Smartworks Coworking Spaces Ltd

SMARTWORKS

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Market Cap

₹ 5,454 Cr

P/E

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

LOW RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Smartworks Coworking Spaces Limited is a leading developer of fully serviced office spaces across India. It provides modern amenities and design solutions tailored for large enterprises and GCCs.

The company has rapidly expanded its footprint, now managing 12.7 million square feet across 14 key Indian cities, leveraging strategic partnerships with top developers.

It maintains a strong revenue stream primarily from long-term enterprise clients, ensuring predictable cash flows and high occupancy rates.

Smartworks focuses on innovative offerings like 'SmartVantage', targeting GCCs by providing end-to-end solutions beyond office spaces.

The company has achieved a significant milestone by partnering with Hiranandani for the Eastbridge development, touted as the largest flexible workspace campus globally.

Sector

Realty

Industry

Construction - Factories / Offices / Commercial

Market Cap

5,454 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

35.8

PEG Ratio

—

P/B Ratio

10.7

52W High

618.30

52W Low

393.35

Sales CAGR

32.20%

54.94%

39.50%

10Y

—

Profit CAGR

-26.46%

—

10Y

—

ROE

TTM

-6.22%

-113.11%

-69.38%

10Y

—

ROCE

TTM

5.76%

5.99%

4.82%

10Y

—

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

No. of Analysts

7

1Y Price Target

645.66 ▲ 36.53%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Nov 14, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RUSTOMJEE	535.00	6,749 Cr	65.60	2.42	0.28	3.68	5.04	1.76
DBREALTY	120.70	6,508 Cr	—	1.61	0.00	-0.09	1.54	0.42
AHLUCONT	969.20	6,492 Cr	24.72	3.37	0.06	13.65	16.45	6.66
SUNTECK	403.80	5,904 Cr	33.67	1.77	0.37	5.26	7.20	2.01
PURVA	240.95	5,702 Cr	—	3.52	0.00	-17.77	4.06	-1.91
SMARTWORKS	481.50	5,454 Cr	—	10.71	0.00	-6.22	5.76	-0.54
TARC	150.80	4,421 Cr	—	4.09	0.00	-8.76	-0.32	-2.08

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025
Sales	313	350	358	379	425
Expenses	121	136	126	138	155
Operating Profit	192	214	232	241	270
OPM %	61.29	61.22	64.84	63.56	63.59
Other Income	9.73	10	3.62	8.78	16
Interest	86	86	80	81	93
Depreciation	147	160	161	174	198
Profit Before Tax	-31	-21	-4.95	-5.57	-4.39
Tax %	26.04	24.99	-67.68	24.60	28.47
Net Profit	-23	-16	-8.30	-4.20	-3.14
EPS in Rs	—	—	—	-0.41	-0.27

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	254	280	360	711	1,039	1,374
Expenses	119	113	154	287	380	517
Operating Profit	135	166	206	424	660	857
OPM %	53.10	59.45	57.23	59.60	63.47	62.39
Other Income	7.52	30	34	33	74	36
Interest	70	97	122	237	328	336
Depreciation	103	172	212	356	473	636
Profit Before Tax	-31	-72	-94	-136	-68	-79
Tax %	27.70	25.28	25.75	25.82	26.12	20.49
Net Profit	-22	-54	-70	-101	-50	-63
EPS in Rs	—	—	—	—	—	—
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	77	77	77	78	79	—
Reserves	161	107	37	-46	-29	4.69
Borrowings	61	121	248	3,913	3,436	3,737
Other Liabilities	1,060	1,189	2,498	529	661	909
Total Liabilities	1,359	1,494	2,860	4,474	4,147	4,651
Fixed Assets	1,066	1,174	2,328	3,724	3,412	3,780
CWIP	21	13	89	52	72	139
Investments	114	0.00	0.00	0.00	11	11
Other Assets	158	307	442	697	652	721
Total Assets	1,359	1,494	2,860	4,474	4,147	4,651

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-1.08	114	152	216	532	743	929
Cash from Investing Activity	-62	-219	-40	-95	-307	-192	-276
Cash from Financing Activity	62	113	-112	-109	-171	-577	-638
Net Cash Flow	-0.82	8.83	-0.34	13	55	-26	15

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Aug 2024	Jun 2025	Jul 2025	Sep 2025
Promoters	85.43%	58.24%	58.24%	58.18%
FIIs	0.00%	16.50%	16.50%	0.92%
DIIs	14.57%	7.36%	7.36%	9.03%
Public	0.00%	17.89%	17.89%	31.86%
Total Shareholders	73	1,42,977	1,42,977	24,158

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Management Change

6 days ago

Change in Senior Management Personnel Announced

Smartworks Coworking Spaces Limited has announced the resignation of Mr. Gokul Nolambur Rajasekar and the appointment of Mr. Siddharth Banerjee as new Senior Management Personnel.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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Overview

Detailed Summary

Smartworks Coworking Spaces Limited is a leading developer of fully serviced office spaces across India. It provides modern amenities and design solutions tailored for large enterprises and GCCs.

The company has rapidly expanded its footprint, now managing 12.7 million square feet across 14 key Indian cities, leveraging strategic partnerships with top developers.

It maintains a strong revenue stream primarily from long-term enterprise clients, ensuring predictable cash flows and high occupancy rates.

Smartworks focuses on innovative offerings like 'SmartVantage', targeting GCCs by providing end-to-end solutions beyond office spaces.

The company has achieved a significant milestone by partnering with Hiranandani for the Eastbridge development, touted as the largest flexible workspace campus globally.

Sector

Realty

Industry

Construction - Factories / Offices / Commercial

Market Cap

5,454 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

35.8

PEG Ratio

—

P/B Ratio

10.7

52W High

618.30

52W Low

393.35

Sales CAGR

32.20%

54.94%

39.50%

10Y

—

Profit CAGR

-26.46%

—

10Y

—

ROE

TTM

-6.22%

-113.11%

-69.38%

10Y

—

ROCE

TTM

5.76%

5.99%

4.82%

10Y

—