Smartworks Coworking Spaces Limited has informed the Exchange about Investor Presentation
Date: 12th August, 2025
To, National Stock Exchange of India Limited (“NSE”) Listing Department Exchange Plaza, C-1 Block G, Bandra Kurla Complex Bandra [E], Mumbai – 400051
To, BSE Limited (“BSE”) Listing Department Corporate Relationship Department Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001
NSE Scrip Symbol: SMARTWORKS ISIN: INE0NAZ01010
BSE Scrip Code: 544447 ISIN: INE0NAZ01010
Subject: Disclosure under Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015-Presentation on the Unaudited Financial Results for the Quarter ended June 30, 2025.
Dear Sir/Ma’am,
The presentation on the Unaudited Financial Results (Standalone and Consolidated) for the quarter ended June 30, 2025, to be made today at the analyst meet, is attached and also available on the website of the Company a https://www.smartworksoffice.com/investors/.
This is for your information and record.
Thanking You, For Smartworks Coworking Spaces Limited (Formerly known as Smartworks Coworking Spaces Private Limited)
Punam Dargar Company Secretary and Compliance officer Membership No: A56987
Encl.: As above
Smartworks Coworking Spaces Limited (Formerly known as Smartworks Coworking Spaces Private Limited) Regd. Office: Unit No. 305 – 310, Plot No. 9,10, & 11, Vardhman Trade Centre, Nehru Place, South Delhi – 110 019.
Corporate Office: Golf View Tower, Tower-B Sector 42, DLF QE, Gurgaon, Haryana-122002
Phone No: 0124-6919 400 CIN: L74900DL2015PLC310656
Workspaces that work for you Q1FY26 | 12th August 2025
Disclaimer
This presentation and the accompanying slides (the “Presentation”), prepared by Smartworks Coworking Spaces Limited (the “Company”), is furnished solely for informational purposes without regard to any specific investment objectives, financial situations, or informational needs of any particular person, and shall not constitute, or be relied upon in connection with, any offer, solicitation, or invitation to subscribe for or purchase any securities of the Company. No offering of securities will be made except by means of a statutory offering document containing detailed information about the Company. Nothing herein shall form the basis of, or be relied on in connection with, any contract or binding commitment whatsoever.
This presentation and its contents are confidential and may not be copied, reproduced, distributed, or disseminated, directly or indirectly, in any manner without the prior written consent of the Company. Any failure to comply with these restrictions may constitute a violation of applicable law in certain jurisdictions. By reviewing this presentation, you agree to be bound by these restrictions and to maintain strict confidentiality regarding the information contained herein.
The information and data contained in this presentation have been compiled from sources the Company believes to be reliable; however, the Company makes no representation or warranty, express or implied, as to the accuracy, completeness, fairness, or reasonableness of such information. This presentation may not contain all of the information that you may consider material, and no reliance should be placed on the contents herein. The Company expressly disclaims any and all liability for any loss arising from, or in reliance upon, the whole or any part of this presentation.
This presentation may contain forward-looking statements, including, without limitation, statements regarding the Company’s market opportunity, financial performance, growth prospects, strategy, technological developments, and business plans. Such statements can often be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning. These forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict, including but not limited to macro-economic conditions, competitive pressures, regulatory changes, changes in market preferences, execution challenges, and other risks. Actual results may differ materially and adversely from those expressed or implied herein. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. Any forward-looking statements or projections made by third parties included in this Release are not adopted by the Company, and the Company is not responsible for such third-party information.
