Awfis Space Solutions LimitedReal EstateAWFIS
Q1 FY27 earnings callAwfis Space Solutions Limited
The quarter showcased strong execution with 27% revenue growth, robust demand from GCCs and enterprises, and strategic expansion of premium, capital-efficient supply.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | INR425 crores | 27% YoY | |
| EBITDA | INR162 crores | 28% YoY | |
| EBITDA Margin | 38.2% | — | |
| Profit Before Tax | INR24 crores | 135% YoY | |
| ROCE | 55% | — | |
| Cash EBITDA | INR44 crores | 34% YoY | |
| Cash EBITDA Margin | 10.1% | — | |
| Operational Seats | 159,000 | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹317.72 Cr— YoY+8.7% QoQ | ₹15.18 Cr— YoY-60.7% QoQ | ₹2.15— YoY-61.3% QoQ |
| Q2 FY25 | ₹292.38 Cr— YoY+13.4% QoQ | ₹38.67 Cr— YoY+1286% QoQ | ₹5.55— YoY+1190.7% QoQ |
| Q1 FY25 | ₹257.74 Cr— YoY+10.9% QoQ | ₹2.79 Cr— YoY+103.6% QoQ | ₹0.43— YoY+104.8% QoQ |
| Q4 FY24 | ₹232.32 Cr— YoY— QoQ | ₹1.37 Cr— YoY— QoQ | ₹0.21— YoY— QoQ |
TL;DR
- Revenue grew 27% YoY to INR425 crores and EBITDA grew 28% to INR162 crores.
- Occupancy held steady at 76% despite a one-off large client exit.
- Supply strategy expanded to include developer partnerships and selective leasing for premium assets.
- GCC clients now contribute 24% of rental revenue, up from a smaller base a few years ago.
- Transform (D&B) business grew 25% YoY with a high third-party revenue mix.
- The company maintains a net cash position and an ROCE of 55%.
Said on the call
“Put simply, we have deployed more than three times what we raised at listing entirely through our own operating cash flows without a single subsequent capital raise.”
From the Q&A
| Topic | What management said |
|---|---|
| Rental Payments and Seat Additions | Management clarified that the jump in reported rental payments was due to accounting treatment under Ind AS 116, and growth in total rental expenses was in line with seat additions. |
| Lease Strategy (MA vs. Straight Lease) | Management stated they are not fixated on the Managed Aggregation (MA) split, becoming more selective and using the structure (MA, Developer Partnership, or Selective Lease) that delivers the best realization and risk profile for each asset. |
| Capex Guidance | Capex guidance for FY27 is roughly in the range of INR200 crores to INR210 crores. |
| Developer Partnership Details | Partnerships involve 9-year agreements, with capital contribution around 50% of fit-out value and centers going live 9-15 months after signing. |
| Revenue Growth vs. Area Growth | Management countered that net operational seats grew 59% from Q1 FY25 to Q1 FY27, while revenue grew 65%, indicating healthy per-seat revenue growth. |
| Transform Business Margins and Mix | Third-party revenue mix for Transform was 92% this quarter, driven by enterprise/GCC mandates. Margins are 15% with landlords and 18-20% for third-party, blending to 17-18%. |
| Occupancy and Margin Trajectory | Management expects H2 to be better than H1, with Q4 showing meaningful improvement in occupancy and margins as more premium centers come online. |
| Premium Portfolio Mix | Currently ~15% of centers are premium (Gold/Elite); by end of FY27, the mix is expected to shift from 85-15 to 80-20, all with institutional developers. |
Guidance
- Add 22,000 to 25,000 gross seats for the full year.
- Co-working business to grow 23% to 25% year-on-year.
- Transform business to scale at about 20%.
- Overall revenue past INR1,800 crores for the full year.
- Full year cash EBITDA in the range of INR190 crores to INR200 crores.
- Capex guidance roughly INR200 crores to INR210 crores.
Source
Summary written from the transcript filed by Awfis Space Solutions Limited for the call held on 13 Aug 2026; published 19 Aug 2026, 20:01 IST.