Awfis Space Solutions Ltd, one of India’s largest flexible workspace providers, has reported a robust 44% year-on-year rise in operational EBITDA for the first half of FY26, driven by a strong portfolio expansion, improved efficiency, and strategic focus on premium assets. The company’s half-yearly performance underscores the growing momentum in India’s co-working sector, powered by hybrid work adoption and the increasing demand for Grade A spaces among enterprises and Global Capability Centres (GCCs).
For the half year ended September 30, 2025, Awfis recorded an operating revenue of Rs. 702 crore, up 28% from a year earlier. Profit after tax (excluding exceptional items) rose 49% year-on-year to Rs. 26 crore. Operational EBITDA margins stood at 36.9%, up 430 basis points compared to the previous year, reflecting disciplined cost management and higher yields from premium centres.
In the second quarter alone, the company reported revenue of Rs. 367 crore, marking a 26% annual growth, while PAT stood at Rs. 16 crore. The results mark another phase of profitable growth for Awfis, which has steadily scaled from a mid-market player into a key force in India’s evolving workspace ecosystem.
A Decade of Expansion and Scale
Founded by Amit Ramani in 2015, Awfis has grown into India’s largest flexible workspace network with 247 centres and about 1.7 lakh seats across 18 cities, covering more than 8.4 million sq. ft. The company added nearly 14,000 seats in H1FY26, including 8,000 in the second quarter, bringing its total annual addition to around 35,000 seats.
Crucially, all new supply in this period came from Grade A buildings, with 70% located in Grade A+ developments, underscoring Awfis’ shift toward premium workspaces. The company’s premium segment now includes 21 Gold and 5 Elite centres, catering to large corporates, GCCs, and enterprise clients that demand higher standards of infrastructure and amenities.
“This scale reflects the strength of our execution capabilities and deep operational expertise built over the past decade,” said Amit Ramani, Chairman and Managing Director of Awfis Space Solutions Ltd. “We are leveraging our leadership in the value segment to move up the curve, focusing on Grade A buildings and premium locations to cater to GCCs, large enterprises, and other high-value clients.”
Enterprise Demand Drives Growth
Enterprise clients, especially large cohorts of 500 seats and above, now account for 34% of Awfis’ portfolio, demonstrating growing stability and long-term stickiness in its client base. Over 10 GCCs signed new leases across the company’s five Elite centres during H1FY26, reflecting the ongoing shift of multinational operations to flexible workspace formats in India.
The company secured approximately 5,000 seats from nine large corporates and MNCs in the period. This trend aligns with a broader transformation in the Indian office market, where occupiers are increasingly preferring managed and flexible office solutions that balance agility with quality infrastructure.
Expansion Beyond Metros
While strengthening its premium footprint in major business districts, Awfis is simultaneously expanding into Tier 2 cities, a segment that has emerged as a new growth engine. The company’s supply in non-metro markets rose 28% year-on-year, reflecting balanced expansion between established and emerging markets.
“Tier 2 cities are gaining significant traction as hybrid work models mature,” said Ramani. “Our focus remains on building scale with sustainability, ensuring that Awfis remains the preferred choice for both startups and enterprises across India.”
New Growth Engine: Awfis Transform
A major strategic milestone this year has been the subsidiarization of Awfis Transform, the company’s design-and-build arm. As a wholly owned subsidiary, Awfis Transform will operate independently, offering interior design and workspace fit-out solutions across sectors such as retail, hospitality, and commercial real estate.
The move is expected to unlock additional value by providing standalone financial visibility and operational flexibility, while also broadening the company’s customer base. “This positions Awfis Transform as a distinct growth vertical,” Ramani said, “allowing us to capture opportunities in adjacent sectors and accelerate diversified, sustainable growth for the group.”
Building for the Future
With its integrated ecosystem spanning co-working, allied services, and workspace transformation, Awfis is aiming to cement its leadership in India’s flexible workspace landscape. The company’s strategy revolves around balancing profitability with expansion, maintaining operational efficiency while deepening its presence in high-demand micro-markets.
As institutional trust and client confidence in flexible workspaces continue to grow, Awfis’ focus on quality, premium execution, and diversification positions it well for long-term success. The company’s H1FY26 results indicate that the flexible workspace story in India has matured and Awfis is intent on shaping its next chapter.
