Special Consumer Services company Smartworks Coworking Spaces announced Q1FY26 results Revenue from operations for Q1FY26 stood at Rs 3,792 million. EBITDA rose to Rs 607 million, a 109% YoY increase, with a margin of ~16%. Profit Before Tax (PBT) improved to Rs 168 million, representing a 4.4% margin — a significant turnaround from Normalised loss before tax of Rs 102 million in Q1FY25. PBT loss narrowed to (Rs 56 million) versus (Rs 311 million) in Q1FY25. Normalised Operating Cash Flow rose over 71% YoY to Rs 855 million. Neetish Sarda, Managing Director, Smartworks, said: “We are pleased to report a strong quarterly performance, driven by continued momentum across revenue, EBITDA, and operating efficiency. Our revenue growth this quarter reflects a combination of robust, sustained demand from enterprise clients and the deliberate capacity expansion we executed over the past year. By adding over 1 million sq. ft. of new supply, we not only strengthened our footprint in key markets but also positioned ourselves to capture incremental demand quickly. Normalised EBITDA doubled to Rs 607 million in Q1FY26 from Rs 290 Mn in Q1FY25. During the quarter, normalised EBITDA margins have improved to 16.0 % as compared to 9.3% in Q1FY25, reflecting the strength of our asset-light, enterprise-focused model and the inherent scalability of our managed campus platform. This performance showcases our disciplined execution, cost-efficient expansion, and the trust our clients place in us to deliver ready-to-move, high-quality workspaces that are tailored to their business needs. As India’s largest managed office platform, we remain sharply focused on enabling enterprise productivity, offering reliable, value-driven, and flexible workspace solutions that meet the evolving demands of modern businesses across India's top commercial hubs. Looking ahead, we will continue to leverage presence across markets, India and Singapore, and an integrated service model to drive sustainable growth and long-term value creation.” Harsh Binani, Executive Director, Smartworks, said: “Our operational momentum remains strong, supported by a high-quality portfolio and a healthy pipeline of new supply. Today, we have more than Rs 40,000 million in committed revenue, providing strong visibility into future cash flows. We added several marquee clients across industries to our growing portfolio, reaffirming our position as the workspace partner of choice for enterprise India. Over 90% of our revenue comes from enterprise clients, and more than 30% from multi-city engagements, a testament to the trust large corporations place in our platform. With 1.07 million sq. ft. scheduled for handover in the next two quarters, we are on track to expand to ~12 million sq. ft. during FY26, further consolidating our leadership in the segment. Occupancy trends remain strong, anchored by our agile delivery model with turnaround times of just 45 to 60 days, among the fastest in the industry. This execution speed is enabled by deep operational expertise and a repeatable, scalable playbook, ensuring consistent delivery across locations. Our speed-to-market, paired with a capex-light structure and lowest-in-class operating costs, continues to unlock significant value. Long-tenured contracts (average client tenure of ~45 months) and multi-city relationships drive predictable, healthy cash flows, further insulating the business in a dynamic market.“ Result PDF