 13.20%
- ROA
- 2.44%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 53.00%
- EPS 5Y
- 29.00%
- Revenue 3Y
- 40.00%
- EPS 3Y
- 53.00%
Balance Sheet
- Debt/Equity
- 2.71
- Interest Coverage
- 2.96×
- Altman Z
- 1.98
- Book Value
- 77.20
Cash Flow
- FCF Yield
- 18.57%
- FCF Positive Y
- 6/5
- OCF
- 616.00 Cr
- EPS TTM
- 9.90
Shareholding
- Promoter Hold
- 17.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.