Smartworks Coworking Spaces share price today

Smartworks Coworking Spaces Ltd's share price was ₹515.85 at the close on 6 November 2026. It has been rising for 15 weeks. That is 7.7% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹372 and ₹579, and at that close it sat 69% 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 Smartworks Coworking Spaces Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 3 weeks in a row.

Over the last 1 year the share price moved +12% while the NIFTY 500 moved −7%, so it is ahead of the index over that whole period. 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 6 quarters in a row (every quarter we can compare), profit up on a year earlier for 6 quarters in a row (every quarter we can compare) and highest quarterly profit in 10 quarters.

1. Revenue up on a year earlier for 6 quarters in a row (every quarter we can compare)

   In the September 2026 quarter revenue was ₹591 crore, +39.1% on a year earlier.

   Why: The company signed new clients and existing clients took more space, which lifted contracted rent.

   Next results: check whether the Eastbridge Mumbai building gets its completion certificate and starts billing, since H2 billing depends on it.

   From the earnings call on 30 Oct 2026.

2. Profit up on a year earlier for 6 quarters in a row (every quarter we can compare)

   In the September 2026 quarter profit was ₹26 crore, +966.7% on a year earlier.

   Why: Profit rose because centre and company costs grew slower than revenue, so more of each rupee of sales became profit.

   Next results: check whether occupancy recovers to 84-85% as the new large campuses fill.

   From the earnings call on 30 Oct 2026.

3. Highest quarterly profit in 10 quarters

   Profit of ₹26 crore in the September 2026 quarter is the highest of the last 10 quarters.

For July to September 2026 (the quarter ended 30 September 2026), Smartworks Coworking Spaces reported revenue of ₹591 crore, up 39.1% from ₹425 crore a year earlier, and a profit of ₹26.0 crore, against a loss of ₹3.00 crore a year earlier.

Smartworks Coworking Spaces results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Smartworks Coworking Spaces' management discussed these results on a call held on 30 October 2026; what it said is further down this page.

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

Smartworks Coworking Spaces closed at ₹515.85 on 6 November 2026, down 10.8% from ₹578.60 a year earlier (7 November 2025). Its highest weekly close since July 2025 was ₹586.75 on 10 October 2025.

Smartworks Coworking Spaces share price: then and now

Weekly closing prices. Each change is the move from that price to the 6 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

73 weekly closes from 18 July 2025 to 6 November 2026.

6 Nov 2026: Smartworks Coworking Spaces closed at ₹515.85, up 7.4% on the week and up 8.8% on the month. 30 Oct 2026: Smartworks Coworking Spaces held its results call for July to September 2026. Management guided: FY27 revenue growth 33-35%.

Earlier

• Results for July to September 2026: Revenue up 39.1% on a year earlier.
• Our read, 22 Aug 2026: Smartworks is transitioning from footprint land-grab to a self-funding enterprise platform with 87% of FY27 revenue pre-contracted, center-level operating leverage expanding normalized operating margin to 19.6%, and internal cash flow covering ongoing capital spending.

Our read of the business

Operational footprint expanded to 10.4M sq ft with mature center committed occupancy at 92%, securing predictable cash flow across 15 cities.,Enterprise shift toward 1,000+ seat clients (41% of revenue) and GCC clients (21% of revenue) extends contract tenures to 50+ months while reducing client concentration.,FY26 operating cash flow reached ₹1,197 Cr against net financial debt of ₹5.6 Cr, turning reported profit positive for three consecutive quarters as center maturation overcomes Ind AS lease accounting charges.

April to June 2026: Revenue grew 44.1% on a year earlier to ₹546 Cr as normalized operating margin reached 19.6% and contracted visibility covered 87% of FY27.

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

Smartworks Coworking Spaces has paid no dividend on the NSE since its first NSE close in our records (18 July 2025), the start of the period we checked.

No. Smartworks Coworking Spaces Ltd paid out 0% of its profit as dividends in each of its last 7 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 7 November 2026.

On the call for July to September 2026, held on 30 October 2026, Smartworks Coworking Spaces' management guided: FY27 revenue growth 33-35%.

