Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 23 Sep - Awfis launched a ~1,00,000 sq. ft. Elite workspace at Aerocity, New Delhi; ninth Elite centre.
Source: Bse
Awfis Space Solutions Limited (AWFIS)
Small CapServices stocks · Small cap · NSE
Awfis Space Solutions is a leading Indian flexible workspace provider offering coworking, managed offices, allied services, and design & build solutions. It operates 251 centers with 170,000 seats across 18 cities, serving 3,600+ clients including enterprises and GCCs, with a focus on premium Grade A+ assets.
₹239.24
-5.53 · -2.26%
Market cap ₹1,747 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result13 Aug, 05:23 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
26Bearishfull bear SMA stack · SMA20 -5.5% / mo · MACD + · near 52W low
Stock trend: 26
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
AWFISD candles · FIT view-31.5%Latest close ₹239.24 on 2026-10-19
Bar
-2.9%
RSI
42
MACD hist
0.10
52W pos
2%
2026-10-19O ₹246.41H ₹246.41L ₹237.60C ₹239.24Vol 1.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AWFISNifty 500
- AWFIS
- -16.8%
- Nifty 500
- -5.6%
- Vs Nifty 500
- -11.2 pp
Chart stats
19 Oct 2026- From 52W high
- -62.6%
- 52W range position
- 2%
- ATR (14)
- 4.9%
- Volume vs 20D
- 0.30x
- Avg traded value
- ₹12.6 Cr
- 20D price channel
- ₹233.5 - ₹282.6
₹639.4
₹229.1 - ₹639.4
₹11.6
Latest completed session
20-session average
39.9% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE55
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +26.9% · PAT +140.0% YoY
Technical
Bearish26
Price trend and sector-relative-strength timing.
Valuation
Legacy model+24.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 67/100Rev +27% YoY · PAT +140% YoY · operating leverage · margin compression
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹425 Cr | +26.9% | +3.7% |
| EBITDA | ₹162 Cr | +27.6% | +6.6% |
| Operating margin | 38.0% | +0 bps | +100 bps |
| PAT | ₹24 Cr | +140.0% | +4.3% |
| PAT margin | 5.7% | +266 bps | +4 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 20.60
- P/B
- 3.17
- EV/EBITDA
- 3.26
- Market Cap
- 1747.00Cr
Profitability
- ROE
- 15.40%
- ROCE
- 13.50%
- ROA
- 2.92%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 53.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- 40.00%
- EPS 3Y
- 55.00%
Balance Sheet
- Debt/Equity
- 2.71
- Interest Coverage
- 3.10×
- Altman Z
- 1.95
- Book Value
- 77.20
Cash Flow
- FCF Yield
- 22.67%
- FCF Positive Y
- 6/5
- OCF
- 616.00 Cr
- EPS TTM
- 11.86
Shareholding
- Promoter Hold
- 17.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,493+23.6% vs prev
Net Profit
₹ CrLatest: 71.0+4.4% vs prev
Return on Equity
%Latest: 12.8-13.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 42.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.9% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
5
RS percentile
Stage 4 Downtrend
1M return
-13.2%
3M return
-16.8%
6M return
-33.4%
1Y return
-59.9%
RS 1D
0
RS 20D
-9
Sector rank
#12
Industry rank
-
Stage evidence
- Price is 18.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 43.3-1.25%
RS vs Nifty 50043
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation6/30
Growth23/25
Quality10/20
Balance Sheet0/15
Cash Flow10/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
55
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
55/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 22.7%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 24.0%.
Main drags
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
20.6
PB
3.2
EV/EBITDA
3.3
ROE
15.4%
ROCE
13.5%
FCF Yield
22.7%
Debt/Equity
2.7
MoS
+24.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
55
Previous: 55
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+24.0%
Previous: +24.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
55
55
55
55
55
55
55
55
55
55
55
55
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹143.53
-66.7% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹314.88
+24.0% MoS
PEG
0.52
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DEVX
Small
Dev Accelerator Limited
Real Estate Services
match 130
28
34.9
6.6%
-38%
OVERVALUED
KONTOR
SME
Kontor Space Ltd.
Real Estate
match 102
50
14.6
8.3%
+45%
FAIR VALUE
INDIQUBE
Small
Indiqube Spaces Limited
Real Estate
match 102
28
—
-42.2%
—
OVERVALUED
WEWORK
Micro
WeWork India Management Limited
Real Estate
match 93
40
106.0
31.6%
-4082%
WATCHLIST
SMARTWORKS
Micro
Smartworks Coworking Spaces Limited
Real Estate
match 92
32
192.0
3.1%
-617%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-11T14:41:34.463Z
Management commentary snapshot
Awfis reports strong Q1 FY27 performance with revenue up 27% YoY to ₹425 Cr and EBITDA up 28% YoY to ₹162 Cr, driven by robust demand in co-working and transform businesses. PBT surged 135% YoY to ₹24 Cr, maintaining a healthy balance sheet.
