Smartworks Coworking Spaces Limited · NSE:SMARTWORKS
Smartworks Coworking Spaces — Q2 FY27 Earnings Presentation
55 slides from Smartworks Coworking Spaces's earnings presentation, Oct 30, 2026
Slide 1: NSE/BSE disclosure letter for results presentation
[email protected] Ill SM ARTWORKS www.smartworksofflce.com (@ Date: 30th October, 2026 To, To, National Stock Exchange of India Limited (“NSE”) BSE Limited (“BSE”) Listing Department Listing Department Exchange Plaza, C-1 Block G, Bandra Kurla Complex Corporate Relationship Department Phiroze Bandra
Slide 2: Where India Will Work This Decade
Q2 FY27 · EARNINGS PRESENTATION Where India Will Work This Decade Supply Secured. Revenue Contracted. Accelerated Growth. 17.5 Msf 780+ 71 / 15 / 2 TOTAL AREA TOTAL CLIENTS CENTRES / CITIES / COUNTRIES SMARTWORKS COWORKING SPACES LIMITED 30 October 2026
Slide 3: Safe Harbor Statement
SafeHarbor Safe Harbor Statement Statement This Presentation And The Accompanying Slides (The “Presentation”), Prepared By Smartworks Coworking Spaces Limited (The “Company”), Is Furnished Solely For Informational Purposes Without Regard To Any Specific Investment Objectives, Financial Situations, O
Slide 4: What We Will Cover Today
WhatWe What WeWill WillCover Cover Today Today Q2 FY27 Performance 01 Growth, Margins, Cash And Returns How Our Model Works 02 Why Scale, Office Space And Demand From Large Businesses Reinforce Each Other The Market 03 Large Deals, Large Campuses: Flex, GCCs And AI Our Technology Platform 04 Nexus,
Slide 5: Q2 FY27 Performance
01 Q2 FY27 Performance Growth, Margins, Cash And Returns - 4
Slide 6: Revenue Growth Guidance Raised To 33-35%
RevenueGrowth Revenue Growth Guidance Guidance Raised Raised To 33 To 33-35%; Margin –35%; Margin And And Footprint Footprint Reaffirmed Reaffirmed --------------, Measure H1 FY27 Position Previous FY27 Outlook Revised FY27 Outlook Status ~INR 58,000 Mn Contracted Rental Revenue Growth +41% YoY 28%–
Slide 7: H1: Revenue +41%, Margin +340 bps, PAT 2.6x
H1: Revenue +41%, Margin +340 bps, PAT 2.6x REVENUE FROM OPERATIONS NORMALISED EBITDA | MARGIN NORMALISED PAT | MARGIN INR 11,376 Mn 2,238 | 19.7% 822 | 7.2% YoY +41% YoY +71% | +340 bps YoY +161% | +330 bps OVERALL | MATURE OCCUPANCY NORMALISED ROCE (ANNUALISED) NORMALISED OCF | FCF INR 2,022 Mn |
Slide 8: Six Quarters Up; The Only Listed Flex Player To Do It
Six Quarters Up; The Only Listed Flex Player To Do It REVENUE FROM OPERATIONS NORMALISED EBITDA NORMALISED PAT INR 5,914 Mn INR 1,169 Mn INR 434 Mn QoQ +8% QoQ +9% QoQ +12% Y o Y +39% Y o Y +68% Y o Y +136% CONTRACTED RENTAL REVENUE NORMALISED EBITDA MARGIN NORMALISED PAT MARGIN ~INR 58,000 Mn 19.8%
Slide 9: Capacity +20%; Mature Occupancy Held At 88%
Capacity Capacity +20%; +20%; We Add We Add SeatsSeats Faster Faster Than WeThan We Fill Fill Them Them By By Design; Design; Mature Mature Occupancy Occupancy HeldAt Held At88% 88% TOTAL | OPERATIONAL SBA OPERATIONAL | OCCUPIED SEATS MATURE | COMMITTED MATURE OCCUPANCY 17.5 Msf | 10.9 Msf ~249k | ~
Slide 10: Returns Held, Balance Sheet Practically Unlevered