“We are not building Smartworks for the next quarter; we are building it for the next decade.”Neetish Sarda, on the call for July to September 2026

What management guided

• FY27 normalized operating margin 19-20% trending to upper end.
• Operational space 12.5-13.0 Msf by March 2027 and 2.5-3.0 Msf added yearly thereafter.
• FY27 capital spending ₹550-600 crore H2-weighted.
• Annualized ROCE to about 28% by FY28.

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 July to September 2026, 30 October 2026.

Committed occupancy in mature centers dropping below 85% or pre-leasing on signed pipeline falling below 20%, indicating demand deceleration in Grade A office absorption and stalling center-level operating leverage.

Each change stops working if

• : Physical occupancy at mature centers falls below 75% or landlord lease escalations outpace contractual customer price increases.
• : Global enterprise IT and R&D spending slows materially, leading to cancellation or non-renewal of multi-year campus agreements.
• : Tenant uptake of ancillary services stalls or third-party service vendor costs erode the take-rate margin.

The main risks

• : Seat retention fell to 74% in April to June 2026 from 94.5% in April to June 2025 due to churn upon renewal of legacy contracts. ⚠ estimate
• : Fit-out capital spending assumption increased by 5% annual inflation to ₹1,350/sq ft, with FY27 capital spending budget raised to ₹550-600 Cr. ⚠ estimate
• : Pre-demand visibility threshold required before signing new assets reduced from 30-35% to 20-25%. ⚠ estimate
• : Capitalized lease obligations of ₹4,778 Cr create quarterly finance costs of ₹96 Cr and depreciation of ₹246 Cr. ⚠ estimate

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

When Smartworks Coworking Spaces reports October to December 2026, these are the 3 checks that show whether the story is still on course. First: Eastbridge OC plus build-out completion into late-quarter billing - check go-live and pre-fill conversion pace.

Smartworks Coworking Spaces is on one of our India lists: Real estate, REIT & cement.

Smartworks Coworking Spaces Ltd earned ₹26.0 Cr of net profit in the Sep 2026 quarter. Full-year FY26 profit was ₹11.0 Cr. That is 4.4% of the quarter's revenue. The same quarter a year earlier lost ₹3.0 Cr. 6 of the last 10 reported quarters were loss-making.

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

FY27-Q1. revenue ₹546 Cr and profit ₹13 Cr as reported.

FY27-Q2. revenue ₹591 Cr and profit ₹26 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Smartworks Coworking Spaces Ltd reported ₹591 Cr of revenue in the Sep 2026 quarter, +39.1% on the same quarter a year earlier. That is the 6th quarter in a row with growth on the year before. Over 6 years it has grown 38.5% a year on average. The last full year, FY26, came in at ₹1,796 Cr.

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

Why this happened. Value-added services and Fit-out as a Service operate on a 10-12% take rate without balance-sheet capital intensity. Non-lease revenue rose from ₹22 Cr to ₹68 Cr YoY, providing margin accretion without incremental capital commitment.

The last four reported quarters add to ₹2,129 Cr.

FY26 revenue was ₹1,796 Cr, +30.7% on the year before.

Recent pace: the last four quarters grew +40.6% on average, against 38.5% a year over the longer run, so this year is growing faster than its own long-run rate.

FY27-Q1. revenue ₹546 Cr and profit ₹13 Cr as reported.

FY27-Q2. revenue ₹591 Cr and profit ₹26 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Smartworks Coworking Spaces Ltd's operating margin was 64.0% in the Sep 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 7 years it has been between 53.0% and 64.0%. The latest quarter is within that range.

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. Smartworks incurs front-loaded fit-out capex and lease commitments, but once a center crosses 60% occupancy breakeven, incremental revenue drops directly to operating profit. Normalized EBITDA margin expanded from 16.2% in Q1 FY26 to 19.6% in Q1 FY27 as the mature footprint reached 9.1M sq ft.

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

Why the margin moved: operating margin changed +0.2 percentage points on the year while gross margin changed −0.2 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.

FY27-Q1. revenue ₹546 Cr and profit ₹13 Cr as reported.

FY27-Q2. revenue ₹591 Cr and profit ₹26 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Smartworks Coworking Spaces Ltd's cash-flow history is too short to judge how much of its profit turns into cash. In FY26 it brought in ₹1,197 Cr of operating cash against ₹11.0 Cr of profit. After ₹2,204 Cr of spending on assets, free cash was −₹1,007 Cr: it spent more than its operations brought in.

