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%.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
83%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Occupancy base, D&B margins, revenue-to-rent ratio
Asked by Mulza Persia, Kotak Securities
All three sub-questions answered with specific numbers.
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Question
when you refer to your occupancy is the base on operational capacity or on the total supply of 167,000 seats... what's the margin profile on the DNB business... revenue to rent kind of a ratio
Amit (CEO) and Sumit (CFO)
occupancy calculated on total operational seats... around 157,000 seats... design and build margins close to 7 to 8% net margins... revenue to rent ratio comes around 2.3
Answered
Medium priority
Operational chargeable area and partial managed office center sizes
Asked by Yeshua Birani, BB Capital Markets Limited
Provided specific square footage per seat and center size ranges.
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Question
will you be able to share what is the operational chargeable area as of SQ26 and also the centers assigned to the partial managed office
Amit (CEO)
operational chargeable area we are looking at every seat as 50 square ft... partial managed office centers... range of about 30,000 to 50,000 square ft... signing closer to about 65 to 70,000 ft centers
Partial answer
High priority
Highest sustainable occupancy level and drivers
Asked by Yeshua Birani, BB Capital Markets Limited
Gave current levels and levers but no specific sustainable target.
no specific target givenqualitative only
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Question
what is the highest sustainable level when occupancies can reach within your portfolio and what would drive that improvement
Amit (CEO)
blended figure of 76%... mature cohort... 84%... room to do better... couple of 100 basis point increase over next couple of quarters
Evasive
High priority
EBITDA margin trend with D&B growth and premium centers
Asked by Yeshua Birani, BB Capital Markets Limited
No specific margin trajectory or numbers provided.
no numeric guidancevague language
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Question
with a meaningful growth in your DND business and a higher proportion of growth centers how do you expect a margins to trend over the next 3 years
Amit (CEO)
we think we will move into a serious kind of uptake around on the margins... DNB business... will help contribute further in improving the AIDA margins
Answered
High priority
Seat addition and capex guidance for FY27
Asked by Shamit Ashai, Ambit Capital
Provided specific seat range and capex comparison.
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Question
what would your seat addition for FI27 be and what kind of capex number are you looking for in FY27
Amit (CEO)
22 to 25,000 gross seats... capex would be almost on similar lines of FY26
Partial answer
High priority
Reason for seat addition miss vs guidance
Asked by Adita Sharma, Shikra Investments
Clarified gross vs net but did not directly address why guidance was reduced.
clarified gross vs net but did not fully explain guidance miss
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Question
last quarter we reduced our guidance from 40,000 to 32,000 ft and I think what we have done is 26,000... what has led to this reduction
Amit (CEO)
deliberate choice of quality over quantity... gross edition for FY26 had been around 30,000 seats and not 26,000 seats... closures... net addition is 22,000
Answered
High priority
Impact of premiumization on medium-term growth
Asked by Adita Sharma, Shikra Investments
Confirmed strategy is ongoing and gave growth guidance.
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Question
if this choosing premiums offering is a one-time exercise or if you're going to continue this and this is going to impact our growth expectation for the medium term
Amit (CEO)
unionization has now become defaulted office... not a one-time deal... guidance on seats 22 to 25,000... growth somewhere in the 25% range
Answered
Medium priority
Impact of enterprise supply on managed aggregation share
Asked by Adita Sharma, Shikra Investments
Gave a clear ratio target.
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Question
with increase in supply incremental supply from enterprise developers will we see reduction in share of our managed aggregation format
Amit (CEO)
managed aggregation continues to remain a core strategy... maintain the ratios in the 6040 kind of a range
Answered
Medium priority
Explanation of partial MO format and developer partnerships
Asked by Vikran Kashab, Asian market securities
Detailed explanation of both concepts.
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Question
you mentioned is a new format. Will you walk us through what it is and why it matters... developer partnership... what these deals look like
Amit (CEO)
partial MO... 40 to 60% seats anchored by enterprise... gives anchor economics from day one... developer partnerships... portfolio level relationship... put skin in the game
Answered
Medium priority
Capex per sq ft for new premium formats vs base
Asked by Vikran Kashab, Asian market securities
Stated capex per sq ft is similar to previous versions.
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Question
in terms of capex for square sheet how would it differ from your base versions of elite and bold and these two formats will have more of the incremental citizen central going in 2017
Amit (CEO)
6.0 from a spend standpoint is not going to be very different than 5.0... capital spend would not be very different than what we have done for FI26
Answered
High priority
Revenue guidance for construction segment and other income
Asked by Fenel Brahbert, Choice Institutional Equities
Provided growth guidance for construction and explained other income.
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Question
what is the management guidelines on the revenue from construction and fit out projects... we have not reported any other income... versus 132 million in FI25
Amit (CEO) and Sumit (CFO)
Office transform expected to grow 20 to 23% over FI26 levels... others line item represents facility management services business sold last year
Answered
Medium priority
Closure rate and whether 5% churn is normal
Asked by Shrinana Mittal, MS Capital
Explained reasons and stated it's not normal.
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Question
approximately 5% was the closure rate... is this a level of churn that you would characterize as a normal course of business
Amit (CEO)
FY26 was a year of portfolio rebalancing... 8,000 seats closed... 3,000 seats from a short-term space setup... remaining closures at lease renewal... 5% is not the kind of churn we would look at
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| FY27 co-working revenue growth 25-28% | 26.5% | 24% | Overstated vs filing |
| FY27 office transform growth 20-23% | 21.5% | 24% | Understated vs filing |
| FY27 total revenue growth 25-27% | 26% | 24% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.