AWFIS Space Solutions Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

AWFIS Space Solutions Ltd trades at ₹293, in a downtrend and 58 weeks into that stage. That is −16.9% against its own 200-day average. It sits at 12% of a 52-week range of ₹253 to ₹600. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (16 weeks and counting).

Today the stock is in a downtrend — week 58 of stage 4, confirmed. At ₹293 it trades −16.9% versus its 200-day average and sits at 12% of its 52-week range (₹253–₹600).

Against the market, two honest reads. Cumulative: over the last 2.3 years the stock moved −27% while the NIFTY 500 moved +9% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (16 weeks and counting; last ahead the week of 2026-06-12) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

AWFIS Space Solutions Ltd's story is worth watching against the markers our research file set on 14 August 2026. Marker count: 1 met, 4 not due yet, 1 no data, 1 flagged.

Our read, 14 August 2026. India's widest flexible-workspace network is compounding revenue at about 25% a year with the industry's cheapest fit-outs — but after three years the cash margin has not moved, and the reported margin expansion is a lease-accounting echo, not operating leverage.

From the numbers. Revenue compounding 25%+ for eight straight quarters.

From the price. 70% below its own peak, 53 weeks in a downtrend.

From the research. The margin expansion is lease accounting, not leverage.

🚨 Where they disagree. The numbers say a company getting bigger fast. The price says the market stopped believing eighteen months ago — ₹272 against a 200-day line at ₹378, and 70% below the ₹900 it reached in August 2024. Cheapness alone is not the answer here: the research says the market is right about the thing that matters, because the company’s own cash-basis margin is 10.1% against 10.2% a year earlier. The multiple is low because conversion has not arrived, not because it has been missed.

What is proven. The growth and the frugality. Revenue has grown 25%+ for eight straight quarters and the June 2026 quarter landed at the top of both segments' guidance ranges. Fit-out cost per seat (₹0.69-0.91 lakh) is the lowest of the four listed peers by a wide margin, lease commitments grew only 4.4% against 24% revenue growth, net debt improved from -₹190 crore to -₹45 crore in eight quarters, and the credit rating was raised to A+ Stable in May 2025.

🚨 What would change our mind. Two consecutive quarters with the company's own cash-basis margin at 12% or better AND mature occupancy above 85% would prove operating leverage has finally arrived. The opposite break: rent paid growing persistently faster than revenue (it ran +55% against +27% in the June 2026 quarter) while the landlord-funded share of the portfolio slips below 55% — that would confirm the model is drifting capital-heavier while unit economics stand still.

The test written in advance. Operating leverage is real: the company's own cash-basis margin reaches 12% or better — cash-basis operating margin >= 12% by FY27-Q4 results.

The test written in advance. The occupancy plateau breaks: mature-centre occupancy exceeds 85% after three years at 83-84% — mature occupancy > 85% by FY27-Q3 results.

The test written in advance. Rent discipline holds: rent paid to landlords grows no faster than revenue over the full year — rent paid growth vs revenue growth rent growth <= revenue growth by FY27-Q4 results.

How the money is made. Coworking revenue = operational seats x occupancy x price per seat; plus project revenue from Transform (lumpy). Real profit = that revenue minus rent actually paid to landlords, staff, centre running costs, and the heavy depreciation of fit-outs — the honest lens the company itself publishes as cash-basis margin, which strips the lease-accounting effects that flatter the headline margin.

The dot is where the company is now; the dashed line is the level that would settle the question; a tinted band is where management says it is heading.

🚨 Divergence one — the margin that widened without earning anything. Reported operating margin went from 30% to 38% across these fourteen quarters while the company’s own cash-basis margin sat at 10.1% against 10.2%. Lease accounting books a fixed depreciation and interest charge above the margin line while cash rent sits below it; as the lease book ages that charge shrinks and the reported margin widens on its own. Four-fifths of the FY26 pre-tax profit improvement is that arithmetic converging, not the business earning more.

🚨 Divergence two — profit that came from outside the business. Over these fourteen quarters the company earned ₹134 crore of pre-tax profit and ₹226 crore of other income. Operating profit exceeded depreciation plus interest in only 2 of 14 quarters, and by ₹5 crore each time; the cumulative shortfall is ₹93 crore. The reported profit is real, and it is not yet coming from running work centres.

