Smartworks Coworking Spaces Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • India: 100.0%
AI Sector View
AI GENERATEDServices
Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.
PROS
- Company has a healthy return on capital (ROCE) of 54.8%
- Latest quarter profit grew 413.3% YoY, showing strong momentum
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- A large part of profit comes from other income (390.6% of PBT)
- Company has a low return on equity of -67.4% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -27.96x)
- Receivables are growing faster than sales - a possible quality concern
- Interest coverage is weak at 1.0x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| PFOCUS | 310.60 | 209.28 | 24188.72 | 0.00 | -457.78 | -514.43 | 12668.15 | 1196.88 | 2.74 | 23.76 |
| SAGILITY | 45.15 | 21.28 | 21136.20 | 0.33 | 216.81 | 45.94 | 1963.48 | 27.59 | 13.82 | 22.32 |
| HORIZONIND | 55.65 | 244.03 | 16043.35 | 0.00 | -116.27 | — | 2005.46 | — | 3.32 | 80.26 |
| SYNGENE | 382.65 | 69.89 | 15446.40 | 0.33 | -9.00 | -110.38 | 736.00 | -15.84 | 9.48 | 12.34 |
| INDGN | 578.05 | 34.74 | 13929.08 | 0.39 | 116.20 | -0.17 | 1063.10 | 39.73 | 18.92 | 16.39 |
| IGIL | 314.20 | 22.27 | 13578.46 | 1.59 | 165.74 | 30.98 | 370.78 | 23.22 | 77.00 | 60.35 |
| NESCO | 1102.75 | 18.65 | 7769.97 | 0.63 | 99.96 | 3.97 | 211.80 | 9.55 | 19.23 | 48.33 |
| LEAPIND | 144.55 | 102.15 | 6367.95 | 0.00 | 247.33 | — | 2034.13 | — | 9.32 | 51.19 |
| SPARC | 196.10 | 4.02 | 6363.87 | 0.00 | -20.78 | 59.94 | 39.92 | 314.11 | 163.94 | -85.17 |
| SMARTWORKS | 530.60 | 217.74 | 6069.06 | 0.00 | 13.15 | 413.27 | 546.25 | 44.05 | 61.12 | 63.33 |
| JUSTDIAL | 665.10 | 15.59 | 5656.61 | 0.00 | 115.74 | 38.44 | 270.27 | 16.23 | 12.88 | 26.17 |
| LATENTVIEW | 252.50 | 26.76 | 5228.85 | 0.00 | 47.10 | -6.84 | 286.88 | 21.55 | 16.69 | 19.76 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 313 | 350 | 352 | 358 | 379 | 425 | 472 | 520 | 546 | |
| 121 | 136 | 134 | 126 | 138 | 155 | 167 | 181 | 542 | |
| Operating Profit | 192 | 214 | 218 | 232 | 241 | 270 | 306 | 338 | 4 |
| OPM % | 61.29% | 61.22% | 62.04% | 64.84% | 63.56% | 63.59% | 64.73% | 65.11% | 0.76% |
| 10 | 10 | 12 | 4 | 9 | 16 | 16 | 13 | 13 | |
| Interest | 86 | 86 | 85 | 80 | 81 | 93 | 97 | 95 | 96 |
| Depreciation | 147 | 160 | 167 | 161 | 174 | 198 | 223 | 234 | 246 |
| Profit before Tax | -31 | -21 | -22 | -5 | -6 | -4 | 2 | 22 | 18 |
| Tax % | 26.04% | 24.99% | 28.10% | -67.68% | 24.60% | 28.47% | 20.51% | 25.30% | 25.16% |
| Net Profit | 0 | 0 | 0 | 0 | -4 | -3 | 1 | 17 | 13 |
| -2.31 | -1.53 | -1.55 | -0.79 | -0.41 | -0.27 | 0.11 | 1.45 | 1.15 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| 360 | 711 | 1,039 | 1,374 | 1,796 | 1,963 | |
| 154 | 287 | 380 | 517 | 641 | 1,045 | |
| Operating Profit | 206 | 424 | 660 | 857 | 1,155 | 918 |
| OPM % | 57.23% | 59.60% | 63.47% | 62.39% | 64.32% | 46.78% |
| 34 | 33 | 74 | 36 | 54 | 59 | |
| Interest | 122 | 237 | 328 | 336 | 366 | 381 |
| Depreciation | 212 | 356 | 473 | 636 | 829 | 901 |
| Profit before Tax | -94 | -136 | -68 | -79 | 14 | 37 |
| Tax % | 25.75% | 25.82% | 26.12% | 20.49% | 23.99% | 24.66% |
| Net Profit | -70 | -101 | -50 | -63 | 11 | 28 |
| EPS | -7.32 | -10.57 | -6.32 | -6.12 | 0.92 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 36%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 2%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- -80%
- 3 Years:
- -67%
- Last Year:
- 3%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 77 | 78 | 79 | 103 | 114 |
| 37 | -46 | -29 | 1 | 414 | |
| 2,396 | 3,871 | 3,215 | 3,398 | 4,527 | |
| Trade Payables | 45 | 100 | 120 | 116 | 192 |
| 240 | 372 | 646 | 900 | 1,086 | |
| Total Liabilities | 2,795 | 4,374 | 4,030 | 4,517 | 6,333 |
| 2,328 | 3,724 | 3,412 | 3,780 | 5,236 | |
| Capital Work in Progress | 87 | 42 | 63 | 135 | 56 |
| 0 | 0 | 11 | 11 | 2 | |
| 0 | 0 | 14 | 26 | 39 | |
| Cash & Bank | 102 | 214 | 52 | 69 | 236 |
| 278 | 394 | 477 | 496 | 765 | |
| Total Assets | 2,795 | 4,374 | 4,030 | 4,517 | 6,333 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 221 | 535 | 743 | 929 | 1,197 | |
| Cash from Investing | -95 | -307 | -192 | -276 | -501 |
| Cash from Financing | -114 | -171 | -577 | -638 | -621 |
| 8 | 55 | -26 | 15 | 75 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Smartworks Coworking Spaces Limited has informed the Exchange about Schedule of meet
2026-09-01 - Submission of copies of newspaper publication of Notice to the Members of 11th Annual General Meeting(Post Dispatch)
2026-08-31 - Intimation under Reg 30 and 36(1)(b) of SEBI Listing Regulations with respect to letters providing weblink for accesing Annual Report and Notice of 11th AGM for Financial Year 2025-26
2026-08-29 - Smartworks Coworking Spaces Limited has informed the Exchange about Business Responsibility and Sustainability Report for the Financial Year 2025-26
2026-08-29 - Smartworks Coworking Spaces Limited has informed the Exchange regarding Notice & Annual Report of the Company for the Financial Year 2025-26
2026-08-28 - Smartworks Coworking Spaces Limited has informed the Exchange regarding Corrigendum to Cover Letter dated August 26, 2026 for Submission of copies of Newspaper Publication - Pre-Dispatch Notice of 11th (Eleventh) Annual General Meeting to be held through Video Conference (VC)/ Other Audio Visual Means (OAVM).
2026-08-26 - Smartworks Coworking Spaces Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-24 - Smartworks Coworking Spaces Limited has informed the Exchange about Other Restructuring
2026-08-24 - Smartworks Coworking Spaces Limited has informed the Exchange regarding Outcome of Board Meeting held on August 24, 2026.
News
Recent coverage and analyst commentary for SMARTWORKS
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