AWFIS Space Solutions share price today

AWFIS Space Solutions Ltd's share price was ₹233.88 at the close on 30 October 2026. It has been falling for 65 weeks. That is 27.8% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹221 and ₹599, and at that close it sat 3% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today AWFIS Space Solutions Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 24 weeks running.

Over the last 2.4 years the share price moved −42% while the NIFTY 500 moved +4%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 12 June 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 10 quarters in a row (every quarter we can compare), indian funds and insurers (DIIs) cut their stake for 4 quarters in a row and highest quarterly revenue in 14 quarters.

1. Revenue up on a year earlier for 10 quarters in a row (every quarter we can compare)

   In the June 2026 quarter revenue was ₹425 crore, +26.9% on a year earlier.

   Why: Revenue rose because the co-working business sold more seats.

   Next results: check whether outside design and build work keeps coming in at a high share.

   From the earnings call on 13 Aug 2026.

2. Indian funds and insurers (DIIs) cut their stake for 4 quarters in a row

   From 41.2% to 36.1% of the company by the September 2026 quarter.

3. Highest quarterly revenue in 14 quarters

   Revenue of ₹425 crore in the June 2026 quarter is the highest of the last 14 quarters.

   Why: Revenue hit a record because the co-working business sold more seats.

   From the earnings call on 13 Aug 2026.

For April to June 2026 (the quarter ended 30 June 2026), AWFIS Space Solutions reported revenue of ₹425 crore, up 26.9% from ₹335 crore a year earlier, and a profit of ₹24.0 crore, up 140.0% from ₹10.0 crore.

AWFIS Space Solutions results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

AWFIS Space Solutions' management discussed these results on a call held on 13 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

AWFIS Space Solutions closed at ₹233.88 on 30 October 2026, down 61.0% from ₹600.10 a year earlier (31 October 2025). Its highest weekly close since May 2024 was ₹899.90 on 23 August 2024.

AWFIS Space Solutions share price: then and now

Weekly closing prices. Each change is the move from that price to the 30 Oct 2026 close. A day's intraday high or low can go beyond these weekly closes.

134 weekly closes from 31 May 2024 to 30 October 2026.

30 Oct 2026: AWFIS Space Solutions closed at ₹233.88, up 5.6% on the week and down 0.6% on the month. 13 Aug 2026: AWFIS Space Solutions held its results call for April to June 2026. Management guided: FY27 gross seat additions 22,000-25,000, including 12,000-plus seats planned in H1; H1 floor, annual/H1.

Earlier

• Results for April to June 2026: Revenue up 26.9% and profit up 140.0% on a year earlier.

AWFIS Space Solutions has paid no dividend on the NSE since its first NSE close in our records (31 May 2024), the start of the period we checked.

No. AWFIS Space Solutions Ltd paid out 0% of its profit as dividends in each of its last 8 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 13 August 2026, AWFIS Space Solutions' management guided: FY27 gross seat additions 22,000-25,000, including 12,000-plus seats planned in H1; H1 floor, annual/H1.

“Put simply, we have deployed more than 3 times what we raised at listing entirely through our own operating cash flows, without a single subsequent capital raise.”Amit Ramani, Chairman & MD, on the call for April to June 2026

What management guided

• FY27 revenue framework: consolidated revenue past ₹1,800 crore; co-working growth 23%-25% on a year earlier; Transform growth about 20% on a year earlier; range for co-working; directional only for Transform, annual.
• Developer-partnership buildings broadly go live in 6-12 months; Awfis centers in 9-15 months, while other premium assets have 6-24-month windows.
• FY27 cash operating profit approximately ₹195-200 crore in Q&A versus ₹190-200 crore in prepared remarks; H2 above H1 and Q4 occupancy/margin inflection; H2/Q4 directional only, annual.
• FY27 capital spending roughly ₹200-210 crore.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 13 August 2026.

When AWFIS Space Solutions reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Enterprise capacity replacement: check mature occupancy recovery as pre-committed seats convert and replacement pricing exceeds departing-client terms.

