Financial Performance - Q2 FY27

Revenue from operations: ₹591 crore, up 39% year-on-year and 8% quarter-on-quarter

Normalised EBITDA: ₹117 crore, up 68% year-on-year

Normalised EBITDA margin: 19.8%, improved from 16.4% a year ago

Normalised profit after tax: ₹43.4 crore, up 136% year-on-year

Normalised operating cash flow: ₹107 crore, up 74% year-on-year

Annualised normalised ROCE: 21.6%, compared with 13.6% a year ago

Financial Performance - H1 FY27

Revenue from Operations: ₹1,138 crore, up 41% year-on-year

Normalised EBITDA: ₹224 crore

Normalised EBITDA margin: ~19.7%

Normalised Operating Cash Flow: ₹202 crore

Guidance Update

The Company raised its FY27 revenue growth guidance to 33-35% from the earlier 28-30%, backed by strong first-half performance and growing pipeline of large deals. Maintained normalised EBITDA margin guidance of 19-20% trending towards upper band. Maintained target of adding 2.5-3 million sq. ft. annually.

Operational Metrics

Total footprint: ~17.5 million sq. ft. across 71 centres (including signed and upcoming properties)

Operational footprint: ~10.9 million sq. ft.

Mature centres occupancy: ~88%

Committed occupancy: ~91%

Contracted rental revenue: ~₹5,800 crore

Number of clients: Over 780 clients

Client Composition

Enterprise clients contribution: ~91% of rental revenue

Clients with >1,000 seats: ~41% of rental revenue (up from 35% a year ago)

Multi-city clients: ~35% of rental revenue (compared with 31% in Q2 FY26)

GCC clients: ~22% of rental revenue

Geographic Expansion

Domestic presence: 15 cities across India

International presence: Singapore operations expanded to four centres with ~1,600 seats

Upcoming Projects

Two large campuses scheduled to become operational in H2 FY27:

  • Eastside, Pune: ~863,000 sq. ft.
  • Eastbridge, Mumbai: ~815,000 sq. ft.

Management Commentary

Neetish Sarda, Founder & Managing Director, highlighted strong first-half performance tracking ahead of FY27 plan. Noted sustained demand from existing clients expanding across cities and new global businesses, Indian conglomerates and GCCs choosing their platform. Emphasized the Company's ability to convert demand into consistent financial performance with six consecutive quarters of sequential revenue and margin growth, with margins expanding ~360 bps.

Business Model

Smartworks partners with leading real estate developers to transform large commercial properties into fully managed, enterprise-grade campuses. Offers customized offices with amenities including cafeterias, gyms, recreation zones, convenience stores and creches. Also offers SmartVantage, a GCC-focused solution combining scalable managed campuses with curated ecosystem of partners across legal, compliance, talent and operational support.