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India Ratings has upgraded Awfis Space Solutions Limited’s term loan rating to ‘IND A+’ with a Stable outlook, reflecting strong operational improvements. Revenue grew 55% YoY in FY24, driven by expanding centres and occupancy near 73%, with further growth expected in FY25. The company’s asset-light aggregation model boosted return on capital employed to an annualized 76% in 9MFY25. Healthy liquidity, supported by ₹153.8 Cr cash reserves and low net debt, sustains a robust cash debt service coverage ratio above 5x through FY25-FY28. This rating upgrade enhances Awfis’s borrowing capacity, likely reducing funding costs and bolstering investor confidence in its financial strength and growth prospects.