Smartworks Coworking Spaces Limited — Investor Meet, 12-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Smartworks delivered a strong Q2 FY26: Revenue Rs. 425 Cr (+21% YoY, +12% QoQ) and Normalized EBITDA Rs. 70 Cr (+46% YoY) with 16.4% margin. ROCE hit a company-high 14.3%. The company is net-debt-negative at Rs. 59 Cr. Operational footprint stands at 9.1 million sq ft across 49 centers, with mature occupancy at 88%. New capacity for FY27, including an 815,000 sq ft Mumbai campus, is being added. SmartVantage launched for GCCs, expected to double related revenue. Management is confident in sustained 25-30% annual growth and expanding margins, driven by operating leverage and large enterprise deals.