Awfis Reports 93% Profit Growth | Smartworks Posts ₹25.64 Cr Profit | IndiQube Narrows Q2 Loss by 80%
This week’s FLEXO newsletter brings you the latest updates from India’s flexible workspace and commercial real estate sectors. The Q2 FY27 results show improving financial performance among major workspace operators, with Awfis and Smartworks reporting quarterly profits and IndiQube significantly narrowing its losses. Meanwhile, Awfis is expanding its presence across key cities, while office REITs are reporting strong leasing activity, higher occupancy and healthy distributions. Let’s explore the full story in this week’s updates!
Awfis Space Solutions Reports 93% Growth in Q2 FY27 Net Profit
Awfis Space Solutions reported a 92.9% year-on-year increase in consolidated net profit to ₹30.80 crore for the quarter ended September 30, 2026, compared with ₹15.97 crore in the corresponding quarter last year. Consolidated total income rose 18.1% to ₹464.29 crore. Revenue from its coworking business increased 31% to ₹376 crore, while its Transform business, which provides construction and fit-out solutions, generated ₹75 crore. The company added six centres during the quarter, taking its total supply to 254 centres with approximately 1.74 lakh seats across 18 cities. Its portfolio occupancy stood at 76.2%, while centres operational for more than 12 months recorded 84.1% occupancy.
Smartworks Reports ₹25.64 Crore Net Profit in Q2 FY27
Smartworks Coworking Spaces reported a consolidated net profit of ₹25.64 crore for Q2 FY27, compared with a net loss in the corresponding quarter last year. Its consolidated total income stood at ₹605.30 crore, while revenue from operations increased 39% year-on-year to approximately ₹591 crore. The company has raised its FY27 revenue growth guidance to 33-35%, from its earlier projection of 28-30%, while retaining its normalised EBITDA margin guidance of 19-20%. Its total footprint reached approximately 17.5 million sq ft across 71 centres, including signed and upcoming properties, while its operational footprint stood at around 10.9 million sq ft. Enterprise clients contributed approximately 91% of rental revenue, underlining the importance of large corporate occupiers to its business.
IndiQube Narrows Q2 FY27 Net Loss by 80% to ₹5.86 Crore
IndiQube Spaces reported a consolidated net loss of ₹5.86 crore for the quarter ended September 30, 2026, narrowing 80.4% from ₹29.86 crore in the corresponding period last year. Total income increased 34.3% year-on-year to ₹492.16 crore, compared with ₹366.59 crore in Q2 FY26. The company’s managed workspace portfolio expanded to 10.86 million sq ft across 138 centres in 17 cities, with a seat capacity of approximately 2.41 lakh. It served 884 clients during the period, with GCCs contributing 54% of revenue. Steady-state occupancy across its centres stood at approximately 91%.
Awfis Adds 1.45 Lakh Sq Ft of Workspace Across Pune, Bengaluru and Mumbai
Awfis Space Solutions has added approximately 1.45 lakh sq ft of chargeable workspace across three major cities. The new centres are located at Punyaee Business Square in Pune, Prestige Tech Forest in Bengaluru and Lodha i-Think in Mumbai. These additions follow the launch of its approximately 1 lakh sq ft Elite centre in Delhi Aerocity. Together, the four launches have added around 2.45 lakh sq ft of premium workspace to its portfolio. The company is also focusing on increasing the share of premium formats, including Awfis 6.0, Gold and Elite centres, as part of its portfolio strategy.
Bagmane Prime Office REIT Reports ₹684.39 Crore NOI in Q2 FY27
Bagmane Prime Office REIT reported net operating income (NOI) of ₹684.39 crore for Q2 FY27, with an NOI margin of approximately 89%. Revenue from operations stood at ₹765 crore, while the REIT recorded a consolidated net profit of ₹399.79 crore. Its gross leasing activity reached approximately 1.2 million sq ft during the quarter, including 0.6 million sq ft of pre-leasing. Global Capability Centres accounted for 96% of the leasing activity, taking committed occupancy across its completed portfolio to 99%. The REIT also declared a distribution of ₹527 crore, equivalent to ₹1.55 per unit, for the quarter.
Brookfield India REIT Records 51% Growth in Net Operating Income
Brookfield India Real Estate Trust reported a 51% year-on-year increase in net operating income to ₹767.2 crore in Q2 FY27, compared with ₹509.4 crore in the corresponding period last year. Income from operating lease rentals rose 52% to ₹722.1 crore, supported by leasing demand from global capability centres. The REIT recorded gross leasing of 1.6 million sq ft during the quarter, with an average re-leasing spread of 16%. GCCs accounted for 51% of its gross leasing activity, while committed occupancy improved to 93%. Brookfield also announced a quarterly distribution of ₹5.70 per unit, up 9% from a year earlier.
Knowledge Realty Trust Reports 15% NOI Growth and Record ₹764 Crore Distribution
Knowledge Realty Trust reported a 15% year-on-year increase in net operating income to ₹1,140.4 crore for Q2 FY27, while revenue rose 13% to ₹1,272.5 crore. The office REIT declared record distributions of ₹764 crore for the quarter, translating into ₹1.72 per unit, an 11% increase from the year-ago period. It recorded gross leasing of 0.8 million sq ft, including 0.2 million sq ft of pre-leasing, taking its first-half leasing volume to 2.2 million sq ft. Committed occupancy stood at 93% by area and 94% by value. Existing tenant expansions accounted for 54% of quarterly leasing, reflecting continued demand across its office portfolio.
India’s flexible workspace operators are showing improving financial performance, backed by enterprise demand, portfolio expansion and stronger operational metrics. At the same time, office REITs are reporting healthy leasing activity, high occupancy and growing distributions. Together, these results highlight how both workspace operators and commercial property owners are benefiting from the continued demand for quality office infrastructure.
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We’ll keep you updated with more insights next week!
