Workspace provider Awfis Space Solutions has crossed Rs 1,490 crore in annual revenue as demand from enterprises and global capability centres (GCCs) continued to reshape the country's office market.
The company reported operating revenue of Rs 1,493 crore for the year ended March 2026, up 24% from the previous year, driven by a 35% increase in revenue from its core co-working and allied services business.
Awfis delivered a strong fourth quarter, with revenue rising 21% year-on-year to Rs 410 crore. Quarterly profit more than doubled to Rs 23 crore, while operating EBITDA increased 31% to about Rs 150 crore.
Profit after tax rose 66% year-on-year to Rs 71 crore, while operating EBITDA climbed 37% to Rs 550 crore, with margins expanding to 36.8%.
The performance caps a year in which flexible office operators benefited from a combination of return-to-office mandates, growing demand from multinational corporations, and the rapid expansion of GCCs across India.
"Our business is in its strongest position yet," Chairman and Managing Director Amit Ramani said in a statement, citing healthy occupancy levels, margin expansion and a growing enterprise customer base.
The company continued to expand aggressively during the year, adding 41 new centres and around 30,000 seats. Its signed network now spans 266 centres with approximately 184,000 seats across 18 cities. Awfis serves roughly 3,500 customers ranging from startups to large enterprises.
A key growth driver has been the increasing presence of GCCs, which have emerged as one of the fastest-growing segments of India's office market. Awfis said it now serves more than 100 GCC clients, which contribute about 23% of its rental revenue. Enterprise and multinational customers account for nearly 64% of its clientele.
The company also highlighted growing client stickiness. Nearly half of its customers operate across multiple Awfis locations, while large occupiers continue to form a bigger share of the portfolio. Clients with seating requirements exceeding 500 seats now account for 37% of the portfolio.
Awfis said its occupancy remained resilient, with mature centres operating at 84% occupancy and overall blended occupancy at 76%. The company reported an average client tenure of 37 months and an average lock-in period of 26 months, providing visibility into future revenue streams.
The company also underscored its capital efficiency metrics, reporting a return on capital employed (ROCE) of more than 60%, which it said was the highest among listed flexible workspace peers. Awfis ended the year in a net cash position with a net debt-to-equity ratio of negative 0.20 times.
Looking ahead, the company expects demand from GCCs, Fortune 500 companies and large enterprises to remain robust as organisations increasingly seek flexible workspace solutions instead of committing to long-term conventional office leases. Awfis said it enters FY27 with a committed pipeline, expanding premium workspace portfolio and ongoing discussions with developers for strategic workspace partnerships.