Awfis Q2 consolidated PAT up 93% YoY to ₹30.8 Cr, margins expand further

Awfis Space Solutions' consolidated revenue from operations rose 19.6% YoY and 3.2% QoQ to ₹438.73 Cr in Q2 FY27 (quarter ended 30 September 2026), while consolidated PAT nearly doubled YoY (+92.8%) and rose 28.5% QoQ to ₹30.80 Cr, with basic EPS at ₹4.30 versus ₹2.24 a year ago and ₹3.35 last quarter. The YoY profit jump is flattered by a weak base: Q2 FY26 PAT had fallen ~59% YoY to ₹16 Cr on elevated depreciation and finance costs tied to the company's space-expansion phase, so this quarter is being compared against a depressed prior-year print rather than a demanding one — the underlying improvement is real but the headline percentage overstates the pace of change. Margins expanded on both axes: net profit margin rose to 6.63% of total income from 4.06% a year ago and 5.34% last quarter; operating margin (EBITDA excluding other income, as a % of revenue) rose to ~39.6% from 36.1% YoY and 38.2% QoQ. The expansion came even as depreciation (₹118.99 Cr, still the largest expense line, reflecting the lease right-of-use asset base) and finance costs (₹49.05 Cr) kept growing with the portfolio, pointing to operating leverage from improving occupancy/seat utilisation rather than cost cuts. Management's FY27 outlook from the August 2026 concall called for co-working revenue growth of 23-25%, Transform segment growth of ~20%, full-year revenue above ₹1,800 Cr, cash EBITDA of ₹190-200 Cr, and 22,000-25,000 gross seat additions. H1 FY27 consolidated revenue of ₹863.65 Cr (+23.1% YoY) sits within that growth band and is broadly on pace for the full-year target, though H2 needs to clear roughly ₹936 Cr to reach ₹1,800 Cr; cash EBITDA and seat-count progress cannot be independently verified from this P&L format. No Q2-specific street estimates were found; full-year FY27 consensus (per market-data aggregators) pegs revenue near ₹1,770 Cr and EPS around ₹17.10, broadly consistent with the H1 run-rate, so this print reads as inline with that full-year path rather than a surprise either way. Management issued no dedicated press release alongside this result beyond the board-meeting outcome intimation, so there is no company framing to reconcile against the numbers. Separately, the board used this meeting to defer completion of the Design & Build business transfer to subsidiary Awfis Transform beyond the previously indicated end-CY2026 timeline, with a revised date to be fixed within the next twelve months — a reorganisation that leaves consolidated P&L unaffected since Awfis Transform is already inside the consolidation perimeter. The board also disclosed a ₹8.26 Cr arbitration award (plus 18% interest) against the company in a Noida lease dispute; management disputes the award and has taken no provision in these results, leaving it a contingent item pending a Delhi High Court challenge.