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View Claim Ledger →Awfis Space Solutions Limited — Q4 FY26
Awfis delivered a strong FY26 with consolidated revenue of ₹1,493 crore (+24% YoY) and EBITDA of ₹550 crore (+37% YoY), with margins expanding 350bps to 36.8%.
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Awfis delivered a strong FY26 with consolidated revenue of ₹1,493 crore (+24% YoY) and EBITDA of ₹550 crore (+37% YoY), with margins expanding 350bps to 36.8%. The co-working and allied services segment grew 35% to ₹1,237 crore, driven by premiumization, GCC demand, and operating leverage. PAT before exceptional items rose 66% to ₹71 crore. Management highlighted five growth engines: premiumization (100% new supply in Grade A+), multi-format supply (including partial managed office and developer partnerships), structural GCC tailwinds, organic compounding (48% multi-center clients), and adjacencies (Transform, Frame). FY27 guidance: co-working revenue growth 25-28%, total revenue growth ~25-27%, with gross seat additions of 22,000-25,000. Risk: execution on developer partnerships and partial MO may lag if demand softens or landlord negotiations stall.
अवफिस ने वित्त वर्ष 26 में शानदार प्रदर्शन किया। कंपनी की कुल कमाई ₹1,493 करोड़ रही, जो पिछले साल से 24% ज़्यादा है। कमाई पर खर्च घटाने के बाद बचा मुनाफा (EBITDA) ₹550 करोड़ रहा, जो 37% बढ़ा। मुनाफे की दर 36.8% हो गई, जो पहले से 3.5% ज़्यादा है। को-वर्किंग और दूसरी सेवाओं का कारोबार 35% बढ़कर ₹1,237 करोड़ हुआ। इसकी वजह प्रीमियम सेवाएं, बड़ी कंपनियों की मांग और कम खर्च में ज़्यादा कमाई है। शुद्ध मुनाफा (PAT) 66% बढ़कर ₹71 करोड़ हुआ। कंपनी ने पांच बढ़ोतरी के कारण बताए: प्रीमियम ऑफिस, कई तरह के ऑफिस, बड़ी कंपनियों की मांग, ज़्यादा ग्राहक और नई सेवाएं। अगले साल को-वर्किंग कमाई 25-28% और कुल कमाई 25-27% बढ़ने का अनुमान है। 22,000-25,000 नई सीटें जुड़ेंगी। जोखिम: अगर मांग कम हुई या पार्टनरशिप में देरी हुई तो बढ़ोतरी धीमी हो सकती है।
Promises0 met · 4 missedRisks4 trackedTranscriptfull text
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Execution risk on developer partnerships
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Transcript
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Read Transcript →Quarter Snapshot
Gross seat additions (FY26)
30,000
+22,000 net
Added 30,000 seats gross, net 22,000 after closures; 100% in Grade A+ assets.
Blended occupancy
76%
+300bps YoY
Blended occupancy improved 300bps over four quarters on average 145k seats.
GCC clients
100+
+14 mandates in FY26
Serves 100+ GCC clients across 9 cities, contributing ~23% of rental revenue.
Multi-center client share
48%
+300bps YoY
48% of clients operate across multiple centers; 31% in 3+ centers.
What Changed vs Last Quarter
NEW
Co-working revenue growth 25-28% in FY27
Co-working and allied services segment expected to grow 25-28% YoY in FY27, driven by GCC mandates, MO/partial MO conversions, and premiumization.
NEW
Total revenue growth ~25-27% in FY27
Overall consolidated revenue growth of approximately 25-27% for FY27, with Transform growing 20-23%.
NEW
Gross seat additions 22,000-25,000 in FY27
Planned gross seat additions of 22,000-25,000 seats (1-1.25 msf), with capex similar to FY26 levels (~₹28 crore).
NEW
Developer partnerships to become meaningful supply pillar in FY27-28
Advanced discussions with two institutional developers for structured partnerships (shared capex, premium assets); expected to contribute meaningfully in FY27 and FY28.
DROPPED
FY26 seat additions of ~32,000-33,000
Management revised gross seat addition guidance from 40,000 to ~32,000-33,000 for FY26, focusing on occupancy and margin improvement.
DROPPED
Capex guidance of ₹200-210 crores for FY26
Despite lower seat additions, capex remains at ₹200-210 crores due to higher proportion of straight-lease and elite centers.
DROPPED
Co-working segment meeting 30% revenue and EBITDA growth guidance
Co-working segment is on track to meet the earlier guidance of 30% revenue and EBITDA growth, though transform segment is lagging.
DROPPED
Occupancy improvement of 100-150 bps in mature centers in 1-2 quarters
Management expects mature center occupancy to improve by 100-150 bps in the next 1-2 quarters, driven by signed seat pipeline.
NEW RISK
Execution risk on developer partnerships
Management is in advanced discussions but no signed deals yet; delays or unfavorable terms could slow premium supply growth.
NEW RISK
Seat addition guidance miss due to selectivity
FY26 gross additions of 30,000 were below initial guidance of 32,000-40,000; FY27 guidance of 22,000-25,000 may also be missed if selectivity persists.
NEW RISK
Lease liability cash flow gap widening
Cash flow from operations adjusted for lease outflows showed a gap vs. normalized EBITDA; gap widened in H2 FY26, raising questions about cash flow quality.
NEW RISK
Competitive pressure from peers adding more seats
Some peers are adding seats at a faster pace; Awfis's focus on quality over quantity may cede market share in volume terms.
RISK GONE
Execution delays in office transform segment
Transform segment revenue declined due to GRAP pollution norms and project deferrals; pipeline recovery depends on timely execution.
RISK GONE
Lower seat additions vs initial guidance
Seat addition guidance cut from 40,000 to 32,000-33,000 raises questions about growth trajectory and market share.
RISK GONE
Churn in mature centers impacting occupancy ramp-up
Analyst noted that despite high seat signings, net occupied seat growth is slower, implying churn or slow ramp-up in new centers.
RISK GONE
Depreciation increase outpacing revenue growth
Depreciation rose meaningfully due to elite center investments, pressuring reported margins despite operational improvements.
Fast read
Guidance and risk preview
Co-working and allied services segment expected to grow 25-28% YoY in FY27, driven by GCC mandates, MO/partial MO conversions, and premiumization.
Management is in advanced discussions but no signed deals yet; delays or unfavorable terms could slow premium supply growth.
View Risks →