Smartworks Reports Record FY26 Results; Becomes First Listed Indian Flex Platform to Surpass 10 Million Sq Ft
Guurugram, April 30, 2026: Smartworks Coworking Spaces Limited has announced a landmark financial performance for the fiscal year ended March 31, 2026. In its first full year as a listed entity, the company reported a 31% surge in operational revenue to ₹1,796 crore, alongside a significant pivot to full-year profitability. The company achieved three major milestones during the period: becoming the first listed flexible workspace provider in India to exceed 10 million square feet of operational area, delivering its first full year of reported PAT profitability at ₹11 crore, and securing over ₹5,200 crore in contracted rental revenue, the company said in a press release.
The fiscal year saw a dramatic improvement in Smartworks’ bottom line. Normalised EBITDA rose 75% year-on-year to ₹314 crore, with margins expanding by 440 basis points to 17.5%. Most notably, the company’s Return on Capital Employed (ROCE) more than doubled, climbing from 7.3% in FY25 to 16% in FY26.
The company’s balance sheet has also strengthened considerably since its IPO in July 2025. Smartworks ended the year “net-debt-negative,” having reduced its gross debt by more than 50%. This financial discipline was recognized by a two-notch credit rating upgrade from CARE to ‘A (Stable)’, which helped lower borrowing costs to below 9%.
The momentum peaked in the final quarter of the year. Q4 FY26 was the strongest in the company’s history, with revenue reaching approximately ₹520 crore—a 45% increase compared to the same period last year. The quarter also marked the second consecutive period of reported profitability, with a PAT of ₹17 crore and an annualized ROCE reaching 21.5%.
Operationally, the platform’s footprint, including Letters of Intent (LOIs), expanded to 16.1 million square feet across 66 centers in 15 cities, including Singapore. The company maintains a high-quality client base of over 770 enterprise clients, who now account for more than 90% of its rental revenue.
Neetish Sarda, Founder and Managing Director of Smartworks, highlighted the durability of the company’s business model following the transition to the public markets.
“FY26 was our first financial year as a listed company, and one where growth, profitability, and capital efficiency improved together. We delivered our strongest full-year performance, with revenue growing 31% to ₹1,796 crore, normalised EBITDA up 75%, and ROCE more than doubling to 16%. We also achieved full-year PAT profitability under Ind AS, reinforcing the durability of our model.”
Sarda further emphasized the company’s preparedness for the coming years:
“During the year, we became the first listed flex workspace platform in India to cross 10 million square feet of operational portfolio. With more than 5,200 Cr of contracted rental revenue, 100% of FY27 supply secured, and ~75% visibility already in place for FY28, we enter the next phase with strong forward visibility. As enterprise demand continues to shift towards large, managed campuses, we are seeing sustained momentum in multi-city deployments. With supply secured ahead of demand and a platform built at scale, we are well positioned to sustain disciplined, capital-efficient growth.”
Smartworks enters the new fiscal year with significant tailwinds. The Indian office market recorded an absorption of 83 million square feet in 2025, and industry projections suggest the flex workspace sector will grow to 140 million square feet by 2027.
With approximately 82.5% of its FY27 revenue already locked in through contracts, the company maintains that its secured supply of Grade A office space serves as a primary competitive moat in an environment where demand continues to outpace new supply.
