Smartworks Coworking Spaces Limited · NSE:SMARTWORKS
Smartworks Coworking Spaces — Q1 FY27 Earnings Presentation
54 slides from Smartworks Coworking Spaces's earnings presentation, Jul 22, 2026
Slide 1: Regulation 30 disclosure cover letter to NSE and BSE
Date: 22nd July 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, Mumba
Slide 2: Built to Compound
Built to Compound Buildings booked years in advance. Revenue contracted before it is earned. Growth that funds itself. Q1 FY27 · EARNINGS PRESENTATION SMARTWORKS COWORKING SPACES LIMITED
Slide 3: Safe Harbour Statement
DISCLAIM ER Safe Harbour Statement This presentation and the accompanying slides (the “Presentation”), prepared by Smartworks Coworking Spaces Limited (the “Company”), is furnished solely for informational purposes and shall not constitute, or be relied upon in connection with, any offer, solicitati
Slide 4: What We Will Cover Today
AGENDA What We Will Cover Today Q1 FY27 Performance How Our Model Works 01 Growth, margins, cash and returns — all compounding 02 Why scale, office space and enterprise demand reinforce each other The Market Our Technology Platform 03 Three forces moving in our favour — flex, GCCs and AI 04 Nexus, W
Slide 5: Q1 FY27 Performance
01 Q1 FY27 Performance Another sequential step up — the fifth in a row since listing
Slide 6: Five Consecutive Quarters Up — Revenue, Margin, PAT And RoCE All Higher
THE QUARTER AT A GLANCE Five Consecutive Quarters Up — Revenue, Margin, PAT And RoCE All Higher REVENUE NORM ALI SE D EBITDA NORM . EBITDA M ARGIN INR 5,462 Mn INR 1,069 Mn 19.6% ▲ 44% YoY · +5% QoQ ▲ 74% YoY · +8% QoQ ▲ ~340 bps YoY NORM ALI SE D PAT NORM ALI SE D ROCE · ANNU ALIS E D COM M ITTED O
Slide 7: Scale Has Become An Annuity — 16.9 Msf Secured, ~INR 54,000 Mn Contracted
THE QUARTER AT A GLANCE Scale Has Become An Annuity — 16.9 Msf Secured, ~INR 54,000 Mn Contracted TOTAL SBA | OPER ATI ON AL CONTR ACTE D RENTAL REVENUE M ATURE OCCUP AN C Y 16.9 | 10.4 Msf ~INR 54,000 Mn 89% → 92% ★ Only listed platform to cross 10 Msf operational Executed agreements Reported → com
Slide 8: Enterprise Clients On ~48-Month Tenures Make Revenue Highly Visible And Low-Volatility
DEM AND QUALITY Enterprise Clients On ~48-Month Tenures Make Revenue Highly Visible And Low-Volatility ~92% RENTAL REVENUE FROM ENTERPRISE CLIENTS Fortune 500, Forbes 2000, MNCs and Indian conglomerates ~41% FROM THE 1,000+ SEAT COHORT ▲ Up from ~37% in FY26 — deliberate up-market shift ~35% FROM MU
Slide 9: Revenue Compounded To ₹5,462 Mn — +44% YoY
FINANCIAL REVIEW Revenue Compounded To ₹5,462 Mn — +44% YoY, With Every Quarter Higher Than The Last Revenue from operations · INR Mn FY23 → FY26 CAGR 5,462 5,197 ~36% 4,721 4,248 3,792 High revenue visibility ~₹54,000 Mn contracted rental revenue covers ~87% of FY27 revenue before the year is sold.
