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Pioneering Managed Workspace Solutions for Enterprise Growth

Smartworks is India’s largest managed campus operator, specializing in providing fully managed workspace solutions for mid-to-large enterprises. As of FY25, it operates 30 centres across 10 cities, with a total super built-up area (SBA) of 10.08 million sq ft. Company leases and transforms entire or large buildings into modern, aesthetically pleasing campuses with amenities like RFIDenabled parking, open lobbies, cafeterias, medical rooms, indoor gaming zones, outdoor sports zones, and smart stores.

It serves 728 clients, primarily enterprises, with a committed occupancy rate of 89.03% and a FY25 retention rate of 86.83%. With 81.22% of its space leased from non-institutional landlords, Smartworks operates in a fragmented Indian office market.

Budgeted capex of INR 1,350 / sq ft and an average payback period of 30-32 months for mature centers reflects Smartworks capital efficient and asset light model for sustainable growth. Proprietary solutions like SW BuildX and CRM systems enhance operational excellence, cost leadership, and client management.

In terms of financial performance, SmartWorks revenue from operations grew at a CAGR of 38.9% from Rs. 711 cr to Rs. 1,374 cr between FY23-FY25. EBITDA grew from Rs.424 cr to Rs.857 cr between the same period. PAT continues to remain negative due to high lease liabilities. SmartWorks has a net debt of Rs.299 cr.

IPO proceeds will be used for partial pre-payment of certain borrowings and capex for fit outs in the new centers and for security deposits of the new centers.

Outlook:

We would recommend to monitor PBT turning positive with economies of scale improving further.

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