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Smartworks Coworking Spaces Ltd (SMARTWORKS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544447 NSE: SMARTWORKS Business Support | Small Cap | Smartworks Coworking Share Price

₹443.50 -0.70 (-0.16%)

As on 11-Jun'26 16:59

Smartworks Coworking Spaces Ltd (SMARTWORKS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544447 NSE: SMARTWORKS Business Support | Small Cap | Smartworks Coworking Share Price

₹443.50 -0.70 (-0.16%)

As on 11-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹5,068 Cr.
Current Price
₹443.5
52-Week Low / High
₹361 / 618
TTM EPS
₹0.6
TTM Sales
₹1,746 Cr.
Book Value per Share
₹46.4
P/E Ratio
722.59
Industry PE
22.6
Price to Book (P/B)
9.57
In line with its 5-year historical median
Price to Sales (P/S)
2.90
Lower than its 5-year historical median
EV/EBITDA
4.31
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
-75.47%
Underperforms industry median
Return on Capital Employed (ROCE)
51.65%
Outperforms industry median
Return on Assets (ROA)
-1.45%
Operating Profit Margin
62.3%
Net Profit Margin
-4.61%
Gross Profit Margin
40.1%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
29.1%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
26.32%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
58.32%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹415 Cr.
Equity
₹114.3 Cr.
Face Value
₹10
All Time Low / High
₹361.45 / 618.30

Smartworks Coworking Spaces stock performance

Key Ratios
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Quality

Somewhat Good
Check detailed performance

Valuation

Overvalued

Check Valuation charts

Price Trend

Semi Strong
Check Price chart
Q.1 Is Smartworks Coworking Spaces Ltd a good quality company?
Smartworks Coworking Spaces Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does Smartworks Coworking Spaces Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Smartworks Coworking Spaces Ltd vs industry peers?
Smartworks Coworking Spaces Ltd revenue CAGR is 54.94%, compared to the industry median CAGR of 15.11%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Smartworks Coworking Spaces Ltd?
Promoters hold 58.32% of the Smartworks Coworking Spaces Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Smartworks Coworking Spaces Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Smartworks Coworking Spaces Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ7.8%22.4%51.4%51.7%-
Value Creation
Index ⓘ		-0.40.72.82.8-

Growth Parameters ⓘ
Sales ⓘ3607101,0381,3401,746
Sales YoY Gr.-97%46.2%29.1%-
Adj EPS ⓘ-8.8-12.9-6-60.6
YoY Gr.-NANANA-
BVPS (₹) ⓘ14.84.26.910.646.4
Adj Net
Profit ⓘ		-67.7-99.9-47-61.87
Cash Flow from Ops. ⓘ214529750903-
Debt/CF from Ops. ⓘ1.210.60.4-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNANA54.9%29.1%
Adj EPS ⓘNANANANA
BVPSⓘNANA-10.5%54.5%
Share Price - - - -

Key Financial Parameters ⓘ

Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		-59.3-135.8-107.7-73.72.1
Op. Profit
Mgn % ⓘ		58.159.963.762.364.1
Net Profit
Mgn % ⓘ		-18.8-14.1-4.5-4.60.4
Debt to
Equity ⓘ		2.215.87.93.60.3
Working Cap
Days ⓘ		017215714146
Cash Conv.
Cycle ⓘ		0-42-50-40-83

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Sales3607101,0381,340
Operating Expenses ⓘ + 154285377506
Manufacturing Costs60114169236
Material Costs0000
Employee Cost 26404861
Other Costs ⓘ 68130160209
Operating Profit ⓘ 206425661834
Operating Profit Margin (%) 57.3%59.9%63.6%62.3%
Other Income ⓘ + 34337537
Exceptional Items ⓘ 0000
Interest ⓘ 122237328334
Depreciation ⓘ 212356471615
Profit Before Tax ⓘ -94-135-64-78
Tax ⓘ -24-35-17-16
Profit After Tax -70-100-47-62
PAT Margin (%) -19.4%-14.1%-4.5%-4.6%
Adjusted EPS (₹)-9.0-12.8-6.0-6.0
Dividend Payout Ratio (%)0%0%0%0%

Valuation of Smartworks Coworking - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 1143354109
Share Capital ⓘ 777879103
Reserves ⓘ 37-45-256
Debt +220407286263
Long Term Debt115300240216
Short Term Debt1061074747
Minority Interest0000
Trade Payables4598120115
Others Liabilities ⓘ 2,4153,8343,5734,008
Total Liabilities ⓘ 2,7954,3724,0344,496

Fixed Assets

Net Fixed Assets ⓘ +2,3283,7243,4043,739
Gross Block2,6674,4904,6715,679
Accumulated Depreciation3397661,2671,940
CWIP ⓘ 874266135
Investments ⓘ 001130
Inventories0000
Trade Receivables11141425
Cash Equivalents 1022145258
Others Assets ⓘ 268378486509
Total Assets ⓘ 2,7954,3724,0344,496