Slide 10: Normalised EBITDA +74% YoY
FFI N I NAANNCCI A I ALL RREEVVI E I EWW Enterprise Clients On ~48-Month Tenures Make Revenue Highly Visible And Low-Volatility Normalised EBITDA · INR Mn (margin %) EBITDA GROWTH 1,069 +74% YoY 987 +8% QoQ 847 696 Operating leverage and cost excellence at both 614 levels Centre and corporate costs
Slide 11: RoCE Held At 21.5% Even As Growth Capex Stepped Up 66% YoY
FINANCIAL REVIEW RoCE Held At 21.5% Even As Growth Capex Stepped Up 66% YoY Annualised RoCE YOY EXPANSION 21.5% 21.5% +~870 bps FY24 → FY26: 7.3% → 16.0% 19.5% Steady through deployment 13.6% 12.7% ₹1,510 Mn of Q1 capex — up 66% YoY — absorbed without a dent in returns. Maturity funds the drag Matur
Slide 12: Three Return Lenses, One Signal: Capital Efficiency Is Rising Through Peak Capex
COM PUNDING PHASE Three Return Lenses, One Signal: Capital Efficiency Is Rising Through Peak Capex RoCE Operating RoIC Cash RoCE 22.9% 40.5% 21.5% 38.8% 34.6% 31.3% 16.0% 16.4% 7.3% 6.6% 1.6% 1.4% FY24 FY25 FY26 Q1FY27 FY24 FY25 FY26 Q1FY27 FY24 FY25 FY26 Q1FY27 Maturing centres absorb the drag from
Slide 13: Expansion Is Self-Funded — Net Debt Of Just INR 56 Mn
CASH AND BALANCE SHEET Expansion Is Self-Funded — OCF Structurally Above 1× EBITDA, Net Debt Of Just INR 56 Mn Normalised OCF (Operating Cash Flow) / Normalised EBITDA GROSS DEBT | NET DEBT 1.4× 1.2× INR 2,134 | INR 56 Mn 1.1× Virtually debt-free 0.9× 0.9× COST OF BORROWING <9% CARE Rating A. Upgrad
Slide 14: Modular, Standardised Builds Cap Maintenance Capex At ~12–15% Of Initial Capex
CAPITAL DISICPLINE Modular, Standardised Builds Cap Maintenance Capex At ~12–15% Of Initial Capex Gross block bridge · INR Mn · 30 Jun 2026 Reported Gross Block 23,062 Modular, standardised build Less: Fitout cost capitalised (6,328) Efficient initial fit-outs and structurally disciplined maintenanc
Slide 15: Eastside, Pune: The World’s Largest Managed Office Campus, Live In H2 FY27
T O M O R R O W ’ S C AM P U S, C O N T R AC T E D T O D AY Eastside, Pune: The World’s Largest Managed Office Campus, Live In H2 FY27 Kharadi, Pune · ~863,000 sq. ft. SBA · Strong pre-fills · Surpassing our own record 14
Slide 16: Office Space Is Fully Signed — ~4.1 Msf Diversified Across West, South And North
DIVERSIFIED FOOTPRINT Office Space Is Fully Signed — ~4.1 Msf Diversified Across West, South And North WEST SOUTH NORTH 2.02 Msf 1.09 Msf 0.96 Msf Pune & Mumbai · secured Bengaluru · secured Delhi NCR & Jaipur · secured Eastside 863k sq. ft. MSR Tech Zone 592k sq. ft. Capital Alliance 493k sq. ft. E
Slide 17: A More Evenly Spread Portfolio Reduces Concentration Risk As Total SBA Reaches 16.9 Msf
DIVERSIFIED FOOTPRINT A More Evenly Spread Portfolio Reduces Concentration Risk As Total SBA Reaches 16.9 Msf City Mar’26 (Msf) % of SBA Jun’26 (Msf) % of SBA From operational to total secured · Msf Pune 4.3 27% 4.7 28% Operational 10.4 Bengaluru 3.4 21% 3.4 20% Gurugram 2.2 14% 2.2 13% Under fitout
Slide 18: ~75% Of New Revenue Came From Non-IT Sectors; Top-10 Client Share Down To 23%
DIVERSIFIED DEM AND ~75% Of New Revenue Came From Non-IT Sectors; Top-10 Client Share Down To 23% Revenue added in Q1 FY27 · by industry Top-10 client concentration · % of rental revenue Others 3% 39% BFSI 3% 23% IT, Technology & Software 25% Business Consulting & Prof. Services 33% Engineering & Ma
Slide 19: Enterprises Don’t Just Join Us — They Grow With Us Across Cities
CLIENT MOMENTUM Enterprises Don’t Just Join Us — They Grow With Us Across Cities M ULTI-CITY REVENUE SHARE 31% (FY26) → 35% (Q1 FY27) Tier-1 ‘Big Four’ Powerhouse Fortune 500 Client Professional Services Biopharmaceuticals STARTED · GURGAON 2,347 seats STARTED · BENGALURU 365 seats EXPANDED · GURGAO
Slide 20: 1,000+ Seat Cohort Now Drives 41% Of Rental Revenue
