Smartworks Coworking Spaces Limited · NSE:SMARTWORKS
Smartworks Coworking Spaces — Q2 FY27 Earnings Presentation
54 slides from Smartworks Coworking Spaces's earnings presentation, Oct 30, 2026
Slide 1: 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 2: Safe Harbor Statement
Safe Harbor 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, Or Informational Needs
Slide 3: What We Will Cover Today
What We Will Cover 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, WorkBlock And WorkCtrl
Slide 4: Q2 FY27 Performance
01 Q2 FY27 Performance Growth, Margins, Cash And Returns 4
Slide 5: Revenue Growth Guidance Raised To 33–35%; Margin And Footprint Reaffirmed
Revenue Growth Guidance Raised To 33 –35%; Margin And Footprint Reaffirmed Measure H1 FY27 Position Previous FY27 Outlook Revised FY27 Outlook Status ~INR 58,000 Mn Contracted Rental Revenue Growth +41% YoY 28%–30% 33%–35% Revenue Trending Towards Upper End, In Normalised EBITDA Margin 19.7% 19%–20%
Slide 6: 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 7: 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 8: Capacity +20%; Mature Occupancy Held At 88%
Capacity +20%; We Add Seats Faster Than We Fill Them By Design; Mature Occupancy Held At 88% TOTAL | OPERATIONAL SBA OPERATIONAL | OCCUPIED SEATS MATURE | COMMITTED MATURE OCCUPANCY 17.5 Msf | 10.9 Msf ~249k | ~201k 88% | 91% QoQ +0.6 Msf | +0.5 Msf QoQ + 1 1k | +8k QoQ −100 bps | −100 bps Y o Y +4.
Slide 9: Returns Held, Balance Sheet Practically Unlevered
Even On A High Capex Cycle All Returns Held, And Balance Sheet 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 64% YoY NORMALISED OCF / EBITDA COST OF BORROWING* | RATING 0.9× <9% | CARE A
Slide 10: Revenue Has Grown Every Quarter On Long-Term Contracts
Revenue Has Grown Every Quarter - Steady, Visible And Built On Long - 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 Mn In The Last Six Quarter Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 High R
Slide 11: Margin 19.8%, Up 360 bps, Held Through Heaviest Capex Half
Margin 19.8%, Up 360 bps, Held Through Heaviest Capex 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 Q3FY26 Q4FY26 Q1FY27 Q2FY27 +360 bps In Six Quarters Margin
Slide 12: Returns Held; A Fifth Of Capital Is Waiting To Earn
Returns Held; A Fifth Of Capital Is Waiting To 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 Employed Already Deployed On Centres Not Yet Open,
Slide 13: Expansion Is Self-Funded — OCF Structurally Above 1× EBITDA
Expansion Is Self - Funded — OCF Structurally Above 1 × 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. Reported Conversion Stays Below 1x Through Q4 While The
Slide 14: Modular, Standardised Builds Cap Maintenance CAPEX At ~12–15%
Modular, Standardised Builds Cap Maintenance CAPEX At ~12 –15% Of Initial CAPEX Modular, Standardised Build Business Performance INR Mn · As on 30 Sep 2026 Efficient Initial Fit-outs And Structurally Disciplined Maintenance Reported Gross Block 24,426 Economics Less: Fitout cost capitalised (6,699)
Slide 15: Every Capex Cycle Has Lifted Margin And RoCE
Every Capex Cycle Has Lifted Margin 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 Msf Operational Footprint 10.1 → 12.5 - 13 Ms
Slide 16: Centres Are 2-3x Larger; Pre-Fill And Fill Time Unchanged
Centres Are 2 - 3x Larger; Pre - Fill And Fill Time 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 Before We Take It <10 20 –25% = IN CREAS ED Ramp-Up To ~85–90% Occupancy 150 - 300 Time From Opening To A Full Centre <
Slide 17: A Third Of What We Run Is Still Filling
A Third Of What We Run Is Still Filling; A Third Of Next Year’s Footprint Is Not Yet Open OUR 17.5 MSF PLATFORM BY STAGE · SEP 2026 · MSF STILL FILLING ~ 3 Msf Still Filing Which Includes 2.1 Msf Under Fit 7.5 2.1 1.3 4.3 2.3 Out. ~ 31% Of Operational SBA Opened In The Last 24 Opened 24+ Months Ago
Slide 18: We Bought FY28's Supply In FY27
We Bought FY28’s Supply In FY27, In A Market Short 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 Deposits Run Ahead 2,022 Of The Cash New Centres Generate W
Slide 19: Heavy Capex Keeps FCF Negative Today; At 13 Msf Mature, FCF Positive
Heavy Capex Keeps FCF Negative Today — At 13 Msf Mature, We Become Free Cash Flow Positive MATURE CENTRE FOOTPRINT · MSF HOW GROWTH BECOMES SELF-FUNDING 13.0 Msf TO DAY 1 We Are Investing in Heavy Capex For Growth Ahead 9.7 Msf Investing in New Centres Runs Ahead Of The Cash They Generate, So Free C
Slide 20: How Our Model Works, And Why It Compounds
02 How Our Model Works, And Why It Compounds Why Scale, Office Space And Demand From Large Businesses Reinforce Each Other 20
Slide 21: One Platform Connecting Four Stakeholders — Live In 45–60 Days
One Platform Connecting Four Stakeholders — Live In 45 –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, Hassle-Free, Fully Managed Offices In Just 45–60 Days.