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Bangalore | 700K square feet
Total | Leased SBA1
(Including LOIs/Term Sheets)
12.0 Msf | 10.1 Msf
Cities
15
Total | Leased Centres
56 | 54
Total | Leased Capacity Seats 275k | 232k
Revenue
EBITDA*
Cash Flow*
Annualized RoCE*
INR 3,792 Mn
INR 607 Mn
INR 855 Mn
13%
Note:* Financial numbers Normalized are as per Non-Gaap measures; All numbers are of / for quarter ended June 30, 2025 ;. Return on Capital Employed (RoCE) is calculated as Normalized EBIT / Normalized Capital Employed ; SBA: Super Built up Area; LOI: Letter of Intent; Msf: Million square feet; 1. Includes operational, fitout and centres yet to be handed over
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Fully Managed, Flexible Workspaces with Aspirational Amenities – Redefining Commercial Spaces Ecosystem in India
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Our Journey: Evolving from Co-working to India’s Leading Managed Office Platform
Started as a co-working company
Focused on mid to large enterprise clients
Evolved to a managed office platform
10 cities
30 centres
SBA of 4.0 Msf
2022
Transition towards fully managed workspaces
2019
> INR 1,000 Mn
1.4 Msf
~13X
~7X
Commencement of operations
2016
Revenue from Operations
Total Footprint
Years in the timeline are based on calendar years; Revenue is for Fiscal Year. Msf – Million Square Fee , SBA – Super Built Up Area
IPO: Smartworks gets Listed
2025
> INR 13,700 Mn
10.1 Msf
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Our Platform connects Landlords, Clients, and Vendor Partners — Creating a Powerful Network Effect for All
WHO WE PARTNER WITH…
WHO WE SERVE
Non-institutional Landlords
Enterprise Clients
One stop solution with guaranteed rentals
Flexible, Hassle-free offices in just 45 – 60 days
Vendor Partners
Client Employees
Access to assured footfalls & Projects
Access to World-class amenities
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Network Effect Plays Out on Both Supply and Demand Sides
Drive client retention and expansion
Provide benefits to the landlords
Improve workspace environment
Demand
Supply
Lease large bare- shell properties
Provide daily life and aspirational amenities
Transform the properties into managed workspaces
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Larger Addressable Supply base; Broken barriers working with Institutional Developers
76% of portfolio from Non- Institutional Landlords
City Level (Super built up area)
24% supply from Institutional Developers
Some of the examples…
Some of the examples…
DELHI (~9.6k)
NOIDA (~860k)
GURUGRAM (~1,203k)
JAIPUR (~49k)
M-Agile, Pune
SBA: ~689K square feet
Capacity seats: ~14k
AHMEDABAD (~56k)
INDORE (~117k)
KOLKATA (~371k)
DLF Commercial Tower- A (Gurgaon) SBA: ~478K square feet Capacity seats: ~10K
MUMBAI (~1,870k)
PUNE (~3,704k)
BENGALURU (~1,897k)
KOCHI (~7.9k)
HYDERABAD (~1,215k)
CHENNAI (~534k)
COIMBATORE (~22k)
GVT, Gurgaon
SBA: ~174K square feet
Capacity seats: ~3.5k
Note: All data is as of June 30, 2025 , SBA – Super Built Up Area Map not to scale
TATA Realty Intellion IT Park (Mumbai) SBA: ~557K square feet Capacity seats: ~14K
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Lifecycle of a Typical Centre: Strong Unit Economics driving Superior Payback
Pre-leasing
Centre Maturity
Centre Payback
✓ Strong pre-fill occupancy
commitment from existing or prospective clients
✓ Achieve breakeven at ~65 –70% occupancy ✓ Asset liability mismatch risk eliminated
✓ Achieve payback in 30-32 months
Months >
T - 6
T
T +12
T +24
T +30
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Pune | 613k square feet
In India’s booming Office Market, Flexible Workspaces are growing the fastest
1. Market Intelligence
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Pune | 553k square feet
Smartworks: What We Stand For
Psf – per square feet
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We are Rapidly Expanding our Pan India Footprint
North
Total SBA (square feet)
% of Total SBA
2.12 Mn
17.80%
Gurugram
Delhi
Noida
Jaipur
Ahmedabad
Indore
Mumbai
Pune
Kolkata
East
Total SBA (square feet)
