Smartworks Coworking Spaces Limited (SMARTWORKS)

About

Smartworks operates coworking spaces across India, serving flexible workspace demand from enterprises, startups, and independent professionals. Latest quarter (Jun 2026) revenue reached ₹546 Cr with 64% operating margins, positioning the company as a high-margin player in commercial real estate services within the Industrials sector.

Face value: ₹10

Market cap

₹5,837 Cr

P/E

209.4×

P/B

11.0×

Dividend yield

0%

ROE

2%

ROCE

7.5%

Debt / equity

0.39

OPM

64.3%

EPS (TTM)

₹2.4

Book value

₹46.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE multiple of 200.45 is extremely elevated; vulnerable to sharp repricing if revenue growth decelerates or margins compress
Net profit volatile (loss ₹3.8 Cr in Sep 2025, gain ₹16.62 Cr in Mar 2026) despite stable 64% OPM; verify source of non-operating swings
ROE of 1.98% critically low despite 64% operating margins; audit capital structure and financing costs eroding equity returns
FII shareholding at 0.28% versus promoter 58% signals limited institutional confidence; verify if valuation or structural concerns drive this gap

Generated analysis · source review pending

Growth drivers

Revenue grew 32% over 9 months (₹413.61 Cr Sep 2025 to ₹546.25 Cr Jun 2026); verify occupancy-driven versus pricing-driven components
Operating margin of 64.32% means scaled revenue translates to accelerated profit growth if margins hold
Debt-to-equity of 0.39 provides borrowing capacity for expansion; verify capex pipeline and expected ROI on new locations
Hybrid work adoption driving flexible workspace demand; verify occupancy rates, lease-renewal trends, and pricing power in core markets

Generated analysis · source review pending

296 historical price candles were omitted because the exchange source has not been verified.

₹510.7-0.7%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 64.3%

Cons

−Low return on equity of 2% (3-yr avg)
−Weak interest coverage of 1×
−Expensive at 209.4× trailing earnings
−Trading at 11× book value

Research score

Structured signal from quality, growth, valuation and momentum.

55/100

Business quality: 38
Growth: 100
Valuation: 27

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
International Gemological Institute LimitedIGILIGIL	₹13,482 Cr	₹13,482 Cr	₹1,363 Cr	₹827 Cr	60.9%	₹610 Cr	44.5%	61.1%	49.1%	36
Wework India Management LimitedWEWORKWEWORK	₹8,931 Cr	₹9,264 Cr	₹2,589 Cr	₹1,676 Cr	64.5%	₹84 Cr	3.1%	12.4%	25%	-18
Nesco LimitedNESCONESCO	₹7,249 Cr	₹7,249 Cr	₹951 Cr	₹482 Cr	52.6%	₹417 Cr	44.3%	17%	14.7%	1
Indiabulls LimitedIBULLSLTDIBULLSLTD	₹6,856 Cr	₹7,314 Cr	₹1,101 Cr	₹417 Cr	33.2%	₹419 Cr	41.5%	—	8.9%	—
Inox Green Energy Services LimitedINOXGREENINOXGREEN	₹6,384 Cr	₹6,472 Cr	₹280 Cr	₹28 Cr	8.2%	₹121 Cr	36.8%	8.5%	5.6%	405
Leap India LimitedLEAPINDLEAPIND	₹6,036 Cr	₹7,054 Cr	₹730 Cr	₹157 Cr	21.5%	₹62 Cr	8.6%	9.5%	9.6%	-520
Smartworks Coworking Spaces LimitedSMARTWORKSSMARTWORKS	₹5,837 Cr	₹6,044 Cr	₹1,963 Cr	₹1,260 Cr	64.3%	₹28 Cr	0.6%	7.5%	2%	-102
Elevate Campuses LimitedELEVATEELEVATE	₹5,811 Cr	₹9,931 Cr	₹569 Cr	₹405 Cr	71.3%	₹174 Cr	30.6%	9.3%	21.1%	—
Nirlon LimitedNIRLONNIRLON	₹5,467 Cr	₹6,614 Cr	₹317 Cr	₹237 Cr	79.1%	₹127 Cr	34.3%	23.2%	59.8%	-56
Quess Corp LimitedQUESSQUESS	₹5,023 Cr	₹5,023 Cr	₹15,835 Cr	₹327 Cr	2%	₹253 Cr	1.5%	19.2%	19.7%	19
Indiqube Spaces LimitedINDIQUBEINDIQUBE	₹4,187 Cr	₹4,477 Cr	₹1,564 Cr	₹952 Cr	60.8%	₹-93 Cr	-7.3%	5.7%	-20.7%	-273
Sanghvi Movers LimitedSANGHVIMOVSANGHVIMOV	₹3,719 Cr	₹4,393 Cr	₹1,177 Cr	₹426 Cr	37.4%	₹199 Cr	17.2%	18%	15%	77

