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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹2110 Cr.
Stock P/E
31.1
P/B
3.8
Current Price
₹294.9
Book Value
₹ 77.2
Face Value
10
52W High
₹698
52W Low
₹ 229.6
Dividend Yield
0%

Awfis Space Solution Overview

Business

Awfis Space Solutions Ltd. is a prominent provider of flexible workspace solutions in India. The company operates co-working centers that offer a range of office spaces including hot desks, dedicated desks, private cabins, meeting rooms, and managed office solutions. Awfis caters to a diverse clientele, from startups and freelancers to small & medium-sized enterprises (SMEs) and large corporates, providing them with plug-and-play office infrastructure. Its core business model revolves around taking spaces on lease, fitting them out, and then sub-leasing them to clients on flexible terms, along with offering various value-added services. The company makes money primarily through membership fees, rental income from managed offices, and charges for ancillary services.

Revenue Mix

Awfis primarily operates across three main segments:

Flexible Workspaces: This includes co-working desks, private cabins, and meeting rooms offered on a membership or hourly/daily basis. This segment caters to a broad spectrum of users seeking flexible terms.

Managed Offices: These are customized office spaces designed and managed by Awfis for specific enterprise clients, often involving longer lease terms.

Allied Services: This includes value-added services such as F&B, IT support, printing, and other business support services that enhance the client experience and generate additional revenue.

Specific revenue contribution percentages for each segment are typically provided in their financial reports, but the trend has been a growing emphasis on enterprise and managed office solutions.

Industry

Awfis operates within the rapidly expanding co-working and flexible workspace industry in India. This industry is characterized by increasing demand driven by the growth of startups, SMEs, evolving work models (hybrid work), and large corporates seeking agility and cost efficiency in their real estate portfolios. The industry is competitive, with players ranging from global brands (e.g., WeWork, Regus/Spaces) to national chains (e.g., IndiQube, Smartworks, 91Springboard) and numerous regional operators. Awfis has positioned itself as one of the leading homegrown players, known for its extensive network across major Indian cities and its focus on providing a premium yet cost-effective experience. It aims to differentiate through design, technology integration, and a comprehensive service offering.

MOAT

Awfis possesses several potential competitive advantages:

Scale and Network Effect: With a significant number of centers across India, Awfis offers a widespread network, which can be attractive to clients seeking flexibility across multiple locations or the ability to scale up quickly. This scale can also lead to better deals with landlords and suppliers.

Brand Recognition: As one of the early and most recognized players in the Indian co-working space, Awfis has built a strong brand identity, which aids in client acquisition and retention.

Operational Expertise: Years of experience in setting up, managing, and optimizing co-working spaces provide operational efficiencies and a deeper understanding of market demands and client needs.

Diversified Client Base: Serving a mix of startups, SMEs, and large enterprises provides resilience against downturns in any single client segment.

Growth Drivers

Rising Demand for Flexible Workspaces: The increasing adoption of hybrid work models, cost optimization by corporates, and the growth of the startup ecosystem continue to fuel demand for flexible office solutions.

Pan-India Expansion: Expanding into new Tier-1 and Tier-2 cities, as well as increasing density in existing markets, provides a significant runway for growth.

Shift Towards Managed Offices: The growing preference of large enterprises for customized, fully managed office solutions allows Awfis to secure larger, longer-term contracts.

Digital Transformation: Technology integration in office management, booking, and member services can enhance efficiency and user experience, attracting more clients.

Economic Growth: A growing Indian economy generally translates to more businesses and increased demand for office space.

Risks

Real Estate Market Volatility: High reliance on leased properties exposes Awfis to fluctuations in real estate rental costs and availability of prime locations.

Intense Competition: The industry is highly competitive, potentially leading to pricing pressures and impacting profitability margins.

High Fixed Costs: Operating co-working centers involves significant fixed costs (rent, fit-out, operational staff), leading to high operating leverage which can amplify losses during periods of low occupancy.

Economic Downturns: A slowdown in the economy can reduce demand for office space, particularly from startups and SMEs, impacting occupancy rates and revenue.

Client Attrition: High churn rates among flexible workspace users require continuous efforts in client acquisition and retention.

Funding and Liquidity: Rapid expansion requires significant capital, and the company's ability to secure funding on favorable terms is crucial.

Management & Ownership

Awfis is promoted and led by Amit Ramani, its Founder and CEO, who has a background in real estate and hospitality and has been instrumental in scaling the company since its inception. The management team typically comprises professionals with experience in real estate, technology, and service industries. As a publicly listed company, ownership is distributed among the promoters, institutional investors (domestic and foreign), and the public, with the promoters retaining a significant stake to ensure aligned long-term vision.

Outlook

Awfis Space Solutions Ltd. is well-positioned to capitalize on the secular growth trend in India's flexible workspace market. The company benefits from strong tailwinds like hybrid work adoption, corporate demand for agile real estate solutions, and the burgeoning startup ecosystem. Its established brand, extensive network, and focus on both flexible and managed offices provide a robust platform for future expansion and client diversification. However, the business operates in a highly competitive and capital-intensive industry, necessitating efficient capital allocation, effective cost management, and continuous innovation to maintain profitability and market share. The ability to secure prime properties at reasonable lease terms and consistently deliver high occupancy rates will be critical for sustained success amidst economic fluctuations and evolving market dynamics.