% of Total SBA
0.37 Mn
3.12 %
In addition to India, we have ~35K square feet across 2 centres in Singapore
West
Total SBA (square feet)
% of Total SBA
5.75 Mn
48.23%
Hyderabad
Bengaluru
Chennai
Coimbatore
Kochi
South
Total SBA (square feet)
% of Total SBA
3.68 Mn
30.85 %
The figures in this map are as on the date of 30 th June 2025.total SBA refers to Super Built-up Area which is the total contracted area, which includes the carpet area, along with the terrace, balconies, areas occupied by walls, and areas occupied by common/ shared construction; Notes: (1) Includes SBA of 1.46 Msf across three Centres in Pune (Maharashtra), Kolkata (West Bengal) (partially handed over to the extent of 0.02 Msf which has been excluded) and Mumbai (Maharashtra) for which our Company has signed non-binding letters of intent/MoUs with the respective Landlords. Also includes, (i) SBA of 0.45 Msf under the variable rental business model for which our Company has signed term sheets with Landlords in Gurugram, out of which SBA of 33,504 sf has been operationalised pursuant to agreements with the Landlord and each of the respective Client(s) and (ii) SBA of 0.06 Msf in two centres in Mumbai (Maharashtra) wherein our Company only manages the operations of the Centres leased by the Clients from the Landlord. Map not to scale
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Our Demand Is Enterprise Focused, De-risked and Diversified across Cities and Sectors
Large, Multicity Enterprise Clients
High Rental Visibility
Diverse Industry Mix
90% Rental Revenue (Enterprise Clients)
83% | 89% Overall Occupancy Rate | Committed Occupancy Rate
67% Rental Revenue (for 300+ seat)
33% Rental Revenue (Multi-city clients)
95%
Seats Retention Rate
49 months Average Client Tenure (for 300+ seats)
Note: Unless stated otherwise, all data is as of June 30, 2025
24.6%
15.1%
42.3%
FY25 Rental Revenue
8.7%
9.4%
Information technology, technology & software development
Others
Engineering and manufacturing
Banking, financial services and insurance
Business consulting and professional services
Reducing portfolio concentration risk
% Rev Contribution of Top 10 Clients
39%
19%
FY19
Q1FY26
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Our Foundation: Stability, Efficiency and Financial Prudence
OCF to EBITDA*
Cost of Doing Business Reducing
g n i t a r e p o d e z i l
a m r o N
) n M R N
I (
w o l f h s a c
501
+71%
855
❖ OCF to EBITDA is consistently >1
❖ Cash flow
consistently increasing
Q1FY25
Q1FY26
❖ CAPEX: SW ~INR 1,350 psf (Lower than industry)
❖ OPEX: SW ~INR 34-36 psf (Lower than industry)
❖ Sales Cycle and Cost of Acquisition consistently reducing
Healthy Annualized RoCE*
Asset Liability Mismatch Eliminated
❖ For Q1 FY26, RoCE doubled to 13.0% from 6.5% in FY25
❖ Pricing strategy to achieve rental revenue which is 2X the
rental expenses
❖ Eliminated for FY26 and FY27
Note:* Financial numbers Normalized are as per Non-Gaap measures; OCF: Operating Cash Flow; RoCE: Return on Capital Employed; Psf: per square feet;
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Our Committed Team is Led by Strong Leadership and Management Team
Leadership team comes with experience across real estate, operations, financing and consulting
Neetish Sarda
Managing Director
Harsh Binani
Executive Director
Supported by a strong management team comprising of Key Managerial Personnel and Senior Management
Prashant Hakim
Anirudh Tapuriah
Pratik Ravindra Agarwal
Sahil Jain
Gokul Nolambur Rajasekar
Kalpana Devnani
Punam Dargar
Chief Operating Officer
Chief of Strategy & Investor Relations
Chief Business Officer
Chief Financial Officer
Group Chief Technology Officer
Chief Human Resources Officer
Company Secretary and Compliance Officers
No attrition of Key Managerial Personnel and Senior Management over the last three years
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Our Strategic Choices driving Sustainable Growth
S C A L A B I L I T Y
C U S T O M E R F O C U S
C A S H F L O W
R I S K M I T I G A T I O N
P R I C I N G
Floors
Retail clients
Unpredictable
Highly Uncertain
Niche Market
I M P A C T
❖ Large scale allows Rapid Growth
