1. Opening Hook
While half the listed workspace universe is still explaining “demand visibility” on LinkedIn posts, EFC just walked in, dumped a 76% H1 revenue growth slide on the table, and calmly said — this is just the base. NSE listing done, seats exploding, order books overflowing, and management casually talking about REITs, retail, furniture, and Pepperfry synergies in one breath.
This wasn’t a defensive concall. This was a victory lap with spreadsheets. If optimism were billable square feet, EFC would already be at 110% occupancy.
Read on — because behind the aggressive growth story sits a complex cash flow engine, capital-light ambition, and a management team that clearly believes it’s building India’s first real Real Estate-as-a-Service conglomerate.
2. At a Glance
- Revenue up 76.6% (H1 YoY) – Blink and you missed last year’s base.
- EBITDA up 69.4% – Operating leverage finally paying rent.
- Q2 Revenue ₹254.6 cr – Broad-based, not a one-vertical wonder.
- EBITDA ₹110.8 cr (+40% YoY) – Growth without margin sacrifice (mostly).
- Net profit nearly doubled (H1) – Accountants smiling quietly.
3. Management’s Key Commentary
“We are now listed on NSE, which was a very exciting event.”
(Translation: Liquidity unlocked, valuation dreams upgraded 😏)
“Total seats including under development crossed 68,000.”
(Translation: This isn’t coworking anymore, it’s
infrastructure)
“Design & Build revenue grew 74% YoY.”
(Translation: Turnkey contracts printing cash, not just presentations)
“Furniture exports to Saudi Arabia are 80% shipped.”
(Translation: This isn’t a hobby vertical anymore)
“We are entering retail leasing, but not mall management.”
(Translation: Same playbook, new playground 😏)
“We want 20% of AUM under ownership.”
(Translation: Margin expansion without begging landlords)
“We see ourselves as a Real Estate-as-a-Service company.”
(Translation: Please stop calling us just coworking)
4. Numbers Decoded
Metric Q2 / H1 FY26
------------------------------------------------
Revenue (H1) +76.6% YoY
EBITDA (H1) +69.4% YoY
Q2 Revenue ₹254.6 cr
Q2 EBITDA ₹110.8 cr
Seats (total) ~68,241
Operational seats billed ~55,924
Occupancy (operational) ~90%
Design & Build order book ~₹145 cr (Q2)
Total FY26 order wins ~₹450+ cr
Owned AUM ~9% (target 20%)
Net Debt / Equity ~0.04x
- Leasing = stability
- D&B = growth engine
- Furniture = optionality