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + 214529750903
PBT ⓘ -94-135-64-78
Adjustment ⓘ 322545726918
Changes in Working Capital ⓘ -912110632
Tax Paid ⓘ -5-3-1931
Cash Flow From Investing Activity ⓘ + -93-304-198-275
Capex -109-288-259-268
Net Investments 12-166312
Others ⓘ 5-1-2-18
Cash Flow From Financing Activity ⓘ + -114-171-577-624
Net Proceeds from Shares ⓘ 01836117
Net Proceeds from Borrowing ⓘ 63257-29-31
Interest Paid ⓘ -165-229-305-320
Dividend Paid ⓘ 0000
Others ⓘ -11-217-278-389
Net Cash Flow ⓘ 854-264

Financial Ratio

PARTICULARSMar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-61.03-135.81-108.27-75.47
ROCE (%)7.8422.3651.4151.65
Asset Turnover Ratio0.130.20.250.31
PAT to CFO Conversion(x)N/AN/AN/AN/A
Working Capital Days
Receivable Days10.606.304.905.20
Inventory Days0000
Payable Days0000

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Smartworks Coworking Spaces Ltd FAQs

The current trading price of Smartworks Coworking on 11-Jun-2026 16:59 is ₹443.5.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Jun-2026 the market cap of Smartworks Coworking stood at ₹5,067.5 Cr

The latest P/E ratio of Smartworks Coworking as of 10-Jun-2026 is 722.6.

The latest P/B ratio of Smartworks Coworking as of 10-Jun-2026 is 9.57.

The 52-week high of Smartworks Coworking is ₹618.3 and the 52-week low is ₹361.4.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Smartworks Coworking is ₹1,746 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Smartworks Coworking Spaces Ltd is a average quality company.

The key valuation ratios of Smartworks Coworking Spaces Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Smartworks Coworking Spaces Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Smartworks Coworking Spaces Ltd

Smartworks Coworking Spaces is an office experience and managed Campus platform. It was the largest managed campus operator, amongst the benchmarked operators in terms of total stock. It strives to make Enterprises and their employees in India more productive at work by providing value-centric pricing and superior office experience vis-a-vis traditional workspaces, with access to enhanced services and amenities. Landlords, especially passive and non-institutional, benefit from the transformation of their bare shell properties into ‘Smartworks’ branded, fully serviced managed Campuses.

It focuses on mid-to-large Enterprises and has built a growing Client base, which includes Indian corporates, MNCs operating in India and startups. It equips its Campuses with modern and aesthetically pleasing designs using its extensive design library, integrated proprietary technology solutions and amenities such as cafeterias, sport zones, Smart Convenience Stores, gymnasiums, creches and medical centres. Some of these amenities take care of the daily needs of the employees of its clients, and some are aspirational in nature, leading to collaborative workspace and team building. These aspects are likely to enhance well-being, fostering a vibrant and engaging work atmosphere.

The company was originally incorporated as ‘Smart Work Business Centre Private Limited’ at Kolkata as a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated December 17, 2015 issued by the Registrar of Companies, West Bengal at Kolkata. Pursuant to a special resolution dated May 16, 2016 passed by the Shareholders, which was confirmed by an order of the Regional Director (Eastern Region), Ministry of Corporate Affairs dated December 23, 2016, the registered office of the Company was shifted from the state of West Bengal to the National Capital Territory of Delhi with effect from December 30, 2016 and a certificate of registration of Regional Director order for change of state dated January 17, 2017 was issued by the RoC. Consequently, pursuant to a special resolution dated October 29, 2018 passed by the Shareholders, the name of the company was changed from ‘Smart Work Business Centre Private Limited’ to ‘Smartworks Coworking Spaces Private Limited’ to reflect the nature of business and activities of the Company and a fresh certificate of incorporation dated December 20, 2018 was issued by the RoC. Thereafter, the company was converted into a public limited company pursuant to a special resolution dated June 28, 2024, passed by the Shareholders, and consequently the name of the company was changed to its present name i.e., ‘Smartworks Coworking Spaces Limited’ and a fresh certificate of incorporation dated July 25, 2024 was issued by the RoC.

Business area of the company

The company is engaged in the business of developing and licensing fully serviced office spaces including rendering of related ancillary services.

