Ambit Capital initiates coverage on India's Smartworks Coworking Spaces with 'buy'

Smartworks Coworking Spaces

04/12/2025 04:07

** Ambit Capital initiates coverage on Smartworks Coworking Spaces SMAW.NS with 'buy', PT at 590 rupees

** PT implies upside of 30% to last close

** Brokerage says Smartworks pivoted from providing traditional co-working spaces to managed workspace solutions, an industry that has grown at nearly 47% CAGR since 2018

** Adds, enterprise clients contribute to about 90% of co's revenue, show high rates of retention

** Says, SMAW also enjoys cost leadership by standardising designs, using re-usable fit-outs and leveraging scale across its large campuses

** On the day, SMAW largely flat at 451.85 rupees

** Stock up nearly 2% since trading debut on Sept 4

 (Reporting by Ananta Agarwal in Bengaluru)

 ((Ananta.Agarwal@thomsonreuters.com))