Smartworks Coworking Spaces Limited, a leading managed office space company in India, has reported its highest-ever quarterly revenue of ₹520 crore in Q4 FY26. This marks a strong 45% growth compared to the same period last year. The company also stayed profitable for the second quarter in a row, posting a net profit of ₹16.62 crore.
FY26 has been a turning point for Smartworks, as it reported its first full-year profit of ₹11 crore, recovering from a loss in the previous year. The company’s growth is mainly driven by its focus on large businesses. Over 90% of its revenue comes from enterprise clients such as MNCs and big corporates. Smartworks now operates over 203,000 seats across 66 centres in 15 cities and has crossed 10 million square feet of operational space, making it one of the largest players in India’s flexible workspace market.
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Big deals and strong enterprise focus
The company continues to grow through large corporate deals. Recently, it expanded its partnership with a Forbes 2000 client by adding over 1,150 seats. This takes the total to more than 5,000 seats across cities like Bengaluru, Kolkata, Hyderabad, and Mumbai. This deal alone is expected to bring in over ₹155 crore in rental revenue. Smartworks has also partnered with the Hiranandani Group to build what could be the world’s largest flexible workspace campus in Mumbai’s Vikhroli.
To attract global companies, the firm has launched “SmartVantage,” which helps foreign companies set up offices in India within six to eight weeks. Its asset-light model where it leases large empty spaces and converts them into ready-to-use offices—helps it keep costs low and scale quickly.
Profit growth but concerns remain
Along with strong quarterly numbers, Smartworks reported a 31% rise in annual revenue to ₹1,796 crore. It also said that it has improved its financial position and reduced its debt burden.
However, experts remain cautious. The company’s stock price has fallen in recent months, and there are concerns about high valuations, low returns, and debt levels. Also, since the company depends heavily on large clients, losing a few big contracts could impact its business. With a strong pipeline of over ₹5,200 crore in future revenue, Smartworks now faces the challenge of maintaining growth while managing risks effectively.