# Smartworks Coworking Spaces share price today (Smartworks Coworking Spaces Ltd, NSE: SMARTWORKS)

> Smartworks Coworking Spaces share price today: ₹487.60 at the NSE close on 4 November 2026, down 15.7% in a year. Smartworks Coworking Spaces (NSE: SMARTWORKS) is worth ₹5,583 crore, trades at a P/E of 98.5 and has closed between ₹372.45 and ₹589.35 over the past 52 weeks. > Smartworks Coworking Spaces Ltd's results are improving, while its P/E is near the low end of its own history over 6 months, higher than only 1% of past readings. SMARTWORKS · Realty - CoWorking · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/smartworks-coworking-spaces-ltd

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## Key numbers

- Price: ₹487.60 (−15.7% in a year)
- P/E: 98.5× (lower than 99% of the last 6 months)
- Revenue (Sep 2026): ₹591 Cr (+39.1% on a year ago)
- Profit (Sep 2026): ₹26.0 Cr
- Operating margin: 64.0% (flat on a year ago)
- ROCE: 8%, FY26

Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. ## What is the Smartworks Coworking Spaces share price today? Smartworks Coworking Spaces Ltd's share price was ₹487.60 at the close on 4 November 2026. It has been rising for 15 weeks. That is 1.8% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹372 and ₹589, and at that close it sat 53% of the way up from that low. 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 +6% 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. ## What changed at Smartworks Coworking Spaces this quarter? 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. ## What are Smartworks Coworking Spaces' latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹591 crore | ₹425 crore | +39.1% |
| Profit | ₹26.0 crore | loss of ₹3.00 crore | n/a |
| Earnings per share | ₹2.24 | ₹−0.27 | n/a |
| Operating margin | 64.0% | 64.0% | 0.0 points |

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.)

## What is the Smartworks Coworking Spaces share price history? Smartworks Coworking Spaces closed at ₹487.60 on 4 November 2026, down 15.7% 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

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹480.50 | +1.5% |
| 1 month ago · 1 Oct 2026 | ₹510.65 | −4.5% |
| 6 months ago · 8 May 2026 | ₹459.80 | +6.0% |
| 1 year ago · 7 Nov 2025 | ₹578.60 | −15.7% |
| Earliest weekly close in our records · 18 Jul 2025 | ₹458.75 | +6.3% |
| Highest weekly close since July 2025 · 10 Oct 2025 | ₹586.75 | −16.9% |
| Lowest weekly close since July 2025 · 27 Mar 2026 | ₹385.20 | +26.6% |
| 52-week high (weekly close) · 10 Nov 2025 | ₹589.35 | −17.3% |
| 52-week low (weekly close) · 30 Mar 2026 | ₹372.45 | +30.9% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (73 weekly closes from 18 July 2025 to 4 November 2026.)

## What is the latest news on Smartworks Coworking Spaces? 4 Nov 2026: Smartworks Coworking Spaces closed at ₹487.60, up 1.5% on the week and down 4.5% 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.)

## What dividend does Smartworks Coworking Spaces pay? 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 5 November 2026.)

## What did Smartworks Coworking Spaces management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/58282-30-Oct-2026.pdf). (From the call for July to September 2026, 30 October 2026.)

## What could change the Smartworks Coworking Spaces story? What are the risks? 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.)

## What to watch in Smartworks Coworking Spaces' next results? 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. - What to check (from the call)
- Eastbridge OC plus build-out completion into late-quarter billing - check go-live and pre-fill conversion pace. - Blended occupancy dip on mega-campus denominator - check pace of recovery over next few quarters. - Cash conversion below unity on deposits for unopened pipeline - check move back above unity as billing starts. ## Which stock lists is Smartworks Coworking Spaces on? Smartworks Coworking Spaces is on one of our India lists: Real estate, REIT & cement. [Real estate, REIT & cement Group on the list: Malls, offices and co-working](https://www.sectoralpha.in/sectors/real-estate-stocks-india)

