Smartworks Coworking Spaces Ltd (SMARTWORKS) — FY26 Annual Report | 29 August 2026(2 announcements)

The 11th Annual General Meeting of Smartworks Coworking Spaces Ltd was held on September 22, 2026, with shareholders approving key resolutions including the re-appointment of directors, enhancement of borrowing limits under Section 180(1)(a) to INR 800 crore, and approval of a scheme to offset INR 385.62 crore of accumulated losses using the Securities Premium Account. The company reported FY 2025-26 revenue of Rs 17,958.05 million, a 31% YoY growth, with Normalised EBITDA margin expanding 440 bps to 17.5% and RoCE doubling to 16.0%. Client concentration reduced to 20% for top 10 clients, while 37% of revenue came from 1,000+ seat cohort. The board approved a consultancy fee enhancement for Atul Gautam (DIN: 10641036) exceeding statutory limits, requiring special resolution. ESG disclosures highlighted 9.9 MWp solar project, 100% training coverage, and zero fatalities. The company maintains net-debt-negative status with CARE rating upgraded to A (Stable).

Smartworks Coworking Spaces Ltd reported a 31% YoY revenue increase to Rs 17,958.05 million in FY 2025-26, driven by expansion in large enterprise clients and geographic diversification. The company achieved a 440-basis-point EBITDA margin expansion to 17.5% and a 75% YoY growth in Normalised EBITDA to Rs 3,143.97 million. It secured Rs 52,000 million in contracted rental revenue covering 82.5% of FY 2026-27 revenue visibility, with mature portfolio showing 2.6x asset-liability cover. Client concentration reduced to 20% for top 10 clients, and GCC markets now contribute 15% of revenue. The company maintains a net cash position with negative net debt of Rs 561.37 million and a strong credit rating of CARE A (Stable).