Smartworks Coworking Spaces Limited · NSE:SMARTWORKS
Smartworks Coworking Spaces — Q3 FY26 Earnings Presentation
22 slides from Smartworks Coworking Spaces's earnings presentation, Feb 12, 2026
Slide 1: Smartworks Coworking Spaces Limited – Regulation 30 disclosure letter
Date: 12th February, 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,
Slide 2: Workspaces that work for you
~ SMARTWORKS > Workspaces that work for you
Slide 3: The Great Migration to Managed Workspaces
The Great Migration to Managed Workspaces Total Office (Msf) > 525 678 940 1100 • In next 10-15 yrs, another 1 Bn square feet will be added as India Flex penetration continues to be epicenter of office Flex Stock (msf) demand 140 140 25 • 70–80% of total flex demand 120 driven by managed office 20 1
Slide 4: 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 Note: Cushman and Wakefield; JLL India (Office Market Dynamics Q4 2025) 3
Slide 5: Undisputed Scale: The Only 15 MSF+ Pan India Platform
Undisputed Scale: The Only 15 MSF+ Pan India Platform Total Area 15.3 Mn Sq Ft Strong supply visibility of ~15.3 Mn including LOIs and North under fitouts NEW DELHI • Visibility for 100% FY27 and 3.0 Mn 20% GURGAON NOIDA FY27 Supply; Sourcing for JAIPUR FY28 ~ 85% • Adding ~2.5-3 Mn Sq ft each AHMED
Slide 6: The Campus edge and distinct supply advantage
The Campus edge and 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 s
Slide 7: Strategic developer partnerships unlock early access to 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 8: Leasing remains at historic highs as enterprises move to campus-style managed offices
Leasing remains at historic highs as enterprises aggressively trade rigid traditional leases for agile, campus-style managed offices 90M sq ft 55m sq ft 80% Gross Leasing (2025) Net Leasing (2025) Fresh Leasing (2025) Structural Migration: Move from Traditional workspace to Flex Operators Structural
Slide 9: GCCs have emerged as major growth driver and occupier of flex space industry
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 10: Office market remains in a high-growth phase as GCC hiring accelerates
While traditional IT services hiring has moderated, the office market remains in a high-growth phase as GCCs, BFSI, and specialized Start-ups accelerate their hiring and footprint GCC Hiring IT Services Hiring GCC hiring growth remains resilient, 600-700K 25-45K effectively offsetting the broader An
Slide 11: Enterprise contracts deliver long tenure, high visibility and low volatility revenues
Enterprise contracts 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 Overa
Slide 12: Diversified demand across sectors and shift to 1000+ seat deals
Diversfied demand across sectors and shift to 1000+ seat deals expands lock-in visibility and lowers churn risk 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 (INR
Slide 13: Winning Across Fortune 500, GCCs & High-Growth Platforms
Winning Across Fortune 500, GCCs & High-Growth Platforms New large wins spread across sectors, country and stage reinforce Smartworks' position as a national partner of choice. Financial Institution Consulting Digital Integrated Business Services Switzerland’s Largest Financial Tier-1 'Big Four' Pow
Slide 14: Largest managed office platform: rapidly growing scale with durable occupancy
Largest managed office platform: rapidly growing scale achieved with durable occupancy 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 bps QoQ | ~400
Slide 15: Operating leverage visible: revenue and margin compounds faster than cost base
Operating leverage visible: revenue and margin compounds faster than cost base Revenue Normalized EBITDA* 150 bps QoQ improvement in margins INR 472 Cr INR 85 Cr |17.9% 11% QoQ | 34% YoY 22% QoQ | 86% YoY First Normalized PBT* Ind AS PAT INR 40 cr INR 1 Cr 65% QoQ First time IndAS PAT positive Note:
Slide 16: Self-Funded Growth with Expanding ROCE & Declining Leverage
Self-Funded Growth with Expanding ROCE & Declining Leverage ROCE* Gross Debt^ | Net Debt^ Cost of Borrowings^^ 20.5% INR 233 Cr | INR (42) Cr <9% ~600 bps QoQ | ~1350 bps YoY 180+ bps YoY reduction Gross Block*^ OCF* OCF to EBITDA* INR 1499 Cr INR 101 Cr 1.2x 6% QoQ | 31% YoY 64% QoQ | 148% YoY Note
Slide 17: 2.4 Mn Sq Ft Maturing in FY27 = Embedded Margin Expansion
2.4 Mn Sq Ft Maturing in FY27 = Embedded Margin Expansion and Cash Flow Acceleration 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 F
Slide 18: 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 19: Asset Liability Mismatch eliminated upto FY'2030
Asset Liability Mismatch eliminated upto FY'2030 Committed Revenue Committed Lock In Committed Lock in Particulars Area in Committed (INR Mn) Revenue ( INR Mn) Rental (INR Mn) (Mn, Sq ft) Occupancy (%) Mature 10,226 7.8 93% 36,233 22,833 >2 Times Footprint >1.7 Times. New 1.4 11,445 8,984 4,860 With
Slide 20: 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 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: Smartworks': What sets us apart
Smartworks’: What sets us apart Scaling the Fastest with Supply Leadership Scaling through large/entire campus leases—adding 3 Mn sq. ft. annually—and maintaining strong supply visibility with ~15 Mn sq. ft Enterprise First Model with High Quality Long Tenured Earnings Enterprise clients consistentl
Smartworks Coworking Spaces — Q3 FY26 Earnings Presentation on 6ix