Smartworks Coworking Spaces Ltd
SMARTWORKS NSE
Smartworks Coworking Spaces Ltd
ServicesNSE: SMARTWORKS BSE: 544447 Commercial Services & Supplies
Key Fundamentals
MicrocapDiversified ServicesCommercial ServicesMarket Cap
₹5,646 Cr
Volatility
Moderate
P/E Ratio
207.93
EBITDA
₹1,155 Cr
Return on Equity
-58.56%
Debt to Equity
9.02
Book Value
₹46.41
52W High
₹619
52W Low
₹361.5
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Smartworks Coworking Spaces Ltd insights
37 extracted metrics + investor summaries across FY20–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
3- Stock is trading at 10.7 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -23.7% over last 3 years.
Growth Rate
Revenue Growth
27.39% ↗
Net Income Growth
-107.83% ↘
Cash Flow Change
24.92% ↗
ROE
-41.38% ↘
ROCE
-8.45% ↘
EBITDA Margin (Avg.)
-1.42% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 18d agoAI opinion · based on fundamentals
Risk high
Smartworks Coworking Spaces Ltd has a market cap of ₹5,355 Cr and trades at a PE of 193.4x, reflecting a recently profitable company with strong revenue growth of 36% TTM but a historically negative ROE of -24% over 3 years. The company has just turned profitable with last year ROE at 3%, though valuation remains elevated at 10.16x book value.
Bull Case 7
- Strong revenue growth with compounded sales CAGR of 36% over 3 years and 45% over 5 years, indicating rapid business expansion in the coworking segment
- TTM sales growth of 36% demonstrates sustained top-line momentum even at a larger revenue base
- Company has turned profitable with last year ROE improving to 3% from a 3-year average of -24%, signaling an inflection point in profitability
- Compounded profit growth of 163% TTM shows significant operating leverage kicking in as the business scales
- Company is expected to deliver a good upcoming quarter based on known operational indicators
- 5-year compounded profit growth of 17% shows a long-term trajectory toward sustained earnings despite earlier losses
- Stock has delivered 10% returns over the past 1 year, showing positive price momentum since listing
Bear Case 8
- PE ratio of 193.4x is extremely elevated, implying the stock prices in many years of flawless execution with little margin for error
- 3-year average ROE of -24% and 5-year average ROE of -42% indicate prolonged capital destruction and an unproven track record of generating shareholder returns
- Stock trades at 10.16x book value, a steep premium for a company that has only recently turned profitable
- Low interest coverage ratio suggests debt servicing remains a challenge relative to operating earnings, raising financial risk
- Zero dividend yield with no capital return to shareholders, meaning investors are entirely dependent on price appreciation
- Despite 163% TTM profit growth, the 3-year compounded profit CAGR is only 28%, indicating earnings volatility and inconsistency
- Debt-to-equity ratio is not clearly disclosed, limiting visibility into the company's leverage and balance sheet health
- The coworking sector is cyclical and competitive, and a single year of 3% ROE does not confirm a durable profitability trend after years of -42% 5-year average ROE
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 15d ago Positives 5
- Q1FY26 swings to profit Jul 22
Consolidated net profit of ₹131.48 million in Q1FY26 versus a loss of ₹41.97 million YoY. Revenue from operations rose to ₹5,462.48 million.
- LTTS deal expansion in Pune Jul 20
Added 1,100+ seats for L&T Technology Services in Pune, taking total portfolio beyond 2,750 seats with expected revenue of ~₹115 Cr.
- Jaipur capacity addition Jul 17
Adding ~2,47,000 sq ft in Jaipur for ₹35 Cr investment, to be completed by July 2026 and funded via internal accruals.
- Pune capacity expansion Jul 7
Adding 1,63,942 sq ft in Pune with an investment of ₹25 Cr, strengthening presence in a key market.
- Singapore acquisition via WorkStudio Jul 7
Acquired WorkStudio Spaces Pte. Ltd for 2.47 Million SGD to establish international footprint in Singapore.
