Smartworks Coworking Spaces logo

Smartworks Coworking Spaces

SMARTWORKS NSE

Key Fundamentals

MicrocapDiversified ServicesCommercial Services
Market Cap
₹6,042 Cr
Volatility
Moderate
P/E Ratio
217.52
EBITDA
₹1,155 Cr
Return on Equity
-58.56%
Debt to Equity
9.02
Book Value
₹46.41
52W High
₹619
52W Low
₹361.5

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company is expected to give good quarter

Weaknesses

3
  • Stock is trading at 11.4 times its book value
  • Company has low interest coverage ratio.
  • Company has a low return on equity of -23.7% over last 3 years.

Growth Rate

Revenue Growth
27.39% lower than 3Y
Net Income Growth
-108% lower than 3Y
Cash Flow Change
24.92% lower than 3Y
ROE
-41.38% higher than 3Y
ROCE
-8.45% lower than 3Y
EBITDA Margin (Avg.)
-1.42% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI opinion · based on fundamentals
Risk high

Smartworks Coworking Spaces Ltd has a market cap of ₹5,355 Cr and trades at a PE of 193.4x, reflecting a recently profitable company with strong revenue growth of 36% TTM but a historically negative ROE of -24% over 3 years. The company has just turned profitable with last year ROE at 3%, though valuation remains elevated at 10.16x book value.

Bull Case 7
  • Strong revenue growth with compounded sales CAGR of 36% over 3 years and 45% over 5 years, indicating rapid business expansion in the coworking segment
  • TTM sales growth of 36% demonstrates sustained top-line momentum even at a larger revenue base
  • Company has turned profitable with last year ROE improving to 3% from a 3-year average of -24%, signaling an inflection point in profitability
  • Compounded profit growth of 163% TTM shows significant operating leverage kicking in as the business scales
  • Company is expected to deliver a good upcoming quarter based on known operational indicators
  • 5-year compounded profit growth of 17% shows a long-term trajectory toward sustained earnings despite earlier losses
  • Stock has delivered 10% returns over the past 1 year, showing positive price momentum since listing
Bear Case 8
  • PE ratio of 193.4x is extremely elevated, implying the stock prices in many years of flawless execution with little margin for error
  • 3-year average ROE of -24% and 5-year average ROE of -42% indicate prolonged capital destruction and an unproven track record of generating shareholder returns
  • Stock trades at 10.16x book value, a steep premium for a company that has only recently turned profitable
  • Low interest coverage ratio suggests debt servicing remains a challenge relative to operating earnings, raising financial risk
  • Zero dividend yield with no capital return to shareholders, meaning investors are entirely dependent on price appreciation
  • Despite 163% TTM profit growth, the 3-year compounded profit CAGR is only 28%, indicating earnings volatility and inconsistency
  • Debt-to-equity ratio is not clearly disclosed, limiting visibility into the company's leverage and balance sheet health
  • The coworking sector is cyclical and competitive, and a single year of 3% ROE does not confirm a durable profitability trend after years of -42% 5-year average ROE

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Positives 5
  • Q1FY26 swings to profit Jul 22

    Consolidated net profit of ₹131.48 million in Q1FY26 versus a loss of ₹41.97 million YoY. Revenue from operations rose to ₹5,462.48 million.

  • LTTS deal expansion in Pune Jul 20

    Added 1,100+ seats for L&T Technology Services in Pune, taking total portfolio beyond 2,750 seats with expected revenue of ~₹115 Cr.

  • Jaipur capacity addition Jul 17

    Adding ~2,47,000 sq ft in Jaipur for ₹35 Cr investment, to be completed by July 2026 and funded via internal accruals.

  • Pune capacity expansion Jul 7

    Adding 1,63,942 sq ft in Pune with an investment of ₹25 Cr, strengthening presence in a key market.

  • Singapore acquisition via WorkStudio Jul 7

    Acquired WorkStudio Spaces Pte. Ltd for 2.47 Million SGD to establish international footprint in Singapore.

Neutral 2
  • Likely to beat revenue guidance Jul 23

    Management expects to surpass 28-30% revenue growth guidance with a ₹5,400 Cr rental revenue target, supported by phased expansion through FY28-FY29.

  • Q1FY27 earnings call scheduled Jul 15

    Earnings call set for July 22, 2026 to discuss Q1 FY27 financial performance.

TL;DR: Smartworks is executing well across multiple fronts — turning profitable in Q1FY26, aggressively expanding capacity in Pune and Jaipur, and making its first international move into Singapore. There are no visible headwinds in the current news cycle. The company is likely to beat its own 28-30% revenue growth guidance, and the trend is clearly improving with strong enterprise client wins and a clear path to ₹5,400 Cr rental revenue.

