Smartworks Coworking Spaces Ltd. reported a 21% year-on-year increase in revenue from operations to Rs 379.21 crore in the quarter ended June 30, 2025, from Rs 313.42 crore a year earlier.
Total income rose 20.1% to Rs 3,879.87 crore from Rs 3,231.56 crore.
The company’s net loss narrowed to Rs 4.20 crore from Rs 23.03 crore in Q1 FY25, marking an 81.8% improvement.
Depreciation and amortisation expenses increased 3.2% to Rs 103.54 crore, while employee benefits expenses surged 67.3% to Rs 23.36 crore. Finance costs fell 4.9% to Rs 81.46 crore. Depreciation and amortisation on another line rose 18.1% to Rs 173.91 crore. Other expenses jumped to Rs 789.01 crore from Rs 78.90 crore.
Total expenses stood at Rs 2,650.87 crore, compared with Rs 354.29 crore in the same quarter last year.
EBITDA stood at Rs 2,410 crore, up 25.5% year-on-year, with a margin of 63.6%. On a normalised basis, EBITDA rose 109% to Rs 607 crore, with margins improving to 16% from 9.3% in the prior-year period.
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Smartworks’ portfolio reached 10.08 million sq. ft. of leased space as of June 30, with another 0.70 million sq. ft. under fit-out and 1.07 million sq. ft. scheduled for handover in the next two quarters. Including signed letters of intent, total supply stands at about 12 million sq. ft.
Enterprise clients accounted for 90.49% of the portfolio, and occupancy in operational centres remained above 83%, with committed occupancy above 89%. Debtor days were under one week.
The company made its debut on the NSE and BSE on July 17, 2025.
The stock commenced trading at Rs 435 on the National Stock Exchange and Rs 436.1 on the Bombay Stock Exchange, compared to the issue price of Rs 407. The public offering generated Rs 445 crore through issuance of new shares, while existing stakeholders sold shares valued at Rs 137.6 crore through an offer for sale (OFS).
The IPO was oversubscribed 13.92 times with total bids reaching approximately Rs 5,700 crore. This strong response was driven by both institutional and non-institutional investors.