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2026
Revenue	1,796
COGS	8
	633
	1,155
OPM %	64.3%
Depreciation	829
Interest	366
	54
Profit before tax	14
Tax	3
Tax %	24%
PAT	11
PAT margin %	0.6%
EPS (₹)	1
EPS adjusted (₹)	0.9

₹ Cr	Mar 2024	Mar 2025	Mar 2026
Equity capital	79	103	114
Reserves	-29	5	416
Minority interest	0	—	0
	427	398	207
	3,670	4,145	5,726
Total equity & liabilities	4,147	4,651	6,464
	971	1,152	1,539
CWIP	63	135	56
Investments	11	11	2
	3,101	3,352	4,866
Total assets	4,147	4,651	6,464

₹ Cr	Mar 2024	Mar 2025	Mar 2026
	743	929	1,197
	-192	-276	-501
	-577	-638	-621
Net cash flow	-26	15	75
Free cash flow	—	—	809
CFO / Operating profit %	—	—	103.6%

Return on equity

7 years: —
5 years: —
3 years: —
Last year: 2%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2026
Margins
Gross margin %	—
EBITDA margin %	64.3%
EBIT margin %	18.1%
PAT margin %	0.6%
Working capital
Receivable days	8
Inventory days	0
Payable days	109
NWC days	-102
Leverage
Current ratio	0.35
Debt to EBITDA	0.18
Debt to equity	0.39
Interest coverage	1
Asset turnover	0.28
Return ratios
Return on assets %	0.2%
Return on capital employed %	7.5%
Return on equity %	2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.24%	58.18%	58.18%	58.32%	58.32%
	16.5%	0.92%	0.33%	0.15%	0.28%
	7.36%	9.03%	8.97%	9.06%	8.92%
Government	0%	0%	0%	0%	0%
	17.9%	31.87%	32.52%	32.47%	32.48%
No. of shareholders	—	24,158	21,200	20,825	20,263

Promoter holding up 0.08 percentage points since Jun 2025.

Mr. Atul GautamNon-Executive - Non Independent Director-Chairperson
Mr. Neetish SardaExecutive Director
Mr. Harsh BinaniExecutive Director
Mr. Virusangulam Kumarasamy SubburajNon-Executive - Independent Director
Mr. Rajeev RishiNon-Executive - Independent Director
Mrs. Pushpha MishraNon-Executive - Independent Director
Mr. Ho Kiam KheongNon-Executive - Non Independent Director
Mr. Rajeev Krishnamuralilal AgarwalNon - Executive Independent Director
Mr. Rajeev Krishnamuralilal AgarwalNon-Executive - Independent Director
Ms. Punam DargarCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

10

across 6 fund houses

Held by these funds

3.74%

of the company's equity

All mutual funds

3.02%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

10 schemes · 6 fund houses

		Shares
SMALL CAP FUND	Tata Mutual Fund	21.68 L	116.56	0.89%	1.897%	-0
(LIVE SCHEMES)	ITI Mutual Fund	7.32 L	39.37	1.09%	0.641%	+2.11 L
Balanced Advantage Fund	Baroda BNP Paribas Mutual Fund	5.76 L	30.96	0.58%	0.504%	-20,733
Large & Mid Cap Fund	Baroda BNP Paribas Mutual Fund	4.77 L	25.64	1.37%	0.417%	-18,000
(LIVE SCHEMES)	ITI Mutual Fund	1.83 L	9.81	0.64%	0.16%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	77,410	4.16	0.17%	0.068%	-1,695
Small Cap FundNEW	Quantum Mutual Fund	37,666	2.02	0.76%	0.033%	—
(LIVE SCHEMES)NEW	ITI Mutual Fund	21,551	1.16	0.31%	0.019%	—

1–8 of 10

1 / 2

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

1

Annual Report FY2025from bse Summary

Credit ratings

3

Investor Presentation and earnings call

5

Jul 2026Transcript AI Summary PPT REC
Apr 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results22 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

36 announcementsExport CSV

28 Aug 2026, 1:02 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

26 Aug 2026, 3:07 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

24 Aug 2026, 5:57 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

24 Aug 2026, 5:54 pmCompany Update

Announcement under Regulation 30 (LODR)-Restructuring

Restructuring PDF

24 Aug 2026, 5:40 pmOthers

Board Meeting Outcome for Outcome Of The Board Meeting Held On August 24, 2026, Pursuant To Reg 30 And Other Applicable Provisions Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

Outcome without intimation PDF

24 Aug 2026, 7:17 amCompany Update

Press Release - 'Smartworks Announces ~INR 235 Crore In Incremental Contracted Rental Revenue Driven By Enterprise Expansions'

General PDF

14 Aug 2026, 8:34 pmCompany Update

Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Capacity Addition

General PDF

14 Aug 2026, 4:22 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

Date	Category	Subject	Filing
28 Aug 2026, 1:02 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
26 Aug 2026, 3:07 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication

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Smartworks Coworking Spaces Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Board and management

Board meetings1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Return on equity

1

1