Smartworks Q2 Revenue Rises 38% YoY to ₹5.73 Billion

Key Financial Figures (Standalone)

Quarterly Performance (Q2 FY2027 vs Q2 FY2026)

Revenue from Operations: ₹5,727.89 million (vs ₹4,136.09 million in Q2 FY2026) - 38.5% increase
Other Income: ₹143.08 million (vs ₹166.60 million in Q2 FY2026)
Total Income: ₹5,870.97 million (vs ₹4,302.69 million in Q2 FY2026)
Operating Expenses: ₹1,691.49 million (vs ₹1,207.92 million in Q2 FY2026)
Employee Benefit Expenses: ₹253.55 million (vs ₹213.93 million in Q2 FY2026)
Finance Costs: ₹950.70 million (vs ₹914.78 million in Q2 FY2026)
Depreciation & Amortization: ₹2,467.44 million (vs ₹1,917.85 million in Q2 FY2026)
Total Expenses: ₹5,498.63 million (vs ₹4,353.42 million in Q2 FY2026)
Profit/(Loss) Before Tax: ₹372.34 million (vs loss of ₹50.73 million in Q2 FY2026)
Tax Expense: ₹93.72 million (vs ₹2.77 million in Q2 FY2026)
Profit/(Loss) After Tax: ₹278.62 million (vs loss of ₹53.50 million in Q2 FY2026)
Other Comprehensive Income: ₹(0.07) million (vs ₹(1.40) million in Q2 FY2026)
Total Comprehensive Income: ₹278.55 million (vs loss of ₹54.90 million in Q2 FY2026)

Half-Yearly Performance (H1 FY2027 vs H1 FY2026)

Revenue from Operations: ₹11,005.02 million (vs ₹7,783.94 million in H1 FY2026) - 41.4% increase
Other Income: ₹280.29 million (vs ₹257.97 million in H1 FY2026)
Total Income: ₹11,285.31 million (vs ₹8,041.91 million in H1 FY2026)
Operating Expenses: ₹3,219.54 million (vs ₹2,229.32 million in H1 FY2026)
Employee Benefit Expenses: ₹498.19 million (vs ₹423.99 million in H1 FY2026)
Finance Costs: ₹1,895.48 million (vs ₹1,715.79 million in H1 FY2026)
Depreciation & Amortization: ₹4,855.86 million (vs ₹3,598.04 million in H1 FY2026)
Total Expenses: ₹10,775.65 million (vs ₹8,152.80 million in H1 FY2026)
Profit/(Loss) Before Tax: ₹509.66 million (vs loss of ₹110.89 million in H1 FY2026)
Tax Expense: ₹128.28 million (vs ₹27.91 million in H1 FY2026)
Profit/(Loss) After Tax: ₹381.38 million (vs loss of ₹138.80 million in H1 FY2026)
Other Comprehensive Income: ₹(1.47) million (vs ₹(1.44) million in H1 FY2026)
Total Comprehensive Income: ₹379.91 million (vs loss of ₹140.24 million in H1 FY2026)

Per Share Data (Standalone)

Paid-up Equity Share Capital: ₹1,143.82 million (Face Value ₹10 per share)
Basic EPS: ₹2.44 for Q2 FY2027 (vs ₹(0.33) for Q2 FY2026); ₹3.34 for H1 FY2027 (vs ₹(0.77) for H1 FY2026)
Diluted EPS: ₹2.44 for Q2 FY2027 (vs ₹(0.33) for Q2 FY2026); ₹3.34 for H1 FY2027 (vs ₹(0.77) for H1 FY2026)

Key Financial Figures (Consolidated)

Quarterly Performance (Q2 FY2027 vs Q2 FY2026)

Revenue from Operations: ₹5,913.70 million (vs ₹4,247.83 million in Q2 FY2026) - 39.2% increase
Other Income: ₹139.31 million (vs ₹162.84 million in Q2 FY2026)
Total Income: ₹6,053.01 million (vs ₹4,410.67 million in Q2 FY2026)
Operating Expenses: ₹1,717.31 million (vs ₹1,221.21 million in Q2 FY2026)
Employee Benefit Expenses: ₹278.99 million (vs ₹230.93 million in Q2 FY2026)
Finance Costs: ₹975.61 million (vs ₹927.99 million in Q2 FY2026)
Depreciation & Amortization: ₹2,590.61 million (vs ₹1,980.07 million in Q2 FY2026)
Total Expenses: ₹5,704.31 million (vs ₹4,454.54 million in Q2 FY2026)
Profit/(Loss) Before Tax: ₹348.70 million (vs loss of ₹43.87 million in Q2 FY2026)
Tax Expense: ₹92.29 million (vs ₹12.48 million in Q2 FY2026)
Profit/(Loss) After Tax: ₹256.41 million (vs loss of ₹56.35 million in Q2 FY2026)
Other Comprehensive Income: ₹7.19 million (vs ₹3.42 million in Q2 FY2026)
Total Comprehensive Income: ₹263.60 million (vs loss of ₹52.93 million in Q2 FY2026)