🚨 Divergence three — the price was early. The stock peaked at ₹900 in August 2024 and is 70% below that today, spending 53 weeks below its own 200-day line — while revenue grew every single quarter. The market de-rated a company whose sales never stopped rising. On this evidence the market was reading the cash line, not the headline.

Lever 1 · Operating leverage — BUILDING. Corporate overhead and centre fixed costs spread over a seat base growing 20%+ a year should eventually lift the cash-basis margin from ~10% toward the 17-20% management talks about long-run. What proves it keeps working: The company's own cash-basis margin, published each quarter — it must move above 12% and keep rising. It stops working if Cash-basis margin still at or below ~10% after two more quarters of 25% revenue growth — which would mean scale is not converting, as has been true for three years.

Lever 15 · Market-share gains — ACTIVE. The widest centre network of the listed flexible-workspace operators (251 centres, 18 cities) keeps winning enterprise and global-capability-centre demand as offices shift from owned to flexible. What proves it keeps working: Seat additions and revenue growth versus the listed peers each quarter. It stops working if Growth persistently below the fastest peer — the June 2026 quarter already showed +27% against one peer's +44% — turning the width advantage into an also-ran position.

Lever 2 · Value-added mix — BUILDING. Design-and-build projects (Awfis Transform), allied services, and a newly promoted ultra-premium leased format carry higher realization per rupee of capital than plain coworking seats. What proves it keeps working: Transform revenue trend and its client list breadth — one large client fell from ₹46.5 crore to ₹21.4 crore in FY26 and dragged the whole segment. It stops working if Transform stays a one-or-two-client business, or the premium format quietly grows the full-rent lease share and drags the break-even occupancy of the whole portfolio upward.

Lever 10 · New geographies — ACTIVE. Entry into smaller cities where landlord-partnership supply is cheap and enterprise demand is fresh — 18 cities and counting, at the industry's lowest fit-out cost per seat. What proves it keeps working: New-city centre openings and their occupancy ramp against the 83-84% mature plateau. It stops working if New cities ramp slower than metros, diluting blended occupancy (already 76%) while adding fixed rent.

Sources: June 2026 quarter results filing and investor presentation (13 August 2026); ten earnings-call transcripts, November 2024 through August 2026, read in full; quarterly results March 2023 through June 2026; our flexible-workspace industry study (9 August 2026); credit-rating update, May 2025; the August 2026 call transcript is a machine version pending the company's official filing. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

AWFIS Space Solutions Ltd reported ₹425 Cr of revenue in the Jun 26 quarter, +26.9% year on year. That is the 10th straight quarter of year-on-year growth. Over 7 years it has compounded at 38.3% a year. The last full year, FY26, came in at ₹1,493 Cr. The last four reported quarters add to ₹1,584 Cr.

Why this happened. The FY26 increase of ₹285 crore breaks down as +₹321 crore from coworking, −₹21 crore from design-and-build and −₹13 crore elsewhere. Inside coworking, roughly 48% came from new seats, 14% from occupancy and 39% from price. The design-and-build fall is one client, whose project spend dropped from ₹46.5 crore to ₹21.4 crore.

FY26 revenue came in at ₹1,493 Cr (+23.6% on the year), capping 7 years at 38.3% compound. The latest quarter (Jun 26) printed ₹425 Cr, +26.9% year on year — the 10th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +23.3% growth against the decade's 38.3% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +23.3% over the last 4 quarters against +31.3%/yr over the last 8 — rolling over.

Build-out: losses narrowing · FY23-Q4 → FY24-Q4. Pre-listing build-out: young centres still ramping, losses narrowing as early sites matured. Seat additions plus occupancy ramp in maturing centres; loss halves.

Scale-up: 25%+ for eight quarters · FY25-Q1 → FY27-Q1. Listing-year quarter; growth intact, profit thin. Headline profit ₹39 crore includes a ₹25 crore one-off gain — the clean operating profit was nearer ₹14 crore.

Why-sources: our stock research file (14 August 2026) and the company’s own results for those quarters.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

AWFIS Space Solutions Ltd's operating margin is 38.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 8 fiscal years the operating margin has ranged −22.0% to 37.0%. The current quarter is running above every full year in that window.

