Awfis Q1 revenue rises 27% to ₹425 crore; profit jumps 140%

Awfis Space Solutions reported a 27% year-on-year rise in consolidated revenue from operations to ₹425 crore in the first quarter of FY27, driven by sustained demand for flexible workspaces from enterprises and Global Capability Centres (GCCs).

The company's profit after tax (PAT) surged 140% year-on-year to ₹24 crore in the April-June quarter, compared with ₹10 crore in the year-ago period. Profit before tax (PBT) rose 135% to ₹24 crore.

EBITDA increased 28% year-on-year to ₹162 crore, while the EBITDA margin improved to 38.2% from 37.8% a year earlier. Revenue was also up 4% sequentially from ₹410 crore in Q4 FY26.

Revenue from co-working space on rent and allied services rose 27% to ₹352 crore in Q1 FY27 from ₹276 crore a year earlier. Revenue from construction and fit-out projects, under its Transform business, increased 25% to ₹73 crore.

The company added seven new centres during the quarter, taking its network to 251 centres with approximately 170,000 seats across 18 cities. It serves nearly 3,600 clients across Tier 1 and Tier 2 markets.

Occupancy at centres that have been operational for more than 12 months stood at 83%, while overall portfolio occupancy was 76%, according to the company.

Awfis said demand from GCCs and large enterprises remained a key growth driver. Its GCC portfolio now comprises more than 100 unique clients, contributing 24% of rental revenue. The company said additional mandates have already been secured and are expected to commence operations over the coming quarters.

The company is also expanding its premium workspace portfolio. It currently has 37 Gold and Elite centres and expects new premium inventory to command pricing 30-50% higher than its existing portfolio.

"Our revenue grew 27% YoY to ₹425 crore, while reported EBITDA increased 28% YoY to ₹162 crore, with EBITDA margins of 38.2%," said Amit Ramani, chairman and managing director, Awfis Space Solutions.

He said the company's Transform business had emerged as a key growth engine, supported by demand from large enterprises and GCCs expanding into new geographies or consolidating operations into hybrid and technology-enabled workplaces.

Awfis said it has already won Transform projects worth more than ₹200 crore. The business recorded ₹73 crore in revenue in Q1 FY27, with third-party revenue accounting for 92%.

The company maintained a strong balance sheet during the quarter, with a net debt-to-equity ratio of -0.08. It reported a return on capital employed of 55%. Its cost of borrowing declined to 9.05%, while incremental borrowing cost stood at 8.5%.

Awfis said its growth since its initial public offering (IPO) has been funded primarily through internal accruals, reflecting its capital-light business model.

The company expects premiumisation, rising GCC demand, managed office solutions and its integrated workplace offerings to remain key drivers of growth in the coming quarters.