Synopsis: Smartworks, India’s largest managed office platform by area under management, has expanded its presence in Singapore through its wholly owned subsidiary Smartworks Space Pte Ltd, with the addition of a new managed office space at Manulife Tower in the heart of Singapore’s Central Business District (CBD). With this addition, the company’s total footprint in Singapore grows to over 50,000 sq. ft., showing its commitment to delivering world-class managed workspace solutions across the city-state. This latest move places them directly in the ultra-competitive heart of Singapore’s financial district.
The co-working industry is booming because companies are ditching traditional 10-year office leases. Instead of spending millions upfront on office construction and designers, businesses now prefer flexible, ready-to-use workspaces where teams can plug in and work instantly.
This Singapore expansion fits Smartworks because it allows them to grow in a high-paying international hub without the risk of buying real estate. By setting up a premium serviced space at Manulife Tower, they can easily cross-sell overseas desks to their 770+ existing corporate clients expanding into Southeast Asia, pulling in much higher rental revenues per square foot.
Smartworks company is currently trading at Rs. 451.65, the stock opened at the day high of Rs. 459.95 and a low price of Rs. 449. Current market capitalization of the company stands to be Rs. 5,199 crore, with Price to earnings ratio of 494 times, higher than industry median 17.06. The company has pivoted from their negative earning per share trend from the last 5 years to slightly positive to Rs. 0.92.
Smartworks has entered into formal leasing agreements through its wholly-owned international subsidiary, Smartworks Space Pte Ltd. The company has added 15,000 square feet of managed office space inside the Manulife Tower, a commercial building located in Singapore’s Central Business District (CBD). This addition expands the company’s total active footprint in Singapore to over 50,000 square feet, adding to its existing operations at the Great Eastern Centre and Keppel Bay Tower.
The economics of the transaction are structured under an asset-light model:
- The Revenue Model: The company generates its revenue by sub-leasing or renting out these fully serviced, operational workspaces to corporate clients and multinational teams.
- Deal Value and Funding: The new 15,000 sq. ft. facility is located inside a certified green building directly above the Telok Ayer MRT station. Because Singapore commercial real estate commands high rental yields, the expansion aims to generate higher revenue per square foot compared to standard domestic Indian operations. The capital expenditures required for the fit-out are funded through the company’s internal cash flows from operations.
Financials
The company delivered a robust operational performance in the quarter ended March 2026 (Q4FY26), with sales expanding to Rs 2,119 crore, representing a 29.05 percent year-on-year (YoY) growth from Rs 1,642 crore in March 2025 and an 11.76 percent sequential quarter-on-quarter (QoQ) increase over the Rs 1,896 crore recorded in December 2025.
This strong revenue traction was mirrored on the bottom line, where net profit scaled to Rs 303 crore, marking a 24.18 percent YoY growth compared to Rs 244 crore in the same period last year and an impressive 77.19 percent QoQ surge from Rs 171 crore in the preceding quarter. This simultaneous expansion in both top-line scale and bottom-line profitability reflects expanding operating efficiency and strong operating leverage as the company closes out its fiscal year with robust momentum.
Company Overview
Smartworks is India’s largest managed office platform by total area under management, with a footprint of 16.1 million square feet across 66 centres in 15 cities in India and Singapore as of March 31, 2026. The company partners with developers to transform large, bare-shell assets into fully managed, enterprise-grade campuses. Smartworks primarily serves mid-to-large enterprises and counts 770-plus clients, including Fortune 500s, Forbes 2000 names, GCCs, MNCs, and high-growth Indian businesses.
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