Awfis FY26: Revenue scales, premium supply deepens, GCC engine strengthens

Revenue from operations was INR 410 crore in Q4 FY26 and INR 1,493 crore in FY26 (consolidated, as presented).

FY26 co-working space on rent and allied services revenue was INR 1,237 crore and construction and fit-out projects revenue was INR 257 crore.

Operating EBITDA was INR 550 crore in FY26 with an operating EBITDA margin of 36.8% (reported).

Mature centres occupancy was reported at 84% and blended occupancy at 76% as of March 2026. Management clarified occupancy is calculated on operational seats (around 157,000 seats).

Management stated Awfis serves 100+ unique GCC clients across 9 cities and GCCs contribute around 23% of rental revenue.

Management described Partial MO as a model where Awfis signs a new property and has about 40% to 60% of seats already anchored by an enterprise or GCC client at signing, with the balance filled through coworking to improve day-1 economics and reduce ramp risk.

Management guided FY27 co-working and allied segment revenue growth of 25% to 27% and Awfis Transform growth of 22% to 25% over FY26 levels (corrected ranges stated on the call).