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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹520 Cr
verified against source
Revenue YoY
31%
reported change
EBITDA
₹314 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Smartworks delivered a strong Q4 FY26, with revenue of ~₹520 crore (+45% YoY) and normalized EBITDA of ~₹99 crore (+71% YoY), exiting at a 19% EBITDA margin. Full-year revenue grew 31% YoY to ~₹1,796 crore, with EBITDA margins expanding 440 bps to 17.5%. The company crossed 10 million sq ft operational and reported its first full year of PAT profitability. Growth was driven by enterprise flex adoption, GCC tailwinds, and larger deal sizes (1,000+ seat cohort now 37% of revenue). Management guided FY27 revenue growth of 28-30%, EBITDA margin of 19-20%, and operational footprint of 12.5-13 million sq ft. Key risk: rapid supply addition could pressure occupancy and margins if demand softens.
Colored figures show movement against the previous available record.
Guidance to track
- Revenue growth anchored on 82.5% already locked in via signed contracts.
- 200-300 bps expansion over FY26 consolidated margin of 17.5%.
- Addition of ~2.5-3 million sq ft operational area during FY27.
- Fresh capex for ~3 million sq ft; self-funded from internal accruals.
Risks flagged
- Rapid supply addition could lead to oversupply in certain micro markets, pressuring occupancy and pricing.
- Steep rental increases in some markets (e.g., Hyderabad, Chennai) may compress margins if not passed on.
- Aggressive expansion by peers could lead to pricing pressure, though management claims 10-15% cost advantage.
- A broad economic downturn could reduce enterprise hiring and space requirements, affecting occupancy.
Key quotes
- We have transitioned from a scaling phase to a cash compounding phase. Our supply is secured. 82.5% revenues locked and the portfolio is maturing in a way that will keep expanding both margins and returns.
- Our margin expansion is structural. It's not pricing. It's largely because a lot of our portfolio has now matured.
- We do not see AI as a headwind. We see it as a tailwind. Offices are essential infrastructure where companies build cultures, mentor talent, run R&D and protect IP.
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