## Is Smartworks Coworking Spaces profitable? 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. 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. ## How much revenue does Smartworks Coworking Spaces make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Smartworks Coworking Spaces keep? 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. 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. ## Is Smartworks Coworking Spaces' profit turning into cash? 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. 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. ## Where does Smartworks Coworking Spaces' cash go? 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. 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. ## What is Smartworks Coworking Spaces' P/E ratio, and how does it compare with its own history? Smartworks Coworking Spaces Ltd's P/E is 98.5×, 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. 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. ## Is the Smartworks Coworking Spaces business getting better or worse? 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. 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. ## What is the Smartworks Coworking Spaces story, and has it been checked? 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. 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. ## Did Smartworks Coworking Spaces management deliver what it promised? 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. ## How much does Smartworks Coworking Spaces earn on its capital? 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. 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. ## Does Smartworks Coworking Spaces have too much debt? 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. ## What is the Smartworks Coworking Spaces shareholding pattern? 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. 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%. ## How far is Smartworks Coworking Spaces from balance-sheet trouble? 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. ## How does Smartworks Coworking Spaces rank in its industry? 49.3 out of 100, rank 3 of 4 in Realty - CoWorking, with 56% of the evidence available. Smartworks Coworking Spaces Ltd scores 49.3 out of 100 against the 4 companies it is compared with in Realty - CoWorking, ranking 3. Some evidence is missing, so the score is pulled toward the middle on purpose. The four parts add up to the total exactly: 19.5 + 7.3 + 10 + 12.5 = 49.3. 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. ## Which companies is Smartworks Coworking Spaces compared with? Smartworks Coworking Spaces ranks 3 of 4 Realty - CoWorking companies on the 4-Factor Sector Score, with 49.3 out of 100. 1. [EFC (I) Ltd](https://www.sectoralpha.in/stocks/efc-iltd) EFCIL · basing · Evidence leans up · 68% evidence 56.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.9/35 · Revenue 42.3% · Profit 50.6% · Operating margin change -4 points · 83% evidence Capital efficiency 20.2/25 · ROCE 19.8% · Operating margin 43% · 76% evidence Valuation 10.0/20 · P/E 10× · PEG n/a · 0% evidence Relative strength 5.6/20 · Lead over its industry -13.8% · Lead over NIFTY 500 -16.3% · 1 year -41.7% · 100% evidence · 1 of 12 weeks ahead Exact sum: 20.9 + 20.2 + 10 + 5.6 = 56.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Wework India Management Ltd](https://www.sectoralpha.in/stocks/wework-india-management-ltd) WEWORK · quiet · Evidence leans up · 65% evidence 56.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.9/35 · Revenue 29.9% · Profit 100% · Operating margin change -2 points · 100% evidence Capital efficiency 11.8/25 · ROCE 12.7% · Operating margin 64% · 100% evidence Valuation 10.0/20 · P/E 86× · PEG n/a · 0% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 10% · 1 year -1.6% · 25% evidence · 6 of 12 weeks ahead Exact sum: 21.9 + 11.8 + 10 + 12.5 = 56.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. Smartworks Coworking Spaces Ltd this page SMARTWORKS · turning · Too little evidence to rank firmly · 56% evidence 49.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.5/35 · Revenue 40.6% · Profit 100% · Operating margin change 0 points · 74% evidence Capital efficiency 7.3/25 · ROCE 8.3% · Operating margin 64% · 100% evidence Valuation 10.0/20 · P/E 97× · PEG n/a · 0% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 7.9% · 1 year -17.1% · 25% evidence · 11 of 12 weeks ahead Exact sum: 19.5 + 7.3 + 10 + 12.5 = 49.3 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 4. [AWFIS Space Solutions Ltd](https://www.sectoralpha.in/stocks/awfis-space-solutions-ltd) AWFIS · basing · Evidence leans down · 68% evidence 48.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.8/35 · Revenue 23.3% · Profit 13.3% · Operating margin change 0 points · 83% evidence Capital efficiency 12.9/25 · ROCE 13.5% · Operating margin 38% · 76% evidence Valuation 10.0/20 · P/E 19.7× · PEG n/a · 0% evidence Relative strength 6.0/20 · Lead over its industry -25.2% · Lead over NIFTY 500 -28% · 1 year -61% · 100% evidence · 0 of 12 weeks ahead Exact sum: 19.8 + 12.9 + 10 + 6 = 48.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 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](https://www.sectoralpha.in/sectors/realty-coworking), all 4 compared on one page. ## Which companies are close to Smartworks Coworking Spaces in size? 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](https://www.sectoralpha.in/stocks/wework-india-management-ltd) ₹8,818 crore
2. Smartworks Coworking Spaces Ltd ₹5,496 crore
3. [EFC (I) Ltd](https://www.sectoralpha.in/stocks/efc-iltd) ₹2,564 crore
4. [AWFIS Space Solutions Ltd](https://www.sectoralpha.in/stocks/awfis-space-solutions-ltd) ₹1,674 crore

