Smartworks Coworking Spaces Ltd
Smartworks Coworking Spaces Q1 FY26 earnings call: Revenue & Margins
Q1 FY26 earnings call: what management said on revenue, margins and capex.
The short version
Smartworks aims for steady growth with a 30%-35% CAGR year-on-year in seat additions. Smartworks is in a high growth stage, showing robust margin improvement: EBITDA margin increased from 5.1% (INR 36 crores) three years ago to 12.5% in FY '25 (INR 172 crores), further to 16% in Q1 FY '26.
From Smartworks Coworking Spaces Ltd's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Smartworks aims for steady growth with a 30%-35% CAGR year-on-year in seat additions.
- Plans to add about 2.5 to 3 million square feet annually, achieved by signing a few large buildings each year.
- Target to increase seat count from 190,000 to 275,000 seats within 4 to 5 quarters.
- Revenue per square feet stood at approximately INR 173 in Q1 FY'26, with a 5% year-on-year price escalation on contracted revenues.
- Occupancy expected to rise from pre-commitments of 20%-25% to 65%-70% within 12 months per new center.
- Normalized Profit Before Tax (PBT) was INR 155 million in FY'25 and improved to INR 168 million in Q1 FY'26, indicating robust underlying business performance.
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Profitability & Margins
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Capital Expenditure Plans
- Smartworks plans significant expansion with 2.5 to 3 million square feet of new space added annually going forward.
- Currently, 10 million sq. ft. operational with additional 1.9 million sq. ft. contracted to come live by year-end; aims to grow from 190,000 to 275,000 seats over next 4-5 quarters.
- Expansion capital expenditure (capex) is approximately INR 60,000 per seat, fully borne by Smartworks.
- Fitouts are done only after pre-leasing to customers, minimizing idle capex deployment.
- The company aims to be self-sustaining in capex from 12 million sq. ft. scale, supporting 25%-30% growth annually without extra funding.
- Efficient large building leases enable optimized capex/opex through economies of scale and standardization.
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Top-ranked in Commercial Services & Supplies
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- As of June 30, 2025, Smartworks has a signed-up square footage of approximately 10 million square feet ready to go live.
- Currently, 0.7 million square feet is under fitout.
- An additional 1.07 million square feet is yet to be handed over in the coming quarters.
- The company has visibility to expand its total footprint to 12 million square feet considering Letters of Intent (LOIs) and term sheets signed.
- Pre-commitments for new spaces are typically 20%-25% before launch, with current new assets having around 25%-30% pre-committed occupancy.
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Smartworks Coworking Spaces Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹520 Cr, net profit ₹17 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Smartworks Cowor's management said in earlier quarters
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Frequently Asked Questions
What were Smartworks Coworking Spaces Ltd Q1 FY26 results?
Smartworks aims for steady growth with a 30%-35% CAGR year-on-year in seat additions. Smartworks is in a high growth stage, showing robust margin improvement: EBITDA margin increased from 5.1% (INR 36 crores) three years ago to 12.5% in FY '25 (INR 172 crores), further to 16% in Q1 FY '26.
What is Smartworks Coworking Spaces Ltd share price analysis?
Smartworks Coworking Spaces Ltd currently shows a neutral. The stock trades at a P/E of 193.5 with a market cap of ₹5,393 Cr. Investors should review the full earnings analysis for detailed insights.
Is Smartworks Coworking Spaces Ltd planning capital expenditure?
Smartworks plans significant expansion with 2.5 to 3 million square feet of new space added annually going forward. - Currently, 10 million sq.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.