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Swing Capital

Smartworks Coworking Spaces Ltd

NSE: SMARTWORKS BSE: 544447

Incorporated in 2015, Smartworks Coworking Spaces Limited is engaged in the business of customized managed workspace solutions, offering fully serviced, tech-enabled office environments.[1]

₹420
52W: ₹361 — ₹619
PE 685 · Book ₹46.4 · +805% vs book
Market Cap₹4,802 Cr
Stock P/E685Price to Earnings
ROCE8.14%Return on Capital
ROE2.18%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company is expected to give good quarter

Weaknesses

  • −Stock is trading at 9.19 times its book value
  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of -23.1% over last 3 years.

Shareholding Pattern

Promoters58.33%
FIIs0.16%
DIIs9.06%
Public32.46%
CategorySep 2025Dec 2025Mar 2026
Promoters58.18%58.18%58.33%▲0.1
FIIs0.93%0.33%▼0.60.16%▼0.2
DIIs9.03%8.96%▼0.19.06%▲0.1
Public31.86%32.53%▲0.732.46%▼0.1

Financial Statements

MetricJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales309341340349365414461507
Expenses119133130123132152164178
Operating Profit190208210226233262297328
OPM %61%61%62%65%64%63%64%65%
Net Profit-22-15-17-7-4-4015
EPS ₹-2.72-1.76-1.69-0.69-0.44-0.330.031.31

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,746Cr, up 30.3% YoY. OPM at 64%.

Debt Position

Borrowings at ₹4,734Cr. Debt-to-equity ratio: 11.41x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹56Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 8% (Mar 2026). Working capital days: -237.

Valuation

PE 685x with 8.14% ROCE. Price is 805% above book value of ₹46.4. Dividend yield: 0%.

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