AWFIS Space Solutions is on one of our India lists: Real estate, REIT & cement.

AWFIS Space Solutions Ltd earned ₹24.0 Cr of net profit in the Jun 2026 quarter, +140.0% on the same quarter a year earlier. That is the 3rd quarter in a row of profit 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.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

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.

2 of the last 12 reported quarters were loss-making.

For the full year, FY26 profit was ₹71.0 Cr (+4.4% on the year before).

Why profit moved: revenue changed +26.9% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +59.2% and revenue +23.3%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

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.

AWFIS Space Solutions Ltd reported ₹425 Cr of revenue in the Jun 2026 quarter, +26.9% on the same quarter a year earlier. That is the 10th quarter in a row with growth on the year before. Over 7 years it has grown 38.3% a year on average. The last full year, FY26, came in at ₹1,493 Cr.

Revenue is everything the company billed its customers in the period.

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.

The last four reported quarters add to ₹1,584 Cr.

FY26 revenue was ₹1,493 Cr, +23.6% on the year before.

Recent pace: the last four quarters grew +23.3% on average, against 38.3% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +23.3%, against +31.3% a year over the last 8 quarters (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.

AWFIS Space Solutions Ltd's operating margin was 38.0% in the Jun 2026 quarter, about the same as the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 8 years it has been between −22.0% and 37.0%. The latest quarter is above every full year in that period.

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

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.

In the latest quarter it moved +0.0 percentage points on the same quarter a year ago.

Why the margin moved: operating margin changed +0.4 percentage points on the year while gross margin changed −0.4 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

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.

Over the last 2 years, 704% of AWFIS Space Solutions Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹616 Cr of operating cash against ₹71.0 Cr of profit. After ₹499 Cr of spending on assets, ₹117 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

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.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 704% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle.

What to look at next: the bigger use of cash is spending on new assets, at 2.2× depreciation over three years. The next section checks what that spending is building.

AWFIS Space Solutions Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 34 days in FY26, up from 31 days in FY21. It spent ₹1,915 Cr on assets over the last 3 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

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.

At FY26 sales of ₹1,493 Cr, each day of that cycle ties up about ₹4.1 Cr, so roughly ₹139 Cr is tied up in the business at any time.

Spending on assets: ₹1,915 Cr over the last 3 years, against ₹856 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹12.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

AWFIS Space Solutions Ltd's P/E is 19.7×, about the lowest it has ever been. Its usual P/E (the middle reading) is 68.9×, over 2 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

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.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.

Why the multiple is where it is: over the past year earnings per share moved +3.6% while the price moved −61.0%. Earnings did better than the price, which pulled the multiple down within its own range.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

The PEG ratio and its quarterly curve, which only the second data source has, are not shown on this page: its two data sources disagree by up to 7.4% on reported income across 14 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

AWFIS Space Solutions Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 10 quarters of 2 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

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. A screen cannot tell those two apart.

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

AWFIS Space Solutions Ltd's story is worth watching against the checks our research set on 14 August 2026. Checks so far: 1 met, 4 not due yet, 1 no data, 1 flagged.

WATCH 1 met · 4 not due yet · 1 no data · 1 flagged · next check FY27-Q2

Our read, 14 August 2026. India's widest flexible-workspace network is compounding revenue at about 25% a year with the industry's lowest 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.

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. Measured by: 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%. Measured by: mature occupancy > 85% by FY27-Q3 results.

The test written in advance. Rent discipline lasts: rent paid to landlords grows no faster than revenue over the full year. Measured by: 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 key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

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. On this evidence the market was reading the cash line, not the headline.

What is temporary, what is cyclical, what is structural

• 1 · Operating leveragebuildingsince FY25-Q1
• 2 · Value-added mixbuilding
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesworking now
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsworking now
• 16 · Asset qualityquiet

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: working now. 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: working now. Move into smaller cities where landlord-partnership supply is low 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 company 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.

