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Swing Capital

AWFIS Space Solutions Ltd

NSE: AWFIS BSE: 544181Finance

Incorporated in December 2014, Awfis Space Solutions Limited is a workspace solution provider in India.[1]Awfis Space Solutions provides a wide spectrum of flexible workspace solutions ranging from individual flexible desk needs to customised office spaces for startups, small and medium enterprises as well as for large corporates and multi-national corporations. ICICI Securities Limited, Axis Capital Limited, IIFL Securities Limited, and Emkay Global Financial Services Limited are the book-running lead managers to the public issue.

₹311
52W: ₹229 — ₹719
PE 45.5 · Book ₹69.2 · +349% vs book
Market Cap₹2,223 Cr
Stock P/E45.5Price to Earnings
ROCE12.7%Return on Capital
ROE24.8%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has delivered good profit growth of 22.7% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 4.45 times its book value
  • −Company has low interest coverage ratio.
  • −Promoter holding is low: 17.0%

Shareholding Pattern

Promoters17%
FIIs26.35%
DIIs39.52%
Public17.12%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters28.56%28.24%▼0.320.44%▼7.820.4%▼0.020.31%▼0.117.01%▼3.317.01%17%▼0.0
FIIs22.54%20.66%▼1.921.07%▲0.419.33%▼1.721.45%▲2.125.04%▲3.627.34%▲2.326.35%▼1.0
DIIs13.54%20.81%▲7.329.37%▲8.633.97%▲4.637.63%▲3.741.18%▲3.539.56%▼1.639.52%▼0.0
Public35.36%30.28%▼5.129.12%▼1.226.29%▼2.820.62%▼5.716.77%▼3.916.09%▼0.717.12%▲1.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales208220232257291243338333296320
Expenses148153165179192142223208170183
Operating Profit6067677899101115125126136
OPM %29%31%29%30%34%42%34%38%42%43%
Net Profit-4-61238151191521
EPS ₹0000.295.372.051.61.252.12.89

AI Insights

Revenue Trend

TTM revenue at ₹1,287Cr, up 7% YoY. OPM at 39%.

Debt Position

Borrowings at ₹1,451Cr. Debt-to-equity ratio: 3.43x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹6Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 39.52% (+25.98pp change). FIIs: 26.35% (+3.81pp change). Promoters hold 17%.

Margin & Efficiency

ROCE improving from 0% (Mar 2019) to 13% (Mar 2025). Working capital days: -90.

Valuation

PE 45.5x with 12.7% ROCE. Price is 349% above book value of ₹69.2. Dividend yield: 0%.

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