Smartworks Coworking Spaces Ltd Q2 FY26 Concall Decoded – India’s “Office OS” Just Got an Upgrade 🏢⚙️
1. Opening Hook
Remember when people said “offices are dead”? Smartworks clearly missed the memo — and instead built a 12.7 million sq. ft. empire that’s busier than an airport lounge. In a world where employees want flexibility and bosses want them back at desks, Neetish Sarda has turned “managed campuses” into corporate catnip.
Revenues jumped, margins expanded, and even the rating agencies are cheering. But wait — there’s also a Rs. 800 crore revenue sprint, GCC gold rush, and India’s largest coworking campus in the making. Buckle up — this “office OS” story’s about to get interesting.
2. At a Glance
Revenue up 21% YoY: Coworking isn’t dead; it’s billing rent.
EBITDA +46% YoY: Efficiency met enterprise obsession.
EBITDA Margin 16.4%: Still enough to pay the espresso machine bills.
ROCE 14.3%: Doubled in a year — someone’s CFO is sleeping well.
Net Debt Negative ₹59 Cr: A coworking unicorn that actually makes cash.
Occupancy 88% (mature centers): Almost full house — they’ll need standing desks soon.
CareEdge Rating: A (Stable): Upgraded — clearly, optimism’s contagious.
3. Management’s Key Commentary
Neetish Sarda: “We’ve grown to 12.7 million sq. ft. across 14 cities with 760+ clients.” (Translation: We’re basically India’s second-largest landlord — minus the property tax 😎.)
Sarda: “We’re the world’s largest standalone managed campus with Hiranandani in Mumbai.” (Translation: WeWork who?)
Sarda: “GCCs contribute 15% of rental revenue and rising.” (Translation: Multinationals are now addicted to our WiFi.)
Harsh Binani: “Our 1,000+ seat clients form 35% of rental revenue.” (Translation: No freelancers with lattes — only Fortune 500s with headcounts.)
CFO Sahil Jain: “We reduced gross debt by 45% post-IPO.” (Translation: For once, ‘growth with discipline’ wasn’t just a tagline.)
Anirudh Tapuriah: “Corporate costs dropped from 13.8% to 7.9% of revenue.” (Translation: They Marie Kondo’d the P&L — kept what sparks ROI.)
Sarda: “Our ROCE hit 14.3% and will double in two years.” (Translation: The landlord doesn’t sleep, he compounds.)
