SMARTWORKS
Micro CapSmartworks Coworking Spaces Limited
Services
Smartworks Coworking Spaces Limited is a flexible workspace provider in India and Singapore, offering managed office solutions to enterprises and GCCs. It operates a pan-India platform with 16.1 Msf total SBA as of Mar'26, focusing on whole-building leases for scale and operational efficiency.
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.
Weak 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
Average · 32/100margin compression · Rev +45% YoY · +10% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹520 Cr | +45.3% | +10.2% |
| EBITDA | ₹338 Cr | +45.7% | +10.5% |
| Operating margin | 65.0% | +0 bps | +0 bps |
| PAT | ₹17 Cr | NDF | +1600.0% |
| PAT margin | 3.3% | +550 bps | +306 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
Smartworks reports robust FY26 performance with 31% YoY revenue growth and 75% YoY Normalised EBITDA growth, driven by 68% YoY operational SBA expansion to 10.1 Msf. Mature occupancy reached 89%, and RoCE expanded to 16.0% for FY26.
The company demonstrates strong execution in expanding its flexible workspace footprint and improving profitability. Growth is driven by enterprise demand and strategic whole-building leases, leading to operating leverage and rising returns. The shift to a cash-compounding phase is evident in RoCE and OCF trends.
FY26 Rental Revenue by Industry
Latest issuer-disclosed distribution across 5 reported categories.
Enterprise-led demand
Long-tenure, multi-city enterprise contracts deliver high visibility, low volatility, and repeat expansion.
Large-format, pre-filled supply
Full-building and campus-scale assets, secured with early commitments, ramp up predictably and deliver superior unit economics.
GCC expansion
GCCs represent a growing demand vector, with 2400 total GCCs in India and 115 new set-ups annually.
AI-led shifts
AI is reshaping how teams work, increasing collaboration intensity and reducing headcount predictability, driving demand for flexible models.
Total SBA
16.1 Msf as of Mar'26, with 10.1 Msf operational, 2.5 Msf under fitouts, 2.4 Msf yet to be handed over, and 1.1 Msf under LOI/Term sheet/HOT.
Supply Visibility
Secured entirely for FY27 and 75%+ for FY28, a key differentiator in a supply-starved market.
Annual Additions
Only platform adding 2.5 - 3 Mn sq ft annually, aiming to double market share.
Flex Stock Growth
Flex stock to cross 100 Msf by 2027; penetration to surpass 14%.
Enterprise Flex Adoption
55% to 65% of occupiers with flex by 2027; portfolio share 5-10% to 15-20% today.
GCC Demand
40-50% of Grade A demand driven by GCCs; 22% to 48% of GCCs with >10% flex in 2 years.
Supply Scarcity
Demand outpaced supply since 2022; projected gap of +5 to +25 Msf to persist through 2030 in Grade A office.
Asset Liability Mismatch
Addressed by focusing on mid-to-large enterprises for longer lock-in periods and client retention, with pricing strategy for 2X rental expenses.
Concentration Risk
Mitigated by not leasing >~30% space in a centre to a single client, diverse client portfolio, and pan-India presence.
Cyclical Risk
Addressed by value pricing, ensuring Smartworks is a preferred partner even during downturns, and long-term agreements with landlords and clients.
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 reflects significant market share gains and overall growth in operational scale. QoQ comparison highlights sequential momentum in occupancy ramp-up, margin expansion, and capital efficiency as centres mature.
Operational SBA
10.1 Msf (231k seats operational) as of Mar'26, up ~68% YoY.
Total SBA
16.1 Msf (369k total seat capacity) as of Mar'26, up ~37% YoY.
Mature Occupancy Rate
89% on 8.9 Msf (Matured SBA) as of Mar'26, up ~140 bps QoQ, ~40 bps YoY.
Committed Occupancy Rate
88% on 10.1 Msf (Operational SBA) as of Mar'26.
Transition to Cash-Compounding
The company has transitioned from a scaling phase to a cash-compounding phase, where growth, margins, cash flows, and RoCE improve together.
Market Share Goal
Aim to double market share in the near future.
Infrastructure Business
At scale, flexible workspace becomes an infrastructure business where execution, cost discipline, and capital efficiency determine long-term winners.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Mature Occupancy Rate | 89% on 8.9 Msf (Matured SBA) as of Mar'26. | Continued ramp-up towards 90%+ and stability in mature centres. |
| Normalised EBITDA Margin | 19.0% in Q4FY26. | Sustained margin expansion driven by operating leverage and centre maturity. |
| RoCE (Annualised) | 22% in Q4FY26. | Continued improvement in capital efficiency and returns on deployed capital. |
| OCF to EBITDA | 1.1x in Q4FY26. | OCF to consistently remain above 1x, indicating strong cash generation from operations. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
48NeutralSMA20 -1.3% / mo
Technical chart
SMARTWORKSweekly · 5Y-1.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 54. Wait for confirmation.
- SMA20 falling (~1.4% over last month) — short-term momentum negative.
- RSI(14) at 54 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 26% off 52W high · 26% 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
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 13.4%.
- Piotroski is strong at 7/9.
- Cash flow contributes 9/10 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Fair-value margin of safety is negative at -1275.1%.
- Quality is weaker at 0/20; 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: +0 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.
Mixed Trust: Claim history is still being built. It ranks around the 53rd percentile of the scored universe and 59th percentile within Services. Main check: balance sheet trust is weak at 22/100.
Healthy Trust Lite: Promoter holding is 58.3%. Key concern: Debt/equity is 9.02.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Services: 59th pctile, median 66 · Micro: 36th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed 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 holding is 58.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 13.7%.
- ▸6 years of positive FCF.
Trust risks
- ▸Debt/equity is 9.02.
- ▸Altman Z is 1.50.
- ▸ROE is low at 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
- 492.00
- P/B
- 9.78
- EV/EBITDA
- 5.02
- Market Cap
- 5182.00Cr
Profitability
- ROE
- 3.30%
- ROCE
- 8.30%
- ROA
- 0.17%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 45.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 36.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 9.02
- Interest Coverage
- 3.16×
- Altman Z
- 1.51
- Book Value
- 46.40
Cash Flow
- FCF Yield
- 13.43%
- FCF Positive Y
- 6/5
- OCF
- 1197.00 Cr
- EPS TTM
- 0.92
Shareholding
- Promoter Hold
- 58.33%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 36%
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.