Smartworks Coworking Spaces Limited — Investor Meet, 06-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Smartworks Q2 FY26 saw robust financial growth. Revenue hit 424.8 Cr (+21% YoY), with Normalized EBITDA at 69.6 Cr (+46% YoY) and margins up to 16.4%. Normalized PBT surged 153% to 24.5 Cr, and Annualized RoCE almost doubled to 14.3%. Operational footprint expanded to 12.7 Msf across 59 centers. Overall occupancy was 81%. H2 FY26 growth is set to accelerate from new supply and maturing centers. They launched SmartVantage, a dedicated solution for GCCs, which drove 15% of rental revenue. A 2-notch credit upgrade highlights strong financial health.