Smartworks Coworking Spaces Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹5,542 Cr
- P/E
- 198.84
- ROE
- 3.14%
- PEG
- 7.09
- Price to sales
- 2.82
- Debt to equity
- 9.00
- 52W high / low
- ₹607 / ₹372
- Sales growth (5Y)
- 45.06%
- EBITDA margin
- 64.20%
- Net profit margin
- 0.56%
- Promoter holding
- 58.27%
- Sales (last year)
- ₹1,963 Cr
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]
Guidance scorecard · Q1 FY27 call
What Smartworks Cowor's management guided
and where it ranks in Commercial Services & Supplies
Commercial Services & Supplies
RevenueQ1 FY27 call
20–40%- Revenue growth guidance is 28% to 30% for FY27, supported by committed occupancy and new space additions.
- Operational footprint expected to reach over 13 million square feet by March 2027, adding 2.5 to 3 million square feet during the year.
- Continued increase in high-quality customers, including large enterprises (1,000+ seat cohorts) now contributing over 41% of revenue.
- GCC (Global Capability Centers) clients’ share has grown to 21% and is expected to expand further, driving premium, margin accretive growth.
- Value-added services (VAS) revenue has tripled YoY, indicating potential for further uplift, although currently a small portion of overall revenue.
2 more points from Smartworks Cowor's call on revenue
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MarginsQ1 FY27 call
FlatSee what Smartworks Cowor said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- FY27 capex guidance is INR 550-600 crores, including refurbishment and fresh fit-outs.
- New fit-out capex per square foot is about INR 1,350, increasing by ~5% annually due to inflation.
- Refurbishment capex is approximately 15% of initial capex every three years.
- 3.5 million square feet of new space already signed, under construction or coming up in FY27.
- INR 33 crores of security deposits paid for securing strategic leases of properties for FY28 and FY29.
- Focus on ROCE-accretive capex for upcoming centers and signed clients.
2 more points from Smartworks Cowor's call on capex
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FundraisingQ1 FY27 call
None plannedSee what Smartworks Cowor said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Smartworks Coworking Spaces Limited has a strong orderbook with INR 5,400 crores of contracted revenue covering 87% of FY27.
- All buildings required for the next two years (FY27 and FY28) are already secured, with work on FY29 buildings already begun.
- Over the next 9 months, 3 million square feet of new operational space will come online, including marquee properties like Eastbridge in Mumbai and Eastside in Pune.
- The company has a ready pipeline of signed buildings which are already under construction.
- Visibility on supply is very high; even with potential delays, there is enough supply locked in to not derail plans.
2 more points from Smartworks Cowor's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Commercial Services & Supplies
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Commercial Services & Supplies companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹2,470 Cr | 162.7 | |
| 2 | 40%+ | Up 2%+ | ₹41 Cr | 6.6 | |
| 3 | 40%+ | Flat | ₹556 Cr | 40.0 | |
| 4 | 40%+ | Flat | ₹102 Cr | 10.4 | |
| 5 | 20–40% | Up 2%+ | ₹3,473 Cr | 40.9 | |
| 6 | 20–40% | Up 0–2% | ₹872 Cr | 13.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Commercial Services & Supplies rankingFinancials of Smartworks Cowor
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Smartworks Cowor
