Financial Performance Highlights

Q2 FY27 Performance (Normalised Basis)

  • Normalised Revenue: ₹451 Cr, up 26% YoY
  • Co-working Revenue: ₹376 Cr, up 31% YoY
  • Transform Revenue (Construction & Fit-out): ₹75 Cr, up 8% YoY
  • Cash EBITDA: ₹49 Cr, up 45% YoY
  • Cash EBITDA Margin: 10.8% vs 9.4% in Q2 FY26
  • Operating Profit Before Tax: ₹13 Cr, up 56% YoY
  • Operating PBT Margin: 3.0% vs 2.4% in Q2 FY26

H1 FY27 Performance (Normalised Basis)

  • Normalised Revenue: ₹888 Cr, up 30% YoY
  • Co-working Revenue: ₹740 Cr, up 34% YoY
  • Transform Revenue: ₹149 Cr, up 16% YoY
  • Cash EBITDA: ₹93 Cr, up 40% YoY
  • Cash EBITDA Margin: 10.5% vs 9.8% in H1 FY26
  • Operating Profit Before Tax: ₹25 Cr, up 35% YoY
  • Operating PBT Margin: 2.8% vs 2.7% in H1 FY26

Reported Financials (Consolidated)

Q2 FY27:

  • Reported Revenue: ₹439 Cr, up 20% YoY
  • Reported EBITDA: ₹174 Cr, up 31% YoY
  • EBITDA Margin: 39.6% vs 36.1% in Q2 FY26
  • Profit Before Tax: ₹31 Cr, up 91% YoY
  • Profit After Tax: ₹31 Cr, up 93% YoY
  • Basic EPS: ₹4.30 vs ₹2.24 in Q2 FY26

H1 FY27:

  • Reported Revenue: ₹864 Cr, up 23% YoY
  • Reported EBITDA: ₹336 Cr, up 30% YoY
  • EBITDA Margin: 38.9% vs 36.9% in H1 FY26
  • Profit Before Tax: ₹56 Cr, up 108% YoY
  • Profit After Tax: ₹55 Cr, up 111% YoY
  • Basic EPS: ₹7.65 vs ₹3.64 in H1 FY26

Operational Metrics

  • Total Centres: 254 centres (added 6 new centres in Q2)
  • Total Seats: 174,000 seats
  • Signed Supply: 270 centres with 188,000 seats and 9.4 Mn sq ft chargeable area
  • Geographic Presence: 18 cities (9 Tier 1, 9 Tier 2)
  • Client Base: 3,700+ companies
  • Overall Portfolio Occupancy: 76.2% (up 230 bps YoY)
  • Mature Centres Occupancy (12+ months vintage): 84.1%
  • Weighted Average Total Tenure: ~38 months
  • Weighted Average Lock-in Tenure: ~27 months

GCC Business Update

  • GCC Clients: 105+ unique GCC clients
  • GCC Revenue Contribution: 24% of rental revenue
  • Recent Win: Fortune 500 GCC deal for 1,000+ FTE in Chennai, Phase 1 starting Q4 FY27

Premium Portfolio

  • Gold & Elite Centres: 39 centres (29 Gold, 10 Elite)
  • Premium Pricing: ~35% higher pricing versus flagship products

Awfis Transform Business

  • Q2 FY27 Revenue: ₹75 Cr (93% third-party share)
  • H1 FY27 Revenue: ₹149 Cr
  • Order Book + Advanced Pipeline: ₹220 Cr
  • Key H1 FY27 Wins:
  • Technology major (~90,000 sq ft in Gurgaon)
  • Renewable energy group (~1.0 lakh sq ft in Delhi)
  • Diversified Pharma Group (~90,000 sq ft in Noida)
  • Financial Service & Real Estate Group (~43,000 sq ft in Gurgaon)
  • Global customer experience major (~71,000 sq ft in Gurgaon)

Capital Structure & Financial Position

As of September 30, 2026:

  • Net Debt: -₹73 Cr (net cash position)
  • Net Debt: Equity Ratio: -0.12x
  • Gross Debt: Equity Ratio: 0.11x
  • Credit Rating: A+ (Stable Outlook), upgraded from A in May 2025
  • Total Assets: ₹3,080 Cr
  • Total Equity: ₹609 Cr
  • Right of Use Assets: ₹1,062 Cr
  • Lease Liabilities: ₹1,473 Cr (₹1,067 Cr non-current, ₹406 Cr current)
  • Cash & Cash Equivalents: ₹55 Cr
  • Other Bank Balances: ₹12 Cr

Capital Deployment since Q1 FY25:

  • Capex Deployed: ₹464+ Cr
  • Chargeable Area Added: +3.7 mn sq ft (5mn → 8.7mn)
  • Net Seats Added: +64,000 (100K → 164K operational seats)
  • Revenue Growth: +75% (₹258 Cr → ₹451 Cr, 28.1% CAGR)
  • EPS Growth: +₹17.2 (from ₹1.72 in Q1 FY25 annualized)

Growth Strategy

Five Engines of Growth:

1. GCC expansion as core enterprise demand engine

2. Premiumization with Gold & Elite centres in Grade A+ assets

3. Multi-format supply (coworking, managed office, Partial MO)

4. Organic growth & retention with AI-powered renewals tool

5. Value beyond Flex through Awfis Transform and allied services

Forward Guidance

  • FY27 Cash EBITDA Target: ₹190-200 Cr
  • Focus Areas: Improving occupancy, strengthening client renewals, capital-efficient supply models