Awfis Q2 profit nearly doubles to ₹31 crore, revenue rises 20% to ₹439 crore

Awfis Space Solutions reported a 92.8% year-on-year increase in consolidated net profit to ₹30.8 crore for the second quarter of FY27, supported by growth in its co-working business and higher occupancy across its flexible workspace portfolio.

Revenue from operations rose 19.6% to ₹438.7 crore in the July-September quarter, compared with ₹366.9 crore in the corresponding period last year. Total income, including other income, increased to ₹464.3 crore from ₹393 crore a year ago.

The company's reported EBITDA grew 31% to ₹174 crore, while cash EBITDA increased 45% to ₹49 crore. Cash EBITDA margin improved to 10.8% from 9.4% in the year-ago quarter.

Awfis reported normalised revenue of ₹451 crore, up 26% year on year. The company adjusts revenue for actual rent received on finance lease arrangements to arrive at this figure. Its co-working and allied services business generated ₹376 crore, registering 31% growth, while revenue from construction and fit-out projects rose 8% to ₹75 crore.

“We are pleased to report another quarter of steady performance, supported by continued demand from large enterprises & GCCs, alongside our ongoing focus on premiumisation and operational efficiency,” Amit Ramani, chairman and managing director of Awfis, said.

“Our Co-working business continued to see strong demand from large corporates, MNCs and multi-centre clients, with revenue growing 31% YoY to ₹376 Cr in Q2 and 34% YoY to ₹740 Cr in H1 FY27,” he added.

Six new centres added

Operationally, Awfis added six centres during the quarter, taking its total supply to 254 centres with approximately 174,000 seats across 18 cities. Overall portfolio occupancy stood at 76.2%, up 230 basis points from a year earlier. Occupancy at centres operational for more than 12 months was higher at 84.1%.

The company said it sold more than 25,000 seats in the first half of FY27. It also serves over 105 global capability centre (GCC) clients, which contribute approximately 24% of its rental revenue.

For the first half of FY27, revenue from operations increased 23% to ₹863.6 crore, while normalised revenue rose 30% to ₹888 crore. Reported EBITDA grew 30% to ₹336 crore and cash EBITDA increased 40% to ₹93 crore. Net profit more than doubled to ₹54.8 crore from ₹26 crore in the year-ago period.

Awfis has set a full-year FY27 cash EBITDA target of ₹190-200 crore, with Ramani saying the company will continue to focus on improving occupancy, strengthening client renewals and expanding through capital-efficient supply models.

Separately, the company's board deferred the proposed transfer of its Design & Build business to wholly owned subsidiary Awfis Transform Private Limited beyond the earlier expected timeline of December 2026. The revised completion timeline has not been finalised, with management expecting to address the procedural and operational requirements over the next 12 months.

Shares of Awfis Space Solutions ended 1.25% lower at ₹238.40 apiece on the NSE on Tuesday. The stock has fallen over 60% in the past year, significantly underperforming the benchmark Nifty 50, which declined nearly 8% during the same period.