EvenOn Even OnAAHigh High Capex Capex CycleCycle All Returns All Returns Held, Held, And AndSheet Balance Balance SheetUnlevered Practically Practically Unlevered NORMALISED ROCE (ANNUALISED) GROSS DEBT | NET DEBT 21.6% INR 2,337 Mn | INR 827 Mn QoQ +10 bps YoY +800 bps Q2 capex of INR 1,556 Mn; Up
Slide 11: Revenue Has Grown Every Quarter
RevenueHas Revenue Has Grown Grown Every Every Quarter - Steady, Quarter Steady,Visible VisibleAndAnd BuiltBuilt On Long-Term On Long Contracts - Term Contracts REVENUE FROM OPERATIONS · INR MN +56% In Six Quarters 5,914 5,462 5,197 4,721 Our Quarterly Revenue 4,248 3,792 Has Grown By Over INR 2,000
Slide 12: Margin 19.8%, Held Through Heaviest Capex Half
Margin19.8%, Margin 19.8%,UpUp 3360 bps, Held 6 0 bps, HeldThrough Through Heaviest Cape Heaviest Capex Half x Half NORMALISED EBITDA · INR MN | MARGIN % +90% In Six Quarters EBITDA GROWTH (YOY) 1,169 1,069 987 ~68% 847 696 614 Q2 FY27 EBITDA Of INR 1,169 Mn Is +68% YoY And +9% QoQ. Q1FY26 Q2FY26 Q3
Slide 13: Returns Held; A Fifth Of Capital Is Waiting To Earn
ReturnsHeld; Returns Held; A Fifth A Fifth Of Capital Of Capital Is Waiting Is Waiting To EarnTo Earn NORMALISED ROCE (ANNUALISED) · % KEY TAKEAWAYS 21.5% 21.5% 21.6% ~INR 2,000 Mn* Invested 19.5% In Capex And Security Deposits For Upcoming Centres Till Date 13.6% 12.7% ~20%* Of Normalised Capital E
Slide 14: Expansion Is Self-Funded, OCF Structurally Above 1x EBITDA
Expansion Expansion Is Self-Funded- Is Self OCFStructurally - Funded — OCF Structurally Above Above 1 1x EBITDA × EBITDA NORMALISED OCF / NORMALISED EBITDA · × KEY TAKEAWAYS 1.4× ~1.0x Excluding Net Deposits Paid On Buildings Not Yet Open 1.2× 1.1× 0.9× 0.9× 0.9× Structurally Above 1× What To Expect
Slide 15: Modular, Standardised Builds Cap Maintenance Capex
Modular,Standardised Modular, Standardised Builds Builds Cap Maintenance Cap Maintenance CAPEX CAPEX At ~12 At ~12-15% OfInitial –15% Of Initial CAPEX CAPEX Modular, Standardised Build Business Performance INR Mn · As on 30 Sep 2026 Efficient Initial Fit-outs And Structurally Disciplined Maintenance
Slide 16: Every Capex Cycle Has Lifted Margin And RoCE
EveryCapex Every Capex Cycle Cycle Has Lifted Has Lifted MarginMargin And RoCE And RoCE CY CLE 1 · FY23 – FY25 CYCLE 2 · FY 26 CY CLE 3 · F Y 27 SPACE ADDED SPACE ADDED SPACE TO BE ADDED ~1 Msf A Year ~2 Msf A Year ~3 Msf A Year Operational Footprint 6.2 → 8.1 Msf Operational Footprint 8.1 → 10.1 Ms
Slide 17: Centres Are 2-3x Larger; Pre-Fill And Fill Time Unchanged
CentresAre Centres Are2 2-3x Larger; - 3x Larger; PrePre-Fill AndFill - Fill And FillTime Time Unchanged Unchanged NEW CENTRE SIZE · ’000 SQ FT PRE-2022 F Y 22–F Y 26 300 - 700 Pre-fill Demand At Signing Share Of The Centre Committed <10 <10 20-25% 20 –25% Before We Take It = IN CREAS ED Ramp-Up To
Slide 18: A Third Of What We Run Is Still Filling
A Third A ThirdOfOfWhat WhatWeWe RunRun Is Still Is Still Filling; Filling; A ThirdAOf Third NextOf Next Year’s Year's Is Footprint Footprint Is Not Yet Open Not Yet Open OUR 17.5 MSF PLATFORM BY STAGE · SEP 2026 · MSF STILL FILLING --------------------[----------: ~ 3 Msf Still Filing Which Include
Slide 19: We Bought FY28's Supply In FY27
