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 54.1%
- Latest quarter profit grew 328.4% 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 (588.9% of PBT)
- Company has a low return on equity of -60.5% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -27.64x)
- Interest coverage is weak at 1.0x - earnings barely cover interest
- Equity base is being diluted - shares outstanding up 47.1%
- Stock is trading at 8.0x its book value
* 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
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 309 | 341 | 340 | 349 | 365 | 414 | 461 | 507 | 528 | |
| 119 | 133 | 130 | 123 | 132 | 152 | 164 | 178 | 528 | |
| Operating Profit | 190 | 208 | 210 | 226 | 233 | 262 | 297 | 328 | 0 |
| OPM % | 61.38% | 61.04% | 61.66% | 64.85% | 63.86% | 63.23% | 64.33% | 64.78% | 0.00% |
| 10 | 11 | 12 | 4 | 9 | 17 | 16 | 13 | 14 | |
| Interest | 85 | 85 | 85 | 79 | 80 | 91 | 96 | 94 | 94 |
| Depreciation | 145 | 154 | 161 | 155 | 168 | 192 | 217 | 228 | 239 |
| Profit before Tax | -30 | -20 | -24 | -4 | -6 | -5 | 0 | 20 | 14 |
| Tax % | 26.00% | 25.98% | 26.00% | -92.12% | 25.08% | 25.25% | 25.64% | 25.16% | 25.17% |
| Net Profit | -22 | -15 | -17 | -7 | -4 | -4 | 0 | 15 | 10 |
| -2.26 | -1.42 | -1.68 | -0.68 | -0.44 | -0.33 | 0.03 | 1.31 | 0.90 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| 360 | 710 | 1,038 | 1,340 | 1,746 | 1,909 | |
| 154 | 285 | 377 | 506 | 627 | 1,023 | |
| Operating Profit | 206 | 425 | 661 | 834 | 1,119 | 886 |
| OPM % | 57.27% | 59.85% | 63.64% | 62.27% | 64.10% | 46.43% |
| 34 | 33 | 75 | 37 | 55 | 60 | |
| Interest | 122 | 237 | 328 | 334 | 361 | 375 |
| Depreciation | 212 | 356 | 471 | 615 | 804 | 875 |
| Profit before Tax | -94 | -135 | -64 | -78 | 9 | 29 |
| Tax % | 25.79% | 26.03% | 25.99% | 20.39% | 25.17% | 25.16% |
| Net Profit | -70 | -100 | -47 | -62 | 7 | 22 |
| EPS | -7.31 | -10.44 | -5.95 | -5.98 | 0.61 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 35%
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:
- -76%
- 3 Years:
- -61%
- Last Year:
- 2%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 77 | 78 | 79 | 103 | 114 |
| 37 | -45 | -25 | 6 | 413 | |
| 2,396 | 3,871 | 3,215 | 3,393 | 4,489 | |
| Trade Payables | 45 | 98 | 120 | 115 | 191 |
| 240 | 370 | 645 | 878 | 1,064 | |
| Total Liabilities | 2,795 | 4,372 | 4,034 | 4,496 | 6,271 |
| 2,328 | 3,724 | 3,404 | 3,739 | 5,170 | |
| Capital Work in Progress | 87 | 42 | 63 | 135 | 56 |
| 0 | 0 | 11 | 30 | 21 | |
| 0 | 0 | 14 | 25 | 34 | |
| Cash & Bank | 102 | 214 | 52 | 58 | 214 |
| 278 | 392 | 489 | 509 | 776 | |
| Total Assets | 2,795 | 4,372 | 4,034 | 4,496 | 6,271 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 219 | 532 | 750 | 903 | 1,160 | |
| Cash from Investing | -93 | -304 | -198 | -275 | -492 |
| Cash from Financing | -114 | -171 | -577 | -624 | -602 |
| 8 | 54 | -26 | 4 | 66 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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