Smartworks Coworking Spaces
- P/E
- 199.84
Key Fundamentals
MicrocapCommercial ServicesServicesPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 8.29%
- Debt to Equity
- 9.02
- EPS (TTM)
- ₹2.44
- Book Value
- ₹49.92
- Market Cap
- —
- P/E (TTM)
- 199.84
- P/B
- 9.77
- ROE
- 3.14%
- Dividend Yield
- 0.00%
- EBITDA
- ₹1,209 Cr
- 52W High
- ₹613.00
- 52W Low
- ₹361.50
- Day Range
- ₹478.00 – ₹491.00
- Volume
- 1,24,264
Peer Comparison
Services › Commercial Services › Diversified Services › Diversified Commercial Services
| ₹402.00 | 28.49 | ₹17,550 Cr | 9.92 | 0.63% | 55.80% | 69.20% | ₹1,363 Cr | ₹611 Cr | |
| ₹680.50 | 111.74 | ₹9,206 Cr | 27.76 | 0.00% | 27.90% | 12.60% | ₹2,578 Cr | ₹82 Cr | |
| ₹1,040.40 | 17.60 | ₹7,372 Cr | 2.33 | 0.68% | 14.80% | 18.50% | ₹951 Cr | ₹417 Cr | |
| ₹31.28 | 16.82 | ₹7,118 Cr | 2.05 | 0.00% | 23.10% | 16.20% | ₹1,101 Cr | ₹488 Cr | |
| ₹633.50 | 15.99 | ₹5,724 Cr | 12.18 | 4.72% | 83.80% | 30.80% | ₹674 Cr | ₹357 Cr | |
| Smartworks Coworking Spaces (this company) | ₹487.60 | 199.84 | ₹5,569 Cr | 9.77 | 0.00% | 3.14% | 8.29% | ₹1,963 Cr | ₹28 Cr |
| ₹116.45 | 22.39 | ₹5,030 Cr | 3.40 | 0.00% | 9.82% | 9.21% | ₹821 Cr | ₹75 Cr | |
| Median 7 companies | ₹487.60 | 22.39 | ₹7,118 Cr | 9.77 | 0.00% | 23.10% | 16.20% | ₹1,101 Cr | ₹357 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 100/100
Category scores
- Quality
- 68
- Strong
- Returns, margins, earnings quality 22% weight
- Valuation
- 38
- Weak
- Cheap vs sector & own history 24% weight
- Growth
- 74
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 15
- Poor
- Solvency, leverage, coverage 9% weight
- Momentum
- 68
- Strong
- Trend strength, vol-adjusted 12% weight
- Ownership
- 52
- Average
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
3- Stock is trading at 9.98 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -23.8% over last 3 years.
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Bullish | 4 | 6 | 9 |
| Oscillators | Bullish | 1 | 6 | 2 |
| Moving Averages | Strong Bullish | 3 | 0 | 7 |
Oscillators
Bullish
Overall
Bullish
Moving Averages
Strong Bullish
Key readings
- RSI (14)
- 52.08
- Neutral
- MACD (12,26,9)
- −6.36
- Bullish
- SMA (50)
- 507.41
- Bearish
- SMA (200)
- 461.73
- Bullish
As of
Analyst Rating
6 of 7 analysts rate Buy, 1 Hold, 0 Sell.
As of
Growth Rate
From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 5Y | +45.02% |
|---|---|
| 3Y | +36.19% |
| 1Y | +30.71% |
| TTM | +36.41% |
Net profit
| 5Y | Turned to profit |
|---|---|
| 3Y | Turned to profit |
| 1Y | Turned to profit |
| TTM | Turned to profit |
Operating cash flow
| 5Y | +50.90% |
|---|---|
| 3Y | +31.04% |
| 1Y | +28.85% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 5Y | +5.02 pp |
|---|---|
| 3Y | +4.68 pp |
| 1Y | +1.94 pp |
| TTM | +1.30 pp |
Revenue by year
| Mar 2020 | ₹254 Cr |
|---|---|
| Mar 2021 | ₹280 Cr |
| Mar 2022 | ₹360 Cr |
| Mar 2023 | ₹711 Cr |
| Mar 2024 | ₹1,039 Cr |
| Mar 2025 | ₹1,374 Cr |
| Mar 2026 | ₹1,796 Cr |
Net profit by year
| Mar 2020 | −₹22.00 Cr |
|---|---|
| Mar 2021 | −₹54.00 Cr |
| Mar 2022 | −₹70.00 Cr |
| Mar 2023 | −₹101 Cr |
| Mar 2024 | −₹50.00 Cr |
| Mar 2025 | −₹63.00 Cr |
| Mar 2026 | ₹11.00 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
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.
