Smartworks Coworking Spaces Adds ₹305 Cr in New Client Deals, Taking Fresh Bookings to ₹540 Cr
The Gurugram-based managed office platform Smartworks Coworking Spaces Limited has announced a fresh set of leasing wins with large Indian and global corporates across several sectors. The deals add to a contracted rental base that already runs into thousands of crores and follow another recent announcement involving existing clients. The company's latest financial results for the June quarter and its expansion pipeline offer some further context on how these wins fit into its growth plans, margin goals and near-term targets.
Shares of SmartWorks Coworking Spaces Ltd are trading at Rs. 519.45, up 1.01 percent on Wednesday. The stock touched the intraday high of Rs. 538.65 after opening at Rs. 528.95 before slipping to a low of Rs. 516.55. The company commands a market capitalization of Rs. 5,941.52 crore.
Smartworks signs new corporate clients for office space across several cities
Smartworks Coworking Spaces Limited said on 30 September 2026 that it has signed new leasing engagements with large corporate clients in multiple cities, adding about Rs 305 crore of contracted rental revenue.
The value covers engagements of up to 60 months. The new clients include a technology solutions company backed by a Fortune 500 and Forbes Global 2000 parent, a research and consulting major, a healthcare company, a sportswear and lifestyle brand and a global CXM services provider.
The announcement follows the Rs 235 crore of incremental rental revenue from existing client expansions that the company disclosed earlier, which takes the combined fresh addition to about Rs 540 crore.
Both figures sit on top of the roughly Rs 5,400 crore of contracted rental revenue the company reported as of 30 June 2026. Founder and Managing Director Neetish Sarda said large companies now want speed, flexibility and the freedom to focus capital on their core business, which is why managed workspaces are becoming the default choice.
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What the new deals mean for Smartworks' revenue and balance sheet
The new contracts add roughly Rs 305 crore, about 5.6% of the Rs 5,400 crore contracted rental revenue reported at the end of June. Add the Rs 235 crore from existing clients and the fresh business comes to around Rs 540 crore, close to 10% of that base. Management says the contracted book already covers about 87% of FY27 revenue, and it has reaffirmed guidance of 28–30% revenue growth and a normalised EBITDA margin of 19–20% for the year.
The client list also matters. It spans technology, consulting, healthcare and lifestyle, which fits the company's effort to lean less on IT and ITeS customers, now about 35% of the portfolio.
The headline number still needs careful reading. It is rental revenue spread over engagements of up to 60 months, so it will reach the income statement gradually rather than in one quarter, and the release gives no start dates or yearly split. Fitting out new space also costs money. Capex was Rs 151 crore in Q1, up 66% from a year earlier, and normalised operating cash flow was 0.9 times normalised EBITDA.
On the other side, net debt was only about Rs 5.6 crore, so the balance sheet has room to fund the build-out. One watch point is seat retention, which fell to 74% from 95% a year ago. The company puts that down to planned portfolio rebalancing, but new wins will have to outrun that churn.
Financial Performance
Looking at the quarterly results of Smartworks Coworking Spaces Limited, the company's consolidated revenue from operations increased by 44.0 percent YoY, from Rs 379.21 crore in Q1 FY26 to Rs 546.25 crore in Q1 FY27, and grew by 5.1 percent QoQ from Rs 519.68 crore in Q4 FY26.
In Q1 FY27, the company's consolidated net profit stood at Rs 13.15 crore, compared with a loss of Rs 4.20 crore during the same period last year, so the company has moved from loss to profit. As compared to Q4 FY26, the net profit declined by 20.9 percent from Rs 16.62 crore.
The basic earnings per share stood at Rs 1.15 as against a loss of Rs 0.41 recorded in the same quarter in the previous year, FY2026. In Q4 FY26, basic EPS was Rs 1.45.
Office demand in India is outpacing new supply, and flex space is taking a bigger share
India's office market is growing steadily, and flexible workspace is growing much faster. According to industry data cited in Smartworks' investor presentation, total office stock rose about 6.2% year on year, while flex stock grew 23–25%. Flex operators accounted for roughly 27% of leasing in the April–June 2026 quarter, ahead of technology firms. Demand for Grade-A offices in the top seven cities has stayed above new supply since 2022, and the gap is projected at 5 to 15 million square feet in 2026.
Global capability centres (GCCs) drive an estimated 40–50% of that demand, and large employers increasingly treat flex space as part of their core portfolio. This suits an operator with pre-secured buildings. The risks are a slowdown in corporate hiring or a pullback by GCCs and IT firms, which could soften demand across the sector.
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Company Overview
Smartworks Coworking Spaces Limited is India's largest managed office operator by footprint, running about 16.9 million square feet across 70 centres in 15 cities in India and Singapore. It leases entire buildings from developers and converts them into fully serviced campuses for large enterprises. Clients number over 760, and it has been listed on NSE and BSE since July 2025.