Awards, accreditations or recognitions

  • 2020: The company was awarded the ‘Co-working Brand of the Year’ award at the Realty+ Conclave & Excellence Awards 2020 South.
  • 2020: The company was awarded the ‘Co-working Brand of the Year - Pune’ award at the Realty+ Conclave and Excellence Awards 2020.
  • 2021: The company was awarded the ‘Co-working Technology of the Year’ award at the Realty+ Working Summit & Awards 2021.
  • 2021: The company was awarded the ‘Co-working Brand of the Year’ award at the Realty+ Conclave & Excellence Awards - 2021 West.
  • 2021: The company was awarded the ‘Co-working Project of the Year – North’ certificate at the 13th Annual Awards for Developers, Realtors and Architects - Estate Awards.
  • 2021: The company was awarded the ‘Co-working Amenities of the Year’ award at the Realty+ Conclave & Excellence Awards 2021 North.
  • 2021: The company received a certificate of recognition in the HURUN India Future Unicorn List 2021.
  • 2022: The company was awarded the ‘Co-working Brand of the Year - National’ award at the Realty+ Working Summit & Awards 2022.
  • 2022: The company received a certificate of recognition from ASK Private Wealth HURUN India in the Future Unicorn Index 2022.
  • 2022: The company was recognised as ‘India's Growth Champion 2022’ by The Economic Times and Statista.
  • 2022: The company was awarded the ‘Co-working Firm for Managed Spaces’ award at the Realty+ Conclave & Excellence Awards 2022 - South.
  • 2022: The company was awarded the ‘Co-working Technology Innovation of the Year’ award for ‘SW Super App’ at the Realty+ Working Summit & Awards 2022.
  • 2022: The company was recognised as one of the ‘Top 500 Asia-Pacific High Growth Companies 2022’ by the Financial Times and Statista.
  • 2023: The company was awarded the ‘Co-working Brand of the Year’ award at the Realty+ Conclave & Excellence Awards 2021 - West.
  • 2023: The company received a certificate of recognition from ASK Private Wealth HURUN India in the Future Unicorn Index 2023.
  • 2023: The company was named among the ‘Top 500 Asia-Pacific High-Growth Companies 2023’ by the Financial Times and Statista.
  • 2023: The company was awarded the ‘Managed Offices Brand of the Year’ award at the 15th Realty+ Conclave & Excellence Awards - West.
  • 2023: The company was awarded the ‘Enterprise Workspace Provider of the Year’ award at the 15th Realty+ Conclave & Excellence Awards 2023 – West.
  • 2023: The company was recognised as “India's Growth Champion 2023” by The Economic Times and Statista.
  • 2023: The company was awarded the ‘Best Technology Enabled Flexi Space’ award at the BW Inaugural Flexi Spaces Conclave & Awards 2023.
  • 2023: The company was awarded the ‘Best COVID-Measures at a Flexi Space’ award at the BW Inaugural Flexi Spaces Conclave & Awards 2023.
  • 2023: The company was awarded the ‘Most Preferred Flexi Space in India’ award at the BW Inaugural Flexi Spaces Conclave & Awards 2023.
  • 2024: The company was awarded the ‘Managed Offices Brand of the Year’ award at the Realty+ Flex Spaces Conclave & Excellence Awards 2024.
  • 2024: the company was awarded two gold awards at the iNFHRA Flexi Con India Awards for ‘Best Managed Office Brand - Footprint: More than 3 million sq. ft’ and ‘Best Tech Stack (Technology Integration) - Footprint: More than 3 million sq. ft.’.
  • 2024: The company was awarded the ‘Managed Space Brand of the Year (National)’ award at the Economic Times Real Estate Awards 2024.

History and milestones

  • 2016: Incorporation of the company and commencement of operations.
  • 2017: Established Pan-India presence across nine Tier-1 cities with 12 Centres.
  • 2018: Pivoted its business model, transitioning from a co-working company to an office experience and managed campus platform by leasing large/ entire properties and working with mid-tolarge Enterprise Clients.
  • 2019: Crossed Rs 1,000.00 million in revenue from operations.
  • 2019: The Company raised funding of Rs 1,772.19 million, through issuance of CCPS to Space Solutions India Pte. Ltd. (formerly Lisbrine Pte Limited).
  • 2020: Launched ‘SW App’ and ‘IoT solutions’ for contactless processes during COVID-19.
  • 2021: Its revenue from operations in 2021 was around Rs 3,000.00 million from around Rs 1,000.00 million in Fiscal 2019, which was during COVID-19.
  • 2022: Leased its largest center of around 0.70 million square feet located in Vaishnavi Tech Park in Bengaluru.
  • 2023: Deutsche Bank A.G., London Branch invested in the company by way of subscribing to 850,000 partly paid-up warrants each of Rs 260 of the company.
  • 2023: Opened Centres in four Tier-2 cities namely, Jaipur, Indore, Ahmedabad and Kochi.
  • 2024: Launched FaaS to provide tailored design and build solutions for customers’ offices with advance payments from Client.
  • 2024: Crossed Rs 10,000.00 million in revenue. 
  • 2024: Expanded its business to Singapore by taking two business centres on lease in Singapore pursuant to purchase of certain assets of Keppel Real Estate Services Pte. Ltd. 
  • 2024: Raised funding by way of private placements of Rs1,680.00 million from Space Solutions India Pte. Ltd. (formerly Lisbrine Pte. Limited), Ananta Capital Ventures Fund 1, Plutus Capital, and other investors.
  • 2025: Smartworks gets listed

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