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Supply-demand imbalance in micro markets
View Risks →Smartworks Coworking Spaces Ltd — Q4 FY26
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.
bullish
high
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2-Minute Summary
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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.
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Operational Area
10.1M sq ft
+24% YoY
Crossed 10 million sq ft operational milestone; total footprint 16.1M sq ft.
Contracted Rental Revenue
₹5,200 Cr
N/A
Signed annuity-like contracts with avg tenure >44 months, locking 82.5% of FY27 revenue.
Seat Retention
88%
N/A
High retention reflects enterprise stickiness and multi-city expansion.
GCC Revenue Share
15%
+8pp YoY
GCC revenue doubled from 7% to 15% of rental revenue; expected to double again.
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Guidance and risk preview
Revenue growth anchored on 82.5% already locked in via signed contracts.
Rapid supply addition could lead to oversupply in certain micro markets, pressuring occupancy and pricing.
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