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. Enterprises and GCCs are substituting conventional office leases for turnkey flexible campuses. The 1,000+ seat cohort increased from 12% of revenue in 2022 to 41% in Q1 FY27, while GCC clients reached 21% of revenue, backed by the Smart Vantage enablement platform.

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

What to look at next: the bigger use of cash is spending on new assets, at 1.8× depreciation over three years. The next section checks what that spending is building.

Smartworks Coworking Spaces Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 8 days in FY26, down from 9 days in FY21. It spent ₹3,456 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.

At FY26 sales of ₹1,796 Cr, each day of that cycle ties up about ₹4.9 Cr, so roughly ₹39.0 Cr is tied up in the business at any time.

Spending on assets: ₹3,456 Cr over the last 3 years, against ₹1,938 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 ₹58.0 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.

Smartworks Coworking Spaces Ltd's P/E is 104.2×, about the lowest it has ever been. Its usual P/E (the middle reading) is 473.6×, over 6 months 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.

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.

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

Smartworks Coworking Spaces 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 7 quarters of 1 measure, 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 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.

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.

Smartworks Coworking Spaces Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: EARLY ACCELERATION. Checks so far: 4 not due yet.

NOT YET CHECKED 4 not due yet · first check at the next results

Our read, 22 August 2026. Smartworks is transitioning from footprint land-grab to a self-funding enterprise platform with 87% of FY27 revenue pre-contracted, center-level operating leverage expanding normalized EBITDA margins to 19.6%, and internal cash flow covering ongoing capex.

What is proven. Smartworks is transitioning from footprint land-grab to a self-funding enterprise platform with 87% of FY27 revenue pre-contracted, center-level operating leverage expanding normalized EBITDA margins to 19.6%, and internal cash flow covering ongoing capex.

What is not proven yet. Committed occupancy in mature centers dropping below 85% or pre-leasing on signed pipeline falling below 20%, indicating demand deceleration in Grade A office absorption and stalling center-level operating leverage.

What would change our mind. Committed occupancy in mature centers dropping below 85% or pre-leasing on signed pipeline falling below 20%, indicating demand deceleration in Grade A office absorption and stalling center-level operating leverage.

The test written in advance. Committed occupancy in mature centers dropping below 85% or pre-leasing on signed pipeline falling below 20%, indicating demand deceleration in Grade A office absorption and stalling center-level operating leverage. Measured by: the thesis as written as stated by the next result.

The test written in advance. Retention Churn and Renewal Pricing Friction. Measured by: Retention Churn and Renewal Pricing Friction Seat retention remaining below 75% for two consecutive quarters or mature physical occupancy dropping below 85%. by the next result.

The test written in advance. Capex Inflation and Fit-out Execution Delays. Measured by: Capex Inflation and Fit-out Execution Delays Annual capex exceeding ₹650 Cr without commensurate operational area additions above 2.5M sq ft. by the next result.

What the company does. Operational footprint expanded to 10.4M sq ft with mature center committed occupancy at 92%, securing predictable cash flow across 15 cities. Enterprise shift toward 1,000+ seat clients (41% of revenue) and GCC clients (21% of revenue) extends contract tenures to 50+ months while reducing client concentration. FY26 operating cash flow reached ₹1,197 Cr against net financial debt of ₹5.6 Cr, turning reported PAT positive for three consecutive quarters as center maturation overcomes Ind AS lease accounting charges.

What the surface reading misses. The surface reading is: Reported borrowings of ₹4,778 Cr indicate high balance sheet leverage. The research reads it further: The ₹4,778 Cr borrowings represent capitalized future lease obligations under Ind AS 116 rather than commercial bank debt. Actual net financial debt is only ₹5.6 Cr, and operations throw off ₹1,197 Cr of operating cash flow.

What the surface reading misses. The surface reading is: OCF of ₹1,197 Cr is 108.8x reported net profit of ₹11 Cr, appearing unusually wide. The research reads it further: Under Ind AS 116, lease depreciation (₹829 Cr in FY26) and finance lease charges are added back to operating cash flow, creating substantial OCF while net profit is burdened by front-loaded accounting amortization.

