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Smartworks Coworking - Enterprise Focused Flex Office Player Nearing Operating Inflection

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Garvit Bhandari

Founder, CEO

Equity Bottom-Up

Smartworks Coworking Spaces / Equity Bottom-Up

Smartworks Coworking Spaces (SMARTWOR IN)

<ul>
<li>Smartworks delivered its fifth straight sequential step-up: Q1 FY27 revenue INR 546cr (+44% YoY), normalised EBITDA margin 19.6%, normalised PAT INR 39cr, with 87% of FY27 revenue already contracted.</li>
<li>Structural tailwinds remain supportive. Flex is now India's #1 office occupier at 27% of Q2 leasing, consolidating toward scale players, with GCC and AI demand expanding</li>
<li>Two things to monitor. Seat retention fell to 74% (management calls it proactive re-leasing) and FCF turned negative INR 56cr as growth capex stepped up 66% YoY.</li>
</ul>


Smartworks delivered its fifth straight sequential step-up: Q1 FY27 revenue INR 546cr (+44% YoY), normalised EBITDA margin 19.6%, normalised PAT INR 39cr, with 87% of FY27 revenue already contracted.
Structural tailwinds remain supportive. Flex is now India's #1 office occupier at 27% of Q2 leasing, consolidating toward scale players, with GCC and AI demand expanding
Two things to monitor. Seat retention fell to 74% (management calls it proactive re-leasing) and FCF turned negative INR 56cr as growth capex stepped up 66% YoY.


Smartworks Coworking: Q1 FY27 - The Compounding Thesis Continues, but Retention Warrants Scrutiny