Smartworks Q2 FY27 Revenue Surges 39% to ₹591 Crore, FY27 Guidance Raised
Smartworks reported Q2 FY27 revenue of ₹591 crore, up 39% YoY. Normalised EBITDA rose 68% to ₹117 crore. The company raised its FY27 revenue growth guidance to 33%-35%. Contracted revenue stands at ₹5,800 crore. Expansion continues with 17.5 million sq ft platform across 71 centers.
The substantial revenue growth, increased financial guidance, and expansion plans are material positive developments for the company and its stakeholders, indicating a significant impact on its financial outlook and market position.
The company reported strong year-on-year growth in revenue and EBITDA, raised its financial guidance, and highlighted significant expansion and strong contracted revenue, indicating positive business performance.
Smartworks Coworking Spaces Limited announced its financial results for the quarter and half-year ended September 30, 2026. The company reported a revenue from operations of ₹591 crore, marking a significant year-on-year increase of 39% and a 8% sequential growth, marking its sixth consecutive quarter of such growth.
Normalised EBITDA stood at ₹117 crore, a 68% year-on-year increase, with margins improving by 340 basis points to 19.8%. Normalised Profit After Tax (PAT) grew by 136% year-on-year to ₹43 crore. The company's contracted revenue is approximately ₹5,800 crore, demonstrating strong revenue visibility. Based on this performance, Smartworks has raised its revenue growth guidance for FY27 to 33%-35% from the earlier 28%-30%.
The company's operational platform has expanded to 17.5 million square feet across 71 centers, with 10.9 million square feet already operational. Two major campuses, Eastside in Pune and East Bridge in Mumbai, are slated to go live in the second half of the fiscal year, both commencing with healthy pre-commitments.
Large enterprises now constitute 91% of the company's rental revenue, with over 35 clients occupying more than 1,000 seats each. The company's Smart Vantage program aims to provide a comprehensive solution for GCCs setting up in India. In Singapore, Smartworks operates 4 centers with approximately 1,600 seats at around 86% committed occupancy.
For the first half of FY27, revenue grew by 41% year-on-year, and normalised EBITDA was 19.7%. The company has deployed approximately ₹307 crore in capex during the first half, with a total capex guidance of ₹550 crore to ₹600 crore for the full year. Normalised operating cash flow was ₹107 crore for the quarter and ₹202 crore for the first half. Overall occupancy was around 81%, with committed occupancy at 86%. The company anticipates that its free cash flow will turn positive in the coming quarters as its mature base approaches 13 million square feet.
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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.