The company continues to execute its strategy of premiumization and expansion, evidenced by strong YoY growth in both core co-working and the Transform business. High occupancy in mature centers and a robust supply pipeline, particularly in Grade A+ assets, support future revenue and margin expansion. The capital-light model and strong balance sheet are key positives.
Current business mix
Revenue by Business Segment (Q1 FY27)
Latest issuer-disclosed distribution across 2 reported categories.
Co-working space on rent and allied services82.8%
Construction and fit-out projects17.2%
Growth engines
GCC Demand
100+ GCC clients contribute 24% of rental revenue, with leadership in small setups and growing large mandates.
Portfolio Premiumization
37 Gold & Elite centres in Grade A+ assets command higher realizations and attract GCCs/enterprises.
Awfis Transform Business
₹73 Cr revenue in Q1 FY27, 92% third-party share, with ₹200 Cr+ already won, acting as a structural growth engine.
Organic Growth & Client Stickiness
Faster sales velocity, higher realizations from new centers (30-50% above portfolio), and strong client renewals/expansions.
Capacity and execution
New Centre Launches (Q1 FY27)
7 new centres launched in Q1 FY27.
Gross Seats Added (Q1 FY27)
~5,000 gross seats added in Q1 FY27.
New Supply Quality
100% of new supply in Grade A/A+ assets, deliberately placed in high-demand micro-markets.
Q2 FY27 Pipeline
7,000+ gross seats to go-live and 8 centre launches expected in Q2 FY27.
Tailwinds
Growing Flexible Workspace Demand
Flex space penetration expected to reach 25% by 2027, with 21% flex share of office leasing in CY26.
Expanding GCC Ecosystem in India
India has 2,117 GCCs (FY26E) contributing >40% of Indian CRE leasing, driving structural demand for flexible spaces.
Premiumization Trend
Demand for premium Grade A+ assets and Gold/Elite centres is strong, commanding higher realizations.
Enterprise & MNC Adoption
64% of clients are enterprises/MNCs, providing large tickets and long lock-ins, anchoring revenue.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing the underlying growth trends in a services business, especially given potential seasonality. QoQ comparison is also relevant to track sequential momentum in new center additions, occupancy ramp-up, and project execution in the Transform segment.
Sector KPIs management disclosed
Total Centres
251 centres (operational + under fit-out) as of June 30, 2026.
Total Seats
170,000 seats (operational + under fit-out) as of June 30, 2026.
Operational Seats
159,000+ operational seats as of June 30, 2026.
Overall Portfolio Occupancy
76% overall portfolio occupancy as of June 30, 2026.
Management forward view
Continued Growth Momentum
Key growth drivers remain firmly in place, positioning Awfis to capitalize on growing demand for flexible workspaces across India.
Capital Efficiency
Strong growth since IPO funded primarily through internal accruals, underscoring resilience and capital-light business model.
Premium Portfolio Expansion
Continued focus on premium Grade A+ assets, with new inventory expected to command 30-50% higher pricing.
Integrated Solutions Advantage
Differentiated pan-India network, premium centres, strong managed office capabilities, and integrated workplace solutions provide a competitive edge.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overall Portfolio Occupancy | 76% | Monitor sequential improvement in overall occupancy towards mature centre levels. |
| New Centre Realizations | 30-50% higher than current portfolio | Track if new premium inventory achieves stated higher pricing and contributes to margin expansion. |
| Awfis Transform Revenue & Third-Party Share | ₹73 Cr (Q1 FY27), 92% third-party | Watch for continued growth and high third-party contribution, validating its structural growth engine status. |
| GCC Client Mandates & Revenue Share | 100+ clients, 24% rental revenue | Monitor growth in GCC client base, larger mandates, and increasing revenue contribution. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 73rd percentile within Services. Main check: balance sheet trust is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
46 docs text-extracted · 18 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Services: 73rd pctile, median 66 · Small: 65th pctile, median 66
Evidence depth
Financial-only
46 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
66
acceptable · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
40
weak · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
88
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 21.2%.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 2.71.
- ▸Promoter holding is only 17%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Awfis Space Solutions Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep - Intimation of Schedule of Analyst/Institutional Investor meeting is attached herewith.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Sep - Intimation of Schedule of Analyst/Institutional Investor meetings is attached herewith.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 28 Aug - Copy of Newspaper Publication is attached herewith.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 19 Aug - Awfis and Zinnov launched report on India GCCs reshaping work, workforce and workspace.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug
Source: Bse
Credit ratingJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 3 Jul - India Ratings affirmed Awfis bank loan ratings on July 3, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 6 Jul - Awfis schedules a physical analyst and institutional investor group meeting in Mumbai on 10 July 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 29 Jun - Abhishek Poddar appointed Additional Non-Executive Independent Director for five years from July 1, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 29 Jun - Abhishek Poddar appointed additional independent director from July 1, 2026 for five years.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.