Awfis Space Solution Share Price

Live · BSE / NSE · Inception: 2014
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Awfis Space Solution Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 221 232 258 292 318 340 335 367 382 410
Other Income 5 9 10 10 14 20 18 26 29 19
Total Income 226 241 268 302 331 359 353 393 411 429
Total Expenditure 153 165 179 192 210 224 208 235 243 258
Operating Profit 73 76 89 110 121 136 145 158 168 171
Interest 25 24 28 30 35 43 46 47 47 46
Depreciation 54 51 58 65 72 81 89 95 99 101
Exceptional Income / Expenses 0 0 0 24 1 0 0 0 0 0
Profit Before Tax -6 1 3 39 15 12 10 16 22 24
Provision for Tax 0 0 0 0 0 1 0 0 0 0
Profit After Tax -6 1 3 39 15 11 10 16 22 23
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -6 1 3 39 15 11 10 16 22 23
Adjusted Earnings Per Share -3.3 0.7 0.4 5.5 2.1 1.6 1.4 2.2 3 3.2

Awfis Space Solution Profit & Loss

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 178 257 545 849 1208 1494
Other Income 38 22 21 26 53 92
Total Income 216 279 566 875 1261 1586
Total Expenditure 125 189 390 603 805 944
Operating Profit 91 90 176 271 456 642
Interest 47 49 73 93 136 186
Depreciation 87 98 150 196 276 384
Exceptional Income / Expenses 0 0 0 0 25 0
Profit Before Tax -43 -57 -47 -18 69 72
Provision for Tax 0 0 0 0 1 0
Profit After Tax -43 -57 -47 -18 68 71
Adjustments 0 0 0 0 0 0
Profit After Adjustments -43 -57 -47 -18 68 71
Adjusted Earnings Per Share -14.2 -19 -15.5 -9.1 9.6 9.8

Awfis Space Solution Balance Sheet

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 151 95 169 251 459
Minority's Interest 0 0 0 0 0
Borrowings 0 8 4 23 14
Other Non-Current Liabilities 249 244 477 667 1307
Total Current Liabilities 109 213 280 457 727
Total Liabilities 509 560 931 1398 2507
Fixed Assets 300 340 653 916 1580
Other Non-Current Assets 58 97 139 178 411
Total Current Assets 151 122 139 304 516
Total Assets 509 560 931 1398 2507

Awfis Space Solution Cash Flow

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 7 10 5 3 4
Cash Flow from Operating Activities 57 83 181 229 363
Cash Flow from Investing Activities -38 -7 -156 -163 -203
Cash Flow from Financing Activities -17 -80 -28 -65 -124
Net Cash Inflow / Outflow 3 -4 -3 2 36
Closing Cash & Cash Equivalent 10 5 3 4 40

Awfis Space Solution Ratios

# Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -14.15 -18.97 -15.48 -9.09 9.56
CEPS(Rs) 14.67 13.7 34.29 92.32 48.44
DPS(Rs) 0 0 0 0 0
Book NAV/Share(Rs) 2.45 -16.52 -11.5 -57.74 63.54
Core EBITDA Margin(%) 29.77 26.58 28.53 28.91 33.32
EBIT Margin(%) 2.19 -3.28 4.78 8.88 16.96
Pre Tax Margin(%) -23.91 -22.24 -8.55 -2.07 5.69
PAT Margin (%) -23.91 -22.24 -8.55 -2.07 5.62
Cash Profit Margin (%) 24.78 16.06 18.95 21.02 28.46
ROA(%) -8.38 -10.7 -6.26 -1.51 3.48
ROE(%) -578.28 0 0 0 40.01
ROCE(%) 2.55 -6.48 18.17 32.51 53.47
Receivable days 31.49 32.73 26.51 26.5 29.55
Inventory Days 0.42 0.53 0.31 0.12 0.04
Payable days 7562.85 3316.08 1381.44 1723.47 2046.55
PER(x) 0 0 0 0 69.25
Price/Book(x) 0 0 0 0 10.42
Dividend Yield(%) 0 0 0 0 0
EV/Net Sales(x) 0.73 0.68 0.4 0.46 3.84
EV/Core EBITDA(x) 1.44 1.96 1.24 1.44 10.19
Net Sales Growth(%) 0 44.12 112.13 55.67 42.26
EBIT Growth(%) 0 -315.61 409.16 189.07 171.68
PAT Growth(%) 0 -34.04 18.4 62.33 486.35
EPS Growth(%) 0 -34.04 18.4 41.27 205.22
Debt/Equity(x) 0.02 0.14 0.07 0.14 0.05
Current Ratio(x) 1.38 0.57 0.49 0.67 0.71
Quick Ratio(x) 1.38 0.57 0.49 0.67 0.71
Interest Cover(x) 0.08 -0.17 0.36 0.81 1.51
Total Debt/Mcap(x) 0 0 0 0 0.01

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +42% +68%
Operating Profit CAGR +68% +72%
PAT CAGR
Share Price CAGR -57%
ROE Average +40% +13% -108% -108%
ROCE Average +53% +35% +20% +20%

Awfis Space Solution Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 17 %
FII 26.36 %
DII (MF + Insurance) 39.53 %
Public (retail) 83 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 28.5628.5628.2420.4420.420.3117.0117.0117
FII 7.4722.5420.6621.0719.3321.4525.0427.3426.36
DII 11.4913.5311.9922.2326.8532.5637.0739.5639.53
Public 71.4471.4471.7679.5679.679.6982.9982.9983
Others 000000000
Total 100100100100100100100100100

Awfis Space Solution Peer Comparison

Business Support Edit Columns

Awfis Space Solution Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Awfis Space Solution Pros & Cons

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 17%.
  • Company has a low return on equity of 13% over the last 3 years.
  • Debtor days have increased from 1723.47 to 2046.55days.
  • Stock is trading at 3.8 times its book value.
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