REVENUE VISIBILITY 1,000+ Seat Cohort Now Drives 41% Of Rental Revenue On ~48-Month Total Tenures Share of rental revenue from 1,000+ seat cohort 41% COHORT REVENUE · Q1 37% INR 1,859 Mn 29% 27% FY26: INR 5,735 Mn 17% 12% Expanding deal sizes and longer lock-ins convert scale into multi-year revenue
Slide 21: Q1 Keeps FY27 Guidance Firmly On Track
GUIDANCE DELIVERY Q1 Keeps FY27 Guidance Firmly On Track — 87% Of Full-Year Revenue Already Contracted Metric FY26 actual FY27 guidance Q1 FY27 Read Revenue · INR Mn 17,958 28–30% YoY 5,462 (+44% YoY) ~INR 54,000 Mn contracted; 87% of FY27 revenue locked Normalised EBITDA margin 17.5% 19–20% 19.6% O
Slide 22: How Our Model Works — And Why It Compounds
02 How Our Model Works — And Why It Compounds Scale → cost leadership → large clients → operating leverage → self-funded growth
Slide 23: One Platform Connecting Four Stakeholders — Live In 45–60 Days
THE PLATFORM One Platform Connecting Four Stakeholders — Live In 45–60 Days WHO WE PARTNE R WITH WHO WE PARTNE R WITH Non-institutional landlords Vendor partners One-stop solution with guaranteed rentals — we lease the full building. Access to assured footfalls and a steady pipeline of projects. WHO
Slide 24: Pan-India Platform With Undisputed Leadership In West And North India
PAN INDIA SCALE Pan-India Platform With Undisputed Leadership In West And North India WEST 41% of total SBA — Mumbai, Pune, Ahmedabad, Indore 6.9 Msf New Delhi Gurugram SOUTH Noida Jaipur 32% of total SBA — Bengaluru, Hyderabad, Chennai, Kochi, 5.3 Msf Coimbatore NORTH Indore Kolkata Ahmedabad 25% o
Slide 25: Full-Building Leases From Marquee Developers Unlock Superior Unit Economics
DEVELOPER EDGE Full-Building Leases From Marquee Developers Unlock Superior Unit Economics Area cohort Total SBA (Msf) Seats % of SBA LEASE D FROM NON -INSTITUTI ON A L LANDLOR DS 0–150k sq. ft. 2.2 47k 13% ~66% 150–300k sq. ft. 3.6 80k 21% 300–500k sq. ft. 4.9 111k 29% LEASE D FROM INSTITUTION AL D
Slide 26: Smartworks Experience
Medical Room IT Support Recreational Zone Creche Gaming Zone Community events & activities Smart Parking Gym Smart Store Smartworks Experience A Full Amenity Ecosystem Increases Training room Smart Café Stickiness Without Operational Complexity Utilities Food ordering 24 X 7 secure access Front desk
Slide 27: Office Space Demand And Availability Reinforce Each Other — Every Turn Adds Margin
THE FLYWHEEL EFFECT Office Space Demand And Availability Reinforce Each Other — Every Turn Adds Margin 01 · OFFICE SPACE DEMAND 02 · OFFICE SPACE AVAILABILITY → Enterprise clients with large-seat needs and GCCs fuel growth — fully Pan-India leasing of entire buildings with strong pre-fill from exist
Slide 28: Five Reasons The Business Has Entered A Cash-Compounding Phase
THE INFLECTION EDGE Five Reasons The Business Has Entered A Cash-Compounding Phase Enterprise-led demand creates revenue durability 01 Long-tenure, multi-city contracts deliver high visibility, low volatility and repeat expansion. Large-format, pre-filled office campuses de-risk expansion 02 Full-bu
Slide 29: Asset-Liability Mismatch Eliminated Through FY29
RISK M ITIGATION Asset-Liability Mismatch Eliminated Through FY29 — Client Lock-ins Cover Landlord Rentals ~2× Committed revenue from clients Committed lock-in revenue Committed lock-in rental to Particulars Area (Msf) Committed occupancy (INR Mn) (INR Mn) landlord (INR Mn) Mature footprint 9.1 92%
Slide 30: Every Inflection Has Landed And Held
ROCE AN EBITDA EXPANSION Every Inflection Has Landed And Held — Growth, Margins, Returns And Capex Compounding Together FY23 FY24 FY25 FY26 Q1 FY27 Revenue · INR Mn 7,114 10,394 13,741 17,958 5,462 Norm. EBITDA · INR Mn 434 1,099 1,801 3,144 1,069 Norm. EBITDA margin 6.1% 10.6% 13.1% 17.5% 19.6% RoC
Slide 31: A De-Risked, Insulated Model: Built-In Safeguards Reduce Volatility Across Cycles
