Financial Performance Overview

FY26 Consolidated Financial Highlights:

  • Operating Revenue: Rs. 1,493 Cr (24% YoY growth)
  • Co-working and allied services growth: 35% YoY
  • Operating EBITDA: Rs. 550 Cr (37% YoY growth)
  • Operating EBITDA Margins: 36.8% (350 bps expansion)
  • PAT: Rs. 71 Cr (66% YoY growth)
  • ROCE: 60% (highest among listed industry players)

Q4 FY26 Consolidated Financial Highlights:

  • Operating Revenue: Rs. 410 Cr (21% YoY growth)
  • Co-working and allied services growth: 27% YoY
  • Operating EBITDA: Rs. 152 Cr (31% YoY growth)
  • Operating EBITDA Margins: 37.0% (290 bps expansion)
  • PAT: Rs. 23 Cr (107% YoY growth)

Operational and Business Highlights

Network Expansion:

  • Added 41 new centers and 30K operational seats in FY26
  • Total signed network: 266 centers with ~184K seats
  • Geographic presence: 18 cities across Tier 1 and Tier 2 markets
  • Customer base: ~3.5K customers
  • 100% Grade A/A+ supply in every new center

Client Base Composition:

  • Enterprise/MNC clientele: 64% share
  • GCC clientele: 100+ unique clients contributing ~23% of rental revenue
  • 500+ seat cohort represents 37% of portfolio
  • 49% of sub-100 seat clients are Large Enterprise/MNCs
  • Multi-centre clients: 48% of total client base

Capital Efficiency & Balance Sheet Strength:

  • Revenue / Gross Fixed Assets: 1.5x
  • Net Debt / Equity: -0.20x (net cash position)
  • Interest Coverage Ratio: 11x (on normalized EBIT basis)

Operational Metrics:

  • Mature Occupancy: 84%
  • Blended occupancy: 76%
  • Weighted average tenure: 37 months
  • Lock-in period: 26 months

Premium Portfolio Development:

  • 35 Elite & Gold Centres in premium asset portfolio
  • Launch of Gold 2.0 and Awfis 6.0 next-generation premium formats
  • ~60%+ of new supply signed with institutional landlords
  • 3x WELL Certified (first coworking brand in India to achieve this)

Management Commentary

Mr. Amit Ramani, Chairman and Managing Director, stated that FY26 was a defining year for Awfis with the highest-ever annual revenue. Growth was anchored by sustained enterprise and GCC demand, continued premiumization of the portfolio, and the compounding benefits of operating leverage. He noted that Q4 FY26 marked the highest-ever quarterly revenue, EBITDA, and profitability in Awfis' history.

The capital-light supply strategy continues to evolve with MA (Management Agreement) as the backbone, SL (Service License) deployed selectively for premium enterprise mandates, and Partial MO (Managed Office) structures scaling. The company is in advanced discussions with marquee developers for strategic workspace partnerships.

Outlook

The business enters FY27 in its strongest position with healthy occupancy, expanding margins, industry-leading returns on capital, and a quality pipeline already committed. Additional GCC mandates have been signed and are going live over the coming quarters.