Smartworks Coworking Spaces Limited · NSE:SMARTWORKS
Smartworks Coworking Spaces — Analysts / Institutional Investor Meeting organised by Centrum Broking Ltd. (May 2026)
38 slides from Smartworks Coworking Spaces's conference presentation, May 22, 2026
Slide 1: Regulation 30 disclosure letter to exchanges
Date: May 22, 2026 To, To, National Stock Exchange of India Limited (“NSE”) BSE Limited (“BSE”) Listing Department Listing Department Exchange Plaza, C-1 Block G, Bandra Kurla Corporate Relationship Department Complex Bandra [E], Mumbai – 400051 Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai
Slide 2: Workspaces that work for you
Oe i lig SMARTWORKS a that Work for you | }
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), prepared by Smartworks Coworking Spaces Limited (the “Company”), is furnished solely for informational purposes without regard to any specific investment objectives, financial situations, or informational needs of any par
Slide 4: Smartworks Grew 24% - 3x Faster Than India's Office Market
Smartworks Grew 24% - 3x Faster Than India’s Office Market, And Faster Than Flex Itself Flex is Outgrowing CRE; Smartworks is Outgrowing Flex INDIA OFFICE STOCK FLEX STOCK SMARTWORKS ~1 Bn* 110 Msf* 11 Msf (Leased)* Total market Fastest-growing segment Fastest-growing platform ▲ 8% ▲ 22% ▲ 24% YoY g
Slide 5: From Tactical Fix to Core Portfolio Strategy: Structural Tailwinds Accelerating Flex Adoption
From Tactical Fix to Core Portfolio Strategy: Structural Tailwinds Accelerating Flex Adoption Flex stock to cross 100 Msf by 2027; penetration to surpass 14% Flex is now a core portfolio strategy Flex penetration Flex Stock (msf) 55% → 65% of occupiers with flex by 2027 14% Portfolio share: 5–10% →
Slide 6: Capitalizing on supply scarcity and value-centric pricing
Capitalizing on supply scarcity and value-centric pricing making us the default choice for enterprises and GCCs Market Trend 0.5 from 1.02 Supply to Demand (2025 Vs 2021) 9% 15% Vacancy (2025) YoY Rental Growth 5 Note: Cushman and Wakefield; JLL India (Office Market Dynamics Q4 2025)
Slide 7: Demand Outpaced Supply Since 2022: Projected Gap to Persist Through 2030
Demand Outpaced Supply Since 2022: Projected Gap to Persist Through 2030 India Grade A office: Annual demand vs new supply, top 7 cities (Msf) Demand New supply 2026F 71.5 Demand: 70–75 Msf 67.2 Supply: 60–65 Msf 59.2 56.5 Gap: +5 to +15 Msf 53.7 51.0 50.3 43.0 2030F Demand: 90–100 Msf Supply: 75–85
Slide 8: One Platform Connecting Four Stakeholders And 45-60 Days Go Live For Clients
One Platform Connecting Four Stakeholders And 45-60 Days Go Live For Clients WHO WE PARTNER WITH WHO WE SERVE Non-institutional Landlords Enterprise Clients One stop solution with guaranteed rentals Flexible, Hassle-free offices in just 45 - 60 days Access to assured footfalls & Projects Access t
Slide 9: Multi Vendor Relationships Replaced By One Contract, One SLA, One Invoice
Multi Vendor Relationships Replaced By One Contract, One SLA, One Invoice TRADITIONAL LEASE SMARTWORKS Multiple vendors One-stop solution Fitout IT YOUR COMPANY Design Cleaning Pantry Security YOUR COMPANY ONE RELATIONSHIP AMC Electricity SMARTWORKS Billing Compliance Handles multi-vendors Multiple
Slide 10: Smartworks Integrated Experience Ecosystem
Medical Room IT Support Recreational Zone Creche Gaming Zone Community events & activities Smart Parking Gym Smart Store Smartworks Integrated Experience Ecosystem Smart Café Increases stickiness without Training room operational complexity Utilities Food ordering 24 X 7 secure access Front desk sup
