Awfis Space Solutions Limited announced its financial results for the second quarter and first half of FY27. Normalized revenue grew by 26% year-on-year to INR 451 crore for Q2 FY27, with cash EBITDA increasing by 45% to INR 49 crore. The company reported an improved cash EBITDA margin of 10.8%. For the first half, normalized revenue was up 30% to INR 888 crore, and cash EBITDA grew 40% to INR 93 crore.
Strong Q2 and H1 FY27 Performance for Awfis
Awfis Space Solutions Limited has reported a robust performance for the second quarter and first half of the financial year 2027 (FY27), driven by continued demand from large enterprises and GCCs, alongside a focus on premium centers and operational efficiency.
Financial Highlights
Q2 FY27 Performance:
- Normalized revenue grew by 26% year-on-year to INR 451 crore.
- Cash EBITDA increased by 45% to INR 49 crore.
- Cash EBITDA margin improved to 10.8%, a 140 basis points increase year-on-year.
- Reported revenue was INR 439 crore, up 20% year-on-year.
- Reported EBITDA was INR 174 crore, up 31% year-on-year.
- Profit before tax nearly doubled to INR 31 crore.
First Half (H1) FY27 Performance:
- Normalized revenue grew by 30% year-on-year to INR 888 crore.
- Cash EBITDA increased by 40% to INR 93 crore, with a margin of 10.5%.
- Reported revenue was INR 864 crore, up 23% year-on-year.
- Reported EBITDA was INR 336 crore, up 30% year-on-year.
- Profit before tax was INR 56 crore.
Operational Growth and Expansion
The company added 6 new centers and approximately 7,000 gross seats during the quarter, expanding its total operational supply to 254 centers and approximately 1,74,000 seats. Occupancy rates rose to 84.1% at mature centers and 76.2% across the portfolio. Awfis’s co-working business saw significant growth, increasing by 31% year-on-year in Q2.
The ‘Transform’ business, focused on design and build, contributed INR 75 crore in Q2 and INR 149 crore in H1, showing 8% and 16% growth respectively. Third-party clients now account for 93% of Transform revenue.
Industry Outlook and Strategy
Awfis highlighted the strong demand for flexible, high-quality workspace solutions, particularly from enterprises and GCCs in key micro-markets. The company’s strategy focuses on premiumization, with its Gold and Elite portfolios showing significant growth. The company expects further growth in ancillary revenue and aims for higher occupancy and longer lock-in periods, contributing to a stable contracted revenue base.
Outlook for FY27
Awfis reiterates its full-year guidance, expecting to add 22,000 to 25,000 gross seats in FY27. Co-working revenue is projected to grow 23% to 25%, and Transform by around 20%, targeting total revenue past INR 1,800 crore. Profitability is expected to improve, with full-year cash EBITDA projected between INR 190 crore to INR 200 crore.
Source: BSE
