Smartworks Coworking Spaces reported its strongest quarterly performance, with normalised EBITDA reaching ₹85 crore and margins expanding to 18 per cent in Q3 FY26. The company’s operating cash flow of ₹101 crore exceeded EBITDA, marking what the management called a “compounding phase” for India’s largest managed office platform.
Revenue for the quarter stood at ₹472 crore, up 34 per cent year-on-year and 11 per cent sequentially. The company achieved profitability under Ind AS while maintaining a net-debt negative position of ₹42 crore. Return on capital employed improved to 21 per cent on an annualised basis.
The Gurugram-based firm now manages 15.3 million square feet across 63 centres in 15 cities, serving over 770 clients. Monthly revenue run-rate reached ₹150 crore, with committed occupied seats crossing 1,92,000. The company added 1.7 million square feet through letters of intent during the quarter.
Enterprise clients driving multi-city contracts accounted for approximately 30 per cent of rental revenue. Large-format deals with over 1,000 seats contributed 35 per cent of rental revenue, reflecting a shift towards longer-tenure contracts. Committed rental revenue exceeded ₹4,700 crore, providing forward visibility, while mature centres maintained 93 per cent committed occupancy.
Founder Neetish Sarda said the quarter confirmed the business had entered a compounding phase, with growth anchored in long-tenure enterprise contracts. The company plans to sustain expansion through its self-funded model backed by positive cash generation.
The shares of Smartworks Coworking Spaces Limited were trading on the NSE today at ₹465.40 down by ₹13 or 2.72 per cent at 2.35 pm.