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Smartworks Coworking Spaces Ltd reported a return to profitability in the third quarter of FY26, supported by strong revenue growth and improving operational performance. The company posted a consolidated net profit of INR 1.24 crore for the October-December quarter, reversing a loss recorded in the same period last year. Total income rose sharply, reflecting sustained demand from large enterprise clients and higher portfolio maturity. For the first nine months of the fiscal year, losses narrowed significantly, underscoring improving financial stability. Management described the quarter as the strongest in the company's history, highlighting long-tenure enterprise contracts and client expansions as key growth drivers. With a growing footprint across India and Singapore, Smartworks expects momentum to continue in the coming quarters.
Smartworks Coworking Spaces Ltd reported a consolidated net profit of INR 1.24 crore in the third quarter of FY26, marking a turnaround from a net loss of INR 16 crore in the corresponding period last year, aided by strong revenue growth. Advertisement
Total income during the October-December quarter rose 34 per cent to INR 488.14 crore, compared with INR 363.62 crore a year earlier. The improvement reflects higher occupancy, increased scale across mature centres, and continued demand from enterprise clients.
For the first nine months of the fiscal year, the company's net loss narrowed significantly to INR 6 crore from INR 54.87 crore in the year-ago period. Total income for the April-December period increased to INR 1,317.2 crore from INR 1,047.61 crore in the corresponding period of the previous year, indicating steady growth across the portfolio.
Smartworks follows an asset-light model, leasing office spaces from real estate developers, converting them into managed coworking centres, and sub-leasing them to corporates. This approach has helped the company scale rapidly while maintaining flexibility.
Commenting on the performance, Founder and Managing Director Neetish Sarda said the third quarter was Smartworks' strongest to date and signalled that the business had entered a compounding phase. He noted that the company delivered record normalised EBITDA alongside revenue growth, driven by portfolio maturity and sustained enterprise demand.
Growth during the quarter was led by large, long-tenure enterprise contracts and expansions from existing clients, improving the quality and predictability of revenues. Smartworks currently operates a portfolio of 15.3 million sq ft across 63 centres in 15 cities in India and Singapore and expects to continue improving returns in the coming quarters.
Source - PTI
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