Slide 11: Pan-India Platform With Undisputed Leadership In West and North India
Pan-India Platform With Undisputed Leadership In West and North India TOTAL SBA 16.1 Msf New Delhi Gurugram Noida Jaipur WEST 41% SOUTH 33% 6.5 Msf 5.3 Msf share of total SBA ★ LEADER share of total SBA Indore Kolkata Ahmedabad NORTH 24% EAST 2% Mumbai 3.8 Msf 0.4 Msf Pune Hyderabad share of total S
Slide 12: Pan-India Supply Expansion Reduces Concentration Risk
Pan-India Supply Expansion Reduces Concentration Risk Enables Growth Visibility Total SBA Total SBA Total SBA as Total SBA as on % of Total % of Total City on Mar’25 Mar’26 % Variance SBA SBA (Msf) (Msf) 2.4 Pune 3.7 31% 4.3 27% 16% Total SBA (in Msf) Bengaluru 1.7 15% 3.4 21% 100% 16.1 Gurugram 1.2
Slide 13: Whole campuses, not floors
Whole campuses, not floors — where our economics, operating leverage, and client moat come from from THE STRATEGIC CHOICE THE CAPABILITY Why we take whole buildings How it pays off operationally Less competition for supply Every sq ft optimized Premium amenities at scale Few operators can absorb who
Slide 14: Smartworks Distinct Supply Advantage: Scale, Efficiency, And Strategic Landlord Partnerships
Smartworks Distinct Supply Advantage: Scale, Efficiency, And Strategic Landlord Partnerships ~35% supply from ~65% of portfolio from Non- Institutional Developers “Now leasing Greenfield Supply as well” Institutional Landlords Smartworks Edge Assured, De-risked Income Lease the entire building from
Slide 15: Developer Relationships Unlock Early Access to Large-format Supply
Developer Relationships Unlock Early Access to Large-format Supply Resulting In Superior Unit Economics Area Cohort Total SBA (Msf) Seats Leased SBA from ~35% Institutional 0-150k sq ft 2.1 44K 13% Developers 150-300k sq ft 3.6 79K 22% 65% of total supply is from 300-500k sq ft 4.3 97K 27% more than
Slide 16: Large enterprise clients: the foundation of durable, predictable revenue
Large enterprise clients: the foundation of durable, predictable revenue CREDIT QUALITY OPERATING EFFICIENCY High credibility, no defaults Quick centre ramp-up Enterprise-grade financial track records Larger seat orders fill capacity faster Timely payment, low default exposure Steady-state occupancy
Slide 17: Enterprise-led Demand Delivers High Visibility And Low Volatility Revenues
Enterprise-led Demand Delivers High Visibility And Low Volatility Revenues Large, Multicity Enterprise Clients Rental Revenue ^ Rental Revenue^ Rental Revenue^ (Enterprise Clients) (for 300+ seat) (Multi-city clients) ~90% ~69% ~31% High Rental Visibility Overall Occupancy Rate | Average Client Tenu
Slide 18: Diversified Demand Driven By Non-IT/IES With Low Concentration Risk
Diversified Demand Driven By Non-IT/IES With Low Concentration Risk Diverse Industry Mix Revenue Breakup of ~38K net seats leased in FY26 Industry % Revenue Mix 24% IT, Technology & Software 23% Development 39% FY26 Business Consulting & Rental 33% Professional Services 9% Revenue ~77 % from Enginee
Slide 19: Securing Long-term Revenue With Expanding Deal Sizes And Increased Lock-in Tenures
Securing Long-term Revenue With Expanding Deal Sizes And Increased Lock-in Tenures 1,000+ Seats Cohort Rental Revenue % of rev. contribution of 1,000+ seats cohort 37% 29% Revenue contribution, 1000+ seats (INR Mn) 27% 5,735 17% 12% 3,720 2,619 1,122 417 FY22 FY23 FY24 FY25 FY26 Total tenure 42 46 4
