Mumbai, May 26: Awfis Space Solutions Limited the largest flexible workspace solutions platform in India, has released its audited financial results for the quarter and full year ended 31st March 2026.
Commenting on the results, Mr. Amit Ramani, Chairman and Managing Director, Awfis Space Solutions Limited, said:
“FY26 was a defining year for Awfis, the company delivered its highest-ever annual revenue of Rs. 1,493 Cr, reflecting 24% YoY growth, driven by 35% YoY growth in the co-working business. Operating EBITDA grew 37% YoY to Rs. 550 Cr, with margins expanding to 36.8%, while PBT stood at Rs. 72 Cr. The company also delivered an industry-leading ROCE of 60%, a testament to the capital efficiency, earnings quality, and disciplined execution that defines the Awfis platform.
We are pleased to also report another quarter of strong performance, with Q4 FY26 marking the highest-ever quarterly revenue, EBITDA, and profitability in Awfis’ history. Revenue stood at Rs. 410 Cr, growing 21% YoY, led by robust growth in the co-working business at 27% YoY. Operating EBITDA grew 31% YoY to Rs. 152 Cr, with margins expanding to 37%, while PBT stood at Rs. 24 Cr.
During the year, we added 41 new centres and 30K operational seats, expanding our signed network to 266 centres with ~184K seats across 18 cities spanning Tier 1 and Tier 2 markets, serving a diversified client base of ~3.5K customers.
The growth was anchored by sustained enterprise and GCC demand, continued premiumization of the portfolio, and the compounding benefits of operating leverage. GCCs and Fortune 500 companies are now a structural and growing part of our revenue base. Today, we serve 100+ unique GCC clients contributing 23% of rental revenue, with additional mandates already signed and going live over the coming quarters.
Client relationships continue to deepen. Multi-centre clients now account for ~48% of our client base, reflecting growing pan-India mandates and stronger enterprise engagement. Occupancy remained healthy through the year, supported by a favorable cohort mix, with the 500+ seat cohort contributing 37% of the total portfolio – highlighting the maturity, stability, and stickiness of our enterprise-led demand base.
Our capital-light supply strategy continues to evolve – MA remains the backbone, SL is deployed selectively for premium enterprise mandates, Partial MO structures are scaling, and we are in advanced discussions with marquee developers for strategic workspace partnerships. The mix is always a function of demand quality, never a fixed target.
As we enter FY27, the business is in its strongest position yet. The foundation is deep – healthy occupancy, expanding margins, industry-leading returns on capital, and a quality pipeline already committed. We enter FY27 with clarity of strategy, depth of execution, and full confidence in what lies ahead.”
Financial Highlights:
FY26 Consolidated Financial Highlights
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FY26 reported strong Operating Revenue of Rs. 1,493 Cr, growth of 24% YoY, supported by robust 35% yoy growth in Coworking and allied services
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Operating EBITDA grew by 37% yoy to Rs. 550 cores, with Operating EBITDA margins expanded by 350 bps to 36.8%, reflecting improved scale efficiencies, a higher share of mature centres, and operating leverage
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FY26 PAT stood at Rs. 71 crores , reflecting impressive growth of 66% YoY
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Achieved 60% ROCE which is highest among listed industry players
Q4 FY26 Consolidated Financial Highlights
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Q4FY26 reported strong Operating Revenue of Rs. 410 Cr, growth of 21% YoY, supported by solid 27% yoy growth in Coworking and allied services
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Operating EBITDA grew by 31% yoy to Rs. 152 cores, with Operating EBITDA margins expanded by 290 bps to 37.0%, reflecting improved scale efficiencies, a higher share of mature centres, and operating leverage
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Q4FY26 PAT stood at Rs. 23 crores growth of 107% YoY
Operational Highlights for FY26:
Capital Efficiency & Balance Sheet
60%+ ROCE: Highest among listed flex workspace peers
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Revenue / Gross Fixed Assets at 1.5x – best in the industry
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Net Debt / Equity at -0.20x; net cash position maintained
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Interest Coverage Ratio at 11x (on normalized EBIT basis)
Network Scale & Depth
266 Centres · 184K Seats · 18 Cities: Pan-India presence across top micro-markets
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~30K seats added in FY26 across 41 centres
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100% Grade A/A+ supply – every new centre in a high-demand micro-market
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Deep micro-market presence with multiple formats across same locations, enabling strong network effects
Enterprise & GCC-Led Demand
64% share of Enterprise/MNC clientele
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GCC clientele expanded to 100+ clients, contributing ~23% of rental revenue
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500+ seat cohort represents 37% of portfolio
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49% of sub-100 seat clients are Large Enterprise/MNCs – attracting blue-chip demand at entry scale
Operational Strength & Visibility
84% Mature Occupancy: Sustained by diversified, enterprise-led demand
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Healthy blended occupancy of 76%
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Weighted average tenure of 37 months; lock-in of 26 months – durable, predictable revenue
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Multi-centre clients at 48% of total client base, demonstrating strong client stickiness
Premiumization & Brand Strength
35 Elite & Gold Centres: Rapidly growing premium asset portfolio
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Launch of Gold 2.0 and Awfis 6.0 – next-generation premium formats
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~60%+ of new supply signed with institutional landlords
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3x WELL Certified simultaneously – first coworking brand in India to achieve this