❖ Better space utilization of ~45 square feet/seat
❖ High predictability and visibility for Revenue ❖ 90% Demand from Enterprise Clients
❖ ~94% of revenue from annuity based rental revenue
❖ Typically, not leasing > 30% centre space to a client ❖ Diversified by sector and geography ❖ Asset-liability mismatch eliminated till FY27
❖ Focus on value pricing to make product resilient in
downturns and upturns
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Entire Campuses
Enterprises & Multi-city clients
Highly Predictable
De-risked
More Accessible
Growth Strategy fueling our Market Leadership
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Hyderabad | 463k square feet
Quarterly Financial Highlights
Revenue (INR)
EBITDA* (INR)
PBT* (INR)
Annualized ROCE*
OCF* (INR)
3,792 Mn
607 Mn
168 Mn
13.0%
855 Mn
~21% YOY
~109% YOY
PBT positive
6.5% points from FY25
~71% YOY
Revenue grew 21% since Q1 FY25
Annualized RoCE has almost doubled from FY25
+21%
3,584
3,792
13.0%
3,134
) n M R N
I ( e u n e v e R
E C O R
6.5%
Q1FY25
Q4FY25
Q1FY26
FY25
Q1 FY26
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Note: Unless otherwise stated, all numbers as of June 30, 2025; *Financial numbers Normalized are as per Non-Gaap measures; PBT: Profit Before Taxes
Consistently Expanding Margins
+109%
570
607
d e z i l
a m r o N
) n M R N
I ( A D T B E
I
290
Q1 FY25
Q4 FY25
Q1 FY26
Normalized EBITDA margin>
9.3%
15.9%
16.0%
❖ EBITDA more than doubled
since Q1 FY25
❖ Company continues to be PBT
(normalized) positive
❖ Our OCF to EBITDA has
consistently been >1 because
of Negative working capital and
reducing Cost of doing
business
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Scaling footprint with Low Capex per square feet leading to Efficient Deployment of Capital
Gross Block* (INR Mn)
31% YoY
9,910 Q1FY25
12,075 Q4FY25
13,016 Q1FY26
22%
8%
Q1FY25
Q4FY25
Q1FY26
7,307
8,567
9,165
6,142
6,929
7,179
Net Block*
(INR Mn)
Capital Employed*
(INR Mn)
OCF*
(INR Mn)
• Low capex per square feet ~INR 1,350 in a straight-lease model, enabling rapid build-out
• ~8.3 Million square feet capacity supported within the current gross block
501
728
855
• ~40% of the portfolio >3 years old
Annualized Cash RoCE
32.6%
42.0%
47.6%
Note: *Financial numbers Normalized are as per Non-Gaap measures; Cash RoCE = OCF / Capital Employed on Normalized basis
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Quarterly Performance – Operational Metrics
10.1 Msf
54
232k
15
730
Leased SBA
Leased Centres
Leased Capacity Seats
Total Cities
Total Clients
8.3 Msf
48
Operational SBA
Operational Centres
190k 190k
Operational Capacity Seats
❖ Out of total SBA (including operational, fitouts,yet to be handed over and LOI) of 12.0 million square feet, 70% is operational, 6% is under Fitout, 9% is to be handed over and remaining is under LOI
❖ SBA (including fitouts) addition consistently increased from Q1FY25 to Q1FY26 at ~25%
❖ Supply Expansion over the last quarter focused on
cities of Pune, Bangalore, Mumbai.
❖ Out of operational seats of 190k (as on 30 Jun-25),
83% seats are occupied
Note: All data as of June 30, 2025; Msf: Million Square feet; SBA: Super Built up Area
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Supply grew by 1.09 Million square feet with Centres across 14 Cities in India
12.0
~221k sf became operational in Q1 FY26 adding ~7k capacity seats
1.9
1.1
0.7
8.3
MediaStiti (Kolkata) SBA: 110k sf (21k operational) Capacity seats: ~2k (452 operational)
Bharat IT Park (Bangalore) SBA: 200k sf Capacity seats: ~6k
Agreement signed for the upcoming quarter supply pipeline
Operational Centres
Fit-out centres To be handed over (Q2, Q3)
LOI/ Term Sheet
Total
Capacity Seats >
~190k
~15k
~26k
~43k
~275k
Intellion IT Park (Mumbai) SBA: 557k sf Capacity seats: ~14k
Tech Park One (Pune) SBA: 165k sf Capacity seats:~3k
Note: All data as of June 30, 2025, SBA – Super Built Up Area
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Gurgaon | 100k square feet
Reported Financial Performance
Particulars Revenue from operations Revenue from Lease rentals Other operating revenue*
