Smartworks Coworking Spaces Limited has reported its strongest quarterly performance in Q3 FY26, marking a significant inflection in its growth trajectory. The company achieved record normalized EBITDA of approximately ₹85 crore, with a margin expansion of about 150 basis points to approximately 18%. Revenue for the quarter stood at approximately ₹472 crore, a 34% year-over-year increase and 11% quarter-over-quarter growth.

Normalised operating cash flow exceeded EBITDA, reaching approximately ₹101 crore, resulting in an OCF-to-EBITDA ratio of approximately 1.2. The annualized Return on Capital Employed (ROCE) improved to approximately 21%. The company maintained a net-debt negative balance sheet at approximately ₹42 crore, reinforcing its self-funded growth model. Committed rental revenue exceeded ₹4,700 crore, providing strong forward visibility.

The company's total footprint expanded to approximately 15.3 million sq. ft., with 1.7 million sq. ft. of Letters of Intent (LOIs) added during the quarter. Smartworks serves over 770 clients across 15 cities, with committed occupied seats crossing approximately 1,92,000. The performance was driven by rising portfolio maturity, a higher share of large-format enterprise contracts, and operating leverage.

Neetish Sarda, Founder & Managing Director, commented that the business has entered a compounding phase, with profitability, cash generation, and returns on capital expected to continue improving. The company is well-positioned to sustain momentum due to secured supply visibility and enterprise-led demand.