Co-working solutions provider Awfis delivered steady growth and higher profitability in the third quarter of FY26, supported by strong demand for flexible workspaces and a rise in ancillary income.
According to financial statements filed with the National Stock Exchange (NSE), Awfis’ revenue from operations increased 20% year-on-year to ₹382 crore in Q3 FY26, compared with ₹318 crore in the year-ago quarter.
Including other income of ₹29 crore, the company’s total income stood at ₹411 crore for the quarter.
Segment Performance
Revenue from co-working spaces remained the core growth driver, contributing 84% of operating revenue.
- Co-working segment revenue: ₹322 crore, up 32.5% YoY
- Construction and fit-out projects: ₹60 crore in Q3 FY26
For the nine months ended December 2025, Awfis reported operating revenue of ₹1,083 crore, marking a 24.5% increase from ₹868 crore in the corresponding period last year.
Cost Structure
On the expense side:
- Depreciation was the largest cost head at ₹99 crore
- Employee benefit expenses stood at ₹36 crore
Finance costs, subcontracting expenses and other overheads pushed total expenses to ₹389 crore, up from ₹317 crore in Q3 FY25.
Profitability Improves
Higher revenue and a sharp rise in other income helped Awfis increase profit by 44% to ₹21.6 crore, compared with ₹15 crore in the year-ago quarter, underlining improving operating leverage in the business.
Market Performance
Awfis’ shares closed at ₹389.5 at the end of trading, valuing the company at a market capitalisation of ₹2,759 crore (around $303 million).
Why It Matters
Awfis’ Q3 FY26 performance highlights the resilience of the flexible workspace model, with enterprises increasingly opting for managed offices over long-term leases. Sustained occupancy, cost discipline and growth in higher margin co-working revenues will remain key to profitability going forward.
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