Slide 20: National Infrastructure Partner: Preferred by Large Enterprise Clients
National Infrastructure Partner: Preferred by Large Enterprise Clients Across Sectors, Countries And Stages Continued onboarding of Industry Leaders drives Smartworks’ growth trajectory Financial Institution Consulting Logistics Switzerland’s Largest Financial Tier-1 'Big Four' Powerhouse with a For
Slide 21: Every Technological Wave Has Created Net New Jobs
Every Technological Wave Has Created Net New Jobs INDUSTRY 1.0 INDUSTRY 2.0 INDUSTRY 3.0 INDUSTRY 4.0 INDUSTRY 5.0 1760–1840 1870–1914 1960–2000 2000–2020 2020 & beyond 1 2 3 4 5 DEFINING TECHNOLOGY DEFINING TECHNOLOGY DEFINING TECHNOLOGY DEFINING TECHNOLOGY DEFINING TECHNOLOGY Steam engine, power l
Slide 22: AI Talent in India Is Rising Fast — #2 Globally in Talent Concentration Growth
AI Talent in India Is Rising Fast — #2 Globally in Talent Concentration Growth Rising investments and hiring signal a shift from experimentation to scaled deployment AI JOB POSTINGS IN INDIA WHY THE TALENT BASE IS DEEPENING CY2019 – CY2026P, number of postings ~382K globally in AI talent concentrati
Slide 23: AI Is Reshaping How Teams Work — and Flex Is the Structural Response
AI Is Reshaping How Teams Work — and Flex Is the Structural Response Three converging AI-led shifts point to the same conclusion 1 ~60% 2 ~93% 3 ~45% Workforce composition is shifting Collaboration intensity is rising Headcount predictability is falling Roles are being reshaped or augmented by AI, E
Slide 24: GCCs Represent A Growing Demand Vector, Layered Onto the Core Platform
GCCs Represent A Growing Demand Vector, Layered Onto the Core Platform 2030 GCC Growth Vision 14% $110 Bn 2400 115/year 4.5 Mn CAGR - 2023-2030 GCC market Size Total no. of GCCs in India New GCC set-ups Total Headcount Why does Smartworks have the right to win this space? More Than Office Flexibilit
Slide 25: 16.1 Msf, 89% Mature Occupancy, INR 52,000 Mn Contracted
16.1 Msf, 89% Mature Occupancy, INR 52,000 Mn Contracted – Scale Is Now An Annuity Total Super Built-up Area Operational SBA Net Seats Leased 16.1 Msf 10.1 Msf ~38k (369k Total Seat Capacity) (231k seats Operational) ▲ ~5% QoQ ▲ ~37% YoY ★ First Listed Company to achieve this milestone ▲ ~68% YoY Ce
Slide 26: Operating Leverage Driving Margin Expansion
Operating Leverage Driving Margin Expansion QUARTERLY REVIEW Total Revenue Normalised EBITDA 10% QoQ | 45% YoY 17% QoQ | 71% YoY INR Mn INR Mn | Margin % 17.9% 19.0% 16.1% 16.2% 16.4% 4,721 5,197 3,584 3,792 4,248 987 696 847 579 614 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4F
Slide 27: RoCE Up 2x+; Growth Now Self Sustaining
RoCE Up 2x+; Growth Now Self Sustaining QUARTERLY REVIEW Normalised PBT RoCE 15% QoQ | 153% YoY 210 bps QoQ | 610 bps YoY INR Mn % 466 19.5% 21.5% 404 15.4% 12.7% 13.6% 245 184 175 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 ANNUAL REVIEW Normalised PBT RoCE + ~ 453% YoY +
Slide 28: From Scaling To Compounding: All Returns Converge
From Scaling To Compounding: All Returns Converge RoCE + ~ 870 bps YoY RoCE — what 7.3% → 16% reflects % • Maturity-driven returns: ROCE expands as centres move past payback and operate at 16.0% sustained, high occupancy. 7.3% • Strong incremental economics: Post-breakeven revenue flows disproportio
Slide 29: Modularity And Standardization Driving Disciplined Maintenance Spend
