Quarterly Updates15 Jan 2026, 08:01 pm
Smartworks Enters Compounding Phase in Q3 FY26 with Record EBITDA and Strong Cash Conversion
AI Summary
Smartworks Coworking Spaces Limited, India’s largest managed office platform, reported its strongest quarterly performance in Q3 FY26, marking a structural inflection in the Company’s growth trajectory. The quarter reflects rising portfolio maturity, a higher share of large-format enterprise contracts, and operating leverage inherent in Smartworks’ managed campus model. Record normalised EBITDA during the quarter was supported by an expanding base of mature centres, while operating cash flow exceeded EBITDA, reinforcing the Company’s cash-compounding and self-funded growth model.
Key Highlights
- Revenue of ~%472 crore, up 34% YoY and 11% QoQ
- Normalised EBITDA at an all-time high of ~%85 crore; margin expanded to ~18%
- Normalised operating cash flow of ~=101 crore; OCF-to-EBITDA at ~1.2
- Annualised ROCE improved to ~21%, continuing its upward trajectory
- Net-debt negative balance sheet sustained at ~%42 crore