Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 6 Oct
Source: Bse
Smartworks Coworking Spaces Limited (SMARTWORKS)
Micro CapServices stocks · Micro cap · NSE
Smartworks Coworking Spaces Limited provides flexible, fully managed office spaces primarily to enterprise clients across India and Singapore. It operates a platform connecting landlords, vendors, clients, and employees, focusing on large-format campuses and technology-driven operations to deliver scalable, value-centric workspaces.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result22 Jul, 05:37 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
45NeutralSMA20 -6.5% / mo · RSI oversold · MACD −
Stock trend: 45
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
SMARTWORKSD candles · FIT view+9.2%Latest close ₹464.15 on 2026-10-19
Bar
-0.5%
RSI
29
MACD hist
-4.27
52W pos
40%
2026-10-19O ₹466.25H ₹475.00L ₹454.00C ₹464.15Vol 70,586 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
SMARTWORKSNifty 500
- SMARTWORKS
- -4.5%
- Nifty 500
- -5.6%
- Vs Nifty 500
- +1.1 pp
Chart stats
19 Oct 2026- From 52W high
- -25.0%
- 52W range position
- 40%
- ATR (14)
- 3.6%
- Volume vs 20D
- 0.81x
- Avg traded value
- ₹3.9 Cr
- 20D price channel
- ₹454 - ₹557.9
₹619
₹361.5 - ₹619
₹16.8
Latest completed session
20-session average
20.5% 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
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, 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 · WATCHLIST32
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad22
Revenue +44.1% · PAT NDF YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model-616.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
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
Bad · 22/100margin compression · Rev +44% YoY
Filed 22 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹546 Cr | +44.1% | +5.0% |
| EBITDA | ₹346 Cr | +43.6% | +2.4% |
| Operating margin | 63.0% | -100 bps | -200 bps |
| PAT | ₹13 Cr | NDF | -23.5% |
| PAT margin | 2.4% | +344 bps | -89 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 192.00
- P/B
- 10.04
- EV/EBITDA
- 4.68
- Market Cap
- 5338.00Cr
Profitability
- ROE
- 3.14%
- ROCE
- 8.29%
- ROA
- 0.43%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 45.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 36.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 9.02
- Interest Coverage
- 3.31×
- Altman Z
- 1.58
- Book Value
- 46.40
Cash Flow
- FCF Yield
- 13.08%
- FCF Positive Y
- 6/5
- OCF
- 1197.00 Cr
- EPS TTM
- 2.44
Shareholding
- Promoter Hold
- 58.33%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,796+30.7% vs prev
Net Profit
₹ CrLatest: 11.0+117.5% vs prev
Return on Equity
%Latest: 2.1+103.6% 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
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 29. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.9% over last month) — short-term momentum negative.
- RSI(14) at 29 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- 25% off 52W high · 28% above 52W low.
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
49
RS percentile
Stage 1 Base / Transition
1M return
-15.2%
3M return
-4.5%
6M return
+5.3%
1Y return
-19.3%
RS 1D
-2
RS 20D
-19
Sector rank
#12
Industry rank
-
Stage evidence
- Price is within 0.8% of the 30-week proxy.
- The 30-week proxy changed +2.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 84.76+0.58%
RS vs Nifty 50085
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation2/30
Growth16/25
Quality0/20
Balance Sheet0/15
Cash Flow9/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
32
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
32/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 13.1%.
- Piotroski is strong at 7/9.
- Cash flow contributes 9/10 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Fair-value margin of safety is negative at -616.5%.
- Quality is weaker at 0/20; 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
192.0
PB
10.0
EV/EBITDA
4.7
ROE
3.1%
ROCE
8.3%
FCF Yield
13.1%
Debt/Equity
9.0
MoS
-616.5%
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
32
Previous: 32
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-616.5%
Previous: -616.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
32
32
32
32
32
32
32
32
32
32
32
32
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
₹50.47
-819.6% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹64.78
-616.5% MoS
PEG
8.97
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
WEWORK
Micro
WeWork India Management Limited
Real Estate
match 156
40
106.0
31.6%
-4082%
WATCHLIST
INDIQUBE
Small
Indiqube Spaces Limited
Real Estate
match 152
28
—
-42.2%
—
OVERVALUED
KONTOR
SME
Kontor Space Ltd.
Real Estate
match 147
50
14.6
8.3%
+45%
FAIR VALUE
PURVA
Micro
Puravankara Limited
Real Estate
match 121
36
30.7
3.5%
+10%
WATCHLIST
DBREALTY
Micro
Valor Estate Limited
Real Estate
match 121
31
—
-1.3%
-801%
OVERVALUED
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 2026-07-23T03:10:49.069Z
Management commentary snapshot
Q1 FY27 saw strong financial and operational growth with revenue up 44% YoY and 5% QoQ to INR 5,462 Mn. Normalised EBITDA surged 74% YoY to INR 1,069 Mn, with margins expanding to 19.6%. RoCE held at 21.5% despite a 66% YoY increase in growth capex.
The company demonstrates consistent sequential and annual growth in revenue, EBITDA, and RoCE, supported by a strong pipeline of pre-contracted space and deepening enterprise client relationships. The self-funding model and disciplined capital allocation appear to absorb growth capex without impacting returns. Market tailwinds from flex demand, GCCs, and AI adoption further support the growth trajectory.
Current business mix
Total SBA by Region (as on 30 Jun’26)
Latest issuer-disclosed distribution across 4 reported categories.