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 313 | 350 | 352 | 358 | 379 | 425 | 472 | 520 |
| Expenses + | 121 | 136 | 134 | 126 | 138 | 155 | 167 | 181 |
| Operating Profit | 192 | 214 | 218 | 232 | 241 | 270 | 306 | 338 |
| OPM % | 61% | 61% | 62% | 65% | 64% | 64% | 65% | 65% |
| Other Income + | 10 | 10 | 12 | 4 | 9 | 16 | 16 | 13 |
| Interest | 86 | 86 | 85 | 80 | 81 | 93 | 97 | 95 |
| Depreciation | 147 | 160 | 167 | 161 | 174 | 198 | 223 | 234 |
| Profit before tax | -31 | -21 | -22 | -5 | -6 | -4 | 2 | 22 |
| Tax % | -26% | -25% | -28% | 68% | -25% | -28% | 21% | 25% |
| Net Profit + | -23 | -16 | -16 | -8 | -4 | -3 | 1 | 17 |
| EPS in Rs | -2.78 | -1.89 | -1.55 | -0.80 | -0.41 | -0.27 | 0.11 | 1.45 |
Financials of Smartworks Cowor
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales + | 254 | 280 | 360 | 711 | 1,039 | 1,374 | 1,796 |
| Expenses + | 119 | 113 | 151 | 287 | 380 | 517 | 641 |
| Operating Profit | 135 | 166 | 209 | 424 | 660 | 857 | 1,155 |
| OPM % | 53% | 59% | 58% | 60% | 63% | 62% | 64% |
| Other Income + | 8 | 30 | 31 | 33 | 74 | 36 | 54 |
| Interest | 70 | 97 | 122 | 237 | 328 | 336 | 366 |
| Depreciation | 103 | 172 | 212 | 356 | 473 | 636 | 829 |
| Profit before tax | -31 | -72 | -94 | -136 | -68 | -79 | 14 |
| Tax % | -28% | -25% | -26% | -26% | -26% | -20% | 24% |
| Net Profit + | -22 | -54 | -70 | -101 | -50 | -63 | 11 |
| EPS in Rs | -2.90 | -7.02 | -9.06 | -13.01 | -6.32 | -6.12 | 0.92 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Smartworks Cowor
Balance Sheet
Capital structure and asset base
| 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 |
| Borrowings + | 61 | 134 | 2,467 | 3,913 | 3,436 | 3,737 | 4,778 |
| Other Liabilities + | 1,060 | 1,175 | 279 | 529 | 661 | 806 | 1,155 |
| Total Liabilities | 1,359 | 1,494 | 2,860 | 4,474 | 4,147 | 4,651 | 6,464 |
| Fixed Assets + | 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 |
| Other Assets + | 158 | 307 | 442 | 697 | 652 | 721 | 1,168 |
| Total Assets | 1,359 | 1,494 | 2,860 | 4,474 | 4,147 | 4,651 | 6,464 |
Financials of Smartworks Cowor
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 114 | 153 | 216 | 532 | 743 | 929 | 1,197 |
| Cash from Investing Activity + | -219 | -41 | -95 | -307 | -192 | -276 | -501 |
| Cash from Financing Activity + | 113 | -161 | -114 | -171 | -577 | -638 | -621 |
| Net Cash Flow | 9 | -50 | 8 | 55 | -26 | 15 | 75 |
| Free Cash Flow | 8 | 86 | 105 | 235 | 480 | 638 | 810 |
| CFO/OP | 90% | 89% | 106% | 126% | 116% | 105% | 105% |
Financials of Smartworks Cowor
Ratios
Working capital efficiency and return ratios
| 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 | -261 | -274 | -233 |
| ROCE % | 8% | 2% | 3% | 7% | 7% | 8% |
Guidance history
How Smartworks Cowor's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | None planned | Rising |
| Q3 FY26 call → | 20–40% | Up 2%+ | Planned | None planned | Rising |
| Q2 FY26 call → | 20–40% | Up 2%+ | Planned | — | Rising |
| Q1 FY26 call → | 20–40% | Up 2%+ | Planned | None planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
29 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −14.2% | 44% |
| Last 6 months | +12.0% | 68% |
| Last 3 months | +3.3% | 69% |
The price is 20.1% below its all-time high of ₹606.65 (4 Nov 2025). Stocks more than 20% below their peak have their score halved, so 59 became 29.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Smartworks Cowor: 0.4 × 44 + 0.4 × 68 + 0.2 × 69 = 59, halved to 29 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Smartworks Cowor's management said in earlier quarters
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