🚨 Why this happened. Almost none of the reported expansion is operating improvement. Lease accounting puts a fixed depreciation and interest charge above the margin line while the cash rent sits below it, so as the lease book ages that charge shrinks and the reported margin widens by itself. Meanwhile rent actually paid to landlords rose 55% in the June quarter against 27% revenue growth — 2021-vintage leases are resetting upward three to four quarters before customer prices can follow, and the FY24 to FY26 lease vintages were the largest ever signed.

The latest quarter's operating margin is 38.0%, +0.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged −22.0%–37.0%, and FY26's 37.0% is the top of that band — a record year.

Why the margin moved: operating margin went +0.4 pp year on year while gross margin went −0.4 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

🚨 Headline margin climbs, cash margin flat · FY26-Q1 → FY27-Q1. Reported margin jumps on lease accounting; the rent-adjusted read the company then published stayed near 14% — flat. Growth from new seats and price; older 2021-vintage office leases begin resetting upward ahead of customer price resets.

Why-sources: our stock research file (14 August 2026) and the company’s own results for those quarters.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

AWFIS Space Solutions Ltd earned ₹24.0 Cr of net profit in the Jun 26 quarter, +140.0% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹71.0 Cr. That is 5.6% of the quarter's revenue. The same quarter a year earlier earned ₹10.0 Cr. 2 of the last 12 reported quarters were loss-making.

Why this happened. The turn from loss to profit is real and it is mostly two things that are not running work centres. Across fourteen quarters the company earned ₹134 crore of pre-tax profit while booking ₹226 crore of other income, and operating profit covered depreciation plus interest in only 2 quarters of 14, leaving a cumulative shortfall of ₹93 crore. In the September-2024 quarter a ₹25 crore one-off gain made the headline ₹39 crore; the clean number was nearer ₹14 crore.

Jun 26 profit was ₹24.0 Cr, +140.0% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹71.0 Cr (+4.4%).

Why profit moved: revenue contributed +26.9% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +59.2% vs revenue +23.3%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Loss to breakeven · FY23-Q4 → FY24-Q4. Pre-listing build-out: young centres still ramping, losses narrowing as early sites matured. Seat additions plus occupancy ramp in maturing centres; loss halves.

Profit appears — mostly accounting convergence and other income · FY25-Q1 → FY27-Q1. Listing-year quarter; growth intact, profit thin. Headline profit ₹39 crore includes a ₹25 crore one-off gain — the clean operating profit was nearer ₹14 crore.

Why-sources: our stock research file (14 August 2026) and the company’s own results for those quarters.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 2 fiscal years 704% of AWFIS Space Solutions Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹616 Cr of operating cash against ₹71.0 Cr of profit. After ₹499 Cr of capital spending, ₹117 Cr was left as free cash.

Why this happened. Operating cash looks enormous because lease payments sit in the financing line under this accounting rather than in operating — the financing outflow was ₹380 crore. About half of the year’s operating-cash improvement was a working-capital release from stretching supplier payments, worth ₹107 crore, which is a one-time borrowing from suppliers rather than recurring cash generation.

FY26: operating cash of ₹616 Cr against reported profit of ₹71.0 Cr, leaving free cash of ₹117 Cr after ₹499 Cr of capital spending. Across the last 2 fiscal years the conversion rate is 704% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 704%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 2.2× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

AWFIS Space Solutions Ltd's cash conversion cycle runs 34 days in FY26, up from 31 days in FY21. Capital spending ran ₹1,915 Cr over the last 3 years. At FY26 sales of ₹1,493 Cr each day of that cycle holds about ₹4.1 Cr, so roughly ₹139 Cr sits inside the business at any moment.

Why this happened. Fit-out cost per seat of ₹0.69 to ₹0.91 lakh is the lowest of the four listed operators by a wide margin — the genuinely elite part of this company. The negative working-capital cycle is structural to the model: members pay in advance and suppliers are paid later, so customers and suppliers fund the growth.

FY26: debtors at 34 days (an asset-light business — no inventory to speak of) — for a full cycle of 34 days, looser than FY21's 31.

