Financial Performance Summary (₹ Crore, Consolidated)

| Particulars | Q1 FY27 | Q1 FY26 | YoY % | Q4 FY26 | QoQ % | FY26 |

| Revenue from Operations | 425 | 335 | 27% | 410 | 4% | 1,493 |

| Co-working space on rent and allied services | 352 | 276 | 27% | 342 | 3% | 1,237 |

| Construction and fit-out projects | 73 | 58 | 25% | 69 | 7% | 257 |

| EBITDA | 162 | 127 | 28% | 152 | 7% | 550 |

| EBITDA Margin (%) | 38.2% | 37.8% | | 37.0% | | 36.8% |

| Profit Before Tax | 24 | 10 | 135% | 24 | 4% | 72 |

| Profit After Tax | 24 | 10 | 140% | 23 | 3% | 71 |

| PAT Margin (%) | 5.6% | 3.0% | | 5.7% | | 4.7% |

Operational Highlights

Network Expansion:

  • Added 7 new centers during the quarter
  • Total network reached 251 centers with approximately 170,000 seats
  • Presence across 18 cities including Tier 1 and Tier 2 markets
  • Serving nearly 3,600 clients

Occupancy Metrics:

  • Occupancy at centers with more than 12 months vintage: 83%
  • Overall portfolio occupancy: 76%

Business Segment Performance:

  • Co-working business grew 27% YoY driven by sustained demand from enterprises, Global Capability Centres (GCCs), and multi-centre clients
  • Transform business (construction and fit-out solutions) delivered 25% YoY growth with ₹73 Cr revenue in Q1 FY27
  • 92% of Transform revenue came from third-party projects

Financial Metrics & Ratios

Capital Efficiency:

  • Return on Capital Employed (ROCE): 55%
  • Fixed assets turnover ratio: 1.5x (calculated as revenue from co-working divided by average closing gross block)

Balance Sheet Strength:

  • Net debt ratio: -0.08
  • Gross debt ratio: 0.10
  • Credit rating: A+ with Stable Outlook
  • Cost of Borrowing: 9.05%
  • Incremental borrowing cost: 8.5%

Management Commentary (Amit Ramani, Chairman & Managing Director)

Growth Drivers:

  • Strong demand from GCCs and Fortune 500 companies becoming structural part of client base
  • Serving 100+ unique GCC clients contributing 24% of rental revenue
  • Additional mandates secured and expected to commence operations over coming quarters

Portfolio Premiumization:

  • 37 Gold & Elite centers commanding highest realizations
  • New premium inventory expected to command pricing 30–50% higher than current portfolio
  • Focus on premium Grade A+ assets with institutional developers

Supply Pipeline:

  • Robust pipeline with continued focus on premium assets
  • Signed Developer Partnership with Malpani group for 2 Grade A+ properties (~1.4 lakh sq ft)
  • Multi-format supply including Partial MO (Managed Office) structure

Business Model Strength:

  • Growth funded primarily through internal accruals since IPO
  • Capital-light business model demonstrating resilience and sustainability
  • Transform business has won INR 200 Cr+ in larger, multi-city mandates

Five Engines of Growth

1. GCC Demand: 100+ GCC clients across diverse sectors, clear leadership in Micro & Nano GCC, moving up with multiple 2,000+ seater mandates

2. Portfolio Premiumization: 37 Gold & Elite centers, deepening presence in marquee IT parks and Grade A+ assets with institutional developers

3. Multi-format Supply: Partial MO structure, developer partnerships including Malpani group for 2 Grade A+ properties

4. Organic Growth: Faster sale velocity, higher realization with new center pricing 30-50% above portfolio, higher renewals and larger seat expansions

5. Adjacencies: Transform business winning larger multi-city mandates with ₹200 Cr+ already won, serving as robust growth engine