Awfis Q1 FY27: consolidated PAT up 140% YoY to ₹23.96 Cr as core coworking margins recover

Awfis Space Solutions' consolidated Q1 FY27 (quarter ended June 30, 2026) revenue rose 26.96% YoY to ₹424.92 Cr (+3.6% QoQ from ₹410.14 Cr), while PAT rose 140.2% YoY to ₹23.96 Cr (+3.1% QoQ from ₹23.25 Cr). No exceptional or one-off item is disclosed in either the standalone or consolidated statement for this quarter or the year-ago quarter, so the YoY jump is on an organic, reported-to-reported basis — it looks large chiefly because it is measured off a thin year-ago base (NPM was just 2.98% in Q1 FY26). Net profit margin now stands at ~5.64% of revenue, up from ~2.98% YoY and roughly flat sequentially (5.67% in Q4 FY26); PBT rose to ₹24.42 Cr from ₹10.38 Cr YoY.

The margin improvement is entirely a core-business story: the Co-working space and allied services segment (the dominant, ~83% of revenue) grew revenue 27.3% YoY to ₹351.55 Cr and grew segment profit 163% YoY to ₹30.46 Cr, lifting segment margin from roughly 4.2% to 8.7% of segment revenue as lease-linked depreciation and finance costs (a structurally large fixed-cost base under Ind AS 116 for this business model) were spread over higher occupied revenue. The Construction and fit-out (Transform) segment moved the other way: revenue grew 25.4% YoY to ₹73.38 Cr but segment profit fell 26.6% YoY to ₹3.23 Cr, so growth there did not translate to profit — a detail investors should weigh against the coworking-driven headline.

The stock went into the print at ₹272, down 6.9% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters; revenue is at a 6-quarter high.

Consolidated basic EPS ₹3.35 vs ₹1.40 YoY and ₹3.25 QoQ

Standalone entity now carries the Design & Build undertaking as a discontinued operation (₹73.38 Cr total income, ₹3.23 Cr PBT) ahead of its transfer to subsidiary Awfis Transform Pvt Ltd, now targeted for completion by end-CY2026

Both segments' YoY growth landed at or just above the ranges management guided on the Q4 FY26 call (Coworking and Allied 25–27% guided vs 27.3% actual; Transform 22–25% guided vs 25.4% actual), so the quarter is on-track to slightly ahead of the company's own FY27 outlook on the growth axis, though the filing gives no seat-count disclosure to check progress against the guided 22,000–25,000 gross seat addition target. No management press release accompanied this filing, so there is no fresh management commentary to reconcile against the numbers beyond the prior concall guidance. We found no Q1-FY27-specific Street consensus for revenue or PAT (brokerage previews for this print were not located); Trendlyne's FY27 full-year consensus (7 analysts) pegs ~18.8% revenue growth and ~72% PAT growth for the year, which this quarter's YoY print runs ahead of. Quarter developments include grants of 61,830 (and vesting/allotment of 22,695) employee stock options, the board's approval to appoint Abhishek Poddar as an independent director effective July 1, 2026, and continued premium-format expansion in Bengaluru — none of which show up in the P&L this quarter but are consistent with the company's stated premiumization and multi-format supply strategy. Two minor tax/GST matters (₹1.49 lakh discharged, ₹1.61 lakh GST order received) are immaterial to the results.