Smartworks to brokerage firm Kotak Institutional Equities Coworking Spaces Limited The stock is expected to rise further by 17 percent. The brokerage has initiated coverage for the stock with a ‘buy’ rating and a target price of Rs 600. The stock is rising on January 2. The stock jumped as much as 4.5 per cent to a high of Rs 529 in early trade on BSE. Later it settled at Rs 510.35 with a gain of about 1 percent.
The brokerage said Smartworks Coworking Spaces is a renowned flexible workspace operator in India in the mid-price segment. In FY 2025, the company’s operational area was 91 lakh square feet and the average pricing per seat was Rs 7300.
Kotak expects Smartworks’ EBITDA to grow at a CAGR of 38 per cent during FY25-28E. Operational area will increase by 14.5 million square feet and margins will improve by 380 basis points. According to the brokerage, demand for flexible workspace in commercial real estate remains strong. However, slowdown in overall demand for office space and slow adoption of flexible workspaces remain key risks going forward.
Smartworks Coworking Spaces has a market cap of more than Rs 5800 crore. The face value of the share is Rs 10. The company was listed on BSE, NSE in July 2025. Its IPO of Rs 582.56 crore was filled 13.92 times. The stock has jumped nearly 10 percent in a week. Promoters held 58.18 percent stake in the company by the end of September 2025. All 5 analysts tracking Smartworks shares have a ‘Buy’ rating.
Speaking to CNBC-TV18, Smartworks Founder and CEO Nitish Sarda said that the company’s Eastbridge campus is coming up in Vikhroli, Mumbai. The 8.1 lakh square foot facility is expected to be the world’s largest managed office campus. This project may become operational in mid to late 2026. It will have a seating capacity of more than 10,000 professionals.
Financial health of the company
Smartworks’ revenue increased by 27 percent to Rs 1,409.67 crore in FY 2025. A year ago it was Rs 1,113.11 crore. The company had a borrowing of Rs 397.77 crore during FY 2025. The company’s standalone revenue in the July-September 2025 quarter was recorded at Rs 413.61 crore.
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