Smartworks Coworking Spaces Limited has officially announced the approval of its audited financial results for FY26 at a Board of Directors meeting held on April 30, 2026. The company delivered exceptional performance in its first financial year as a listed entity, achieving revenue from operations of ₹1,796 crore, representing 31% year-on-year growth, while normalised EBITDA surged 75% to ₹314 crore with an expanded margin of 17.5%.

Board Meeting and Regulatory Compliance

The Board of Directors meeting commenced at 09:30 A.M. (IST) and concluded at 10:28 A.M. (IST) on April 30, 2026. The board approved the audited standalone and consolidated financial statements for the quarter and financial year ended March 31, 2026, along with statutory audit reports. Deloitte Haskins & Sells LLP, the company's statutory auditors, issued audit reports with unmodified opinion on the annual audited financial results.

FY26 Financial Performance Highlights

The company achieved three significant milestones during the fiscal year, becoming the first listed flexible workspace platform in India to cross 10 million square feet of operational area, delivering its first full year of reported PAT profitability at ₹11 crore versus a loss of ₹63 crore in FY25, and crossing contracted rental revenue of ₹5,200 crore. The return on capital employed (ROCE) improved substantially to 16.0% from 7.3% in FY25.

Q4 FY26 Quarterly Performance

The fourth quarter marked the strongest performance in company history, with revenue from operations reaching ₹520 crore, up 45% year-on-year and 10% quarter-on-quarter. Normalised EBITDA for Q4 stood at ₹99 crore, up 71% year-on-year with margin at 19.0%, representing a 290 basis points expansion. The company reported PAT of ₹17 crore for the quarter, marking the second consecutive quarter of reported profitability.

Operational Milestones and Market Position

The company's total footprint reached 16.1 million square feet including letters of intent and term sheets across 66 centres in 15 cities including Singapore, representing 37% year-on-year growth. Operational area stood at 10.1 million square feet, making it the first listed flex platform in India to cross this milestone. Mature centre occupancy remained strong at 89%, with committed mature occupancy at 93% and overall occupancy at 82%.

The enterprise client base expanded to 770+ clients with 90%+ of rental revenue coming from enterprise clients. Multi-city client revenue accounted for approximately 31% of rental revenue, while the top 10 client concentration has halved over seven years from 39% in FY19 to 20% in FY26.

Capital Structure and Future Outlook

Smartworks closed FY26 with a net debt-negative position of ₹56 crore net cash, ending the year with cash and bank balances exceeding gross debt. Contracted rental revenue exceeding ₹5,200 crore provides multi-year forward visibility, covering approximately 82.5% of projected revenue for FY27. The company has secured 100% of FY27 supply visibility and approximately 75% visibility for FY28, positioning it well for sustained growth.

Smartworks Coworking Spaces Limited has crossed 10 million sq ft of operational portfolio, becoming the first listed flexible workspace provider in India to achieve this scale. This milestone reinforces the company's position as a national-scale infrastructure partner for enterprises and marks a pivotal moment in India's flexible workspace sector. The achievement follows the operationalisation of the Tata Intellion Park centre in Mumbai, where the company recently added a Forbes 2000 company.

Milestone Achievement and Strategic Impact

The milestone was officially announced on April 21, 2026, through a press release filed under Regulation 30 of SEBI LODR Regulations. The company continues to see healthy traction across its portfolio, driven by rising adoption from large enterprises and Global Capability Centres (GCCs).

Leadership Perspective on Market Evolution

Neetish Sarda, Founder and Managing Director of Smartworks, highlighted the structural shift underway in India's office market. He noted that enterprise demand is moving towards managed, campus-led solutions that offer scale, consistency, and long-term visibility. Sarda emphasized that Smartworks has evolved into a national-scale enterprise workspace infrastructure platform, serving as an infrastructure partner to enterprises and GCCs, enabling multi-city expansion with standardised delivery and predictable execution.

Financial Performance and Operational Metrics

The company's strong performance reflects the momentum in the flexible workspace sector. Smartworks demonstrated robust financial and operational metrics in Q3 FY26.

With this scale and portfolio maturity, Smartworks has entered a phase of cash compounding, indicating strong financial health and sustainable business model.

Market Positioning and Business Model

Smartworks operates a campus-led model of leasing entire buildings and converting them into fully managed workspaces. This approach enables enterprises to expand across cities without managing real estate operations directly. The company caters to a diverse client base including Forbes 2000 companies, GCCs, large enterprises, and scaling businesses. As of December 31, 2025, Smartworks maintains India's largest managed office platform by total area under management, with a footprint of ~15.3 million sq ft across 63 centres in 15 cities in India and Singapore, serving 770+ clients.