RISK M ITIGATION A De-Risked, Insulated Model: Built-In Safeguards Reduce Volatility Across Cycles CYCLICAL RISK CONCENTRATION RISK ASSET-LIABILITY RISK Value pricing keeps Smartworks the preferred Typically no more than ~30% of a centre leased Mid-to-large enterprise focus drives longer lock- partn
Slide 32: The Market: Three Forces Moving In Our Favour
03 The Market: Three Forces Moving In Our Favour The pie is growing · flex is taking more of the pie · the largest platforms are taking more of the flex
Slide 33: Smartworks Grew 44% — 7× Faster Than India’s Office Market
M ARKET POSITION Smartworks Grew 44% — 7× Faster Than India’s Office Market, ~2× The Flex Industry INDIA OFFICE STOCK INDIA FLEX STOCK SM AR T W O R K S +6.2% ❯ +23–25% ❯ +44% Y-o-Y growth Y-o-Y growth Y-o-Y growth ~1,055 Msf ~110–114 Msf 14.5 Msf leased ■ Office campus visibility secured through FY
Slide 34: Grade-A Demand Has Outrun New Office Space Since 2022
DEM AND TAILWIND Grade-A Demand Has Outrun New Office Space Since 2022 — And The Gap Persists Through 2030 India Grade-A office: annual demand vs new office space, top-7 cities · Msf 2026F GAP 72 67 59 57 +5 to +15 Msf 54 51 50 43 Demand 70–75 · New space 60–65 2030F GAP +5 Msf to +25 Msf 2022 2023
Slide 35: Flex Is Now India’s #1 Office Occupier
DEM AND SHIFT Flex Is Now India’s #1 Office Occupier — 27% Of Q2 Leasing, Ahead Of Technology Sector share of Q2 2026 leasing · % Enterprise demand, not startups Others 10% Domestic occupiers led Q2 at 46% — and flex was ~57% of all domestic Engg. & mfg. 5% leasing. Life sciences 5% Large-format is
Slide 36: Flex Has Moved From Tactical Fix To Core Portfolio Strategy
STRUCTURAL ABSORBTION Flex Has Moved From Tactical Fix To Core Portfolio Strategy — Penetration To Exceed 14% By 2027 OCCUPIERS WITH FLEX IN PORTFOLIO BY 2027 55% → 65% Portfolio share rising from 5–10% historically to 15–20% today FLEX STOCK BY 2027 100+ Msf Penetration of total office stock to sur
Slide 37: AI Is Not Shrinking Office Demand — It Is Reshaping It, Upward
AI OFFICE DEM AND AI Is Not Shrinking Office Demand — It Is Reshaping It, Upward Every technology wave — mechanisation, computing, automation — was expected to eliminate jobs. Each expanded India’s employment base and office footprint instead, scaling office stock from near zero to ~915 Msf by CY202
Slide 38: AI Is Fuelling GCC Growth — And GCC Demand Increasingly Lands In Flex
AI TAILWIND AI Is Fuelling GCC Growth — And GCC Demand Increasingly Lands In Flex AI workforce inside GCCs · ’000s AI adds headcount, it doesn’t remove it 730k 83% of GCCs are investing in GenAI, 58% in agentic AI; 86% plan a net increase in India headcount over two years. Bigger mandates need more
Slide 39: GCC Demand Is Structural — And Smartworks Has The Right To Win It
GCC ENGINE GCC Demand Is Structural — And Smartworks Has The Right To Win It GRAD E-A DEM AND FROM GCCs IN INDIA BY 2030 GCC M ARKET SIZE GCC SHAR E OF SW REVENUE GCCs 2,400 $110 Bn ~21% 40–50% ~115 new per year 14% CAGR (2023–30) ▲ From 15% in FY26 SmartVantage — four pillars that extend the platfo
Slide 40: Our Technology Platform
04 Our Technology Platform Proprietary tech runs the full lifecycle — acquire, build, operate
Slide 41: Nexus Decides Where To Grow, WorkBlock Builds It, WorkCtrl Runs It
DIGITAL BACKBONE Nexus Decides Where To Grow, WorkBlock Builds It, WorkCtrl Runs It Decides Where to Builds A 16.9 Msf Optimises Daily Grow Platform at Scale Operations 40
Slide 42: Nexus: Growth Decisions Are Data-Driven
DIGITAL BACKBONE Nexus: Growth Decisions Are Data-Driven — 200+ Properties Evaluated, 4.7 Msf Booked Nexus leverages AI-driven property, customer, and market intelligence to identify the right opportunities, acquire the right customers, and build a scalable growth pipeline. 01 AI led discovery and e