Quarterly Results

Particulars Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
313
350
352
358
379
425
472
520
546
Expenses
121
136
134
126
138
155
167
181
200
Operating Profit
192
214
218
232
241
270
306
338
346
OPM %
61%
61%
62%
65%
64%
64%
65%
65%
63%
Other Income
10
10
12
4
9
16
16
13
13
Interest
86
86
85
80
81
93
97
95
96
Depreciation
147
160
167
161
174
198
223
234
246
PBT
-31
-21
-22
-5
-6
-4
2
22
18
Tax %
-26%
-25%
-28%
68%
-25%
-28%
21%
25%
25%
Net Profit
-23
-16
-16
-8
-4
-3
1
17
13
EPS in Rs
-2.78
-1.89
-1.55
-0.8
-0.41
-0.27
0.11
1.45
1.15
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
254
280
360
711
1,039
1,374
1,796
1,963
Expenses
119
113
154
287
380
517
641
703
Operating Profit
135
166
206
424
660
857
1,155
1,260
OPM %
53%
59%
57%
60%
63%
62%
64%
64%
Other Income
8
30
34
33
74
36
54
59
Interest
70
97
122
237
328
336
366
381
Depreciation
103
172
212
356
473
636
829
901
PBT
-31
-72
-94
-136
-68
-79
14
37
Tax %
-28%
-25%
-26%
-26%
-26%
-20%
24%
—
Net Profit
-22
-54
-70
-101
-50
-63
11
28
EPS in Rs
-2.9
-7.02
-9.05
-13.01
-6.32
-6.12
0.92
2.44
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
77
77
77
78
79
103
114
Reserves
161
107
37
-46
-29
5
416
Borrowings
61
134
248
3,913
3,436
3,737
4,778
Other Liabilities
1,060
1,175
2,498
529
661
806
1,155
Total Liabilities
1,359
1,494
2,860
4,474
4,147
4,651
6,464
Fixed Assets
1,066
1,174
2,328
3,724
3,412
3,780
5,238
CWIP
21
13
89
52
72
139
56
Investments
114
0
0
0
11
11
2
Other Assets
158
307
442
697
652
721
1,168
Total Assets
1,359
1,494
2,860
4,474
4,147
4,651
6,464
Figures in ₹ Crores

Cash Flow

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
114
153
216
532
743
929
1,197
Investing
-219
-41
-95
-307
-192
-276
-501
Financing
113
-161
-109
-171
-577
-638
-621
Net Cash Flow
9
-50
13
55
-26
15
75
Free Cash Flow
8
86
105
235
480
638
810
CFO/OP
90
89
107
126
116
105
105
Figures in ₹ Crores

Ratios

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
6
9
10
7
5
7
8
Cash Conversion Cycle
6
9
10
7
5
7
8
Working Capital Days
-200
-322
-391
-326
-267
-274
-233
ROCE %
—
8%
8%
5%
7%
7%
8%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

FIIs0.28%Promot.58.32%Public7.74%DIIs8.92%Others24.74%As ofJun 2026

Documents

Frequently Asked Questions about Smartworks Coworking Spaces

What does Smartworks Coworking Spaces Ltd do?
Incorporated in 2015, Smartworks Coworking Spaces Limited is engaged in the business of customized managed workspace solutions, offering fully serviced, tech-enabled office environments.[1]
Where is Smartworks Coworking Spaces Ltd (SMARTWORKS) listed?
Smartworks Coworking Spaces Ltd trades as SMARTWORKS on the NSE and under code 544447 on the BSE.
Which sector does Smartworks Coworking Spaces Ltd belong to?
Smartworks Coworking Spaces Ltd is classified under the Services sector, in the Commercial Services & Supplies industry.
What is the market capitalisation of Smartworks Coworking Spaces Ltd?
Smartworks Coworking Spaces Ltd has a market capitalisation of ₹6,042 Cr, which places it in the Mid Cap band.
What is the PE ratio of Smartworks Coworking Spaces Ltd?
Smartworks Coworking Spaces Ltd trades at a PE ratio of 217.52, against a book value of ₹46.41 per share.
What is the 52-week high and low of Smartworks Coworking Spaces Ltd?
Over the last 52 weeks Smartworks Coworking Spaces Ltd has traded between ₹361.5 and ₹619.
What is the Return on Equity (ROE) of Smartworks Coworking Spaces Ltd?
Smartworks Coworking Spaces Ltd reported a return on equity of -58.56%. Its debt-to-equity ratio is 9.02.

Company Information

Incorporated in 2015, Smartworks Coworking Spaces Limited is engaged in the business of customized managed workspace solutions, offering fully serviced, tech-enabled office environments.[1]

Website smartworksoffice.com
Listed 2025-07-17
Face Value ₹ 10
Issued Size 11,42,54,426

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