Expenses Operating expenses As % of revenue from operations
Employee expenses As % of revenue from operations
Other expenses As % of revenue from operations
EBITDA EBITDA Margin
Depreciation Finance Cost Other Income
Profit Before Tax (PBT) Tax expense / (credit) Profit After Tax (PAT)
Q1FY26 3,792 3,566 226
YoY Growth 21.0%
Q1FY25 3,134 2,962 173
Q4FY25 QoQ Growth 5.8%
3,584 3,412 172
1,382 1,067 28.1%
234 6.2%
81 2.1%
2,410 63.6%
1,739 815 88
(56) (14) (42)
1,213 1,003 32.0%
140 4.5%
71 2.3%
1,921 61.3%
1,473 857 97
(311) (81) (230)
13.9%
25.5%
NA
NA
1,260 1,006 28.1%
193 5.4%
61 1.7%
2,324 64.8%
1,615 795 36
(49) 34 (83)
9.7%
3.7%
NA
NA
(INR Mn)
FY25 13,741 12,893 848
5,168 4,160 30.3%
654 4.8%
354 2.6%
8,573 62.4%
6,360 3,363 356
(795) (163) (632)
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* includes revenue from ancillary services, software services, construction and fit-out projects, and sale of traded goods
Normalized Business Performance (1/3)
Particulars
Revenue from operations (A)
Q1FY26
3,792
Q1FY25
YoY Growth
Q4FY25
QoQ Growth
3,134
21.0%
3,584
Reported EBITDA
2,410
1,921
25.5%
2,324
Adjustments to EBITDA
Less: Repayment of lease liabilities
1,803
1,631
Normalized EBITDA (B)
Normalized EBITDA Magin (B/A)
Less: Depreciation on fitouts
Normalized Earnings Before Interest and Tax (EBIT)
Less: Finance cost on borrowings
Add: Other Income
Normalized Profit Before Tax (PBT) (C )
Normalized PBT Margin (C/A)
607
16.0%
374
233
87
22
168
4.4%
290
9.3%
302
(11)
111
19
(102)
-3.3%
109.2%
NA
NA
1,754
570
15.9%
299
271
96
1
176
4.9%
5.8%
3.7%
6.5%
(13.9)%
(4.5)%
(INR Mn)
FY25
13,741
8,573
6,850
1,722
12.5%
1,270
452
398
100
155
1.1%
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Normalized Business Performance (2/3)
Particulars Reported Gross Block Less: Fitout cost capitalized (Less) / Add : Other INDAS adjustments # Normalized Gross Block
Reported Accumulated Depreciation Less: Fitout cost capitalized Add: Other INDAS adjustments Normalized Accumulated Depreciation
Normalized Net Block
Gross Debt Less: Cash & Bank * Net Debt
Reported Equity Add: IndAS adjustement Normalized Equity
Capital Employed ** Add: IndAS adjustement Normalized Capital Employed
Annualised Return on capital employed (RoCE) ***
Normalized OCF / Normalized Capital Employed (Cash RoCE)
Debtor Days
Trade Receivable (D)
Trade Payable (E) Payable over Receivable (E-D)
Q1FY26 17,923 4,873 (34) 13,016
5,591 1,845 105 3,851
9,165
4,563 1,444 3,119
1,063 2,997 4,060
4,182 2,997 7,179
13.0%
47.6%
6
249
1,133 884
Q1FY25 13,865 4,136 181 9,910
3,789 1,253 67 2,603
7,307
3,806 968 2,838
1,269 2,035 3,304
4,107 2,035 6,142
(0.7)%
32.6%
5
205
915 709
Q4FY25 16,490 4,373 (42) 12,075
5,110 1,696 94 3,508
8,567
3,978 985 2,993
1,079 2,858 3,937
4,071 2,858 6,929
15.6%
42.0%
7
255
1,159 903
Notes: *Cash & bank (including bank deposits, security deposit (cash collateral) and investments in mutual funds); ** Capital Employed is calculated as Normalized Equity plus Net Debt; *** RoCE is calculated as Normalized EBIT / Normalized Capital Employed; # towards Stamp duty paid and buy back of assets taken on lease
(INR Mn)
FY25 16,490 4,373 (42) 12,075
5,110 1,696 94 3,508
8,567
3,978 985 2,993
1,079 2,858 3,937
4,071 2,858 6,929
6.5%
35.1%
5
255
1,159 903
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Normalized Business Performance (3/3)
Business Performance
Q1FY26
Q1FY25
Q4FY25
FY25
Reported cash flow operations
2,658
2,131
2,482
9,285
(INR Mn)
Less:
Interest paid on lease liabilities
Payment of Principal portion of lease Liabilities
Normalized Operating Cash Flow (OCF)
Less: Purchase of property plant and equipment, intangible assets and capital work- in-progress (net of capital advance)
630
1,174
855
911
687
943
501
961
697
2,791
1,058
4,060
728
845
2,435
2,910
Free Cash Flow
(57)
(461)
(117)
(476)
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Company
Investor Relations
investor_relations@sworks.co.in www.smartworksoffice.com
Mr Diwakar Pingle / Ms Runjhun Jain E:diwakar.pingle@in.ey.com/runjhun.jain1@in.ey.com T: +91 9833904971 / +91 9820720993
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