Smartworks Coworking Spaces Limited · NSE:SMARTWORKS
Smartworks Coworking Spaces — Q3 FY26 Earnings Presentation
44 slides from Smartworks Coworking Spaces's earnings presentation, Jan 16, 2026
Slide 1: Exchange filing cover letter: presentation on Q3 FY26 results
Date: January 16, 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, Mum
Slide 2: Workspaces that work for you Q3 FY26
Workspaces that work for you Q3 FY26
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: 3
3
Slide 5: Smartworks – Eastbridge Mumbai
Smartworks – Eastbridge Mumbai
Slide 6: Largest managed office platform: scale achieved with durable occupancy
Largest managed office platform: scale achieved with durable occupancy; platform economics now visible Total 2.6 Msf added during Q3 Total1 | Leased SBA2 Total | Leased Capacity Seats Overall | Committed Occupancy 15.3 Msf | 11.1 Msf 355k | 254k 84% | 92% ~ 20% QoQ | ~ 9% QoQ ~21% QoQ | ~8% QoQ ~300
Slide 7: Robust revenue growth, faster margin expansion; turns Ind AS PAT positive
Robust revenue growth, faster margin expansion; Turns IndAS PAT positive Revenue Normalized EBITDA* 150 bps QoQ improvement in margins INR 4,721 Mn INR 847 Mn |17.9% 11% QoQ | 34% YoY 22% QoQ | 86% YoY First Normalized PBT* Ind AS PAT INR 404 Mn INR 12 Mn 65% QoQ First time IndAS PAT positive Note:
Slide 8: Scale and operating leverage translating into ROCE expansion
Scale and operating leverage translating into ROCE expansion and self-funded growth ROCE* Gross Debt^ | Net Debt^ Cost of Borrowings^^ 20.5% INR 2,327 Mn | INR (418) Mn <9% ~600 bps QoQ | ~1350 bps YoY 180+ bps YoY reduction Gross Block*^ OCF* OCF to EBITDA* INR 14,992 Mn INR 1,009 Mn 1.2x 6% QoQ |
Slide 9: Be Where Works
Beouerworns
Slide 10: Our platform connects landlords, clients, and vendor partners
Our platform connects landlords, clients, and vendor partners with amenity rich campuses delivering experience, speed and predictability at scale WHO WE PARTNER WITH… WHO WE SERVE Non-institutional Landlords Enterprise Clients One stop solution with guaranteed rentals Flexible, Hassle-free offices
Slide 11: 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 Training room Smart Café Increases stickiness without operational complexity Utilities Food ordering 24 X 7 secure access Front desk sup
Slide 12: Compounding thesis: economic flywheel drives margins, cash flows and ROCE
Smartworks’ compounding thesis: economic flywheel and scale now drives margins, cash flows, and ROCE Supply Demand • Scale enables Better Commercial Terms with • Providing fully Amenitised Landlords, Better Unit Workspaces at a Value- Economics, Lower Capex and Opex tion Ma centric Price to Clients
Slide 13: Transition from scaling phase to cash-compounding phase
Smartworks has transitioned from a scaling phase to a cash-compounding phase, where growth, margins, cash flows and ROCE improve together 1 Enterprise-led demand creates revenue durability: Long-tenure, multi-city enterprise contracts deliver high visibility, low volatility, and repeat expansion rat
Slide 14: Only scaled pan-India platform with leadership in West and North India
Smartworks is the only scaled pan-India platform with undisputed leadership in West and North India Total SBA 15.3 Msf 100% North 3.0 Msf 19.7% NEW DELHI GURGAON NOIDA JAIPUR AHMEDABAD INDORE KOLKATA West 6.6 Msf 43.0% MUMBAI PUNE East 0.4 Msf 2.6% HYDERABAD CHENNAI BENGALURU South COIMBATORE In add
Slide 15: Strategic developer partnerships unlock large-format supply
Strategic developer partnerships unlock early access to large-format supply and superior unit economics, durable cost and execution advantage Area Cohort Total SBA ( Msf) Seats % of SBA Leased SBA from 0-150k sq ft 2.1 45K 14% ~30% Institutional Developers 150-300k sq ft 3.1 70K 20% 66% of total sup
Slide 16: Pan-India supply expansion reduces concentration risk
Pan-India supply expansion reduces concentration risk while preserving growth visibility Total SBA Total SBA Operational Total SBA Total SBA % of SBA as on as on % of Total as on % of Total City Operational Mar’25 Sep’25 SBA Dec’25 SBA SBA (Msf) (Msf) (Msf) Pune 2.8 35% 3.9 31% 4.3 28% 4.2 Total SBA
