Smartworks Coworking Spaces Limited — Q1FY27 earnings call summary

Filed 22 July 2026 · Company audio recording

Brokerage costs reduced to ~2.5% of revenue from ~4.7% three years ago, expected to remain stable or decline.
FY27 supply fully secured; strong LOI pipeline of 4 million sq.ft. covering FY27-FY28 demand.
Margin expansion expected structurally over next two years, driven by portfolio maturity and operating leverage.
Ramp-up of new large centers requires execution discipline; however, demand visibility and pre-commitments mitigate risk.
Q3 EBITDA margin expanded to ~18%, up 150 bps QoQ, driven by operating leverage and cost discipline, no pricing hikes.
Retention rate normalized to ~85% post COVID-related renegotiations; some quarter-to-quarter variability expected.
No material pricing power; margin expansion reliant on operational efficiency and portfolio mix.
Revenue growth to sustain 25-30% annually, driven by enterprise demand and GCC expansion.