Smartworks Coworking Spaces Limited has disclosed its presentation for the analyst meeting organized by Centrum Broking Ltd on May 22, 2026. The company reported a 24% year-on-year growth, significantly outpacing the broader office market's 8% growth. The presentation highlighted that the company has transitioned from a scaling phase to a cash-compounding phase, driven by enterprise-led demand and operating leverage.

Financial Performance

The company reported strong financial results for the quarter and fiscal year ended March 31, 2026. Revenue from operations for Q4 FY26 stood at INR 5,197 Mn, a 45% increase from INR 3,584 Mn in Q4 FY25. For the full year FY26, revenue grew by 31% to INR 17,958 Mn compared to INR 13,741 Mn in FY25.

Operational Metrics

Smartworks expanded its total Super Built-up Area (SBA) to 16.1 Mn sq ft by March 2026, a 36% increase from 11.8 Mn sq ft in March 2025. The portfolio achieved 89% mature occupancy with a contracted value of INR 52,000 Mn. The company noted that supply visibility is secured entirely for FY27 and 75% plus for FY28.

Returns and Efficiency

The company reported a significant improvement in return metrics. Return on Capital Employed (RoCE) for Q4 FY26 reached 22%, compared to 15% in Q4 FY25. The annualised RoCE for FY26 stood at 16%, up from 7% in FY25. Normalised Operating Cash Flow (OCF) for FY26 was INR 3,564 Mn, a 42% increase year-on-year. The balance sheet remained net-debt-negative, with net debt at INR (561) Mn as of March 31, 2026.

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%. In a subsequent regulatory disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company filed the transcript of its analyst meet with both NSE and BSE on May 6, 2026, with the transcript available on its investor relations website.

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. Following the board meeting, an analyst meet was conducted through audio means, commencing at 04:00 P.M. (IST) and concluding at 05:05 P.M. (IST) on the same day, covering the audited standalone and consolidated financial statements and results along with the auditor's report. The transcript of the analyst meet was subsequently filed with the stock exchanges on May 6, 2026, by Company Secretary & Compliance Officer Punam Dargar (Membership No.: A56987).

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.