Half-Yearly Performance (H1 FY2027 vs H1 FY2026)

Revenue from Operations: ₹11,376.18 million (vs ₹8,039.94 million in H1 FY2026) - 41.5% increase
Other Income: ₹273.49 million (vs ₹250.60 million in H1 FY2026)
Total Income: ₹11,649.67 million (vs ₹8,290.54 million in H1 FY2026)
Operating Expenses: ₹3,260.03 million (vs ₹2,256.61 million in H1 FY2026)
Employee Benefit Expenses: ₹543.18 million (vs ₹457.97 million in H1 FY2026)
Finance Costs: ₹1,936.59 million (vs ₹1,742.56 million in H1 FY2026)
Depreciation & Amortization: ₹5,047.69 million (vs ₹3,719.19 million in H1 FY2026)
Total Expenses: ₹11,125.29 million (vs ₹8,390.10 million in H1 FY2026)
Profit/(Loss) Before Tax: ₹524.38 million (vs loss of ₹99.56 million in H1 FY2026)
Tax Expense: ₹136.49 million (vs ₹26.20 million in H1 FY2026)
Profit/(Loss) After Tax: ₹387.89 million (vs loss of ₹125.76 million in H1 FY2026)
Other Comprehensive Income: ₹7.51 million (vs ₹15.06 million in H1 FY2026)
Total Comprehensive Income: ₹395.40 million (vs loss of ₹110.70 million in H1 FY2026)

Per Share Data (Consolidated)

Paid-up Equity Share Capital: ₹1,143.82 million (Face Value ₹10 per share)
Basic EPS: ₹2.24 for Q2 FY2027 (vs ₹(0.27) for Q2 FY2026); ₹3.39 for H1 FY2027 (vs ₹(0.68) for H1 FY2026)
Diluted EPS: ₹2.24 for Q2 FY2027 (vs ₹(0.27) for Q2 FY2026); ₹3.39 for H1 FY2027 (vs ₹(0.68) for H1 FY2026)

Important Dates and Events

Board Meeting Date: October 30, 2026 (9:00 AM to 10:35 AM IST)
Audit Committee Meeting Date: October 29, 2026
IPO Completion Date: July 17, 2025 (Listing date on NSE and BSE)
Workstudio Acquisition Date: July 7, 2026
ESOP Allotment: 119,000 equity shares allotted during Q2 FY2027, increasing paid-up capital from ₹1,142.63 million to ₹1,143.82 million

Subsidiary Information

The consolidated results include the following entities:

1. Smartworks Coworking Spaces Limited (Parent)

2. Smartworks Tech Solutions Private Limited

3. Smartworks Office Services Private Limited

4. Smartworks Stellar Services Private Limited

5. Smartworks Space Pte. Ltd.

6. Workstudio Spaces Pte. Ltd. (acquired on July 7, 2026)

IPO Proceeds Utilization

The company raised ₹4,450.00 million through fresh issue in IPO. Utilization as of September 30, 2026:

Debt Repayment: ₹1,140.00 million (100% utilized)
Capital Expenditure for New Centers: ₹2,258.40 million (₹2,258.34 million utilized, ₹0.06 million unutilized)
General Corporate Purposes: ₹606.18 million (₹566.32 million utilized, ₹39.86 million unutilized)
Offer Related Expenses: ₹445.42 million (100% utilized)

Unutilized proceeds of ₹39.92 million are temporarily deposited in escrow and monitoring accounts.

Acquisition Details

Smartworks Space Pte. Ltd. (wholly owned subsidiary) acquired 100% equity share capital of Workstudio Spaces Pte. Ltd. for SGD 2.47 million (₹180.68 million) on July 7, 2026. The acquisition was accounted for from July 1, 2026. Purchase price allocation resulted in goodwill of ₹58.59 million.

Pending Matter

The Board approved utilization of ₹3,856.18 million from Securities Premium Account to set off accumulated losses up to March 31, 2026. This requires NCLT approval, which is pending as of September 30, 2026, and thus not reflected in these financial results.

Auditor Review

The financial results were reviewed by Deloitte Haskins & Sells LLP (Standalone) and other auditors for subsidiaries (Consolidated). The review reports state that nothing has come to their attention that causes them to believe that the statements contain any material misstatement.