Smartworks Coworking Spaces Limited — Investor Meet, 19-08-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Smartworks Coworking reported a robust Q1 FY26 with revenue up 21% YoY to **INR 379.2 Cr**. Normalized EBITDA jumped 109% YoY to **INR 60.7 Cr** with a 16% margin, driven by operational efficiencies. Normalized PBT turned positive at **INR 16.8 Cr**. The company is India's largest managed office platform, focusing on mid-to-large enterprises. Management highlighted a de-risked, asset-light model with strong cash flow generation (**INR 85.5 Cr** from operations) and plans to increase operational seats from 190,000 to 275,000 over 4-5 quarters. Confidence was high regarding continued growth, margin expansion, and market leadership.