We Bought We BoughtFY28’s FY28's Supply Supply In FY27, In FY27, In A Market In A Market Short OfShort It Of It NORMALISED OCF VS CAPEX · INR MN FY26 · FULL YEAR H1 FY27 · SIX MONTHS FREE CASH FLOW · H1 FY27 INR (1,044) Mn 3,880 3,564 3,066 Negative Due To Investment In Future Growth: Capex And Depo
Slide 20: Heavy Capex Keeps FCF Negative Today
HeavyCapex Heavy Capex Keeps Keeps FCF Negative FCF Negative Today Today -— At At 13 13Msf MsfMature, Mature,WeWe Become Become FreeFree Cash Cash Flow Flow Positive Positive MATURE CENTRE FOOTPRINT · MSF HOW GROWTH BECOMES SELF-FUNDING 13.0 Msf TO DAY 1 We Are Investing in Heavy Capex For Growth Ah
Slide 21: How Our Model Works, And Why It Compounds
02 02 How Our Model Works, And Why It Compounds Why Scale, Office Space And Demand From Large Businesses Reinforce Each Other 20
Slide 22: One Platform Connecting Four Stakeholders
OnePlatform One Platform Connecting Connecting FourFour Stakeholders -— Live Stakeholders LiveInIn4545-60 Days –60 Days WHO WE PARTNER WITH WHO WE SERVE ONE PLATFORM Non-Institutional Landlords Enterprise Clients One-stop Solution With Guaranteed Rentals — We Lease The Full Building. 45–60 Flexible,
Slide 23: Smartworks Integrated Experience Ecosystem
Smartworks Smartworks Integrated Integrated Experience Experience Ecosystem -— Increases Ecosystem Increases Stickiness Stickiness Without Without Operational Operational Complexity Complexity Recreational zone Creche Medical room IT support Gaming zone Community events Smart parking Gym Smart store
Slide 24: Pan-India Platform With Undisputed Leadership
Pan-India Pan Platform - India Platform With With Undisputed Undisputed Leadership Leadership WEST 44% of SBA · Pune, Mumbai, Ahmedabad, 7.6 Msf Indore Delhi SOUTH Gurugram ,. •• • 30% of SBA · Bengaluru, Hyderabad, Chennai, • Noida Jaipur 5.3 Msf Kochi, Coimbatore .. NORTH 24% of SBA · Delhi, Gurug
Slide 25: Repeat Developer Partnership And Large Scale Campuses
RepeatDeveloper Repeat Developer Partnership Partnership And Leasing And Leasing Large Large Scale Scale Campuses Campuses Provides Provides Preferred Preferred Terms Terms andBetter and BetterUnit Unit Economics Economics WE LEASE LARGE BUILDINGS WHO WE LEASE FROM 68% Of Our Space Is In Buildings A
Slide 26: A More Evenly Spread Portfolio Reduces Concentration Risk
A More MoreEvenly Evenly Spread Spread Portfolio Portfolio Reduces Reduces Concentration Concentration Risk Risk TOTAL SBA BY CITY · MSF FROM OPERATIONAL TO TOTAL SECURED · MSF City Pune Jun’26 (Msf) 4.7 % of SBA 28% Sep’26 (Msf) 5.4 % of SBA 31% 17.5 Msf Total SBA Bengaluru 3.4 20% 3.4 19% Gurugram
Slide 27: Grade-A Campuses Built For The World's Leading Enterprises
Grade-A Campuses Built For The World's Most Leading Enterprises Eastside, Pune · ~863k Sq. Ft. Eastbridge, Mumbai · ~815k Sq. Ft. Vaishnavi Tech Park, Bengaluru · 700k Sq. Ft. Malpani Agile, Pune · 689k Sq. Ft. AP81, Pune · 669k Sq. Ft. 43EQ, Pune · 613k Sq. Ft. 68% Of Our SBA Sits In Campuses Above
Slide 28: Relationships That Compound: 335+ Clients Above 1,000 Seats
