Smartworks Q2 FY27 Revenue Up 39% to ₹591 Cr; FY27 Guidance Raised
Smartworks reported Q2 FY27 revenue of ₹591 crore, up 39% YoY. Normalised EBITDA grew 68% to ₹117 crore, and Normalised PAT more than doubled to ~₹43.4 crore. FY27 revenue growth guidance is raised to 33-35%. Total footprint is ~17.5 million sq. ft. across 71 centres.
The announcement includes significant financial performance metrics, an upward revision of future growth guidance, and operational expansion details, all of which are material to investors and the company's market position.
The company reported strong year-on-year growth in revenue, EBITDA, and profit, exceeding expectations and leading to an upward revision of its full-year revenue growth guidance. Operational highlights and management commentary also reflect positive business momentum.
Smartworks Coworking Spaces Limited announced its Un-Audited (Standalone & Consolidated) Financial Results for the quarter and half year ended September 30, 2026. The company reported a strong Q2 FY27 performance with revenue from operations growing 39% year-on-year to ₹591 crore. This marks the sixth consecutive quarter of sequential revenue growth for Smartworks. Normalised EBITDA increased by 68% year-on-year to ₹117 crore, with margins improving to 19.8%. Normalised profit after tax more than doubled to approximately ₹43.4 crore, a 136% year-on-year increase. Normalised operating cash flow rose 74% year-on-year to ₹107 crore, and annualised normalised ROCE stood at 21.6%. Contracted rental revenue reached approximately ₹5,800 crore, providing strong future revenue visibility.
For the first half of FY27 (H1 FY27), revenue from operations grew 41% year-on-year to ₹1,138 crore. Normalised EBITDA for H1 FY27 was ₹224 crore with a margin of approximately 19.7%, and normalised operating cash flow was ₹202 crore.
Based on this strong performance, Smartworks has revised its FY27 revenue growth guidance upwards to 33–35%, from the previous 28–30%. The company maintained its normalised EBITDA margin guidance of 19–20% and its target of adding 2.5–3 million sq. ft. annually.
Operationally, the total footprint reached approximately 17.5 million sq. ft. across 71 centres, including signed and upcoming properties. The operational footprint increased to approximately 10.9 million sq. ft. Mature centres maintained an occupancy of around 88%, with committed occupancy at approximately 91%. The company's Singapore operations expanded to four centres with around 1,600 seats. Two large managed office campuses, Eastside in Pune and Eastbridge in Mumbai, are scheduled to become operational in the second half of FY27.
Enterprise clients continue to drive growth, contributing approximately 91% of rental revenue. Clients occupying more than 1,000 seats now account for about 41% of rental revenue, and multi-city clients contribute approximately 35%. Global Capability Centres (GCCs) account for about 22% of rental revenue.
Neetish Sarda, Founder & Managing Director, commented that the company is tracking well ahead of its FY27 plan, with growth and profitability compounding at scale. He highlighted the sustained demand from existing clients expanding and new global businesses choosing their platform, reinforcing the strength of their business model. Smartworks is positioned as the only listed flex player with six consecutive quarters of sequential revenue and margin growth.
What to do with a filing like this
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.
That call is the part a filing cannot make for you. On RealCase, SEBI-registered research analysts and investment advisers read announcements like this one and turn the ones that matter into actions inside their model portfolios: a change in weight, a hold, or nothing at all. You are not left working out which of the roughly 250 filings published each day needs a response. The portfolio you follow is updated when a filing actually warrants it, with the reason written down.
See the model portfoliosA plain-language summary of a public exchange filing by Smartworks Coworking Spaces Limited. Read the original for the full detail.