Smartworks Coworking Spaces Ltd
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]
- Market Cap ₹ 5,376 Cr.
- Current Price ₹ 470
- High / Low ₹ 619 / 361
- Stock P/E 193
- Book Value ₹ 46.4
- Dividend Yield 0.00 %
- ROCE 8.30 %
- ROE 3.30 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
Cons
- Stock is trading at 10.1 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -23.7% over last 3 years.
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 254 | 280 | 360 | 711 | 1,039 | 1,374 | 1,796 | 1,963 | |
| 119 | 113 | 154 | 287 | 380 | 517 | 641 | 703 | |
| Operating Profit | 135 | 166 | 206 | 424 | 660 | 857 | 1,155 | 1,260 |
| OPM % | 53% | 59% | 57% | 60% | 63% | 62% | 64% | 64% |
| 8 | 30 | 34 | 33 | 74 | 36 | 54 | 59 | |
| Interest | 70 | 97 | 122 | 237 | 328 | 336 | 366 | 381 |
| Depreciation | 103 | 172 | 212 | 356 | 473 | 636 | 829 | 901 |
| Profit before tax | -31 | -72 | -94 | -136 | -68 | -79 | 14 | 37 |
| Tax % | -28% | -25% | -26% | -26% | -26% | -20% | 24% | |
| -22 | -54 | -70 | -101 | -50 | -63 | 11 | 28 | |
| EPS in Rs | -2.90 | -7.02 | -9.05 | -13.01 | -6.32 | -6.12 | 0.92 | 2.44 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 45% |
| 3 Years: | 36% |
| TTM: | 36% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 17% |
| 3 Years: | 28% |
| TTM: | 163% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 11% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -42% |
| 3 Years: | -24% |
| Last Year: | 3% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 77 | 77 | 77 | 78 | 79 | 103 | 114 |
| Reserves | 161 | 107 | 37 | -46 | -29 | 5 | 416 |
| 61 | 134 | 248 | 3,913 | 3,436 | 3,737 | 4,778 | |
| 1,060 | 1,175 | 2,498 | 529 | 661 | 806 | 1,155 | |
| Total Liabilities | 1,359 | 1,494 | 2,860 | 4,474 | 4,147 | 4,651 | 6,464 |
| 1,066 | 1,174 | 2,328 | 3,724 | 3,412 | 3,780 | 5,238 | |
| CWIP | 21 | 13 | 89 | 52 | 72 | 139 | 56 |
| Investments | 114 | 0 | 0 | 0 | 11 | 11 | 2 |
| 158 | 307 | 442 | 697 | 652 | 721 | 1,168 | |
| Total Assets | 1,359 | 1,494 | 2,860 | 4,474 | 4,147 | 4,651 | 6,464 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 114 | 153 | 216 | 532 | 743 | 929 | 1,197 | |
| -219 | -41 | -95 | -307 | -192 | -276 | -501 | |
| 113 | -161 | -109 | -171 | -577 | -638 | -621 | |
| Net Cash Flow | 9 | -50 | 13 | 55 | -26 | 15 | 75 |
| Free Cash Flow | 8 | 86 | 105 | 235 | 480 | 638 | 810 |
| CFO/OP | 90% | 89% | 107% | 126% | 116% | 105% | 105% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 6 | 9 | 10 | 7 | 5 | 7 | 8 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 6 | 9 | 10 | 7 | 5 | 7 | 8 |
| Working Capital Days | -200 | -322 | -391 | -326 | -267 | -274 | -233 |
| ROCE % | 8% | 8% | 5% | 7% | 7% | 8% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Mature Centres Occupancy Rate % |
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| Number of Centres (Total SBA) Number |
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| Number of Clients Number |
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| Operational Capacity Seats Number |
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| Operational Super Built-up Area Million sq. ft. |
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| Overall Occupancy Rate (Operational Centres) % |
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| Seats Retention Rate % |
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| Total Super Built-up Area (SBA) - Leased + LOIs/Term Sheets Million sq. ft. |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
28 Jul - Q1 FY27 earnings call transcript released; revenue INR 546 crore, EBITDA INR 107 crore, guidance reaffirmed.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
22 Jul - CARE report for quarter ended June 30, 2026 shows no deviation in Smartworks IPO proceeds utilization.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
22 Jul - Audio recording of July 22, 2026 analyst meet on Q1 FY26 unaudited results available.
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Disclosure Under Reg 30 Of SEBI (LODR), 2015 - Shareholders Letter Dated July 22, 2026
22 Jul - Q1 FY27 update: revenue ₹5,462 Mn, EBITDA ₹1,069 Mn, PAT ₹388 Mn; guidance reaffirmed.
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Announcement under Regulation 30 (LODR)-Investor Presentation
22 Jul - In supersession of earlier intimation regarding Investor Presentation dated July 22, 2026, we hereby submit presentation on Un-audited Financial results for quarter ended June 30, …
Concalls
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Jul 2026Transcript PPT
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Jul 2026TranscriptPPT REC
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May 2026TranscriptAI SummaryPPT
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Apr 2026TranscriptAI SummaryPPT
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Feb 2026Transcript PPT REC
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Jan 2026TranscriptAI SummaryPPT
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Nov 2025Transcript PPT
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Nov 2025TranscriptAI SummaryPPT
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Aug 2025Transcript PPT
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.