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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 22/100margin compression · Rev +44% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Total SBA by Region (as on 30 Jun’26)
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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
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.
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.
Trend score and candlestick chart
71Bullishfull bull SMA stack · SMA20 +8.3% / mo · MACD +
Technical chart
SMARTWORKSdaily · 1Y · AUTO+40.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 65. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~7.6% over last month) — short-term momentum positive.
- RSI(14) at 65 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 13% off 52W high · 50% 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.
Valuation & score drivers
U-Score 32 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 32 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 11.2%.
- Piotroski is strong at 7/9.
- Cash flow contributes 9/10 to the score.
Main drags
- Altman Z is 1.7, in distress territory.
- Fair-value margin of safety is negative at -745.5%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter holding is 58.3%. Key concern: Debt/equity is 9.02.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Services: 58th pctile, median 66 · Micro: 32nd pctile, median 73
27 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 222.00
- P/B
- 11.68
- EV/EBITDA
- 5.08
- Market Cap
- 6194.00Cr
Profitability
- ROE
- 3.30%
- ROCE
- 8.30%
- 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
- 1.67
- Book Value
- 46.40
Cash Flow
- FCF Yield
- 11.24%
- FCF Positive Y
- 6/5
- OCF
- 1197.00 Cr
- EPS TTM
- 2.44
Shareholding
- Promoter Hold
- 58.33%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 70%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable names in Services, ranked by similarity
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.