Awfis Space Solutions Ltd share price target

Reported FY26 EPS of 9.92; missing our estimates by -10.7%, mostly as a result of lower other income and higher depreciation expense

AWFIS reported EBITDA of Rs ~1,392mn, beating our estimates by ~4.5% driven by higher occupancy and operational efficiencies

Awfis Space Solutions (Awfis) delivered a strong quarter with Q2FY26 revenue growing 26% YoY while IGAAP EBITDA of INR 520mn grew 18% YoY and mature centre occupancy at 84%.

Awfis Space Solutions (Awfis) delivered another strong quarter with Q1FY26 revenue growing 30% YoY, while IGAAP EBITDA of INR 480mn grew 60% YoY and mature centre occupancy (>12 months) stood at 84%.

Scaling profitably with consistent execution

In H1FY25, Awfis Space Solutions (Awfis) delivered on two of its main FY25 guidance parameters, viz. 30%-plus revenue growth for FY25 and expansion in IGAAP EBITDA margin upwards of 12% (H1FY25 YoY revenue growth of 39% and IGAAP EBITDA margin of 13.3%). With an overall operational and committed pipeline of 150,649 seats (over 110,000 operational) as of Sep’24, we expect continued growth ahead.

Strong showing across parameters with a margin beat

In Q1FY25, Awfis Solutions (Awfis) began to deliver on its two main FY25 guidance parameters: 30%+ revenue growth for FY25 and expansion in IGAAP EBITDA margin between 11.5-12%.

Combining aggression with capital efficiency

Facilitating a shift from capex to opex

Awfis Space Solutions Limited Awfis Space Solutions Limited (Awfis) is the largest flexible workspace solutions company in India as on December 31, 2023, based on total number of centers.

IPO NOTE