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Smartworks Coworking Spaces Limited
(SMARTWORKS)
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Rating:50Neutral
Price Target:
₹446.00
▲(3.22% Upside)
Action:Reiterated
Date:10/01/26
The score is held back primarily by high balance-sheet leverage and an expensive valuation (very high P/E). Offsetting factors include solid cash generation and an improvement to positive net income, while technical indicators are mixed/neutral and do not strongly tilt the outlook.
Positive Factors
Recurring Workspace Revenue
Recurring workspace contracts can provide a visible base of monthly revenue while bundled facilities and workplace services deepen customer relationships. Enterprise-focused managed offices also allow Smartworks to monetize multiple services within each location, supporting revenue durability over the next several quarters.
Negative Factors
High Leverage
Very high leverage leaves Smartworks with limited financial flexibility and makes sustained cash generation important for servicing obligations. A highly debt-funded balance sheet can restrict future investment choices and increase the business impact of any weaker operating period.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Workspace Revenue
Recurring workspace contracts can provide a visible base of monthly revenue while bundled facilities and workplace services deepen customer relationships. Enterprise-focused managed offices also allow Smartworks to monetize multiple services within each location, supporting revenue durability over the next several quarters.
Read all positive factors
Smartworks Coworking Spaces Limited (SMARTWORKS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹51.00B
Dividend YieldN/A
Average Volume (3M)1.91K
Price to Earnings (P/E)187.0
Beta (1Y)0.63
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees1,013
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Services
Share Statistics
EPS (TTM)2.38
Shares Outstanding114,381,070
10 Day Avg. Volume1,477
30 Day Avg. Volume1,909
Financial Highlights & Ratios
PEG Ratio-3.30
Price to Book (P/B)7.66
Price to Sales (P/S)2.20
P/FCF Ratio5.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)10.28
Revenue Forecast (FY)₹23.16B
Smartworks Coworking Spaces Limited Business Overview & Revenue Model
Company Description
Headquartered in Gurugram, India, Smartworks Coworking Spaces Ltd. was founded in 2015 as an Indian operator focused on owning, managing, and leasing flexible co-working environments. The company's service portfolio includes fully furnished and se...
How the Company Makes Money
SMARTWORKS primarily makes money by selling workspace-as-a-service: it aggregates office space capacity in commercial buildings and monetizes it by contracting with customers for access to managed workspaces and associated services. Key revenue st...
Smartworks Coworking Spaces Limited Financial Statement Overview
Summary
Income Statement
60
Neutral
Balance Sheet
28
Negative
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.65B | 18.50B | 13.74B | 10.39B | 7.11B | 3.60B |
| Gross Profit | 13.47B | -3.13B | 9.58B | 7.36B | 4.91B | 2.52B |
| EBITDA | 13.17B | 12.09B | 8.93B | 7.33B | 4.53B | 2.39B |
| Net Income | 272.16M | 105.28M | -631.79M | -499.57M | -1.01B | -699.05M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 64.64B | 46.51B | 41.47B | 44.74B | 28.60B |
| Cash, Cash Equivalents and Short-Term Investments | 2.36B | 2.36B | 429.30M | 340.12M | 1.18B | 207.12M |
| Total Debt | 0.00 | 47.78B | 37.37B | 34.36B | 39.13B | 24.67B |
| Total Liabilities | -5.31B | 59.33B | 532.81M | 40.97B | 44.42B | 27.45B |
| Stockholders Equity | 5.31B | 5.31B | 1.08B | 500.07M | 314.66M | 1.14B |
Cash Flow | ||||||
| Free Cash Flow | 3.42B | 7.94B | 6.37B | 4.31B | 2.07B | 721.05M |
| Operating Cash Flow | 5.28B | 11.82B | 9.29B | 6.97B | 5.32B | 2.16B |
| Investing Cash Flow | -3.20B | -5.11B | -32.65M | -1.92B | -3.07B | -946.48M |
| Financing Cash Flow | -1.06B | -5.96B | -6.38B | -5.77B | -1.71B | -1.14B |
Smartworks Coworking Spaces Limited Technical Analysis
Negative
432.10
Price Trends
511.21
Negative
491.39
Negative
462.06
Negative
Market Momentum
-18.17
Positive
30.75
Neutral
16.34
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SMARTWORKS, the sentiment is Negative. The current price of 432.1 is below the 20-day moving average (MA) of 484.01, below the 50-day MA of 511.21, and below the 200-day MA of 462.06, indicating a bearish trend. The MACD of -18.17 indicates Positive momentum. The RSI at 30.75 is Neutral, neither overbought nor oversold. The STOCH value of 16.34 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SMARTWORKS.
Smartworks Coworking Spaces Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | ₹24.26B | 8.26 | ― | ― | 42.05% | 42.32% | |
56 Neutral | ₹33.77B | -35.67 | ― | ― | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ₹51.00B | 187.00 | ― | ― | ― | ― |
* General Sector Average
IN:SMARTWORKS
Smartworks Coworking Spaces Limited
445.90
-128.85
-22.42%
IN:INDIQUBE
Indiqube Spaces Limited
159.30
-61.65
-27.90%
IN:EFCIL
EFC (I) Ltd.
163.95
-130.86
-44.39%
Smartworks Coworking Spaces Limited Corporate Events
Smartworks Adds INR 305 Crore in New Managed Office Deals, Boosting Contracted Revenue Pipeline
Sep 30, 2026
Smartworks has announced new managed office leasing deals with large corporate clients across multiple Indian cities, adding about INR 305 crore in incremental contracted rental revenue over tenures of up to 60 months. These new sign-ups span sect...
Smartworks Closes Trading Window Ahead of September 2026 Results
Sep 23, 2026
Smartworks Coworking Spaces Limited has announced the closure of its trading window from October 1, 2026, in line with SEBI’s Prohibition of Insider Trading Regulations and the company’s internal code of conduct for designated persons ...
Smartworks Convenes 11th AGM, Audit Reports Clear of Adverse Remarks
Sep 22, 2026
Smartworks Coworking Spaces Limited held its 11th Annual General Meeting on September 22, 2026, via video conferencing and other audio-visual means, in compliance with Ministry of Corporate Affairs and SEBI listing regulations. The meeting was dul...
Smartworks Announces Virtual 11th AGM and Publishes Shareholder Notices
Sep 1, 2026
Smartworks Coworking Spaces Limited has informed stock exchanges that it has published newspaper notices announcing its eleventh Annual General Meeting, scheduled for 22 September 2026, which will be conducted exclusively through video conferencin...
Smartworks Publishes FY 2025-26 Business Responsibility and Sustainability Report
Aug 29, 2026
Smartworks Coworking Spaces Limited has released its Business Responsibility and Sustainability Report for the financial year 2025-26, prepared on a consolidated basis covering its wholly owned subsidiaries. The report, which forms part of the com...
Smartworks corrects AGM notice dates, confirms September 22 virtual meeting
Aug 27, 2026
Smartworks Coworking Spaces Limited has issued a clarification to stock exchanges correcting typographical errors in a recent cover letter accompanying newspaper publications for its 11th Annual General Meeting notice. The company confirmed that t...
Smartworks Adds INR 235 Crore in Contracted Rental Revenue on Enterprise Expansion
Aug 24, 2026
Smartworks Coworking Spaces Limited, India’s largest managed office platform by footprint, specialises in flexible, fully managed campuses for enterprise clients in prime urban business districts. With most of its revenue coming from large a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.