Large Client Concentration in 1000+ Seat Deals
35% of rental revenue comes from 1000+ seat clients. While tenure exceeds 50 months with 6-8 month notice periods, vacancy risk exists if multiple large clients depart simultaneously.
SMARTWORKS / Q3-FY26 / risks
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Smartworks Coworking Spaces · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
GCC Revenue Volatility
GCC contributed over 15% of rental revenue with recent mega deals signed. Since these deals are typically multi-year, any slowdown in GCC wave could impact growth pipeline.
Other Operating Revenue Sustainability
Ancillary revenue jumped from ₹22 crore to ₹66 crore; management attributes this to occupancy and footprint growth but noted fit-out revenue is new vertical with small base.
Competitive Pressure in Tier-2 Cities
Competitors planning tier-2 expansion while Smartworks focuses on tier-1 campus strategy. Management acknowledged tier-2 presence (6 cities) but noted disproportionate growth will remain in tier-1 due to campus availability.