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Revenue
₹410 Cr
verified against source
Revenue YoY
24%
reported change
EBITDA
₹550 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Co-working and allied services segment expected to grow 25-28% YoY in FY27, driven by GCC mandates, MO/partial MO conversions, and premiumization.
- Overall consolidated revenue growth of approximately 25-27% for FY27, with Transform growing 20-23%.
- Planned gross seat additions of 22,000-25,000 seats (1-1.25 msf), with capex similar to FY26 levels (~₹28 crore).
- Advanced discussions with two institutional developers for structured partnerships (shared capex, premium assets); expected to contribute meaningfully in FY27 and FY28.
Risks flagged
- Management is in advanced discussions but no signed deals yet; delays or unfavorable terms could slow premium supply growth.
- 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.
- 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.
- Some peers are adding seats at a faster pace; Awfis's focus on quality over quantity may cede market share in volume terms.
Key quotes
- Premiumization has now become defaulted office, not a strategy overlay.
- The five engines I walked you through are not a plan for tomorrow. They're already in motion.
- Our supply additions are now increasingly optimized for revenue per seat rather than headline seat count.
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