In money terms: at FY26 sales of ₹1,493 Cr, each day of the cycle holds about ₹4.1 Cr — so the 34-day loop keeps roughly ₹139 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,915 Cr over the last 3 fiscal years against ₹856 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹12.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

AWFIS Space Solutions Ltd earns a ROCE of 13% in FY26. That is up from a trough of −37% in FY20. Return on invested capital clears the cost of that capital by −3.5 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 4.8% net margin on 0.51× asset turns.

Why this happened. The climb from 5% to 13% is real and it has stopped. Separately, the formula used to publish the centre-level return gained a term in the June-2026 quarter that flatters it, and the printed figure still fell 62% to 55%. Two disclosure definitions changed in the same quarter the margin story stalled: a watch item rather than evidence of wrongdoing, but the quarter to read most carefully.

FY26 ROCE is 13%, recovered from a FY20 trough of −37% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 4.8% net margin × 0.51× asset turns × 5.26× balance-sheet leverage ≈ 12.9% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 8.5% − 12.0% = a −3.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

AWFIS Space Solutions Ltd carries total debt of ₹1,501 Cr against shareholder equity of ₹552 Cr as of Mar 26, a debt-to-equity of 2.72. On the annual view that ratio went from 2.96 in FY23 to 2.72 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Why this happened. Of the ₹1,501 crore the standard feed calls debt, only ₹51 crore is money borrowed from a lender; the other ₹1,450 crore is lease commitments for the offices themselves. Lease commitments grew only 4.4% against 24% revenue growth, net debt improved from −₹190 crore to −₹45 crore over eight quarters, and the credit rating was raised in May 2025.

Mar 26: total debt of ₹1,501 Cr against shareholder equity of ₹552 Cr — a debt-to-equity of 2.72. On the annual view, debt-to-equity went from 2.96 (FY23) to 2.72 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 25.0 points of AWFIS Space Solutions Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 38.5% of the company. Promoters moved −11.6 points over the same window, to 17.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

🚨 Why this happened. The founder-promoter holding fell from 28.6% to 17.0% in two years while domestic institutions went from 13.5% to 38.5%. The early sponsor has sold down to 3.2% and mutual funds now hold about 35%, so effective control sits with public institutions rather than the founder. Institutions bought the whole way down, which is why the register turned over while the price fell.

The register over the last two years — Domestic institutions: +25.0 points over 8 quarters to 38.5%; Promoters: −11.6 points over 8 quarters to 17.0%; Foreign institutions: +4.4 points over 8 quarters to 26.9%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.

Why the register moved: domestic institutions drove it (+25.0 points), absorbed on the other side by promoters (−11.6 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

AWFIS Space Solutions Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

🚨 Why this happened. Temporary: the design-and-build dip from one client’s project cycle, and the June-quarter depreciation step-up. Cyclical: office-rent resets, which recur with every lease vintage. Structural: the lease-accounting optics, and the 30–35% against 55–60% break-even gap between landlord-funded and full-rent centres, which makes the portfolio mix the profitability decision. Company-specific: guidance that runs hot, and the quiet drift away from the landlord-funded model.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

AWFIS Space Solutions Ltd trades at 24.7× P/E, near the bottom of its own range — cheaper only 6% of the time. Its long-run median P/E is 44.2×, measured across 1.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Why this happened. This is where reading the multiple first would have gone wrong. On the face of it a company growing 25% a year at half its normal multiple is an obvious opportunity. But the earnings being multiplied are ₹71 crore, of which other income and a narrowing lease charge are large parts, and the cash margin behind them has not moved in three years. The market marked this down while sales rose every quarter — on this evidence it was reading the cash line.

Today's P/E of 24.7× is near the bottom of its own range — cheaper only 6% of the time, against a long-run median of 44.2× measured over 1.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +3.6% against a −48.2% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, AWFIS Space Solutions Ltd was paying for profit growth of about 18.9% a year. Today the market pays 24.7× P/E, the 6th percentile of its own 1-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is the whole of what a buyer is backing.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

AWFIS Space Solutions Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 10 quarters across 2 curves, on partial evidence.