Modularity And Standardization Driving Disciplined Maintenance Spend (INR Mn) Business Performance As on March 31, 2026 Reported Gross Block 22,502 Less: Fitout cost capitalised (6,328) • A modular, standardised build model delivers efficient initial fit-outs and structurally disciplined maintenance
Slide 30: Robust Cash Generation and a Healthy Balance Sheet Fueling Expansion
Robust Cash Generation and a Healthy Balance Sheet Fueling Expansion QUARTER REVIEW OCF to EBITDA (x)* • OCF to EBITDA is our proof point that growth is real and not just on paper 1.3 1.4 • Structurally above 1x — Negative working capital 1.2 1.1 business model 0.9 • Quarterly dips reflect security
Slide 31: Derisked and Insulated Model With Built-in Safeguards Reducing Volatility Across Cycles
Derisked and Insulated Model With Built-in Safeguards Reducing Volatility Across Cycles Asset Liability Mismatch Risk Concentration Risk Cyclical Risk Focus on mid-to-large Typically not leasing > Value Pricing ensures that ✓ enterprises drives longer lock- in periods and client retention ~30% space
Slide 32: Asset Liability Mismatch Eliminated Up to FY 2029
Asset Liability Mismatch Eliminated Up to FY 2029 Committed Committed Lock Committed Lock Area Committed Revenue from In Revenue from in Rental to Key Insights Particulars (Mn sq. ft.) Occupancy (%) Clients Clients Landlords (INR Mn) ( INR Mn) (INR Mn) Mature >2.6 Times 8.9 93% 44,742 29,714 11,453
Slide 33: Transitioned From A Scaling Phase To A Cash-compounding Phase
Transitioned From A Scaling Phase To A Cash-compounding Phase, Where Growth, Margins, Cash Flows and Roce Improve Together Enterprise-led demand creates revenue durability: Long-tenure, multi-city enterprise contracts deliver high 1 visibility, low volatility, and repeat expansion rather than transa
Slide 34: Reported Financial Performance
Reported Financial Performance (INR Mn) Q4'26 Q4'26 FY26 Particulars Q4FY26 Q4FY25 YoY Q3FY26 QoQ FY26 FY25 YoY Growth % Growth % Growth % Revenue from operations 5,197 3,584 45% 4,721 10% 17,958 13,741 31% Revenue from Lease rentals 4,516 3,412 32% 4,059 11% 15,935 12,893 24% Other operating revenu
Slide 35: Normalised Business Performance (1/3)
Normalised Business Performance (1/3) (INR Mn) Q4'26 Q4'26 FY26 Business Performance Q4FY26 Q4FY25 YoY Q3FY26 QoQ FY26 FY25 YoY Growth % Growth % Growth % Revenue from operations (A) 5,197 3,584 45% 4,721 10% 17,958 13,741 31% Reported EBITDA 3,383 2,324 46% 3,056 11% 11,551 8,573 35% Adjustments t
Slide 36: Normalised Business Performance (2/3)
Normalised Business Performance (2/3) (INR Mn) Q4'26 Q4'26 FY26 Business Performance Q4FY26 Q4FY25 YoY Q3FY26 QoQ FY26 FY25 YoY Growth % Growth % Growth % Reported Gross Block 22,502 16,490 20,857 22,502 16,490 Less: Fitout cost capitalised (6,328) (4,373) (5,866) (6,328) (4,373) (Less) / Add : Oth
Slide 37: Normalised Business Performance (3/3)
Normalised Business Performance (3/3) (INR Mn) Q4'26 Q4'26 FY26 Business Performance Q4FY26 Q4FY25 YoY Q3FY26 QoQ FY26 FY25 YoY Growth % Growth % Growth % Reported cash flow operations 3,476 2,482 40% 3,218 8% 11,972 9,285 29% Less: - Interest paid on lease liabilities (858) (697) (837) (3,156) (2,
Slide 38: Company Investor Relations
Company Investor Relations investor_relations@sworks.co.in Mr Diwakar Pingle / Ms Runjhun Jain www.smartworksoffice.com E: diwakar.pingle@in.ey.com / runjhun.jain1@in.ey.com T: +91 9833904971 / +91 9820720993 37