Smartworks Coworking Spaces Limited has announced its financial and operational highlights for the third quarter of FY26, ending December 31, 2025. The company reported a revenue of approximately ₹472 crore (INR 4,721 Mn), marking a year-on-year growth of 34% and a quarter-on-quarter increase of 11%. Normalized EBITDA stood at approximately ₹85 crore (INR 847 Mn), an 86% year-on-year increase and a 22% quarter-on-quarter rise, with margins improving by 150 basis points to approximately 18%.

The company also achieved a significant milestone by turning Ind-AS PAT (Profit After Tax) positive for the first time, reporting ₹12 crore (INR 12 Mn), while normalized PBT (Profit Before Tax) was ₹404 Mn, a 65% quarter-on-quarter increase. Total Super Built-up Area (SBA) reached 15.3 Million square feet, with 11.1 Million square feet being Leased SBA. The company added 2.6 Million square feet during Q3, operating across 15 cities with 63 centers (55 leased) and a total capacity of 355,000 seats (254,000 committed).

Key takeaways highlight that Smartworks has entered a cash-compounding phase, with revenue growth driven by sustained enterprise demand, contributing over 90% of rental revenue. Approximately 36% of rental revenue came from clients with over 1,000 seats in Q3 FY26. Committed occupancy across operational centers was 92%, translating to a monthly run-rate of approximately ₹150 crore and a committed rental revenue exceeding ₹4,700 crore, providing strong forward visibility. The company ended Q3 net-debt negative, with gross debt reducing and borrowing costs declining to less than 9.0%, down from approximately 10.8% a year ago. A two-notch credit rating upgrade to CARE A (Stable) further strengthens its financial flexibility.