Slide 22: Smartworks Integrated Experience Ecosystem
Smartworks Integrated Experience Ecosystem — Increases Stickiness Without Operational Complexity Recreational zone Creche Medical room IT support Gaming zone Community events Smart parking Gym Smart store Training room Smart café Utilities Food ordering 24×7 secure access Front desk support Receptio
Slide 23: Pan-India Platform With Undisputed Leadership
Pan - India Platform With Undisputed 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, Gurugram, Noida, Jaipur Ahmedabad Indore Kolkata 4.1 Msf EAST +
Slide 24: Repeat Developer Partnership And Leasing Large Scale Campuses
Repeat Developer Partnership And Leasing Large Scale Campuses Provides Preferred Terms and Better Unit Economics WE LEASE LARGE BUILDINGS WHO WE LEASE FROM 68% Of Our Space Is In Buildings Above 300k Sq. Ft. ~33% From Institutional Developers DLF · Mindspace · Hiranandani · TATA Realty · Panchshil ·
Slide 25: A More Evenly Spread Portfolio Reduces Concentration Risk
A More Evenly Spread Portfolio Reduces Concentration 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 2.2 13% 2.2 13% Operational 10.9 Mumbai 2.0 12% 2.0 12
Slide 26: Grade-A Campuses Built For The World's Most 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 27: Relationships That Compound: 35+ Clients Above 1,000 Seats
Relationships That Compound: 35+ Clients Above 1,000 Seats, 75+ in More Than One City 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 Customer Experience Leader A Big Four Professional Services Firm 8,500+ Seats · 4 Ci
Slide 28: Largest Clients Drive A Growing Share Of Revenue On Longer Lock-Ins
Our Largest Clients Drive A Growing Share Of Revenue - On Longer 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, Longer Lock-Ins As Deal Sizes Grow, Lock-ins Have Lengthened FY22 FY23 FY2
Slide 29: Revenue Growth Came From Outside IT
Revenue Growth Came From Outside IT ADDITIONAL REVENUE ADDED IN Q2 FY27 VS Q2 FY26 · BY INDUSTRY TOP CLIENTS Business Consulting & Prof. Services 39% Top-10 Client Share: 20% → 24% Q2 FY26 → Q2 FY27 BFSI 15% WHY IT ROSE ~77% Engineering & Manufacturing 14% Existing Clients Took More Seats From Non-I
Slide 30: Asset-Liability Mismatch Eliminated Through FY30
Asset - Liability Mismatch Eliminated Through FY30 — Client Lock - Ins Cover Landlord Rentals ~2 × Committed Committed Revenue From Committed Lock-In Revenue Committed Lock-In Rental To Particulars Area (Msf) Occupancy Clients (INR Mn) (INR Mn) Landlord (INR Mn) Mature Footprint 9.7 91% ~50,500 ~32,
Slide 31: Three Risks Investors Ask About
Three Risks Investors Ask About — And How The Model Is Built Around 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 More Than ~30%* Of A IT/Ites Only ~36% Of The Portfolio; Pan- CONCENT
Slide 32: The Market: Large Deals, Large Campuses
03 The Market: Large Deals, Large Campuses Flex, GCCs and AI: Three Forces Moving In Our Favour 32
Slide 33: India Has Outgrown Its Office Stock
India Has Outgrown Its Office Stock: ~1 Bn Sq Ft Today, ~2 Bn Sq Ft Coming TOTAL GRADE-A OFFICE STOCK · MSF REAL ESTATE-TO-GDP RATIO ~0.25× ~1:1 2,000 India Today Benchmark Markets USD 3.9 Trn Nominal GDP (FY26) Vs ~USD 1.0 Trn 1,100 Commercial Real Estate Value. If GDP Doubles, The 940 Physical Inf
Slide 34: Large Deals, Large Campuses: The Part Of Flex That Is Growing Fastest
Large Deals, Large Campuses: The Part Of Flex That Is Growing Fastest Is 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 Months, +8% YoY Largest Occupier Segment A Record ~28 Msf Within The Next Two Years FL
Slide 35: Smartworks Grew ~49% vs Flex +31% And Office +9%
Smartworks Grew ~49% vs Flex +31% And Office +9% — Our Share Of Flex Up To ~12% YOY GROWTH IN STOCK · Q2 FY26 → Q2 FY27 +49% +31% +9% India Office Stock Flex Stock Smartworks (Leased) ~1,000 Msf → 1,074 Msf 100 Msf → 131 Msf 10.3 Msf → 15.3 Msf SHARE OF INDIA’S FLEX STOCK One In Every Eight Sq. Ft.
