Smartworks Coworking Spaces Limited, India’s largest managed office platform by area, has reported a significant financial performance for the fiscal year ending March 31, 2026. The company achieved a 31% increase in revenue, reaching ₹1,796 crore, marking a robust year of growth as a newly listed entity.
In its first financial year as a listed company, Smartworks delivered a strong performance across several financial metrics. The company’s normalised EBITDA surged by 75% to ₹314 crore, with a margin expansion of 440 basis points to 17.5%. Additionally, the company’s normalised operating cash flow exceeded its EBITDA, with an OCF-to-EBITDA ratio of 1.1x.
Smartworks also reported a remarkable improvement in its return on capital employed (ROCE), which more than doubled to 16% from 7.3% in the previous year. The company’s cash ROCE increased to 41% from 35% in FY25. Notably, Smartworks achieved its first full-year profitability with a reported PAT of ₹11 crore, compared to a loss of ₹63 crore in FY25.
The company’s financial health was further strengthened by a reduction in net debt, ending FY26 with a negative net debt of ₹56 crore. This was achieved by reducing gross debt by more than 50% since its IPO, and the cost of borrowing fell below 9%, aided by a two-notch CARE rating upgrade to A (Stable).
For the fourth quarter of FY26, Smartworks recorded its strongest-ever revenue of ₹520 crore, up 45% year-on-year and 10% quarter-on-quarter. The company’s normalised EBITDA for the quarter rose by 71% year-on-year to ₹99 crore, with a margin of 19.0%.
Founder and Managing Director Neetish Sarda highlighted the company’s successful year, noting the achievement of crossing 10 million square feet of operational area and securing ₹5,200 crore in contracted rental revenue. The company enters FY27 with strong forward visibility, having secured 100% of its supply for the year and 75% visibility for FY28.
Smartworks’ operational highlights for Q4 FY26 include a total footprint of 16.1 million square feet across 66 centres in 15 cities, with an operational area of 10.1 million square feet. The company serves over 770 enterprise clients, with more than 90% of rental revenue derived from these clients.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).