Sources: our stock research file (22 August 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

What Smartworks Coworking Spaces Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Funding Model Changes to Include Debt · 30 October 2026. The July 2026 call described growth as self-funded and primarily funded by internally generated cash, while the November 2025 call anticipated 25%-30% growth without additional funding. The October 2026 call explicitly adds debt as a funding source, a material change to the capital allocation and leverage assumptions that management does not reconcile.

Revenue Growth Outlook Reduced · 22 July 2026. In Aug 2025, management described 30%-35% CAGR as the Smartworks growth strategy, and in Nov 2025 it aspired to 30%-plus near-term growth. In Jul 2026, formal revenue guidance was 28%-30%, lowering the floor below 30% and capping the range at 30% without explaining the change in outlook.

Capex Unit-Cost Assumption No Longer Expected to Stabilize · 22 July 2026. In Aug 2025, management said the INR 1,350 per square foot capex level was a good place to stabilize. In Jul 2026, management said the same starting level increases 5% every year due to inflation, creating a materially higher recurring capex assumption for cash flow and ROCE models that was not reconciled with the prior statement.

Retention Recovery Forecast Has Not Materialized · 22 July 2026. In Nov 2025, management expected retention to move above 80%-85% in the foreseeable future, even while acknowledging some voluntary churn. In Jul 2026, retention remained at 74% and management described the churn as an ongoing trend, without reconciling why the previously stated recovery expectation has not occurred.

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

Smartworks Coworking Spaces Ltd earned a ROCE of 8% in FY26. That is up from a low of 5% in FY23. Its return on capital used (ROIC) is 6.7 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

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.

It comes from a 0.6% net margin and 0.28× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 0.6% net margin × 0.28× asset turnover × 12.20× leverage (assets divided by equity) ≈ 2.0% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 5.3% − 12.0% = −6.7 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

Smartworks Coworking Spaces Ltd has total debt of ₹5,875 Cr against shareholder equity of ₹571 Cr as of Sep 2026, so its debt is 10.29× its equity. Year by year, that ratio went from 34.60 in FY25 to 9.00 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

No group of Smartworks Coworking Spaces Ltd's owners changed its stake by a full percentage point over the last 5 quarters. Promoters moved +0.1 points over the same period, to 58.3%. 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.

Over the last two years: Foreign institutions: −0.6 points over 4 quarters, to 0.4%; Promoters: +0.1 points over 4 quarters, to 58.3%; Domestic institutions: +0.0 points over 4 quarters, to 9.1%.

For Smartworks Coworking Spaces 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.

49.0 out of 100, rank 4 of 4 in Realty - CoWorking, with 56% of the evidence available.

Smartworks Coworking Spaces Ltd scores 49.0 out of 100 against the 4 companies it is compared with in Realty - CoWorking, ranking 4. Some evidence is missing, so the score is pulled toward the middle on purpose.

The four parts add up to the total exactly: 19.2 + 7.3 + 10 + 12.5 = 49. 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.

Smartworks Coworking Spaces ranks 4 of 4 Realty - CoWorking companies on the 4-Factor Sector Score, with 49.0 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.

Smartworks Coworking Spaces is the 2nd largest of 4 Realty - CoWorking companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Wework India Management. Just below it: EFC (I) and AWFIS Space Solutions.

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 ₹2,471 crore
4. AWFIS Space Solutions Ltd ₹1,938 crore

All 4 Realty - CoWorking companies, largest first

Companies close in size in other industries

802. Piccadily Agro Industries Ltd ₹5,504 crore · Alcoholic Beverages
803. VRL Logistics Ltd ₹5,502 crore · Logistics - Warehousing/Supply Chain
804. Smartworks Coworking Spaces Ltd ₹5,496 crore
805. West Coast Paper Mills Ltd ₹5,494 crore · Paper
806. Just Dial Ltd ₹5,481 crore · E-Commerce - Platform - Utility

Our Smartworks Coworking Spaces Ltd research of 22 August 2026 set 4 checks, and every results season scores each one. No results season has been scored against them yet. A row is permanent: a miss stays on the record after it is fixed.

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.

Sector Alpha, written by code from the published numbers. Data as of 6 November 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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