Relationships Relationships That That Compound: 335+ Compound: ClientsAbove 5+ Clients Above 1,000 1,000 Seats, 75+ Seats, 75+ in More MoreThan Than One One CityCity WHO SITS WITH US EN TERPRIS E S H ARE O F REN TAL REVEN U E CU S TO M ER EXPERIEN CE · US A CON S ULTIN G · GLOB AL A Fortune 500 Cust
Slide 29: Largest Clients Drive A Growing Share Of Revenue
OurLargest Our Largest Clients Clients Drive Drive A Growing A Growing Share Share Of Of Revenue - On Revenue On Longer Longer Lock-Ins Lock - Ins SHARE OF RENTAL REVENUE FROM THE 1,000+ SEAT COHORT 1,000+ COHORT REVENUE 41% 41% 37% 29% INR 1,966 Mn 27% F Y 2 6 INR 5,746 Mn 17% 12% Bigger Deals, Lon
Slide 30: Revenue Growth Came From Outside IT
Revenue Growth Revenue Growth Came CameFrom From Outside Outside IT IT ADDITIONAL REVENUE ADDED IN Q2 FY27 VS Q2 FY26 · BY INDUSTRY TOP CLIENTS Top-10 Client Share: ➔ 24% 20% → ■ Business Consulting & Prof. Services 39% Q2 FY26 → Q2 FY27 ■ BFSI 15% WHY IT ROSE ~77% ■ Engineering & Manufacturing 14%
Slide 31: Asset-Liability Mismatch Eliminated Through FY30
Asset-Liability Asset Mismatch - Liability Mismatch Eliminated Eliminated Through Through FY30 FY30 -— Client ClientLock Lock-Ins Cover - Ins Cover Landlord Landlord Rentals Rentals ~2x ~2 × Committed Committed Revenue From Committed Lock-In Revenue Committed Lock-In Rental To Particulars Area (Msf)
Slide 32: Three Risks Investors Ask About
ThreeRisks Three Risks Investors Investors Ask About -— And Ask About AndHow HowThe The Model Model Is Built Is Built Around Around Each Each 01 Value Pricing Keeps Smartworks The Long-Term Agreements With Both CYCLICAL RISK Preferred Partner Even In Downturns Landlords And Clients 02 Typically, No
Slide 33: The Market: Large Deals, Large Campuses
03 03 The Market: Large Deals, Large Campuses Flex, GCCs and AI: Three Forces Moving In Our Favour 32
Slide 34: India Has Outgrown Its Office Stock
IndiaHas India HasOutgrown Outgrown Its Office Its Office Stock:Stock: ~1 Ft ~1 Bn Sq BnToday, Sq Ft~2 Today, ~2Coming Bn Sq Ft Bn Sq Ft Coming TOTAL GRADE-A OFFICE STOCK · MSF REAL ESTATE-TO-GDP RATIO ~0.25×X ~1:1 2,000 India Today Benchmark Markets USD 3.9 Trn Nominal GDP (FY26) Vs ~USD 1.0 Trn 1,
Slide 35: Large Deals, Large Campuses: Fastest Growing Part Of Flex
LargeDeals, Large Deals, Large Large Campuses: Campuses: The The Part Of Part Of Flex Flex That That IsFastest Is Growing Growing Fastest Is The Part WeIsBuild The Part We Build 9M CY2026 ABSORPTION FLEX SHARE · Q3 CY2026 GCC SHARE · 9M CY2026 OCCUPIERS PLANNING FLEX 66.4 Msf 24% 42% 67% Record Nine
Slide 36: Smartworks Grew ~49% vs Flex +31% And Office +9%
Smartworks Smartworks Grew Grew ~49% ~49% vs+31% vs Flex FlexAnd +31% And Office Office +9% -— Our +9% OurShare ShareOfOf Flex Flex Up Up To ~12% To ~12% YOY GROWTH IN STOCK · Q2 FY26 → Q2 FY27 +49% +49% +31% +31% +9% +9% India Office Stock Flex Stock Smartworks (Leased) ~1,000 Msf → 1,074 Msf 100 M
Slide 37: GCCs Are The Engine
GCCsAre GCCs Are The The Engine: Engine: 2,1172,117 Centres, Centres, Headcount Headcount 2.4 2.4x × -— And And88% 88%OfOf NewNew GCC GCC Unit Units Land s Land WhereWe Where WeAre Are NUMBER OF GCCS IN INDIA New GCC Units In H1 CY26 — Already 83% 183 Of CY25’s Full Year 2,400 2,117 Q2 CY26 Units We
