Business Support · Founded 2014 · www.awfis.com · BSE 544181 · NSE AWFIS · ISIN INE108V01019
No Notes Added Yet
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.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(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 |
| #(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 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 42% | 68% | 0% | 0% |
| Operating Profit CAGR | 68% | 72% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -57% | NA% | NA% | NA% |
| ROE Average | 40% | 13% | -108% | -108% |
| ROCE Average | 53% | 35% | 20% | 20% |
| #(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 |
| #(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 |
| # | 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 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter | 28.56 | 28.56 | 28.24 | 20.44 | 20.4 | 20.31 | 17.01 | 17.01 | 17 |
| FII | 7.47 | 22.54 | 20.66 | 21.07 | 19.33 | 21.45 | 25.04 | 27.34 | 26.36 |
| DII | 11.49 | 13.53 | 11.99 | 22.23 | 26.85 | 32.56 | 37.07 | 39.56 | 39.53 |
| Public | 52.48 | 35.36 | 39.11 | 36.26 | 33.42 | 25.68 | 20.87 | 16.09 | 17.12 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.98 | 1.98 | 1.98 | 1.45 | 1.45 | 1.45 | 1.22 | 1.22 | 1.22 |
| FII | 0.52 | 1.56 | 1.45 | 1.49 | 1.37 | 1.53 | 1.79 | 1.96 | 1.89 |
| DII | 0.8 | 0.94 | 0.84 | 1.57 | 1.91 | 2.32 | 2.65 | 2.83 | 2.83 |
| Public | 3.64 | 2.45 | 2.75 | 2.57 | 2.37 | 1.83 | 1.49 | 1.15 | 1.22 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 6.94 | 6.94 | 7.02 | 7.08 | 7.1 | 7.13 | 7.15 | 7.15 | 7.15 |
| # | 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% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter | 28.56 | 28.56 | 28.24 | 20.44 | 20.4 | 20.31 | 17.01 | 17.01 | 17 |
| FII | 7.47 | 22.54 | 20.66 | 21.07 | 19.33 | 21.45 | 25.04 | 27.34 | 26.36 |
| DII | 11.49 | 13.53 | 11.99 | 22.23 | 26.85 | 32.56 | 37.07 | 39.56 | 39.53 |
| Public | 71.44 | 71.44 | 71.76 | 79.56 | 79.6 | 79.69 | 82.99 | 82.99 | 83 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.98 | 1.98 | 1.98 | 1.45 | 1.45 | 1.45 | 1.22 | 1.22 | 1.22 |
| FII | 0.52 | 1.56 | 1.45 | 1.49 | 1.37 | 1.53 | 1.79 | 1.96 | 1.89 |
| DII | 0.8 | 0.94 | 0.84 | 1.57 | 1.91 | 2.32 | 2.65 | 2.83 | 2.83 |
| Public | 4.96 | 4.96 | 5.04 | 5.63 | 5.65 | 5.68 | 5.93 | 5.93 | 5.94 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 6.94 | 6.94 | 7.02 | 7.08 | 7.1 | 7.13 | 7.15 | 7.15 | 7.15 |
* The pros and cons are machine generated.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.