[All 4 Realty - CoWorking companies, largest first](https://www.sectoralpha.in/sectors/realty-coworking#all-companies)

### Companies close in size in other industries

1. [Ganesh Housing Ltd](https://www.sectoralpha.in/stocks/ganesh-housing-ltd) ₹5,568 crore · Realty - Construction & Contracting
2. [Piccadily Agro Industries Ltd](https://www.sectoralpha.in/stocks/piccadily-agro-industries-ltd) ₹5,504 crore · Alcoholic Beverages
3. Smartworks Coworking Spaces Ltd ₹5,496 crore
4. [Just Dial Ltd](https://www.sectoralpha.in/stocks/just-dial-ltd) ₹5,481 crore · E-Commerce - Platform - Utility
5. [KPI Green Energy Ltd](https://www.sectoralpha.in/stocks/kpi-green-energy-ltd) ₹5,481 crore · Power - Generation/Distribution

## Quarterly scorecard? 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. ## What else do people ask about Smartworks Coworking Spaces? ### What is Smartworks Coworking Spaces's share price today? Smartworks Coworking Spaces Ltd's share price is ₹487.60, −15.7% over the past year. The whole company is worth ₹5,583 Cr on the market. In the last 52 weeks it traded between ₹372 to ₹589; today it is 53% of the way up from the low, 1.8% above its 200-day average (as of 4 November 2026). ### What were Smartworks Coworking Spaces's latest quarterly results? Smartworks Coworking Spaces Ltd reported revenue of ₹591 Cr and net profit of ₹26.0 Cr for the Sep 2026 quarter. Earnings per share were ₹2.24. The operating margin was 64.0%, 0.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Smartworks Coworking Spaces's market cap? Smartworks Coworking Spaces Ltd's market capitalisation is ₹5,583 Cr at a share price of ₹487.60. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Smartworks Coworking Spaces performing? Smartworks Coworking Spaces Ltd's share price has been rising for 15 weeks. Over the past 13 weeks it has done better than the NIFTY 500, for 3 weeks running. This describes what the data did, not a rating (as of 4 November 2026). ### Will Smartworks Coworking Spaces's share price go up? This page does not forecast Smartworks Coworking Spaces Ltd's share price. What it shows instead: the share price is ₹487.60, and it has been rising for 15 weeks. Its P/E of 98.5× is higher than 1% of its own last 1 years (as of 4 November 2026). ### Who owns Smartworks Coworking Spaces? Promoters own 58.3% of Smartworks Coworking Spaces Ltd, foreign institutions 0.4%, domestic institutions 9.1% and the public 32.3% (latest quarter). No group of owners changed its stake by a full point over the last two years (as of 4 November 2026). ### Does Smartworks Coworking Spaces have too much debt? Yes, Smartworks Coworking Spaces Ltd has a lot of debt: its debt is 9.02× its equity, and its operating profit is 3 times its interest bill. FY26 borrowings were ₹4,778 Cr against equity of ₹530 Cr. Keep that borrowing in mind when reading the returns on this page (as of 4 November 2026). ### Where is Smartworks Coworking Spaces in its business cycle? Smartworks Coworking Spaces Ltd's FY26 operating margin was 64.0%, against a 7-year range of 53.0% to 64.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 64.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Smartworks Coworking Spaces story? Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Smartworks Coworking Spaces a stock worth studying right now? What the numbers show: Smartworks Coworking Spaces Ltd's results are improving, while its P/E is near the low end of its own history over 6 months, higher than only 1% of past readings. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Smartworks Coworking Spaces share price forecast for 2026? What management itself guided: FY27 revenue growth 33-35%. What would change the story: 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. ## Lists

- Real estate, REIT & cement: https://www.sectoralpha.in/sectors/real-estate-stocks-india

This is research, not advice. We’re not SEBI-registered.