Smartworks Coworking Spaces, the country’s largest managed office platform by total area under management, has expanded its presence in Mumbai by adding 1,82,300 square feet of managed office space at The Square, a commercial development by Lloyds Realty Developers Ltd. Following the development, shares of Smartworks Coworking Spaces closed 1.51% higher at ₹474 on the BSE with a market capitalisation of ₹5,416 crore.

With this addition, Smartworks’ total Mumbai portfolio has surpassed 2 million sq. ft., supported by recent large campus expansions. These include the world’s largest managed office campus spanning 815,000 sq. ft. at Eastbridge in Vikhroli in partnership with the Hiranandani Group, and over 557,000 sq. ft. at Intellion Park in Navi Mumbai, developed by Tata Realty.

The newly launched centre, located in Andheri (East), is a pre-certified IGBC Gold-rated office space offering strong connectivity to key business and residential hubs. The facility is situated near Chhatrapati Shivaji Maharaj International Airport (T2), the MIDC commercial district, the Aqua Metro Line’s T2 station (approximately 0.5 km away), and Marol Naka station on Metro Line 1 (around 1 km away).

Strengthen footprint in Mumbai

With this latest deal, Smartworks continues to strengthen its footprint in Mumbai, which it considers a key strategic growth market driven by sustained enterprise demand.

“Mumbai remains a strategic market for Smartworks, supported by strong enterprise demand across major business districts. With our portfolio in the city now exceeding 2 million sq. ft., we are well positioned to address both existing and emerging managed office requirements, as demand from enterprises in India’s financial capital continues to remain resilient,” said Neetish Sarda, Managing Director and Founder of Smartworks.

Ravi Agarwal, Chairman and Managing Director of Lloyds Realty, said the transaction highlights Mumbai’s continued prominence as a commercial hub and the growing enterprise preference for premium managed workspaces.

“The scale and quality of this transaction reinforce Mumbai’s enduring appeal as a commercial destination, while also reflecting the increasing demand among enterprises for high-quality, thoughtfully designed workspaces. Our partnership with Smartworks builds on a proven managed office model that combines execution strength, operational expertise, and long-term demand visibility, aligning well with evolving occupier office strategies,” he said.

The expansion follows Smartworks’ recent large campus additions across the Mumbai Metropolitan Region. In November last year, the company signed an agreement to license over 8.15 lakh sq. ft. of workspace at Eastbridge in Vikhroli, a commercial project by Regalia Office Parks Pvt. Ltd., the commercial office arm of the Niranjan Hiranandani Group. The company also expanded by over 5.57 lakh sq. ft. at Tata Realty’s Intellion Park in Navi Mumbai.

The technology-enabled managed office space at The Square will offer integrated amenities such as a café with executive dining, recreational zones, training and meeting rooms, a medical facility, and a smart convenience store.

Smartworks follows a model of leasing large commercial buildings and transforming them into enterprise-focused managed office campuses. The company oversees design, execution, technology integration, and day-to-day operations, enabling occupiers to scale efficiently without owning or directly managing real estate assets.

Turns profitable in Dec quarter

For the October–December quarter of the current financial year, the Gurugram-based managed office platform reported a net profit (PAT) of ₹1.2 crore in Q3 FY26, marking a sharp turnaround from a loss of ₹16 crore in the corresponding quarter last year and a loss of ₹3.1 crore in Q2 FY26. This also represents the company’s first profitable quarter under Ind AS, highlighting its shift from scale-led expansion to a focus on sustainable profitability.

The company, which was listed last year, reported a 34% year-on-year increase in total income to ₹488.14 crore during the quarter, compared to ₹363.62 crore in the same period last fiscal, according to a regulatory filing released on Thursday.

For the first nine months of FY26, the company significantly reduced its net loss to ₹6 crore, down from ₹54.87 crore in the corresponding period last year. Meanwhile, total income for the April–December period rose to ₹1,317.2 crore, compared to ₹1,047.61 crore in the same period of the previous fiscal.

Smartworks is India’s largest managed office platform by total area under management, with a footprint of about 15.3 million sq. ft. across 63 centres in 15 cities in India and Singapore. The company serves more than 770 clients, including Forbes 2000 companies, global capability centres (GCCs), multinational corporations, and high-growth startups. It also offers SmartVantage, a GCC-focused solution aimed at enabling scalable and compliant expansion in India.