Neutral 2
- Likely to beat revenue guidance Jul 23
Management expects to surpass 28-30% revenue growth guidance with a ₹5,400 Cr rental revenue target, supported by phased expansion through FY28-FY29.
- Q1FY27 earnings call scheduled Jul 15
Earnings call set for July 22, 2026 to discuss Q1 FY27 financial performance.
TL;DR: Smartworks is executing well across multiple fronts — turning profitable in Q1FY26, aggressively expanding capacity in Pune and Jaipur, and making its first international move into Singapore. There are no visible headwinds in the current news cycle. The company is likely to beat its own 28-30% revenue growth guidance, and the trend is clearly improving with strong enterprise client wins and a clear path to ₹5,400 Cr rental revenue.
Quarterly Results
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 313 | 350 | 352 | 358 | 379 | 425 | 472 | 520 | 546 |
| Expenses | 121 | 136 | 134 | 126 | 138 | 155 | 167 | 181 | 200 |
| Operating Profit | 192 | 214 | 218 | 232 | 241 | 270 | 306 | 338 | 346 |
| OPM % | 61% | 61% | 62% | 65% | 64% | 64% | 65% | 65% | 63% |
| Other Income | 10 | 10 | 12 | 4 | 9 | 16 | 16 | 13 | 13 |
| Interest | 86 | 86 | 85 | 80 | 81 | 93 | 97 | 95 | 96 |
| Depreciation | 147 | 160 | 167 | 161 | 174 | 198 | 223 | 234 | 246 |
| PBT | -31 | -21 | -22 | -5 | -6 | -4 | 2 | 22 | 18 |
| Tax % | -26% | -25% | -28% | 68% | -25% | -28% | 21% | 25% | 25% |
| Net Profit | -23 | -16 | -16 | -8 | -4 | -3 | 1 | 17 | 13 |
| EPS in Rs | -2.78 | -1.89 | -1.55 | -0.8 | -0.41 | -0.27 | 0.11 | 1.45 | 1.15 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 254 | 280 | 360 | 711 | 1,039 | 1,374 | 1,796 | 1,963 |
| Expenses | 119 | 113 | 154 | 287 | 380 | 517 | 641 | 703 |
| Operating Profit | 135 | 166 | 206 | 424 | 660 | 857 | 1,155 | 1,260 |
| OPM % | 53% | 59% | 57% | 60% | 63% | 62% | 64% | 64% |
| Other Income | 8 | 30 | 34 | 33 | 74 | 36 | 54 | 59 |
| Interest | 70 | 97 | 122 | 237 | 328 | 336 | 366 | 381 |
| Depreciation | 103 | 172 | 212 | 356 | 473 | 636 | 829 | 901 |
| PBT | -31 | -72 | -94 | -136 | -68 | -79 | 14 | 37 |
| Tax % | -28% | -25% | -26% | -26% | -26% | -20% | 24% | — |
| Net Profit | -22 | -54 | -70 | -101 | -50 | -63 | 11 | 28 |
| EPS in Rs | -2.9 | -7.02 | -9.05 | -13.01 | -6.32 | -6.12 | 0.92 | 2.44 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 77 | 77 | 77 | 78 | 79 | 103 | 114 |
| Reserves | 161 | 107 | 37 | -46 | -29 | 5 | 416 |
| Borrowings | 61 | 134 | 248 | 3,913 | 3,436 | 3,737 | 4,778 |
| Other Liabilities | 1,060 | 1,175 | 2,498 | 529 | 661 | 806 | 1,155 |
| Total Liabilities | 1,359 | 1,494 | 2,860 | 4,474 | 4,147 | 4,651 | 6,464 |
| Fixed Assets | 1,066 | 1,174 | 2,328 | 3,724 | 3,412 | 3,780 | 5,238 |
| CWIP | 21 | 13 | 89 | 52 | 72 | 139 | 56 |
| Investments | 114 | 0 | 0 | 0 | 11 | 11 | 2 |
| Other Assets | 158 | 307 | 442 | 697 | 652 | 721 | 1,168 |
| Total Assets | 1,359 | 1,494 | 2,860 | 4,474 | 4,147 | 4,651 | 6,464 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | 114 | 153 | 216 | 532 | 743 | 929 | 1,197 |
| Investing | -219 | -41 | -95 | -307 | -192 | -276 | -501 |
| Financing | 113 | -161 | -109 | -171 | -577 | -638 | -621 |
| Net Cash Flow | 9 | -50 | 13 | 55 | -26 | 15 | 75 |
| Free Cash Flow | 8 | 86 | 105 | 235 | 480 | 638 | 810 |
| CFO/OP | 90 | 89 | 107 | 126 | 116 | 105 | 105 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 6 | 9 | 10 | 7 | 5 | 7 | 8 |
| Cash Conversion Cycle | 6 | 9 | 10 | 7 | 5 | 7 | 8 |
