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Execution delays in office transform segment
View Risks →Awfis Space Solutions Limited — Q3 FY26
Awfis delivered a solid Q3 FY26 with revenue of 382 crores (+20% YoY) and EBITDA of 139 crores (+30% YoY), with margins expanding 270 bps to 36.5%.
bullish
high
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2-Minute Summary
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Awfis delivered a solid Q3 FY26 with revenue of 382 crores (+20% YoY) and EBITDA of 139 crores (+30% YoY), with margins expanding 270 bps to 36.5%. Growth was driven by co-working & allied services (+32% YoY to 322 crores), supported by high occupancy (75% blended, 84% for mature centers) and strong GCC traction (80+ GCCs, 21% revenue share). The office transform segment faced temporary headwinds from GRAP restrictions and project deferrals, but a pipeline of ~9 lakh sq ft (~200 crores revenue opportunity) signals recovery. Management guided for 32,000 seat additions in FY26 (vs earlier 40,000) due to a balanced approach prioritizing occupancy and margins. Risk: execution delays in the transform segment could persist if macro conditions (e.g., pollution norms) disrupt project timelines.
Awfis ने Q3 FY26 में अच्छा प्रदर्शन किया। कंपनी की कमाई 382 करोड़ रुपये रही, जो पिछले साल से 20% ज्यादा है। मुनाफा (EBITDA) 139 करोड़ रुपये रहा, जो 30% बढ़ा। मार्जिन 2.7% बढ़कर 36.5% हो गया। को-वर्किंग और दूसरी सेवाओं से कमाई 32% बढ़कर 322 करोड़ रुपये हुई। 75% सीटें भरी रहीं, पुराने केंद्रों में 84%। सरकारी और बड़ी कंपनियों (GCC) से 21% कमाई आई। ऑफिस ट्रांसफॉर्म सेगमेंट में प्रदूषण नियमों की वजह से कुछ देरी हुई, लेकिन 9 लाख वर्ग फुट का नया काम आने वाला है। कंपनी ने इस साल 32,000 नई सीटें जोड़ने का लक्ष्य रखा है। जोखिम: अगर प्रदूषण जैसी समस्याएं रहीं तो प्रोजेक्ट में और देरी हो सकती है।
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Operational Seats
152,000
+25% YoY
Total operational seats as of Dec 2025, up from ~122,000 in Dec 2024.
Blended Occupancy
75%
+200 bps YoY
Overall occupancy improved from 73% in Q3 FY25, with mature centers at 84%.
GCC Clients
80+
Not disclosed
GCCs now contribute 21% of space revenue; 12 deals closed in 9M FY26, 11 more to go live by June 2026.
Average Client Tenure
37 months
+5 months YoY
Average tenure increased from 32 months, with lock-in period at 26 months, indicating strong stickiness.
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Guidance and risk preview
Management revised gross seat addition guidance from 40,000 to ~32,000-33,000 for FY26, focusing on occupancy and margin improvement.
Transform segment revenue declined due to GRAP pollution norms and project deferrals; pipeline recovery depends on timely execution.
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