Smartworks coworking spaces Limited has announced a conference call with investors and analysts to discuss its Q3FY26 performance and business updates. The company has formally notified both the National Stock Exchange of India Limited (NSE) and BSE Limited about this scheduled interaction under Regulation 30 of the Securities and Exchange Board of India (LODR) Regulations, 2015.

Conference Call Details

The earnings conference call is scheduled for January 16, 2026, and will provide stakeholders with insights into the company's third-quarter performance for fiscal year 2026.

Management Participation

The conference call will feature key members of Smartworks' senior management team who will present the company's quarterly results and address questions from investors and analysts.

Access Information

Participants can join the conference call through multiple channels. The universal dial-in numbers for domestic participants are +91-22-6280 1366 and +91-22-7115 8267. International participants have access to toll-free numbers across different regions.

Participants are advised to dial in 10 minutes prior to the scheduled time to ensure proper connection. The call will also be accessible through a Diamond Pass link for express joining.

Company Information

Smartworks Coworking Spaces Limited, formerly known as Smartworks Coworking Spaces Private Limited, operates from its registered office at Unit No. 305-310, Plot No. 9, 10 & 11, Vardhman Trade Centre, Nehru Place, South Delhi. The company's corporate office is located in DLF Commercial Building, Block-3, Zone-6, DLF Phase-5, Gurugram, Haryana. Company Secretary and Compliance Officer Punam Dargar has signed the regulatory notification to the stock exchanges.

Kotak Institutional Equities has initiated coverage on Smartworks Coworking Spaces with a 'Buy' rating, signaling renewed confidence in India's flexible workspace sector as commercial real estate adapts to hybrid work models and cost-conscious occupiers.

Target Price and Valuation

The brokerage has assigned a Discounted Cash Flow (DCF)-based fair value of ₹600, implying meaningful upside from the current market price of around ₹506. Kotak frames Smartworks as a 'rebooted' commercial real estate play rather than a typical coworking operator.

Scale-Driven Growth Strategy

At the core of Kotak's investment thesis is scale expansion. Smartworks currently operates among India's largest flexible workspace operators, with 9.1 million sq ft of operational area and a leased footprint of over 10.3 million sq ft as of late 2025.

The brokerage expects operational area to expand to 14.5 million sq ft by FY28, driven by steady additions of 2-3 million sq ft annually. This expansion, combined with operating leverage, underpins Kotak's expectation of a 38% CAGR in adjusted EBITDA between FY25 and FY28.

Margin Improvement Outlook

Margins are projected to improve by 380 basis points, taking EBITDA margins to around 16% by FY28, as occupancy stabilizes and fixed costs get absorbed over a larger operational base. Kotak expects operating cash flows to exceed EBITDA over the medium term, aided by security deposits on new leases and improving unit economics as Smartworks achieves critical scale.

Market Dynamics Favor Flexible Workspaces

Flexible workspaces are emerging as key beneficiaries of changing office demand patterns. Kotak notes that flexible operators now account for nearly one-third of incremental leasing activity in India's commercial real estate market.

Hybrid work models, shorter lease tenures, and preference for managed offices are pushing enterprises—especially mid-to-large corporates, MNCs, and fast-growing startups—towards operators like Smartworks.

Valuation and Risk Assessment

On headline multiples, Smartworks trades at around 16x FY27E EV/adjusted EBITDA, rising to 19x on FY27 EBITDA according to Kotak's estimates. However, the brokerage argues these valuations are justified by strong growth visibility, improving cash flows, and increasing institutionalization of the coworking sector.

Key risks include inability to maintain current occupancy levels of around 83%, delays in sourcing new real estate, potential slowdown in office absorption, or slower adoption of flexible workspaces by large enterprises.