- 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
- 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
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.
- 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.
- 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.
Quarterly Results
₹ Cr| Particulars | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 313 | 350 | 352 | 358 | 379 | 425 | 472 | 520 | 546 | 591 |
| Expenses | 121 | 136 | 134 | 126 | 138 | 155 | 167 | 181 | 200 | 214 |
| Operating Profit | 192 | 214 | 218 | 232 | 241 | 270 | 306 | 338 | 346 | 378 |
| OPM % | 61% | 61% | 62% | 65% | 64% | 64% | 65% | 65% | 63% | 64% |
| Other Income | 10 | 10 | 12 | 4 | 9 | 16 | 16 | 13 | 13 | 14 |
| Interest | 86 | 86 | 85 | 80 | 81 | 93 | 97 | 95 | 96 | 98 |
| Depreciation | 147 | 160 | 167 | 161 | 174 | 198 | 223 | 234 | 246 | 259 |
| PBT | −31 | −21 | −22 | −5 | −6 | −4 | 2 | 22 | 18 | 35 |
| Tax % | −26% | −25% | −28% | 68% | −25% | −28% | 21% | 25% | 25% | 26% |
| Net Profit | −23 | −16 | −16 | −8 | −4 | −3 | 1 | 17 | 13 | 26 |
| EPS (₹) | −2.78 | −1.89 | −1.55 | −0.8 | −0.41 | −0.27 | 0.11 | 1.45 | 1.15 | — |
Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.
Profit & Loss
₹ Cr| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 254 | 280 | 360 | 711 | 1,039 | 1,374 | 1,796 | 1,963 |
| Expenses | 119 | 113 | 154 | 287 | 380 | 517 | 640 | 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 (₹) | −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% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 5,236 |
| CWIP | 21 | 13 | 89 | 52 | 72 | 139 | 58 |
| 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 |
Cash Flow
₹ Cr| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | 114 | 153 | 216 | 532 | 743 | 929 | 1,197 |
| Investing | −219 | −41 | −95 | −307 | −192 | −276 | −499 |
| Financing | 113 | −161 | −109 | −171 | −577 | −638 | −621 |
| Net Cash Flow | 9 | −50 | 13 | 55 | −26 | 15 | 77 |
| Free Cash Flow | 8 | 86 | 105 | 235 | 480 | 638 | 810 |
| CFO/EBITDA | 90 | 89 | 107 | 126 | 116 | 105 | 105 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Smartworks Coworking Spaces insights
53 extracted metrics across FY20–FY27.
Documents
- Q1 FY27 concall · Jul 2026Transcript PPT
- Concall · May 2026PPT
- Concall · Apr 2026PPT
- Q3 FY26 concall · Feb 2026Transcript PPT Recording
- 28 May 2026
- 21 Nov 2025
- 6 Nov 2025
- 3 Jan 2025
- 11 Dec 2024
- General announcements 30 Oct 2026
Frequently Asked Questions about Smartworks Coworking Spaces
What does Smartworks Coworking Spaces Ltd do?
Where is Smartworks Coworking Spaces Ltd (SMARTWORKS) listed?
Which sector does Smartworks Coworking Spaces Ltd belong to?
What is the PE ratio of Smartworks Coworking Spaces Ltd?
What is the 52-week high and low of Smartworks Coworking Spaces Ltd?
What is the Return on Equity (ROE) of Smartworks Coworking Spaces Ltd?
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.
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