West41.0%
South32.0%
North25.0%
East + International2.0%
Growth engines
Enterprise-led demand
Long-tenure, multi-city contracts deliver high visibility, low volatility, and repeat expansion.
Large-format, pre-filled office campuses
Full-building assets, secured early, ramp predictably at superior unit economics.
Portfolio maturity
Incremental revenue converts disproportionately to EBITDA and operating cash flow.
GCC Demand
GCC contribution to revenue increased to ~21% from 15% in FY26; flex rises from 18% to 32% of GCC leasing.
Capacity and execution
Total SBA Secured
16.9 Msf (includes leased, LOI/Term Sheets/Heads of Terms).
Operational SBA Added
~0.3 Msf added in Q1 FY27, reaching 10.4 Msf operational.
Pipeline for Operationalization
2.2–2.7 Msf operationalizing over the next nine months from a ready pipeline of signed buildings.
Eastside, Pune Campus
~863,000 sq. ft. SBA, live in H2 FY27, with strong pre-fills.
Tailwinds
Grade-A Office Demand Outpacing Supply
Grade-A demand has outrun new office space since 2022, with a projected gap of +5 to +15 Msf in 2026.
Flex as Primary Office Occupier
Flex operators were 27% of Q2 leasing, ahead of technology; flex drove 57% jump in 200k+ sq. ft. deals.
Flex as Core Portfolio Strategy
Occupiers with flex in portfolio expected to rise from 55% to 65% by 2027; penetration to exceed 14% of total office stock.
AI Fueling GCC Growth and Flex Demand
AI is reshaping office demand upward; GCCs plan net increase in India headcount, with flex rising from 18% to 32% of GCC leasing.
Risk radar
Cyclical Risk
Management claims value pricing keeps Smartworks preferred in downturns; long-term agreements with landlords and clients.
Concentration Risk (Client/Industry)
Typically no more than ~30% of a centre leased to a single client; IT/ITeS is ~35% of portfolio (down from ~44% in FY24).
Asset-Liability Mismatch Risk
Mid-to-large enterprise focus drives longer lock-ins; pricing targets rental revenue of at least 2x rental expense, eliminating mismatch through FY29.
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
The company emphasizes both sequential growth ("fifth in a row since listing") and strong annual growth rates (e.g., revenue +44% YoY, EBITDA +74% YoY), indicating consistent momentum and overall expansion.
Sector KPIs management disclosed
Revenue from operations
INR 5,462 Mn, ▲ 44% YoY · +5% QoQ
Normalised EBITDA
INR 1,069 Mn, ▲ 74% YoY · +8% QoQ
Normalised EBITDA Margin
19.6%, ▲ ~340 bps YoY
Normalised RoCE (Annualised)
21.5%, ▲ ~870 bps YoY
Management forward view
FY27 Guidance Reaffirmed
28–30% revenue growth, 19–20% normalised EBITDA margin, 12.5–13 Msf operational by March 2027.
Expansion Self-Funded
OCF structurally above 1x EBITDA; net debt of just INR 56 Mn; mature-centre cash flows self-fund new investment cycle.
Capital Discipline
Modular, standardised builds cap maintenance capex at ~12–15% of initial capex.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | +44% YoY, +5% QoQ (Q1 FY27) | Delivery on FY27 guidance of 28-30% YoY growth, supported by ~INR 54,000 Mn contracted revenue. |
| Normalised EBITDA Margin | 19.6% (Q1 FY27) | Continued expansion towards FY27 guidance of 19-20%, driven by operating leverage and cost excellence. |
| Operational SBA Additions | 10.4 Msf operational (+0.3 Msf in Q1 FY27) | Progress towards FY27 target of 12.5-13 Msf operational, with 2.2-2.7 Msf operationalizing in next nine months. |
| Mature Committed Occupancy | 92% (Q1 FY27) | Stability or improvement in mature occupancy as new centers ramp up and portfolio rebalancing continues. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
67Limited 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 52nd percentile of the scored universe and 58th percentile within Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
27 docs text-extracted · 5 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Services: 58th pctile, median 66 · Micro: 32nd pctile, median 73
Evidence depth
Financial-only
27 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
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
75
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 58.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 11.2%.
- ▸6 years of positive FCF.
Trust risks
- ▸Debt/equity is 9.02.
- ▸Altman Z is 1.67.
- ▸ROE is low at 3.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Smartworks Coworking Spaces Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 24 Sep - AGM approved appointment of Dilip Deshmukh and designation change for Rajeev Agarwal as independent directors.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Sep - Intimation under Regulation 30 read with Schedule III of the SEBI (LODR) Regulations, 2015 - Analysts / Institutional Investor Meeting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep - Submission of Copies of Newspaper publication of Notice to the Members of 11th Annual General Meeting (Post Dispatch)
Source: Bse
Annual reportAug 2026
Aug 2026 · Intimation Under Regulation 30 And 36(1)(B) Of SEBI (LODR)Regulations, 2015("The SEBI Listing Regulations") 31 Aug - Dispatched web links for 11th AGM notice and FY26 annual report to non-registered shareholders on August 31, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 14 Aug - Intimation of allotment of 1,19,000 (One Lakh Nineteen Thousand) Equity Shares puruant to exercise of stock options exercised under the Company''s Employee Stock Option Plan …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Aug - Intimation under Regulation 30 read with Schedule III of the SEBI ("SEBI") (LODR) Regulations, 2015 ('SEBI Listing ....
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Updates on Acquisition 7 Jul - Smartworks completed acquisition of WorkStudio Spaces Pte. Ltd. for 2.47 million SGD on July 6, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Jul
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.