Remember when everyone thought working from home in pyjamas was the “new normal”? Yeah, turns out people got bored of their sofas faster than Netflix’s new releases. Enter Awfis, selling premium desks as if they’re avocado toasts. Q1 FY26 results dropped — and like a good Bollywood sequel, it had drama, action, and a cameo by “margins.” Spoiler: the plot twist is that co-working is now less “scrappy startup” and more “Grade A property snob.” Keep reading — the popcorn moments come later.
2. At a Glance
Revenue up 30% – Apparently office FOMO is a growth driver.
EBITDA up 60% – From flex desks to flexing profits.
Margins at 37.8% (+710 bps) – Yoga stretch levels achieved.
PAT ₹10 cr (vs ₹3 cr) – Found profits in the lost-and-found box.
Debt/Equity 0.02x – CFO basically allergic to debt.
ROCE 67% – Corporate gym gains, not steroids.
3. Management’s Key Commentary
Amit Ramani (CMD):“We are focused on Grade A assets to attract discerning clientele.” (Translation: No more shady buildings above dosa shops. Only swanky towers now.)
Sumit Lakhani (CEO):“Exit occupancy at 73%, with mature centers at 84%.” (Read: Old gyms are full. New gyms still giving out free trial passes.)
Ravi Dugar (CFO):“Return on capital employed is at 67%.” (Or as traders call it: “Bro, multi-bagger vibes!”)
Management:“Enterprise cohort above 100 seats is 59% of portfolio.” (Translation: Freelancers drinking free coffee don’t pay the bills anymore.)
Amit Ramani:“Allied services revenue grew 43% YoY.” (Yes, snacks and Wi-Fi are the real hidden business. Who knew Maggi margins beat desks?)
Sumit Lakhani:“We sold 15,000 new seats in Q1 and signed 18,000 more for Q2/Q3.” (Like Tinder matches — except these ones actually show up.)
Management:“Capex of ₹50 cr this quarter, guidance same as last year (~₹200 cr).” (Translation: Still spending like every startup after Series C, but at least profitable.)
4. Numbers Decoded
Metric
Value (Q1 FY26)
YoY Change
One-Line Analysis
Revenue – The Hero
₹335 cr
+30%
Growth spurt — fueled by seat-sales Tinder matches.
EBITDA – The Sidekick
₹127 cr
+60%
Sidekick hit the gym, came back bulked up.
Margin – The Drama Queen
37.8%
+710 bps
Screamed, cried, then flexed; cost control finally working.
PAT – The Magician
₹10 cr
+233%
Pulled profit from a hat — still small coins.
Debt/Equity – The Monk
0.02x
n/a
Debt celibacy; CFO’s new religion.
ROCE – The Gym Bro
67%
+500 bps
Gains faster than influencer abs challenge.
Seats Added – The Binge
6,065
+40%
Expansion mania, but occupancy still catching up.
Allied Services – The Snack Bar
₹36 cr
+43%
F&B, IT, mobility — basically upselling samosas.
5. Analyst Questions
ICICI Sec: “Capex guidance?” CFO: ₹50 cr this quarter, ~₹200 cr for FY26. (Translation: Still swiping the corporate card responsibly.)
One Response
Could you explain/post a thread on the business models of co-working space, thanks