Key Financial Performance (Q1 FY27)

Revenue Performance:

  • Revenue from operations: ₹5,462 Million
  • Year-on-year growth: 44% (vs. ₹3,792 Mn in Q1 FY26)
  • Quarter-on-quarter growth: 5% (vs. ₹5,197 Mn in Q4 FY26)

Profitability Metrics:

  • Normalised EBITDA: ₹1,069 Million
  • Year-on-year growth: 74% (vs. ₹614 Mn in Q1 FY26)
  • Quarter-on-quarter growth: 8% (vs. ₹987 Mn in Q4 FY26)
  • Normalised EBITDA Margin: 19.6% (vs. 16.2% in Q1 FY26 and 19.0% in Q4 FY26)
  • Normalised Profit After Tax: ₹388 Million
  • Year-on-year growth: 197% (vs. ₹131 Mn in Q1 FY26)
  • Quarter-on-quarter growth: 11% (vs. ₹349 Mn in Q4 FY26)

Reported Figures (Ind-AS):

  • Reported EBITDA: ₹3,460 Million
  • Reported PAT: ₹131 Million

Cash Flow and Capital Efficiency:

  • Normalised Operating Cash Flow: ₹951 Million (up 10% YoY)
  • OCF to EBITDA ratio: 0.9x
  • Normalised ROCE (Annualized): 21.5% (vs. 12.7% in Q1 FY26)

Operational Metrics

Portfolio Size:

  • Operational footprint: 10.4 million square feet
  • Mature centres occupancy: ~92% committed occupancy
  • Overall occupancy: 81% (vs. 82% last quarter)

Client Base:

  • Total clients: 760+
  • Multi-city clients contribution: 35% of revenue (up from 31% in FY26)
  • 1,000+ seat enterprise cohort: 41% of revenue (up from 37% in FY26)
  • GCC clients: ~21% of revenue (up from ~15% in FY26)

Contracted Revenue:

  • Contracted rental revenue: ~₹54,000 Million
  • Coverage: 87.2% of FY27 revenue already locked

Capital Expenditure and Expansion

Capex Investment:

  • Q1 FY27 Capex: ₹1,510 Million (up 66% year-on-year)
  • ~₹450 Mn directed towards upcoming new centres and new clients

Expansion Pipeline:

  • Q1 operationalization: 0.3 million square feet
  • Future pipeline: 2.2 to 2.7 million square feet secured
  • FY27 and FY28 expansion fully booked; FY29 work begun

Notable Projects:

  • Eastside, Kharadi, Pune: ~863,000 sq ft (world's largest managed office campus, H2 FY27 launch)
  • Eastbridge, Vikhroli West, Mumbai: ~815,000 sq ft

Balance Sheet Position

Debt Structure:

  • Gross Debt: ₹2,134 Million
  • Net Debt: ₹56 Million
  • Characterized as "low-leverage balance sheet" and "effectively debt-free platform"

Guidance and Outlook

Management reaffirmed FY27 guidance:

  • Revenue growth: 28-30%
  • Normalised EBITDA margins: 19-20%
  • Operational portfolio: 12.5 to 13 million square feet by March 2027

Market Context and Industry Data

Office Market Trends (CBRE Q2 2026 data):

  • Quarterly absorption: ~24.6 million sq ft (up 18% QoQ and 14% YoY)
  • H1 absorption: ~45.5 million sq ft (record half-year)
  • Flexible space operators: 27% of Q2 absorption (largest single sector)
  • GCC absorption: 42% of total office absorption in Q2 2026
  • GCC deal count: rose 30% year-on-year

Business Model Highlights

The disclosure emphasizes:

  • Enterprise-first model with long-tenured contracts (4-5 years)
  • Annuity-like revenue behavior
  • Self-funded growth model
  • Standardized operations and cost leadership
  • Supply visibility secured through FY28 and partially for FY29