| Working Capital Days | -200 | -322 | -391 | -326 | -267 | -274 | -233 |
| ROCE % | — | 8% | 8% | 5% | 7% | 7% | 8% |
Documents
1
Announcement under Regulation 30 (LODR)-Investor Presentation
30 Apr - Disclosure under Regulation 30 read with Schedule III of the Securities Exchange Board of India (LODR) Regulations, 2015 - Presentation on the Audited (Standalone & … 30 Apr - Disclosure under Regulation 30 read with Schedule III of the Securities Exchange Board of India (LODR) Regulations, 2015 - Presentation on the Audited (Standalone & …
2
Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015- Shareholders' Letter Dated April 30, 2026
30 Apr - FY26 shareholder letter: revenue Rs1,796 Cr, EBITDA Rs314 Cr, PAT Rs10 Cr, 10.1 Msf operational. 30 Apr - FY26 shareholder letter: revenue Rs1,796 Cr, EBITDA Rs314 Cr, PAT Rs10 Cr, 10.1 Msf operational.
3
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
30 Apr - CARE’s Q4FY26 IPO monitoring report found no deviation; Smartworks used Rs 304.78 crore of Rs 445 crore issue proceeds. 30 Apr - CARE’s Q4FY26 IPO monitoring report found no deviation; Smartworks used Rs 304.78 crore of Rs 445 crore issue proceeds.
4
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
30 Apr - Audio recording of April 30, 2026 analyst meet on FY26 audited results uploaded. 30 Apr - Audio recording of April 30, 2026 analyst meet on FY26 audited results uploaded.
5
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
6 May - Transcript of analyst meet on audited Q4 and FY2026 financial results uploaded. 6 May - Transcript of analyst meet on audited Q4 and FY2026 financial results uploaded.
Frequently Asked Questions about Smartworks Coworking Spaces Ltd
What does Smartworks Coworking Spaces Ltd do?
Incorporated in 2015, Smartworks Coworking Spaces Limited is engaged in the business of customized managed workspace solutions, offering fully serviced, tech-enabled office environments.[1]
Where is Smartworks Coworking Spaces Ltd (SMARTWORKS) listed?
Smartworks Coworking Spaces Ltd is listed on the Indian stock exchanges. It is listed on NSE: SMARTWORKS and BSE: 544447. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Smartworks Coworking Spaces Ltd belong to?
Smartworks Coworking Spaces Ltd operates in the Services sector within the Commercial Services & Supplies industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Smartworks Coworking Spaces Ltd?
Smartworks Coworking Spaces Ltd has a market capitalisation of approximately ₹5645.69 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Smartworks Coworking Spaces Ltd?
The Price-to-Earnings (PE) ratio of Smartworks Coworking Spaces Ltd is 207.93. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Smartworks Coworking Spaces Ltd?
Over the past 52 weeks, Smartworks Coworking Spaces Ltd has traded between a low of ₹361.5 and a high of ₹619. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Smartworks Coworking Spaces Ltd?
Smartworks Coworking Spaces Ltd has a Return on Equity (ROE) of -58.56%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Smartworks Coworking Spaces Ltd on Tapetide?
On Tapetide, you can view Smartworks Coworking Spaces Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Incorporated in 2015, Smartworks Coworking Spaces Limited is engaged in the business of customized managed workspace solutions, offering fully serviced, tech-enabled office environments.[1]