Smartworks Reports 21% Revenue Gain and Near-Break-Even Loss in First Post-IPO Quarter
Higher occupancy levels paired with reduced finance costs pushed EBITDA margins to 63.6%, offset by a jump in operating expenses to ₹2,650.9 crore
Overview
- Revenue from operations climbed 21% year-on-year to ₹3,792.11 crore in Q1 FY26 following the July IPO listing
- Net loss narrowed sharply to ₹4.20 crore from ₹23.03 crore a year earlier, marking an 81.8% improvement in profitability
- EBITDA rose 25.5% to ₹2,410 crore, achieving a 63.6% margin, while normalised EBITDA doubled to ₹607 crore with margins expanding to 16%
- Total expenses surged to ₹2,650.87 crore from ₹354.29 crore, driven by a rise in other expenses to ₹789.01 crore, higher depreciation and a 67.3% jump in employee benefits
- Operational footprint reached 10.08 million sq ft with 0.70 million sq ft under fit-out and 1.07 million sq ft scheduled for handover, bringing total supply including LOIs to about 12 million sq ft