Slide 17: Portfolio maturity accelerating, setting up margin and cash flow expansion
Portfolio maturity accelerating, setting up multi year margin and cash flow expansion Operational SBA FY’26 Operational SBA Maturing in FY27 10.2 10.2 0.6 Mature Operational centers SBA 1.0 Operational SBA (in Msf) 0.6 (in Msf) 1.1 1.2 8.1 7.8 Capacity FY25 9M FY26 Q4 FY26 FY26 (E) Dec’25 Mar’26 H1
Slide 18: Enterprise-led demand delivers long tenure and high visibility
Enterprise-led demand delivers long tenure, high visibility and low volatility revenues Large, Multicity Enterprise Clients ~90% ~69% ~31% Rental Revenue* Rental Revenue* Rental Revenue* (Enterprise Clients) (for 300+ seat) (Multi-city clients) High Rental Visibility ~84% | ~92% ~93% ~49 months Over
Slide 19: Diversified demand across sectors with reducing concentration risk
Diversified demand across sectors with reducing portfolio concentration risk and growing share of 1000+ seater deals Diverse Industry Mix* 1,000+ Seats Cohort Rental Revenue 35% % of rev. contribution of 1,000+ seats cohort 26% 29% 38% 27% Q3 FY26 3,947 Rental 3,720 Revenue 8% 17% 2,619 1000+ seats
Slide 20: New large wins spread across sectors, country and stage
New large wins spread across sectors, country and stage reinforce Smartworks' position as a national partner of choice Continued onboarding of Industry Leaders drives Smartworks’ growth trajectory Financial Institution Consulting Digital Integrated Business Services Switzerland’s Largest Financial T
Slide 21: Derisked and insulated model with built-in safeguards
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 22: Growth structurally supported by three compounding drivers
Going Forward: Growth is structurally supported by three compounding drivers 21
Slide 23: Smartworks – Tech Park One Pune
Smartworks – Tech Park One Pune
Slide 24: Market moving from conventional leases to managed, tech-enabled workspaces
Market is moving in strong velocity from long, conventional leases to managed, tech- enabled, platform-driven workspaces – driving incremental office demand Total Office (Msf) > 525 678 940 1100 • In next 10-15 yrs, another 1 Bn Flex penetration square feet will be added Flex Stock (msf) 140 represe
Slide 25: Beyond Flex: competing for full commercial real estate wallet
Beyond Flex: At scale, Smartworks competes for full commercial real estate wallet Indian Office Indian Flex Stock Stock ~1 Bn ~100 Mn ~15 Mn Sq ft in 2025 Sq ft in 2025 Total Footprint (incl LOI) Smartworks is the only flex player with ability to lease full Buildings at scale – as large as 800,000 s
Slide 26: Expanding Beyond South: North & West regions witness flex surge
Expanding Beyond South: North & West Regions witness flex surge with growth corridors shifting beyond core hubs, aligning with Smartworks footprint Delhi NCR Flex Stock for 72.3 Msf 12.5 8.2% Top 7 Cities (~9% penetration) Kolkata 2.4 0.7 % Pune 9.9 11.5% Hyderabad Mumbai Pune, Delhi NCR, and Mumbai
Slide 27: GCCs emerged as major growth driver of flex space
GCCs have emerged as major growth driver and occupier of flex space industry Cost advantages & talent 40% of flex office International firms Startups pool are driving the influx of demand by 2030 will GCCs in India be occupied by GCCs 28% 1,850+ 1,700+ 1,285+ 72% FY’19 FY24 FY25 Occupier categorizat
Slide 28: Key Performance Metrics
Key Performance Metrics | Uli 7 ane eT Perr i z 1 = ; SUT Heeeena AMG iil
Slide 29: Compounding dashboard: growth, cash conversion and returns inflect together
Compounding dashboard: growth, cash conversion and returns inflect together Particulars Q3 FY26 Q3 FY25 Q2 FY26 Revenue from Operations 4,721 3,518 4,248 QoQ growth % 11% - - YoY growth % 34% - - Normalised EBITDA 847 456 696 Normalised EBITDA Margin % 17.9% 13.0% 16.4% QoQ growth % 22% - - YoY grow
Slide 30: Scaling footprint while consistently improving occupancy
Scaling footprint while consistently improving occupancy Particulars Q3 FY25 Q2 FY26 Q3 FY26 Total SBA (Leased + LOIs/Term Sheets) ( Msf) 12.0 12.7 15.3 Leased SBA (Operational + Fitout + Yet to be handover) (Msf) 9.0 10.3 11.1 Operational SBA (Msf) 8.1 9.1 9.2 Operational SBA for Mature Centres (Ms