Slide 43: WorkBlock: A Repeatable Digital Build
DIGITAL BACKBONE WorkBlock: A Repeatable Digital Build — 3.5 Msf+ Delivered In A Year, 45–60 Day Go-Live Once the right opportunity is identified, WorkBlock transforms it into reality. AI-assisted planning, standardized workflows and digital execution enable Smartworks to deliver projects faster, co
Slide 44: WorkCtrl: The Digital Operating System For Every Live Centre
DIGITAL BACKBONE WorkCtrl: The Digital Operating System That Continuously Optimises Every Live Centre Once the right opportunity is identified, WorkBlock transforms it into reality. AI-assisted planning, standardized workflows and digital execution enable Smartworks to deliver projects faster, consi
Slide 45: Key Performance Metrics
05 Key Performance Metrics The quarterly operating dashboard
Slide 46: Growth, Cash Conversion And Returns Inflecting Together
QUARTERLY M ETRICS Growth, Cash Conversion And Returns Inflecting Together Particulars · INR Mn Q1 FY27 Q1 FY26 Q4 FY26 Revenue from operations 5,462 3,792 5,197 YoY growth | QoQ growth 44% | 5% – – Normalised EBITDA 1,069 614 987 Normalised EBITDA margin 19.6% 16.2% 19.0% Normalised EBIT (A) 526 24
Slide 47: Operational Footprint Scaled 25% YoY While Mature Committed Occupancy Held At 92%
PORTFOLIO METRICS Operational Footprint Scaled 25% YoY While Mature Committed Occupancy Held At 92% Particulars Q1 FY27 Q1 FY26 Q4 FY26 Total SBA (leased + LOIs/term sheets) · Msf 16.9 11.9 16.1 Leased SBA · Msf 14.5 10.1 13.7 Operational SBA · Msf 10.4 8.3 10.1 Operational SBA, mature centres · Msf
Slide 48: Negative Working Capital By Design; Enterprise Base Deepening
CASH CONVERSION AND CLIENT Negative Working Capital By Design; Enterprise Base Deepening Terms of trade Particulars Q1 FY27 Q1 FY26 Q4 FY26 Normalised OCF / Normalised EBITDA 0.9× 1.4× 1.1× Trade payable over trade receivable · INR Mn 1,701 884 1,534 Trade receivable · INR Mn 370 249 387 Debtor days
Slide 49: Historical Financials & Annexures
06 Historical Financials & Annexures Reported and normalised detail
Slide 50: Reported Financial Performance
FINANCIAL M ETRIC Reported Financial Performance Reported · INR Mn Q1 FY27 Q1 FY26 Q4 FY26 FY26 YoY QoQ Revenue from operations 5,462 3,792 5,197 17,958 44% 5% Revenue from lease rentals 4,779 3,566 4,516 15,935 34% 6% Other operating revenue* 683 226 681 2,023 202% 0% Expenses 2,003 1,382 1,813 6,4
Slide 51: Normalised Business Performance (1/3) — P&L Bridge
NORM ALIZED PERFORM ANCE Normalised Business Performance (1/3) — P&L Bridge INR Mn Q1 FY27 Q1 FY26 Q4 FY26 FY26 YoY QoQ Revenue from operations (A) 5,462 3,792 5,197 17,958 44% 5% Reported EBITDA 3,460 2,410 3,383 11,551 44% 2% Less: repayment of lease liabilities (2,391) (1,796) (2,396) (8,407) 33%
Slide 52: Normalised Business Performance (2/3) — Balance Sheet & Returns
NORM ALIZED PERFORM ANCE Normalised Business Performance (2/3) — Balance Sheet & Returns INR Mn Q1 FY27 Q1 FY26 Q4 FY26 FY26 Normalised gross block 16,791 13,016 16,188 16,188 Normalised accumulated depreciation 5,489 3,851 4,973 4,973 Normalised net block 11,302 9,165 11,214 11,214 Gross debt 2,134
Slide 53: Normalised Business Performance (3/3) - Cash Flow
NORM ALIZED PERFORM ANCE Normalised Business Performance (3/3) - Cash Flow INR Mn Q1 FY27 Q1 FY26 Q4 FY26 FY26 YoY QoQ Reported cash flow from operations 3,342 2,658 3,476 11,972 26% (4)% Less: interest paid on lease liabilities (869) (689) (858) (3,156) – – Less: principal portion of lease liabilit
Slide 54: Thank You
WORKSPACES THAT WORK FOR YOU Thank You Company investor_relations@sworks.co.in · www.smartworksoffice.com Investor Relations — EY Mr Diwakar Pingle / Ms Runjhun Jain diwakar.pingle@in.ey.com / runjhun.jain1@in.ey.com +91 98339 04971 / +91 98207 20993
Smartworks Coworking Spaces — Q1 FY27 Earnings Presentation on 6ix