India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Smartworks Coworking Spaces Ltd / Equity Bottom-Up

<ul>
<li>Smartworks, India’s largest managed campus operator, is launching a INR 582.56 crore IPO, combining fresh issue and OFS to fund expansion and reduce debt. </li>
<li>Smartworks shows strong growth in operational metrics and high occupancy underline rising demand, but consistent losses, high debt, and client concentration remain key concerns. </li>
<li>While the industry outlook is robust, the success depends on Smartworks achieving profitability, managing risk, and sustaining client retention in a competitive market.</li>
</ul>


Smartworks, India’s largest managed campus operator, is launching a INR 582.56 crore IPO, combining fresh issue and OFS to fund expansion and reduce debt. 
Smartworks shows strong growth in operational metrics and high occupancy underline rising demand, but consistent losses, high debt, and client concentration remain key concerns. 
While the industry outlook is robust, the success depends on Smartworks achieving profitability, managing risk, and sustaining client retention in a competitive market.


Smartworks Coworking Spaces Ltd. IPO - Should You Sign the Lease?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a>, operating independently, has turned profitable and is preparing for an IPO via an OFS, diverging from its troubled global parent.</li>
<li>The OFS structure, driven by a revenue-sharing model and a focus on enterprise clients, demonstrates strong operational resilience and an asset-light business model.</li>
<li>Investors can re-assess risk and growth potential as WeWork India’s strategic shift, improved governance, and profitability offer a compelling alternative to its global counterpart as well as other competitor.</li>
</ul>



WeWork India Management Ltd (1690124D IN), operating independently, has turned profitable and is preparing for an IPO via an OFS, diverging from its troubled global parent.
The OFS structure, driven by a revenue-sharing model and a focus on enterprise clients, demonstrates strong operational resilience and an asset-light business model.
Investors can re-assess risk and growth potential as WeWork India’s strategic shift, improved governance, and profitability offer a compelling alternative to its global counterpart as well as other competitor.


WeWork India IPO: A Homegrown Success Story Amid Global Turmoil

Smartworks Coworking Spaces Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/smartworks-coworking-spaces-ltd" target="_blank" data-smartkarma-citation="entities:43882:1" rel="noopener">Smartworks Coworking Spaces Ltd (1742134D IN)</a> is looking to raise about US$120m in its India IPO.</li>
<li>It is an office experience and managed campus platform, typically focused on leasing entire/large, bare shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with amenities.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Smartworks Coworking Spaces Ltd (1742134D IN) is looking to raise about US$120m in its India IPO.
It is an office experience and managed campus platform, typically focused on leasing entire/large, bare shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with amenities.
In this note, we talk about the company’s historical performance.


Smartworks Coworking Spaces Pre-IPO - Healthy Revenue Growth Led by Strategic Capacity Expansion

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>In Q1FY25, Awfis Solutions (Awfis) began to deliver on its two main FY25 guidance parameters: 30%+ revenue growth for FY25 and expansion in IGAAP EBITDA margin between 11.5-12%.</li><li>With an overall operational + committed pipeline of 127,726 seats (over 100,000 operational), we expect continued growth ahead.</li><li>We estimate 35% operational seat CAGR, 30% revenue CAGR and 48% IGAAP EBITDA CAGR (EBITDA post lease payments) over FY24-27E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1FY25, Awfis Solutions (Awfis) began to deliver on its two main FY25 guidance parameters: 30%+ revenue growth for FY25 and expansion in IGAAP EBITDA margin between 11.5-12%.With an overall operational + committed pipeline of 127,726 seats (over 100,000 operational), we expect continued growth ahead.We estimate 35% operational seat CAGR, 30% revenue CAGR and 48% IGAAP EBITDA CAGR (EBITDA post lease payments) over FY24-27E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Awfis Space Solutions - Compounding Story on Track

India

Awfis Space Solutions Limited provides flexible workspace solutions. The Company rents furnished office spaces, flex workspaces, and mobility solutions with work desks, private cabins, meeting rooms, food and beverages, information technology support, and infrastructure services. Awfis Space Solutions serves customers in India.

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Awfis Space Solutions (AWFIS IN)

Smartworks Coworking Spaces Ltd. IPO - Should You Sign the Lease?

India's largest managed campus operator, Smartworks, launches a INR 582.56 crore IPO to fund expansion and reduce debt, facing challenges of...

Sudarshan Bhandari

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

WeWork India IPO: A Homegrown Success Story Amid Global Turmoil

WeWork India Management Ltd, operating independently and profitable, prepares for IPO via OFS with strong operational resilience and focus on...

Sudarshan Bhandari

Smartworks Coworking Spaces Pre-IPO - Healthy Revenue Growth Led by Strategic Capacity Expansion

Smartworks Coworking Spaces Limited is looking to raise about US$120m in its India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Awfis Space Solutions - Compounding Story on Track

In Q1FY25, Awfis Solutions (Awfis) began to deliver on its two main FY25 guidance parameters: 30%+ revenue growth for FY25 and expansion in IGAAP...

ICICI Securities Limited

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Smartworks Coworking Spaces Ltd. IPO - Should You Sign the Lease?

​India's largest managed campus operator, Smartworks, launches a INR 582.56 crore IPO to fund expansion and reduce debt, facing challenges of...

Sudarshan Bhandari

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

WeWork India IPO: A Homegrown Success Story Amid Global Turmoil

​WeWork India Management Ltd, operating independently and profitable, prepares for IPO via OFS with strong operational resilience and focus on...

Sudarshan Bhandari

Smartworks Coworking Spaces Pre-IPO - Healthy Revenue Growth Led by Strategic Capacity Expansion

Smartworks Coworking Spaces Limited is looking to raise about US$120m in its India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Awfis Space Solutions - Compounding Story on Track

In Q1FY25, Awfis Solutions (Awfis) began to deliver on its two main FY25 guidance parameters: 30%+ revenue growth for FY25 and expansion in IGAAP...

ICICI Securities Limited

India's largest managed campus operator, Smartworks, launches a INR 582.56 crore IPO to fund expansion and reduce debt, facing challenges of...

WeWork India Management Ltd, operating independently and profitable, prepares for IPO via OFS with strong operational resilience and focus on...