The whole page in one table. Each row links to its section.

What AWFIS Space Solutions Ltd's management promised, against what actually happened: 6 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 11 November 2025, 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 2 February 2026, 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 11 August 2025, 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 25 May 2026, 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 2 February 2026, 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 12 November 2024, 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.

AWFIS Space Solutions Ltd earned a ROCE of 14% in FY26. That is up from a low of −37% in FY20. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 4.8% net margin and 0.51× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

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.

Why the return is what it is (FY26): a 4.8% net margin × 0.51× asset turnover × 5.26× leverage (assets divided by equity) ≈ 12.9% on equity. The margin does its share; borrowing is a big part of it.

The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 7.4% on reported income across 14 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

AWFIS Space Solutions Ltd had ₹1,501 Cr of borrowings against ₹553 Cr of equity in FY26, so its debt is 2.71× its equity. Its operating profit is 3 times its interest bill. Over 5 years borrowings went from ₹401 Cr to ₹1,501 Cr. Over the last 3 of those years it spent ₹1,915 Cr on assets.

Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

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.

Part of the spending on assets is being paid for with borrowed money.

The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 7.4% on reported income across 14 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Domestic institutions raised their stake in AWFIS Space Solutions Ltd by 15.3 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 36.1% of the company. Promoters moved −11.2 points over the same period, to 17.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Why this happened. The founder-promoter stake fell from 28.6% to 17.0% in two years while domestic institutions went from 13.5% to 38.5%.

Over the last two years: Domestic institutions: +15.3 points over 8 quarters, to 36.1%; Promoters: −11.2 points over 8 quarters, to 17.0%; Foreign institutions: +4.7 points over 8 quarters, to 25.4%. Promoters own under 20%, so this is a widely owned company where institutions, not a family, have the most say.

Why the owners changed: domestic institutions drove it (+15.3 points), with the other side taken by promoters (−11.2 points). They raised their stake step by step.

For AWFIS Space Solutions Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

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 to 35% against 55 to 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.

48.7 out of 100, rank 4 of 4 in Realty - CoWorking, with 68% of the evidence available.

AWFIS Space Solutions Ltd scores 48.7 out of 100 against the 4 companies it is compared with in Realty - CoWorking, ranking 4. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 19.8 + 12.9 + 10 + 6 = 48.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

AWFIS Space Solutions ranks 4 of 4 Realty - CoWorking companies on the 4-Factor Sector Score, with 48.7 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Realty - CoWorking, all 4 compared on one page.

AWFIS Space Solutions is the 4th largest of 4 Realty - CoWorking companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Wework India Management, Smartworks Coworking Spaces and EFC (I). It is the smallest.

Realty - CoWorking companies close in size

1. Wework India Management Ltd ₹8,818 crore
2. Smartworks Coworking Spaces Ltd ₹5,496 crore
3. EFC (I) Ltd ₹2,564 crore
4. AWFIS Space Solutions Ltd ₹1,674 crore

All 4 Realty - CoWorking companies, largest first

Companies close in size in other industries

1316. Alpex Solar Ltd ₹1,687 crore · Capital Goods - Electric General
1317. MSP Steel & Power Ltd ₹1,680 crore · Steel - Sponge Iron
1318. AWFIS Space Solutions Ltd ₹1,674 crore
1319. Danish Power Ltd ₹1,673 crore · Capital Goods - Transformers
1320. Creative Newtech Ltd ₹1,670 crore · E-Commerce - Platform - Utility

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

Open any quarter above to read its full record: the numbers, each check’s score, and why the numbers moved. A dashed label is a quarter not checked yet.

The checks we set once and score every results season

A row is permanent: a miss stays on the record even after it is later fixed.

M3: flagged. What it needs: Rent discipline lasts: 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.

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 has 17.0% with zero pledge; Small contested tax notices (₹6.5 and ₹7.1 crore) on record.

Sector Alpha, written by code from the published numbers. Data as of 30 October 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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