Slide 38: GCCs Land And Scale With Us, SmartVantage
GCCsLand GCCs Land And And Scale Scale WithWith Us Us -— SmartVantage SmartVantage Gets Gets Them Them Up Running Up And And Running In ~60 Days In ~60 Days SOME OF OUR GCC CLIENTS SMARTVANTAGE · LAUNCHED SEP 2025 One Partner For Everything A GCC Needs B FS I · S W ITZ ERLAN D IN F O RM ATIO N S ERV
Slide 39: AI Won't Shrink Office Demand, It Redistributes It
Al Won’t AI Won'tShrink Shrink Office Office Demand -— It Redistributes Demand Redistributes It, It, AndAnd India India WinsWins 01 02 03 04 TECH WAVE NEW WORK TALENT IN INDIA OFFICE DEMAND Every Wave AI Adds Roles India Is #2 Globally Created Net New Inside GCCs +79 Msf Jobs By CY2030 Steam, Electr
Slide 40: AI Is Reshaping How Teams Work, Flex Is The Response
Al IsIsReshaping AI Reshaping How How Teams Teams WorkWork -— And AndFlex FlexIs Is The The Structural Structural Response Response Workforce Composition Is Shifting FIXED LONG-TERM LEASES BECOME A LIABILITY ~60% Roles Are Being Reshaped Or Augmented By AI, Changing Team Sizes, Skill Requirements, A
Slide 41: Our Technology Platform
04 04 Our Technology Platform Nexus, WorkBlock And WorkCtrl Run The Full Lifecycle 40
Slide 42: Technology And AI: The Operating System Behind Scale
Technology Technology And And AI: Al: TheThe Operating Operating SystemSystem Behind Scale Behind Scale Decides ne~-~us Where To Grow — Property, Customer And Market Intelligence Builds A Repeatable Digital Build, Live In 45–60 Days 1558 .. ,.,. _ SMARTWORKS ., Q 0 Runs workctrl. The Digital Operati
Slide 43: Nexus: Growth Decisions Are Data-Driven
Nexus:Growth Nexus: Growth Decisions Decisions Are Data-Driven Are Data - Driven -— 200+ 200+Properties Properties Evaluated, Evaluated, 4.7+ 4.7+ Msf Msf Booked Booked Nexus Leverages AI-Driven Property, Customer, And Market Intelligence To Identify The Right Opportunities, Acquire The Right Custom
Slide 44: WorkBlock: A Repeatable Digital Build
WorkBlock: WorkBlock: A Repeatable A Repeatable Digital Digital 3.5Msf+ Build Build -— 3.5 Msf+Delivered DeliveredIn AInYear, 45 45-60 A Year, DayGo –60 Day Go-Live - Live Once The Right Opportunity Is Identified, WorkBlock Transforms It Into Reality. AI-Assisted Planning, Standardised Workflows And
Slide 45: WorkCtrl: The Digital Operating System
WorkCtrl:The WorkCtrl: The Digital Digital Operating Operating System System That Continuously That Continuously Optimises Optimises Every Live Centre Every Live Centre Once A Workspace Is Operational, WorkCtrl Becomes Its Digital Operating System. It Connects Buildings, Operations And Workplace Ser
Slide 46: Key Performance Metrics
05 05 Key Performance Metrics The Quarterly Operating Dashboard 45
Slide 47: Growth, Cash And Returns: The Quarterly Dashboard
Growth,Cash Growth, Cash And And Returns: Returns: The Quarterly The Quarterly Dashboard Dashboard Particulars · INR Mn Q2 FY27 Q2 FY26 Q1 FY27 Revenue from operations 5,914 4,248 5,462 YoY growth | QoQ growth 39% | 8% 21% | 12% 44% | 5% Normalised EBITDA 1,169 696 1,069 Normalised EBITDA margin 19.