Slide 36: GCCs Are The Engine
GCCs Are The Engine: 2,117 Centres, Headcount 2.4 × — And 88% Of New GCC Units Land Where We 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 Went To Karnataka, 1,700 105 of 120 Maharashtra, Telangana — Bengaluru, Pune And Hyderabad
Slide 37: GCCs Land And Scale With Us — SmartVantage
GCCs Land And Scale With Us — SmartVantage Gets Them Up And Running 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 ERVICES · N ETH ERLAN DS In India - Infrastructure, Talent, Legal, Tax And Compl
Slide 38: AI Won't Shrink Office Demand — It Redistributes It
AI Won’t Shrink Office Demand — It Redistributes It, And India Wins 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, Electricity, AI Workforce In GCCs: In AI Talent Incremental Knowled
Slide 39: AI Is Reshaping How Teams Work — Flex Is The Structural Response
AI Is Reshaping How Teams Work — And Flex Is The Structural 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, And Organisational Structures Compared Enterprises Are Shifting
Slide 40: Our Technology Platform
04 Our Technology Platform Nexus, WorkBlock And WorkCtrl Run The Full Lifecycle 40
Slide 41: Technology And AI: The Operating System Behind Scale
Technology And AI: The Operating System Behind Scale Decides Where To Grow — Property, Customer And Market Intelligence Builds A Repeatable Digital Build, Live In 45–60 Days Runs The Digital Operating System Of Every Live Centre AI-native 45–60 days Property, Delivery And Operations Repeatable Digit
Slide 42: Nexus: Growth Decisions Are Data-Driven
Nexus: Growth Decisions Are Data - Driven — 200+ Properties Evaluated, 4.7+ Msf Booked Nexus Leverages AI-Driven Property, Customer, And Market Intelligence To Identify The Right Opportunities, Acquire The Right Customers, And Build A Scalable Growth Pipeline. 01 AI Led Discovery And Evaluation 02 P
Slide 43: WorkBlock: A Repeatable Digital Build
WorkBlock: A Repeatable Digital Build — 3.5 Msf+ Delivered In A Year, 45 –60 Day Go - Live Once The Right Opportunity Is Identified, WorkBlock Transforms It Into Reality. AI-Assisted Planning, Standardised Workflows And Digital Execution Enable Smartworks To Deliver Projects Faster, Consistently And
Slide 44: WorkCtrl: The Digital Operating System
WorkCtrl: The Digital Operating System That Continuously Optimises Every Live Centre Once A Workspace Is Operational, WorkCtrl Becomes Its Digital Operating System. It Connects Buildings, Operations And Workplace Services To Improve Efficiency, Enhance Customer Experience And Maximise Asset Performa
Slide 45: Key Performance Metrics
05 Key Performance Metrics The Quarterly Operating Dashboard 45
Slide 46: Growth, Cash And Returns: The Quarterly Dashboard
Growth, Cash And Returns: The Quarterly 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 19.8% 16.4% 19.6% Normalised EBIT (A) 595 274 526 No
Slide 47: Operational Footprint Scaled 20% YoY
Operational Footprint Scaled 20% YoY While Mature Committed Occupancy 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 SBA · Msf 10.9 9.1 10.4 Operational SBA, mature centres · Msf 9.7 7.5 9.1 Occup
Slide 48: Negative Working Capital By Design; Enterprise Base Deepening
Negative Working Capital By Design; Enterprise 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 receivable · INR Mn 497 297 370 Debtor days 7 6 6 CLIENT BASE Partic
Slide 49: Historical Financials & Annexures
06 Historical Financials & Annexures Reported And Normalised Detail 49
Slide 50: Reported Financial Performance
Reported Financial 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% 15,935 Other operating revenu
Slide 51: Normalised Business Performance (1/3) — P&L Bridge
Normalised Business Performance (1/3) — P&L 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% 3,460 9% 7,235 5,112 42% 11,551 Less: repayment of l
Slide 52: Normalised Business Performance (2/3) — Balance Sheet & Returns
Normalised Business Performance (2/3) — Balance Sheet & 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 6,108 4,237 4,973 Normalised net block 11,701 9,855 11,302 11,701
Slide 53: Normalised Business Performance (3/3) — Cash Flow
Normalised Business Performance (3/3) — Cash 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 liabilities (881) (773) – (869) – (1,751) (1,461)
Slide 54: Thank you!
Thank you! 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