Smartworks Coworking Spaces made its stock market debut on India’s NSE and BSE on July 17, 2025, reporting revenue of 3,792 million rupee (US$43.2 million) for Q1 FY26.

Smartworks, based in India, operates a managed office platform across 15 cities and Singapore.

The company reported IND-AS EBITDA of 2,410 million rupee (US27.5 million), up 25.5% year-on-year, with a margin of 63.6%.

Normalized EBITDA, which adjusts for accounting provisions, rose to 607 million rupee (US$7 million), a 109% year-on-year rise, with a margin of about 16%.

Normalized profit before tax improved to 168 million rupee (US$2 million), compared to a loss of 102 million rupee (US$1.1 million) year-on-year.

As of June 30, 2025, its leased portfolio stood at 10.08 million square feet with occupancy above 83% and a weighted average client tenure of 45 months.

🔗 Source: Smartworks

🧠 Food for thought

1️⃣ Enterprise-focused model proves resilient in volatile coworking market

Smartworks’ heavy emphasis on enterprise clients, comprising 90.49% of their portfolio, reflects a strategic shift that’s becoming increasingly important in India’s coworking sector.

This enterprise focus delivers exceptional client stability, with their weighted average client tenure reaching 45 months and debtor days remaining under one week, demonstrating both loyalty and reliable cash flows.

The broader Indian coworking market has seen enterprises become a major growth driver, with coworking spaces accounting for 27% of net workspace absorption in Q1 2023, up from 14% in Q1 20191.

This enterprise adoption trend validates Smartworks’ business model, as large corporations increasingly view flexible workspaces as strategic solutions rather than temporary arrangements.

The company’s 32.91% multi-city client base further reinforces this enterprise appeal, as corporations with pan-India operations find standardized, managed office solutions more efficient than negotiating individual office leases across multiple cities.

2️⃣ Rapid market consolidation creates winner-take-most dynamics

Smartworks’ 10.08 million square feet of leased space represents a significant portion of India’s total coworking market, which had surpassed 13 million square feet as it expanded into Tier 2 and Tier 3 cities1.