Smartworks Coworking Spaces reported its highest-ever quarterly revenue at ₹520 crore in Q4 FY26, up 45% year-on-year, underscoring resilient demand for managed offices from large enterprises. The company remained profitable for a second straight quarter, recording a net profit of ₹16.62 crore, and posted its first full-year profit of ₹11 crore in FY26.
Driven by an enterprise-first strategy, more than 90% of Smartworks’ revenue now comes from multinational and large corporate clients. The operator has scaled to over 10 million sq ft across 66 centres in 15 cities, offering more than 2,03,000 seats—placing it among India’s largest flexible workspace providers.
Enterprise deals and expansion momentum
Growth continues to be anchored by large corporate mandates. The company recently expanded an engagement with a Forbes Global 2000 client, adding over 1,150 seats and taking the relationship to 5,000-plus seats across Bengaluru, Kolkata, Hyderabad and Mumbai. The latest tranche is expected to generate rental revenue of over ₹155 crore.
Smartworks has also tied up with the Hiranandani Group to develop a large-scale flexible workspace campus in Vikhroli, Mumbai—positioned to be among the world’s largest in the segment. To support multinational entrants, the firm launched SmartVantage, a programme that enables foreign companies to establish India offices within six to eight weeks, leveraging an asset-light model that converts leased core-and-shell spaces into turnkey offices at speed.
Financial gains alongside caution
For the full year, revenue rose 31% to ₹1,796 crore, with management indicating improvements in the balance sheet and a lower debt burden. The company also highlighted a contracted revenue pipeline exceeding ₹5,200 crore, offering medium-term visibility.
Analysts, however, remain selective. The stock has softened in recent months amid concerns over valuation, return metrics and leverage. The concentration risk from a predominantly enterprise client base persists, as the loss of a few large accounts could weigh on occupancy and cash flows. Sustaining growth while tightening risk controls will be central as Smartworks scales its national footprint.
