Smartworks Coworking Spaces Ltd.

•

smartworksoffice.comBSE: 544447NSE: SMARTWORKS

Market Cap₹ 6,069 Cr.

Current Price

High / Low₹ 619 / 362

Stock P/E217.7

Book Value₹ 47

Price to Book7.94

Dividend Yield0.00 %

ROCE61.1 %

ROE3.3 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2023 • India: 100.0%

AI Sector View

AI GENERATED

Services

Buy

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.

Confidence

72%

View full sector analysis →

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

ServicesBusiness ServicesBusiness Support

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	PFOCUS	310.60	209.28	24188.72	0.00	-457.78	-514.43	12668.15	1196.88	2.74	23.76
2.	SAGILITY	45.15	21.28	21136.20	0.33	216.81	45.94	1963.48	27.59	13.82	22.32
3.	HORIZONIND	55.65	244.03	16043.35	0.00	-116.27	—	2005.46	—	3.32	80.26
4.	SYNGENE	382.65	69.89	15446.40	0.33	-9.00	-110.38	736.00	-15.84	9.48	12.34
5.	INDGN	578.05	34.74	13929.08	0.39	116.20	-0.17	1063.10	39.73	18.92	16.39
6.	IGIL	314.20	22.27	13578.46	1.59	165.74	30.98	370.78	23.22	77.00	60.35
7.	NESCO	1102.75	18.65	7769.97	0.63	99.96	3.97	211.80	9.55	19.23	48.33
8.	LEAPIND	144.55	102.15	6367.95	0.00	247.33	—	2034.13	—	9.32	51.19
9.	SPARC	196.10	4.02	6363.87	0.00	-20.78	59.94	39.92	314.11	163.94	-85.17
10.	SMARTWORKS	530.60	217.74	6069.06	0.00	13.15	413.27	546.25	44.05	61.12	63.33
11.	JUSTDIAL	665.10	15.59	5656.61	0.00	115.74	38.44	270.27	16.23	12.88	26.17
12.	LATENTVIEW	252.50	26.76	5228.85	0.00	47.10	-6.84	286.88	21.55	16.69	19.76

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jul 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.24	58.18	58.18	58.32	58.32
	16.50	0.93	0.33	0.16	0.28
	6.71	8.98	8.96	9.06	8.92
Government	0.00	0.00	0.00	0.00	0.00
	18.56	31.92	32.53	32.46	32.48

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-02

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-02 - Smartworks Coworking Spaces Limited has informed the Exchange about Schedule of meet

2026-09-01

Copy of Newspaper Publication

2026-09-01 - Submission of copies of newspaper publication of Notice to the Members of 11th Annual General Meeting(Post Dispatch)

2026-08-31

General Updates

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

General Updates

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

Shareholders meeting

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

Copy of Newspaper Publication

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

Copy of Newspaper Publication

2026-08-26 - Smartworks Coworking Spaces Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-24

Other Restructuring

2026-08-24 - Smartworks Coworking Spaces Limited has informed the Exchange about Other Restructuring

2026-08-24

Outcome of Board Meeting

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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Smartworks Coworking Spaces Ltd.

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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

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

OPM %

61.29%

61.22%

62.04%

64.84%

63.56%

63.59%

64.73%

65.11%

0.76%

Interest

Depreciation

147

160

167

161

174

198

223

234

246

Profit before Tax

-31

-21

-22

-5

-6

-4

Tax %

26.04%

24.99%

28.10%

-67.68%

24.60%

28.47%

20.51%

25.30%

25.16%

Net Profit

-4

-3

-2.31

-1.53

-1.55

-0.79

-0.41

-0.27

0.11

1.45

1.15

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%

Interest

122

237

328

336

366

381

Depreciation

212

356

473

636

829

901

Profit before Tax

-94

-136

-68

-79

Tax %

25.75%

25.82%

26.12%

20.49%

23.99%

24.66%

Net Profit

-70

-101

-50

-63

EPS

-7.32

-10.57

-6.32

-6.12

0.92

—

Dividend Payout %

0.00%

—

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

103

114

-46

-29

414

2,396

3,871

3,215

3,398

4,527

Trade Payables

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

135

Cash & Bank

102

214

236

278

394

477

496

765

Total Assets

2,795

4,374

4,030

4,517

6,333

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

-26

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jul 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

58.24

58.18

58.32

16.50

0.93

0.33

0.16

0.28

6.71

8.98

8.96

9.06

8.92

Government

0.00

18.56

31.92

32.53

32.46

32.48

Smartworks Coworking Spaces Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Smartworks Coworking Spaces Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI