Smartworks Coworking Spaces Ltd

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Smartworks Coworking Spaces Ltd

₹ 508 -1.38%
09 Nov - close price
smartworksoffice.com BSE: 544447 NSE: SMARTWORKS
About

Incorporated in 2015, Smartworks Coworking Spaces Limited is engaged in the business of customized managed workspace solutions, offering fully serviced, tech-enabled office environments.[1]

Key Points

Business Profile:[1]
Smartworks is India’s largest managed office campus operator, offering enterprise-focused, fully serviced office spaces. It operates as an office experience and managed campus platform, targeting mid-to-large enterprises by leasing large, bare-shell properties and converting them into Smartworks-branded campuses.

Website BSE NSE
  • Market Cap ₹ 5,807 Cr.
  • Current Price ₹ 508
  • High / Low ₹ 596 / 361
  • Stock P/E 109
  • Book Value ₹ 49.7
  • Dividend Yield 0.00 %
  • ROCE 8.13 %
  • ROE 1.99 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 10.2 times its book value
  • Company has low interest coverage ratio.
  • Company has a low return on equity of -23.2% over last 3 years.
  • Company might be capitalizing the interest cost

* 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.

Peer comparison

Services Services Commercial Services & Supplies Diversified Commercial Services

Part of BSE 1000 Nifty IPO Nifty Smallcap 500 BSE Services

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
309 341 340 349 365 414 461 507 528 573
119 133 130 123 132 152 164 178 194 208
Operating Profit 190 208 210 226 233 262 297 328 333 365
OPM % 61% 61% 62% 65% 64% 63% 64% 65% 63% 64%
10 11 12 4 9 17 16 13 14 14
Interest 85 85 85 79 80 91 96 94 94 95
Depreciation 145 154 161 155 168 192 217 228 239 247
Profit before tax -30 -20 -24 -4 -6 -5 0 20 14 37
Tax % -26% -26% -26% 92% -25% -25% 25% 25% 25% 25%
-22 -15 -17 -7 -4 -4 0 15 10 28
EPS in Rs -2.72 -1.76 -1.69 -0.69 -0.44 -0.33 0.03 1.31 0.90 2.44
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
254 280 360 710 1,038 1,340 1,746 2,068
119 113 151 285 377 506 626 745
Operating Profit 135 166 209 425 661 834 1,120 1,323
OPM % 53% 59% 58% 60% 64% 62% 64% 64%
8 30 31 33 75 37 55 57
Interest 70 97 122 237 328 334 361 379
Depreciation 103 172 212 356 471 615 804 930
Profit before tax -31 -72 -94 -135 -64 -78 9 71
Tax % -28% -25% -26% -26% -26% -20% 25%
-22 -54 -70 -100 -47 -62 7 53
EPS in Rs -2.90 -7.02 -9.03 -12.84 -5.95 -5.98 0.61 4.68
Dividend Payout % 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 44%
3 Years: 35%
TTM: 41%
Compounded Profit Growth
10 Years: %
5 Years: 16%
3 Years: 27%
TTM: 263%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: -14%
Return on Equity
10 Years: %
5 Years: -40%
3 Years: -23%
Last Year: 2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Sep 2026
Equity Capital 77 77 77 78 79 103 114 114
Reserves 161 107 37 -45 -25 10 415 454
61 134 248 3,913 3,436 3,721 4,734 5,697
1,060 1,175 2,498 526 660 794 1,136 1,264
Total Liabilities 1,359 1,494 2,860 4,472 4,150 4,628 6,400 7,530
1,066 1,174 397 3,724 3,404 3,739 5,170 5,982
CWIP 21 13 87 42 66 135 56 274
Investments 114 0 0 0 11 30 21 58
158 307 2,376 705 668 724 1,154 1,215
Total Assets 1,359 1,494 2,860 4,472 4,150 4,628 6,400 7,530

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
114 153 214 529 750 903 1,160
-219 -41 -93 -304 -198 -275 -492
113 -161 -114 -171 -577 -624 -602
Net Cash Flow 9 -50 8 54 -26 4 66
Free Cash Flow 8 86 105 242 490 635 779
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 90% 89% 105% 125% 116% 105% 105%

Ratios

Standalone / View Consolidated

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 6 9 11 7 5 7 7
Inventory Days
Days Payable
Cash Conversion Cycle 6 9 11 7 5 7 7
Working Capital Days -200 -322 -389 -320 -261 -276 -237
ROCE % 8% 9% 5% 7% 7% 8%

Insights

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Mar 2023 Mar 2024 Mar 2025 Mar 2026
Mature Centres Occupancy Rate
%

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Number of Centres (Total SBA)
Number
Number of Clients
Number
Operational Capacity Seats
Number
Operational Super Built-up Area
Million sq. ft.
Overall Occupancy Rate (Operational Centres)
%
Seats Retention Rate
%
Total Super Built-up Area (SBA) - Leased + LOIs/Term Sheets
Million sq. ft.

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
58.18% 58.18% 58.33% 58.33% 58.27%
0.93% 0.33% 0.16% 0.28% 0.36%
9.03% 8.96% 9.06% 8.92% 9.07%
31.86% 32.53% 32.46% 32.47% 32.31%
No. of Shareholders 24,15821,20020,82520,26319,307

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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