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Smartworks Coworking Spaces Limited
(SMARTWORKS)
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Rating:60Neutral
Price Target:
₹578.00
▲(33.77% Upside)
Action:N/A
Date:07/01/26
The score is driven primarily by mixed financial quality: strong revenue momentum and cash generation are positives, but very high leverage and uneven profitability (including negative gross profit in 2026) are major constraints. Technical trends are supportive with the price above major moving averages, while valuation is hindered by a negative P/E and no dividend yield data.
Positive Factors
Revenue Acceleration
The sharp 2026 revenue acceleration indicates stronger customer demand and improved market penetration. If sustained, higher scale can support better operating leverage and strengthen Smartworks’ position in India’s managed-office market over the next several quarters.
Negative Factors
Very High Leverage
A debt-heavy balance sheet reduces financial flexibility and increases dependence on sustained occupancy, pricing, and cash generation. High leverage can constrain expansion, amplify downside during weaker demand, and leave less capacity to absorb operating or refinancing pressures.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Acceleration
The sharp 2026 revenue acceleration indicates stronger customer demand and improved market penetration. If sustained, higher scale can support better operating leverage and strengthen Smartworks’ position in India’s managed-office market over the next several quarters.
Read all positive factors
Smartworks Coworking Spaces Limited (SMARTWORKS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹60.15B
Dividend YieldN/A
Average Volume (3M)17.49K
Price to Earnings (P/E)223.3
Beta (1Y)0.65
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees651
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-0.33
Shares Outstanding114,262,080
10 Day Avg. Volume40,865
30 Day Avg. Volume17,486
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)10.65
Revenue Forecast (FY)₹23.20B
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 generates revenue by providing managed workspace solutions in properties it operates. Its core revenue stream is recurring rental/license income from customers (often enterprises) for dedicated seats/cabins or customized manag...
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 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 4.14B | 18.50B | 13.74B |
| Gross Profit | 4.14B | -3.13B | 9.58B |
| EBITDA | 2.78B | 12.09B | 8.93B |
| Net Income | -37.96M | 105.28M | -631.79M |
Balance Sheet | |||
| Total Assets | 58.11B | 64.64B | 46.51B |
| Cash, Cash Equivalents and Short-Term Investments | 3.72B | 2.36B | 429.30M |
| Total Debt | 43.82B | 47.78B | 37.37B |
| Total Liabilities | 53.02B | 59.33B | 532.81M |
| Stockholders Equity | 5.09B | 5.31B | 1.08B |
Cash Flow | |||
| Free Cash Flow | 3.42B | 7.94B | 6.37B |
| Operating Cash Flow | 5.28B | 11.82B | 9.29B |
| Investing Cash Flow | -3.20B | -5.11B | -32.65M |
| Financing Cash Flow | -1.06B | -5.96B | -6.38B |
Smartworks Coworking Spaces Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹2.93B | 10.81 | ― | ― | 6.52% | 40.10% | |
64 Neutral | ₹3.18B | 38.57 | ― | 0.20% | 21.59% | -18.38% | |
61 Neutral | ₹2.56B | 8.44 | ― | 2.33% | 8.13% | 28.42% | |
60 Neutral | ₹60.15B | 223.28 | ― | ― | ― | ― | |
56 Neutral | ₹1.64B | 24.54 | ― | ― | 8.51% | 53.11% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
41 Neutral | ₹4.72B | 350.00 | ― | ― | -33.48% | ― |
* General Sector Average
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Smartworks Coworking Spaces Limited Corporate Events
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...
Smartworks Files SEBI-Mandated Monitoring Report on Rs 445 Crore IPO Funds
Jul 22, 2026
Smartworks Coworking Spaces Limited has disclosed that its Monitoring Agency, CARE Ratings Limited, has submitted the latest report on the use of proceeds from the company’s Rs 445 crore initial public offering for the quarter ended June 30,...
Smartworks Expands Pune Capacity to Support Coworking Growth
Jul 7, 2026
Smartworks Coworking Spaces Limited has added 163,942 square feet to its capacity in Pune, expanding its leased portfolio to 13.7 million square feet and operational space to 10.1 million square feet as of March 31, 2026. The company reports an 82...
Smartworks expands Singapore footprint with WorkStudio acquisition
Jul 7, 2026
Smartworks Coworking Spaces Limited has completed the acquisition of Singapore-based WorkStudio Spaces Pte. Ltd. through its wholly owned subsidiary Smartworks Space Pte. Ltd. at a total consideration of 2.47 million SGD, making WorkStudio a step-...
Smartworks Completes Singapore Capacity Addition With WorkStudio Acquisition
Jul 7, 2026
Smartworks Coworking Spaces Limited has informed the Indian stock exchanges that it has completed a planned capacity addition of about 26,000 sq. ft. via its Singapore subsidiary, Smartworks Space Pte. Ltd., through the acquisition of WorkStudio S...
Smartworks Expands Singapore Footprint With Acquisition of Workstudio Spaces
Jul 7, 2026
Smartworks Coworking Spaces Limited, India’s largest managed office platform by total area under management, partners with developers to convert large bare-shell assets into enterprise-grade campuses for mid-to-large corporate clients. The c...
Smartworks bolsters board with high-profile independent directors to reinforce governance
Jun 29, 2026
Smartworks Coworking Spaces Limited has strengthened its board by appointing former SEBI Whole-Time Member Rajeev Krishnamuralilal Agarwal as an Additional Non-Executive and Independent Director. The company has also recommended the appointment of...
Smartworks ramps up Bengaluru footprint with new capacity addition
May 27, 2026
Smartworks Coworking Spaces Limited, a major Indian flexible workspace and coworking operator, reported an existing leased capacity of 13.7 million sq ft and operational capacity of 10.1 million sq ft as of March 31, 2026, with an operational util...
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.