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

66 announcementsExport CSV

1 Oct 2026, 5:23 pmBoard Meeting

Board Meeting Intimation for For Consideration And Approval Of The Un-Audited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026, Along With The Limited Review Reports Thereon.

Exchange filing PDF

30 Sept 2026, 7:14 amCompany Update

Press Release - 'Smartworks Announces Managed Office Deals Worth ~INR 305 Crore From New Clients'

General PDF

2 Sept 2026, 6:41 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

1 Sept 2026, 1:29 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

31 Aug 2026, 7:59 pmCompany Update

Intimation Under Regulation 30 And 36(1)(B) Of SEBI (LODR)Regulations, 2015("The SEBI Listing Regulations")

General PDF

29 Aug 2026, 4:43 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

29 Aug 2026, 4:31 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

29 Aug 2026, 3:44 pmAGM/EGM

Intimation With Regard To 11Th Annual General Meeting ,Notice And Annual Report Of The Company For The Financial Year 2025-26

AGM PDF

Date	Category	Subject	Filing
1 Oct 2026, 5:23 pm	Board Meeting	Board Meeting Intimation for For Consideration And Approval Of The Un-Audited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026, Along With The Limited Review Reports Thereon.	PDF
30 Sept 2026, 7:14 am	Company Update General

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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

Board meetings1

Ratio timeline

Quarterly record

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Return on equity

1

1