Slide 31: Robust terms of trade with superior cash conversion
Robust terms of trade with superior cash conversion Particulars Q3 FY25 Q2 FY26 Q3 FY26 Normalised OCF / Normalised EBITDA (#) 0.9 0.9 1.2 Trade Payable over Trade Receivable (INR Mn) 865 1,089 1,112 Trade Receivable (INR Mn) 271 297 432 Debtor Days (1) 8 6 7 Note: # Financial numbers Normalized are
Slide 32: Enterprise clients powering predictable revenue and Pan-India expansion
Enterprise clients powering predictable revenue and Pan-India expansion Particulars Q3 FY25 Q2 FY26 Q3 FY26 Brokerage % Revenue from Lease Rentals 3.0% 2.5% 2.5% Revenue - Multi City clients 31% 31% 31% Enterprise Clients Revenue contribution 88% 90% 90% Seat Retention Rate 90% 74%* 93% No. of Clien
Slide 33: Balance sheet discipline and quality of clients lowers cost of capital
Balance sheet discipline and quality of clients lowers cost of capital; reinforcing long term compounding Cost of Borrowing* Working with leading Banks & Financial Institutions 180+ bps reduction • Leading Private Banks: ~10.8% o HDFC Bank < 9% o Kotak Mahindra Bank o ICICI Bank o DBS Bank • Leading
Slide 34: Smartvantage
SMARTVANTAGE
Slide 35: GCCs represent a growing demand vector
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 36: Smartvantage extends platform into GCC-specific use cases
Smartvantage extends Smartworks' platform into GCC specific use cases Four Pillars powering our GCC success Legal, Compliance & Talent & Operational Innovation & Registration Workforce Solutions Support Research Setting up, Licenses, Tax Subcontracting, Hiring, and Talent- Financial audits, tax advi
Slide 37: Historical Financials & Annexures
HISTORICAL FINANCIALS & ANNEXURES
Slide 38: Reported financial performance
Reported financial performance (INR Mn) Particulars Q3FY26 Q3FY25 YoY Growth % Q2FY26 QoQ Growth% 9M FY26 9M FY25 YoY Growth% FY25 Revenue from operations 4,721 3,518 34% 4,248 11% 12,761 10,156 26% 13,741 Revenue from Lease rentals 4,059 3,300 23% 3,795 7% 11,420 9,480 20% 12,893 Other operating re
Slide 39: Normalized business performance (1/3)
Normalized business performance (1/3) (INR Mn) Business Performance Q3FY26 Q3FY25 YoY Growth Q2FY26 QoQ Growth 9M FY26 9M FY25 YoY Growth FY25 Revenue from operations (A) 4,721 3,518 34% 4,248 11% 12,761 10,156 26% 13,741 Reported EBITDA 3,056 2,183 40% 2,701 13% 8,168 6,248 31% 8,573 Adjustments t
Slide 40: Normalized business performance (2/3)
Normalized business performance (2/3) (INR Mn) Business Performance Q3FY26 Q3FY25 YoY Growth Q2FY26 QoQ Growth FY25 Reported Gross Block 20,857 15,524 19,918 16,490 Less: Fitout cost capitalised (5,866) (4,365) (5,815) (4,373) (Less) / Add : Other INDAS adjustments # 1 250 (11) (42) Normalised Gros
Slide 41: Normalized business performance (3/3)
Normalized business performance (3/3) (INR Mn) Business Performance Q3FY26 Q3FY25 YoY Growth Q2FY26 QoQ Growth 9MFY26 9MFY25 YoY Growth FY25 Reported cash flow operations 3,218 2,133 2,620 8,496 6,803 9,285 Less: - Interest paid on lease liabilities (837) (701) (773) (2,298) (2,094) (2,791) - Payme
Slide 42: Smartworks distinct supply advantage: scale, efficiency, landlord partnerships
Smartworks distinct supply advantage: scale, efficiency, and strategic landlord partnerships ~30% supply from Institutional ~70% of portfolio from Non- Developers “Now leasing Greenfield Supply as well” Institutional Landlords Smartworks Edge Space Efficiency Taking on large campus – 800k sq ft+ vs
Slide 43: Our key pillars built to compound across cycles
Smartworks: Our key pillars built to compound across cycles High Predictable Self-sustaining Business Growth Revenue Cash Flows Longevity Pan-India presence driven by Annuity-based, REIT-like Sustained Cash Flows, Longevity visible in extended Unique Supply Access & income streams reflecting financi
Slide 44: 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 43
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