Financial Performance Summary

Q2 FY27 Performance (Quarter ended September 30, 2026):

  • Revenue: ₹768.7 Cr (+10.1% QoQ; +31.6% YoY)
  • EBITDA: ₹162.9 Cr (+17.8% QoQ; +37.6% YoY)
  • EBITDA Margins: 21.2% (+138 bps QoQ; +92 bps YoY)
  • PAT: ₹65.8 Cr (+23.7% QoQ; +67.4% YoY)
  • PAT Margins: 8.6% (+94 bps QoQ; +183 bps YoY)

H1 FY27 Performance (Half-year ended September 30, 2026):

  • Revenue: ₹1,466.7 Cr (+30.1% YoY)
  • EBITDA: ₹301.2 Cr (+50.6% YoY)
  • EBITDA Margins: 20.5% (+279 bps YoY)
  • PAT: ₹119.0 Cr (+149.5% YoY)
  • PAT Margins: 8.1% (+388 bps YoY)

Operational Metrics

Member Growth:

  • Added 8.3k members in Q2 FY27
  • Total member base: 121.7k (+7.3% QoQ; +32.5% YoY)
  • Member growth outpaced operational desk capacity growth of 26.9% YoY

Capacity Expansion:

  • Q2 FY27: Added 11.7k desks (largest-ever capacity addition)
  • H1 FY27: Added 18.4k desks (largest half-year of openings in company history)
  • Operational capacity: 145.3k desks (+8.8% QoQ; +26.9% YoY)
  • Additional 4.5k desks operationalized in first week of October 2026

Portfolio Metrics:

  • Operational footprint: 9.8 million sq. ft. (+7.6% QoQ; +27.1% YoY)
  • 85 centers across 8 cities
  • Total committed footprint: 13.0 million sq. ft. (+8.7% QoQ; +30.4% YoY)
  • Mature center occupancy: 87.7%
  • Portfolio occupancy: 83.7%
  • NPS: +79

Cash Flow and Capital Efficiency

Q2 FY27 Cash Flow:

  • Free Cash Flow from Operations: ₹237.7 Cr (+67.5% QoQ; +149.2% YoY)
  • Free Cash Flow to Firm (FCFF): ₹61.9 Cr (+₹108.0 Cr QoQ; +₹76.0 Cr YoY)
  • EBITDA to FCFO conversion: 1.5x

H1 FY27 Cash Flow:

  • Free Cash Flow from Operations: ₹379.8 Cr (+156.6% YoY)

Capital Efficiency Metrics:

  • ROCE: 34.5% (+590 bps QoQ; +1,235 bps YoY)
  • Cost of borrowing: 8.5%
  • Credit rating: A+
  • Net cash position: ₹23.1 Cr (from net debt of ₹310.5 Cr a year ago)

Business Segments and Demand Drivers

Enterprise Demand:

  • GCCs contributed 40.8% of core revenue
  • Digital products revenue: ₹29.2 Cr in Q2 FY27 (+45.6% YoY)
  • Flexible workspace operators accounted for 24% of overall office leasing in Q3 CY2026 (Source: CBRE)

Management Commentary

Karan Virwani, Managing Director & CEO, emphasized the company's role in building India's premium, branded flexible workspace ecosystem. He noted that the Q2 performance validates the strength of their business model, with member growth remaining strong despite record capacity expansion. The company's ambition is to shape how India works by creating workspaces that enable businesses to scale and people to thrive.

Accounting Note

All financial figures are presented on an IGAAP-equivalent basis, calculated under the Indian GAAP framework without the benefit of non-cash rent straight-lining under IndAS 116, and are net of ESOP costs.