AWFIS Space Solutions Ltd
Incorporated in December 2014, Awfis Space Solutions Limited is a workspace solution provider in India.[1]Awfis Space Solutions provides a wide spectrum of flexible workspace solutions ranging from individual flexible desk needs to customised office spaces for startups, small and medium enterprises as well as for large corporates and multi-national corporations. ICICI Securities Limited, Axis Capital Limited, IIFL Securities Limited, and Emkay Global Financial Services Limited are the book-running lead managers to the public issue.
- Market Cap ₹ 3,898 Cr.
- Current Price ₹ 546
- High / Low ₹ 808 / 538
- Stock P/E 79.9
- Book Value ₹ 69.2
- Dividend Yield 0.00 %
- ROCE 12.7 %
- ROE 24.8 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 22.7% CAGR over last 5 years
Cons
- Stock is trading at 7.89 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -3.30%
- Promoter holding is low: 17.0%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 154 | 226 | 178 | 257 | 545 | 847 | 1,203 | 1,353 | |
| 187 | 223 | 125 | 189 | 388 | 601 | 799 | 875 | |
| Operating Profit | -33 | 3 | 53 | 68 | 158 | 245 | 404 | 478 |
| OPM % | -22% | 2% | 30% | 27% | 29% | 29% | 34% | 35% |
| 7 | -9 | 38 | 22 | 19 | 25 | 74 | 79 | |
| Interest | 5 | 9 | 47 | 49 | 73 | 93 | 136 | 171 |
| Depreciation | 31 | 54 | 87 | 98 | 150 | 196 | 276 | 336 |
| Profit before tax | -62 | -68 | -43 | -57 | -46 | -18 | 66 | 50 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
| -62 | -68 | -43 | -57 | -46 | -18 | 66 | 50 | |
| EPS in Rs | 9.24 | 7.00 | ||||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 40% |
| 3 Years: | 67% |
| TTM: | 35% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 41% |
| TTM: | 361% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -20% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | 25% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 30 | 30 | 30 | 30 | 30 | 19 | 71 | 72 |
| Reserves | -67 | -112 | -19 | 65 | -55 | -113 | 386 | 423 |
| 139 | 248 | 142 | 12 | 695 | 1,079 | 1,413 | 1,451 | |
| 94 | 111 | 355 | 453 | 261 | 411 | 635 | 749 | |
| Total Liabilities | 197 | 277 | 509 | 560 | 931 | 1,396 | 2,505 | 2,694 |
| 66 | 96 | 300 | 340 | 653 | 916 | 1,580 | 1,645 | |
| CWIP | 4 | 1 | 0 | 9 | 1 | 9 | 18 | 6 |
| Investments | 32 | 58 | 42 | 17 | 1 | 2 | 2 | 2 |
| 95 | 121 | 166 | 194 | 277 | 470 | 905 | 1,041 | |
| Total Assets | 197 | 277 | 509 | 560 | 931 | 1,396 | 2,505 | 2,694 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| -11 | -8 | 68 | 83 | 181 | 230 | 362 | |
| -38 | -110 | -46 | -7 | -157 | -163 | -203 | |
| 62 | 113 | -19 | -80 | -28 | -65 | -124 | |
| Net Cash Flow | 12 | -5 | 3 | -4 | -3 | 2 | 35 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 9 | 9 | 31 | 54 | 32 | 33 | 37 |
| Inventory Days | 4 | ||||||
| Days Payable | 359 | ||||||
| Cash Conversion Cycle | 9 | 9 | 31 | -301 | 32 | 33 | 37 |
| Working Capital Days | -110 | -76 | 4 | -160 | -107 | -68 | -90 |
| ROCE % | -37% | -0% | -7% | 7% | 9% | 13% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
17 Nov - Q2 FY26 earnings transcript: Q2 revenue INR367cr, EBITDA INR132cr, PAT INR16cr; 247 centers, ~175,000 seats.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
13 Nov - Awfis 1x1/group investor meetings at Avendus Spark on 19 Nov 2025, from 9:30am.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
13 Nov - Newspaper Publication for Quarter and half year ended on September 30, 2025
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
12 Nov - Q2 FY26 monitoring report (Sep 30, 2025): Rs128.00 crore IPO, Rs126.45cr utilized, no deviations.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
11 Nov - Earnings call audio (Nov 11, 2025) for quarter/half-year ended Sep 30, 2025 available on Awfis website.
Concalls
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Nov 2025Transcript PPT
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Aug 2025Transcript PPT
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Dec 2024Transcript PPT REC
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Aug 2024Transcript PPT REC
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Jun 2024Transcript PPT REC
Leading Workspace Provider[1]
Awfis Space Solutions is India’s largest and fastest-growing flexible workspace solutions platform. As of 31 March 2025, the company operated 208 centers with 134,000+ operational seats. Including centers under fit-out and those with signed Letters of Intent (LoIs), the footprint expanded to 243 centers with ~164,000 seats across 8.4 million square feet (msft) of area. Awfis is present across 58 micro-markets in 18 cities, covering 9 Tier 1 and 9 Tier 2 cities.