Smartworks, the largest managed office space company in India, saw a 32% growth in operating revenue of Rs 1,374 crore in FY25 from Rs 1,039 crore in FY24. The performance by the company precedes its very anticipated Rs 583 crore IPO to list on July 10, 2025.
Rentals from the lease continued to be the largest source of revenues, contributing Rs 1,289 crore, followed by fit-out and design revenues (Rs 35 crore), ancillary services revenues (Rs 49 crore), and software access fee (Rs 1 crore). Adding non-operating revenues of Rs 36 crore, revenues stood at Rs 1,410 crore.
Even as topline growth was strong, Smartworks reported a net loss of Rs 63 crore, up 26% from FY24's Rs 50 crore. Increased depreciation costs (Rs 636 crore) and recurring finance costs (Rs 336 crore) dented profitability, though the EBITDA came in at Rs 893 crore and the margin stood at 63.3%.
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Total costs rose to Rs 1,489 crore, reflecting higher operating and employee expenses. Cost of earning Rs 1 of revenue, however, has declined to Rs 1.08 from Rs 1.14, reflecting improving operating efficiency.
With Rs 255 crore in cash and cash equivalent, including Rs 69 crore in cash, Smartworks seems to be well-placed financially for its listing. The Rs 387–407 per share IPO indicates increasing investor interest in India's flexible working space market.
