Smartworks Coworking Spaces Limited, India’s largest managed office platform by area under management,

On Thursday, April 30, 2026, it announced its financial performance for the fourth quarter and full year ended March 31, 2026. Source: BSE.

The Company achieved three ‘first-evers’ in FY26 –

It became the first listed flexible workspace platform in the country to cross 10 million square feet of operational area.

Delivered its first full year Profit After Tax (PAT) of ₹311 crore versus a loss of ₹63 crore in FY25, and

The Company crossed contracted rental revenue of ₹5,200 crore.

Q4 FY 2026: Key Financial Highlights

Revenue from operations: ₹520 crore, up 45% Y-o-Y and 10% Q-o-Q, Strongest quarter in the Company’s history

Normalised EBITDA: ₹99 crore, up 71% Y-o-Y; margin at 19%, up 290 bps Y-o-Y

Normalised Operating Cash Flow: ₹108 crore, with OCF-to-EBITDA at 1.1x

Annualised ROCE: 21.5%, up significantly from 15.4% a year ago

PAT: ₹17 crore

Smartworks Coworking Spaces Q4 FY 2026

Management Commentary

Neetish Sarda, Founder and Managing Director, Smartworks, said –

FY26 was our first financial year as a listed company, and one where growth, profitability, and capital efficiency improved together.

We delivered our strongest full-year performance, with revenue growing 31%, normalised EBITDA up 75%, and ROCE more than doubling to 16%. We also achieved full-year PAT profitability under Ind AS, reinforcing the durability of our model.

During the year, we became the first listed flex workspace platform in India to cross 10 million square feet of operational portfolio.

With more than ₹5,200 crore of contracted rental revenue, 100% of FY27 supply secured, and ~75% visibility already in place for FY28, we enter the next phase with strong forward visibility.

As enterprise demand continues to shift towards large and managed campuses, we are seeing sustained momentum in multi-city deployments.

With supply secured ahead of demand and a platform built at scale, we are well-positioned to sustain disciplined, capital-efficient growth.

Outlook: FY27 and beyond

Smartworks enters FY27 with a strong multi-year contracted rental revenue visibility of more than INR 5,200 Cr.

India’s office market absorbed a record 83 million square feet in 2025, with Q1 calendar 2026 clocking the highest first-quarter gross leasing ever recorded.

Flex stock has tripled since 2020 to over 110 million square feet and is projected to reach 140 million square feet by 2027, according to industry reports.

With Grade A office demand outpacing supply through 2030, secured supply is the single biggest moat in the industry, and Smartworks has built it.

Exchange Compliance

The Company has filed these details in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Refer to smartworks coworking spaces news for further details.

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