Smartworks share price target: Brokerages see upside after Q2 results; check price targets

Smartworks shares price: Domestic brokerage firms continue to remain positive on Smartworks Coworking Spaces Ltd following its quarterly earnings. They as positive on company's capacity addition, rising occupancy, operating leverage and robust enterprise demand. It raised its revenue growth guidance to 33–35 per cent.

Smartworks Q2 results
Smartworks reported a 136 per cent jump in the net profit on a year-on-year (YoY) basis to Rs 43.4 crore, while revenue increased 39 per cent YoY to Rs 591 crore for the September 2026 quarter. EBITDA was up 68 per cent YoY to Rs 117 crore, while margins improved to 19.8 per cent for the reported quarter.

GCC clients contributed 22 per cent of rental revenue for the reported quarter. Its normalised operating cash flow was up 74 per cent YoY to Rs 107 crore, while normalized RoCE soared to 21.6 per cent compared to 13.6 per cent a a year ago. Its contracted rental revenue stood at Rs 5,800 crore, providing strong visibility into future revenue.

Smartworks share price and history
Smartworks Coworking Spaces shares made their stock market debut in July 2025 after the company raised a total of Rs 583 crore from investor at a issue price of Rs 407 apeice. The stock rose nearly 2 per cent to Rs 488.65 on Wednesday , commanding a total market capitalization of Rs 5,500 crore.

Shares of Smartworks is up 20 per cent from its IPO price, while it hit its 52-week high at Rs 618.30 in November 2025. However, the stock had crashed nearly 40 per cent since to hit all time low at Rs 361.45 on March 30, 2026. The stock has rebounded 13 per cent from its all time low.

Smartworks management commentary
"We have delivered a strong performance in the first half and are tracking well ahead of the plan we set for FY27. We invested through our heaviest expansion phase - and on the back of this, we have raised our full-year revenue growth guidance. It reflects what we have always believed: at scale, our growth and profitability compound together," said Neetish Sarda, Founder & Managing Director, Smartworks.

"We are seeing sustained demand translate into growth. Existing clients are expanding with us across cities, while new global businesses, Indian conglomerates and GCCs are choosing our platform for their infrastructure needs. Our increasingly diversified client portfolio and growing pipeline of large deals reinforce the strength of our business model," he added.

Smartworks target price
Smartworks delivered a strong quarter, with growth, margin expansion, and guidance upgrade reinforcing its execution track record. Key monitorables remain the pace of occupancy ramp-up across newly-commissioned campuses and the conversion of operating cash flow into free cash flow amid elevated expansion capex, said Nirmal Bang Institutional Equities.

"Strong pre-leasing, contracted rental coverage at 2 times of landlord commitments, and improving operating leverage as the portfolio matures provide comfort on medium-term growth visibility. We reiterate 'buy' and raise our target price to Rs 665 (from Rs 630) valuing it at 11 times September 2028E EV/Adj. EBITDA, at a 20 per cent discount to Wework's assigned multiple," it said.

Smartworks added 0.5msf during Q2FY27 and remains on track to add 1.7msf in H2FY27 across two large centres, taking annual addition to 2.5–3msf. Enterprise/GCC contribution stood at 91 per cent/22 per cent while the over 1,000 seat cohort rose to 41 per cent. Smartworks remains virtually debt-free with annualised RoCE improving to 21.5 per cent despite higher capex, JM Financial.

With H1FY27 growth at 41 per cent YoY and existing portfolio ramping-up well, the company has raised revenue growth guidance to 33–35 per cent. We estimate revenue and EBITDA would increase at a 24 per cent and 27 per cent CAGR over FY26–29E. We roll forward valuation base and value it at 12 times September 2028E EV/EBITDA," it said with a 'buy' and a target price of Rs 630.

Smartworks reported a strong performance in Q2FY27, supported by healthy revenue growth, operating leverage and improving profitability. Revenue growth was driven by capacity additions, higher occupancy across mature centres and continued demand from large enterprise clients, particularly GCCs, said Systematix Institutional Equities.

"It reported strong growth in ancillary and other operating services, while its expanding client base and multi-city relationships strengthened revenue visibility. With a strong enterprise-led demand environment, a largely secured supply pipeline and improving contribution from new campuses expected through H1FY27 and FY28, its is positioned to sustain its growth momentum," it said with a 'buy' and a target price of Rs 653.