Why this happened. The two automated reads disagree with each other, and the research explains why. The price engine sees a stock below a falling 200-day average and calls it a downtrend, which it is. The valuation engine sees a multiple at half its median and calls it compressed, which it also is. The research resolves it: cheap and falling, because the thing that would justify a re-rating — cash conversion — has not happened. A screen cannot tell those two apart.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

44.7/100 — rank 4 of 4 in Realty - CoWorking · 77% evidence confidence

AWFIS Space Solutions Ltd scores 44.7 out of 100 against the 4 companies it is compared with in Realty - CoWorking, ranking 4. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 18.9 + 10.3 + 10 + 5.5 = 44.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Quarterly scorecard

7 markers came out of our AWFIS Space Solutions Ltd research file of 14 August 2026, and each results season scores every one of them. 1 quarter scored so far; the latest reads worth watching. A row is permanent: a miss stays on the record after it is fixed.

Click any quarter above to read its full record — the numbers, every marker’s score, and why the numbers moved. A dashed chip is a quarter not yet checked.

M3 — flagged. The bar: Rent discipline holds: rent paid to landlords grows no faster than revenue over the full year (rent paid growth vs revenue growth rent growth <= revenue growth). Where it stands: A full-year test, but the first quarter ran hard the wrong way — the single most important line to re-check next results.

FY27-Q1 — watch. The strongest top line yet — revenue ₹425 crore, up 26.9%, with both segments landing at the TOP of the guidance ranges set in May. But the quarter's economics say watch, not celebrate: rent paid to landlords rose 55% against 27% revenue growth, depreciation stepped up, pre-tax profit was flat, and the company's own cash-basis margin printed 10.1% against 10.2% a year earlier. Growth is proven; conversion is not. The next results must show the rent line and the cash margin bending the right way.

Said versus delivered

What AWFIS Space Solutions Ltd's management promised, set against what actually arrived — 6 tracked promises on the record. Scored in our research file, promise by promise. A promise that slipped stays on this page after it is met.

🚨 Said 2025-11-11, due FY26 close — missed. Promised: 40,000 seat additions for FY26, reaffirmed as intact in the November 2025 call. What arrived: About 22,000 net seats delivered — roughly half, after exits are counted.

Said 2026-02-02, due FY27 — flagged. Promised: FY27 revenue growth guidance set on the February 2026 call. What arrived: Cut roughly 80 days later on the May call with no stated reason for the change.

Said 2025-08-11, due ongoing — flagged. Promised: No change in strategy — landlord-partnership model remains the core, repeated across several calls. What arrived: The landlord-funded share slid from 66% to 57% of the portfolio across eight quarters while the assurance was repeated; a full-rent premium format is now promoted as a growth engine.

Said 2026-05-25, due FY27-Q1 — met. Promised: FY27 first-quarter growth per the May 2026 guidance: coworking 25-27%, design-and-build 22-25%. What arrived: Delivered at the TOP of both ranges: coworking +27%, design-and-build +25%.

Said 2026-02-02, due multi-year — not due yet. Promised: Long-run margin ambition of 17-20% on the company's own cash-basis measure. What arrived: FY27 guidance itself implies only ~10.6-11.1%; the June quarter printed 10.1% — the ambition is not yet visible in any number.

Said 2024-11-12, due ongoing — flagged. Promised: Mature occupancy improvement, promised in various forms across eleven quarters. What arrived: Mature occupancy has stayed at 83-84% for roughly three years — a different explanation each quarter, the level unchanged.

Every quote above is taken word for word from the company’s own earnings calls.

Governance

What we checked on how AWFIS Space Solutions Ltd is run. Read from the company’s own filings and earnings calls; a watch item is a question, not a finding.

Governance. Watch-items, not wrongdoing: two disclosure-definition changes landed in the same quarter (the old comparable margin line was discontinued for a differently-defined cash measure, and the return-on-capital formula gained a term that flatters it — the printed figure still FELL 62% to 55%). On the positive side, the new cash measure is stricter and was independently reviewed. Founder-promoter holds 17.0% with zero pledge; the early sponsor has sold down to 3.2%; mutual funds hold ~35% — effective control sits with public institutions. Small contested tax notices (₹6.5 and ₹7.1 crore) on record.

Frequently asked questions