Awfis Space Solutions Ltd

Meeting Details

• Date and time: August 13, 2026, 05:30 PM IST
• Type and mode: group earnings conference call; virtual meeting
• Organizer: Nirmal Bang Institutional Equities

Participants

• Key company participants: Chairman & MD; CEO; CFO
• Investor relations adviser: SGA

Purpose

• Discuss Q1 FY27 unaudited results for quarter ended June 30, 2026
• Q&A session following presentation

Additional Notes

• Transcript of call published; results presentation available
• Conference recording noted in transcript

Key metrics and developments

• Awfis collaborated with Zinnov to publish The Great Workplace Reset report.
• India hosts 2,117 GCCs operating 3,728 units.
• FY26E GCC revenue estimated at USD 98.4 billion.
• GCCs employ over 2.36 million professionals.
• GCCs grown nearly 32% since FY21; 506 Global 2000 centers.
• Q1 2026 office leasing volume: 20.7 million sq ft.
• GCCs accounted for 44% of leasing (9.1 million sq ft).
• GCC flex seat uptake: 40-45% of enterprise seats.
• 67% of GCC demand concentrated in Bengaluru and Hyderabad.
• 73% of GCC demand from US-headquartered companies.
• 64% of GCC demand from ecommerce, BFSI, and technology sectors.
• AI/ML talent pool inside GCCs projected to reach 250k by 2026.

Issue overview

• Type: Public equity; Size: Rs 128 crore; no revisions or undersubscription.
• Main objectives: capex for new centers; working capital; general corporate purposes; issue-related expenses.
• Deviation from objects: Nil.

Utilisation of proceeds

• Utilisation aligned with offer document; no material deviations observed.
• End of quarter: 126.66 crore utilised; 1.34 crore unutilised.
• Unutilised funds held in ICICI Bank public issue account for pending issue expenses.
• Issue expenses: ongoing; idle funds due to pending invoices.
• GCP utilisation: Nil in Q1 FY27; balance up to 25% of gross proceeds to be deployed.
• Allocation for GCP to be determined by the Board.

Governance and compliance

• Approvals: No government/statutory approvals required.
• Material events: Market price below issue price as of July 30, 2026.

General Corporate Purpose

• GCP amount: 20.63 crore; no expenditure incurred in Q1 FY27.
• Balance net proceeds proposed for GCP; up to 25% of gross proceeds; allocation by Board.

Meeting Details

• Date: August 13, 2026; time not disclosed; virtual audio earnings conference call.
• Event: earnings conference call discussing UFRs for quarter ended June 30, 2026.
• Availability: audio recording available on the company's website.

Financial highlights

• Q1 FY27 consolidated revenue ₹425 Cr, up 27% YoY.
• Co-working revenue ₹352 Cr, up 27% YoY.
• Transform revenue ₹73 Cr, up 25% YoY.
• EBITDA ₹162 Cr; EBITDA margin 38.2%.
• PAT ₹24 Cr; PAT margin 5.6%.
• ROCE 55% and fixed assets turnover 1.5x.
• Net debt-to-equity ratio −0.08; gross debt ratio 0.10.
• Network expanded to 251 centres across 18 cities, ~170,000 seats.
• Portfolio occupancy 76%; centres with >12 months vintage 83%.
• Credit rating: A+ with Stable Outlook.

Business overview

• Integrated platform with Co-working, Managed Office, Transform, and Allied Services.
• Pan-India footprint: 251 centres, 170k seats across 18 cities.
• Premium Gold & Elite centres; GCCs and large enterprises anchor growth.

Key operational highlights

• Q1 FY27: added 7 centres; total 251 centres, 170k seats.
• Occupancy: mature centres 83%; blended occupancy 76%.
• Robust supply pipeline; premium inventory expected to command 30–50% higher pricing.
• GCC client base >100; GCC revenue share 24%.
• Transform revenue ₹73 Cr; 92% third-party revenue.

Financial performance

• Total revenue ₹425 Cr; YoY +27%.
• EBITDA ₹162 Cr; YoY +28%; EBITDA margin 38.2%.
• PBT ₹24 Cr in Q1 FY27.
• Normalised revenue ₹437 Cr; YoY +35%.
• Cash EBITDA ₹44 Cr; Cash EBITDA margin 10.1%.
• ROCE 55%.

Capital structure & liquidity

• IPO raised ₹128 Cr in May 2024; sole capital infusion since listing.
• Capex deployed over ₹400 Cr between Q1 FY25 and Q1 FY27.
• Credit rating: A+ with Stable outlook (upgraded May 2025).
• Net debt to equity -0.08x; net cash position (balanced by ₹45 Cr net debt).

Strategic priorities & outlook

• Premiumization: 37 Gold & Elite centres; pricing 30–50% above portfolio.
• Transform as growth engine: ₹200 Cr+ won; 92% third-party revenue in Transform.
• GCC-led growth: 100+ GCC clients; 24% rental revenue from GCC.
• 12,000+ seats in H1 FY27; on track to meet FY27 supply guidance.
• Q2 pipeline: 7k+ seats to go-live; 8 new centres planned.

Governance & leadership

• Amit Ramani (CMD) chairs; Sumit Lakhani is CEO.
• Board comprises 8 directors, including independent members Anil Parashar, Radhika Jaykrishna, Sanjay Shah, Abhishek Poddar.

ESOP grant details

• Type: equity options under Awfis ESOP Scheme 2024 to be exercised into shares.
• Issuance: grant of options to eligible employees under the ESOP Scheme.
• Total options: 16,166; underlying shares on exercise: 16,166 equity shares.
• Exercise price: INR 191.84 per option, 30% discount to prior-day average price.
• Grant date: Aug 13, 2026; vesting over four years (25% yearly).
• Exercise window: vested options exercisable within two years from vesting.
• Direct allotment of fresh shares; listing status not disclosed.
• Lapsed options: 5,52,047.
• Beneficiaries: eligible employees; no individual names disclosed.

Meeting Details

• Date: August 13, 2026; Time: not disclosed; Location: not disclosed.

Key Agenda Items

• Consider and approve unaudited standalone and consolidated financial results for quarter ended June 30, 2026.
• Submit Limited Review Reports along with UFRs to stock exchanges after board conclusion.
• Earnings Conference Call on August 13, 2026 at 5:30 PM IST; dial-in details provided.

Other Notes

• Trading window closed from July 1, 2026 until 48 hours after declaration of UFRs.