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Smartworks Coworking Spaces Limited
(SMARTWORKS)
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Rating:60Neutral
Price Target:
₹510.00
▲(18.03% Upside)
Action:N/A
Date:07/01/26
The score is driven primarily by mixed financial quality: strong revenue momentum and cash generation are positives, but very high leverage and uneven profitability (including negative gross profit in 2026) are major constraints. Technical trends are supportive with the price above major moving averages, while valuation is hindered by a negative P/E and no dividend yield data.
Positive Factors
Recurring revenue model
Smartworks’ core model centers on recurring rental/license income from long-term leases and managed workspace services. That structural revenue base gives predictable cash inflows, supports customer retention, and reduces volatility versus one‑off sales, aiding stability over the next 2–6 months.
Negative Factors
Very high leverage
Debt far exceeding equity creates a thin capital cushion and raises refinancing and interest coverage risk. High leverage limits strategic flexibility, makes the firm sensitive to cash‑flow shocks, and requires sustained strong cash generation to avoid balance‑sheet stress over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue model
Smartworks’ core model centers on recurring rental/license income from long-term leases and managed workspace services. That structural revenue base gives predictable cash inflows, supports customer retention, and reduces volatility versus one‑off sales, aiding stability over the next 2–6 months.
Read all positive factors
Smartworks Coworking Spaces Limited (SMARTWORKS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹54.73B
Dividend YieldN/A
Average Volume (3M)7.18K
Price to Earnings (P/E)572.7
Beta (1Y)0.91
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees651
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-0.33
Shares Outstanding114,262,080
10 Day Avg. Volume2,128
30 Day Avg. Volume7,183
Financial Highlights & Ratios
PEG Ratio-3.30
Price to Book (P/B)7.66
Price to Sales (P/S)2.20
P/FCF Ratio5.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)10.79
Revenue Forecast (FY)₹23.56B
Smartworks Coworking Spaces Limited Business Overview & Revenue Model
Company Description
Headquartered in Gurugram, India, Smartworks Coworking Spaces Ltd. was founded in 2015 as an Indian operator focused on owning, managing, and leasing flexible co-working environments. The company's service portfolio includes fully furnished and se...
How the Company Makes Money
SMARTWORKS primarily generates revenue by providing managed workspace solutions in properties it operates. Its core revenue stream is recurring rental/license income from customers (often enterprises) for dedicated seats/cabins or customized manag...
Smartworks Coworking Spaces Limited Financial Statement Overview
Summary
Income Statement
60
Neutral
Balance Sheet
28
Negative
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 4.14B | 18.50B | 13.74B |
| Gross Profit | 4.14B | -3.13B | 9.58B |
| EBITDA | 2.78B | 12.09B | 8.93B |
| Net Income | -37.96M | 105.28M | -631.79M |
Balance Sheet | |||
| Total Assets | 58.11B | 64.64B | 46.51B |
| Cash, Cash Equivalents and Short-Term Investments | 3.72B | 2.36B | 429.30M |
| Total Debt | 43.82B | 47.78B | 37.37B |
| Total Liabilities | 53.02B | 59.33B | 532.81M |
| Stockholders Equity | 5.09B | 5.31B | 1.08B |
Cash Flow | |||
| Free Cash Flow | 3.42B | 7.94B | 6.37B |
| Operating Cash Flow | 5.28B | 11.82B | 9.29B |
| Investing Cash Flow | -3.20B | -5.11B | -32.65M |
| Financing Cash Flow | -1.06B | -5.96B | -6.38B |
Smartworks Coworking Spaces Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | ₹3.07B | 12.56 | ― | ― | 8.80% | 50.04% | |
60 Neutral | ₹54.73B | 572.74 | ― | ― | ― | ― | |
59 Neutral | ₹3.28B | 31.18 | ― | 0.20% | 16.59% | 35.98% | |
57 Neutral | ₹1.74B | 25.52 | ― | ― | 10.39% | 37.93% | |
56 Neutral | ₹2.71B | 8.47 | ― | 1.09% | 7.58% | 26.52% | |
40 Underperform | ₹3.88B | 304.70 | ― | ― | -41.53% | ― |
* Real Estate Sector Average
IN:SMARTWORKS
Smartworks Coworking Spaces Limited
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3.48%
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Smartworks Coworking Spaces Limited Corporate Events
Smartworks bolsters board with high-profile independent directors to reinforce governance
Jun 29, 2026
Smartworks Coworking Spaces Limited has strengthened its board by appointing former SEBI Whole-Time Member Rajeev Krishnamuralilal Agarwal as an Additional Non-Executive and Independent Director. The company has also recommended the appointment of...
Smartworks ramps up Bengaluru footprint with new capacity addition
May 27, 2026
Smartworks Coworking Spaces Limited, a major Indian flexible workspace and coworking operator, reported an existing leased capacity of 13.7 million sq ft and operational capacity of 10.1 million sq ft as of March 31, 2026, with an operational util...
Smartworks posts record FY26 with first full-year profit and surging returns
Apr 30, 2026
Smartworks Coworking Spaces Limited, India’s largest managed office platform by area, operates over 10 million square feet of flexible workspace serving corporate occupiers across major markets. FY26 was its first full year as a listed compa...
Smartworks Expands Multi-City Managed Office Deal With Global CX Leader
Apr 6, 2026
Smartworks has expanded its multi-city managed office engagement with a Forbes Global 2000 digital business services and CX leader, adding 1,150 seats at its Tata Intellion Park campus in Navi Mumbai. This takes the client’s total footprint ...
Smartworks Adds Hyderabad Capacity to Support Growth, High Utilization
Apr 1, 2026
Smartworks Coworking Spaces has signed a lease deed for an additional 125,906 sq ft in Hyderabad, which will expand its existing operational capacity of 9.2 million sq ft within an overall leased portfolio of 11.1 million sq ft. The new space, exp...
Smartworks Promoters Raise Stake via Open-Market Purchases
Apr 1, 2026
Promoters of Smartworks Coworking Spaces Limited, including Neetish Sarda, Harsh Binani and SNS Infrarealty LLP, have bought additional shares in the company through open-market purchases. The transactions, conducted between 20 March and 30 March ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.