Slide 48: Operational Footprint Scaled 20% YoY
OperationalFootprint Operational Footprint Scaled Scaled 20%While 20% YoY YoY Mature While Mature Committed Committed OccupancyOccupancy Held At 91% Held At 91% Particulars Q2 FY27 Q2 FY26 Q1 FY27 Total SBA (leased + LOIs/term sheets) · Msf 17.5 12.7 16.9 Leased SBA · Msf 15.3 10.3 14.5 Operational
Slide 49: Negative Working Capital By Design
NegativeWorking Negative Working Capital Capital By Design; By Design; Enterprise Enterprise Base Deepening Base Deepening TERMS OF TRADE Particulars Q2 FY27 Q2 FY26 Q1 FY27 Normalised OCF / Normalised EBITDA 0.9× 0.9× 0.9× Trade payable over trade receivable · INR Mn 1,600 1,089 1,701 Trade receiva
Slide 50: Historical Financials & Annexures
06 06 Historical Financials & Annexures Reported And Normalised Detail 49
Slide 51: Reported Financial Performance
ReportedFinancial Reported Financial Performance Performance Q2 FY27 Q2 FY27 H1 FY27 Reported · INR Mn Q2 FY27 Q2 FY26 Q1 FY27 H1 FY27 H1 FY26 FY26 YoY QoQ YoY Revenue from operations 5,914 4,248 39% 5,462 8% 11,376 8,040 41% 17,958 Revenue from lease rentals 4,897 3,795 29% 4,779 2% 9,676 7,361 31%
Slide 52: Normalised Business Performance (1/3) - P&L Bridge
Normalised Normalised Business Business Performance Performance (1/3) (1/3) -— P&L P&L Bridge Bridge Q2 FY27 Q2 FY27 H1 FY27 INR Mn Q2 FY27 Q2 FY26 Q1 FY27 H1 FY27 H1 FY26 FY26 YoY QoQ YoY Revenue from operations (A) 5,914 4,248 39% 5,462 8% 11,376 8,040 41% 17,958 Reported EBITDA 3,776 2,701 40% 3,
Slide 53: Normalised Business Performance (2/3) - Balance Sheet & Returns
Normalised Normalised Business Business Performance Performance (2/3) (2/3) -— Balance BalanceSheet Sheet & Returns & Returns INR Mn Q2 FY27 Q2 FY26 Q1 FY27 H1 FY27 H1 FY26 FY26 Normalised gross block 17,809 14,093 16,791 17,809 14,093 16,188 Normalised accumulated depreciation 6,108 4,237 5,489 6,1
Slide 54: Normalised Business Performance (3/3) - Cash Flow
Normalised Normalised Business Business Performance Performance (3/3) (3/3) -— Cash CashFlow Flow Q2 FY27 Q2 FY27 H1 FY27 INR Mn Q2 FY27 Q2 FY26 Q1 FY27 H1 FY27 H1 FY26 FY26 YoY QoQ YoY Reported cash flow from operations 3,678 2,620 40% 3,342 10% 7,019 5,278 33% 11,972 Less: interest paid on lease l
Slide 55: Thank you!
you! Thankyou! Thank ■ WORKSPACES THAT WORK FOR YOU SMARTWORKS [email protected] INVESTOR RELATIONS · EY Mr Diwakar Pingle / Ms Runjhun Jain [email protected] / [email protected] +91 98339 04971 / +91 98207 20993 www.smartworksoffice.com
Smartworks Coworking Spaces — Q2 FY27 Earnings Presentation on 6ix