Smartworks FY26 Revenue Up 31% to ₹1,796 Cr; Normalised EBITDA Rises 75% to ₹314 Cr.
Smartworks reported record FY26 results with revenue up 31% to ₹1,796 Cr and Normalised EBITDA up 75% to ₹314 Cr. The company achieved its first full year of PAT profitability at ₹11 Cr and its ROCE doubled to 16%. Smartworks also became the first listed flex workspace platform to cross 10 million sq ft.
The announcement details strong financial performance with substantial year-on-year growth in key metrics like revenue and EBITDA, alongside significant operational achievements and improved profitability. This indicates a material positive development for the company.
The company has reported significant year-on-year growth in revenue, EBITDA, and profitability, along with operational milestones like crossing 10 million sq ft of operational area and achieving net-debt-negative status. These strong financial and operational results indicate a positive performance.
Smartworks Coworking Spaces Limited has announced its audited financial results for the fourth quarter and full financial year ended March 31, 2026. For the full year FY26, the company reported a revenue from operations of ₹1,796 crore, a 31% increase year-on-year. Normalised EBITDA grew by 75% to ₹314 crore, with the margin expanding by 440 basis points to 17.5%. Normalised Operating Cash Flow was ₹356 crore, resulting in an OCF-to-EBITDA ratio of 1.1x. The annualised ROCE more than doubled to 16%, an increase of 870 basis points from FY25. Reported Profit After Tax (PAT) stood at ₹11 crore, marking the company's first full year of profitability compared to a loss of ₹63 crore in FY25. The company ended FY26 with a net-debt-negative position of ₹56 crore, having reduced its gross debt by over 50% since its IPO in July 2025. The cost of borrowing decreased to below 9%, with a two-notch upgrade in CARE rating to A (Stable).
In the fourth quarter of FY26, revenue from operations was ₹520 crore, up 45% year-on-year and 10% quarter-on-quarter, marking the strongest quarter in the company's history. Normalised EBITDA for Q4 FY26 was ₹99 crore, up 71% year-on-year, with a margin of 19.0%. Normalised Operating Cash Flow was ₹108 crore, with an OCF-to-EBITDA ratio of 1.1x. Annualised ROCE stood at 21.5%, and annualised Cash ROCE was 49%. Reported PAT for Q4 FY26 was ₹17 crore, the second consecutive quarter of reported profitability.
Operationally, Smartworks became the first listed flex workspace platform in India to cross 10 million square feet of operational area. The total footprint, including Letters of Intent (LOIs), reached 16.1 million sq ft across 66 centres in 15 cities. Mature centre occupancy was 89%, with committed mature occupancy at 93%. The company serves over 770 enterprise clients, with 90%+ of rental revenue derived from them. Contracted rental revenue is approximately ₹5,200 crore+, with about 82.5% of FY27 revenue already locked in.
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Smartworks Coworking Spaces Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Smartworks Coworking Spaces Limited. Read the original for the full detail.