अApnaFunda

SMARTWORKS COWORKING SPACE LTD (SMARTWORKS)

Finance · Real Estate Investment Trusts · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.34 / 100
Profitability 63Balance sheet 4
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.64 / 100
Price 77Earnings 51

Share price

Closing priceAdjusted for splits and bonus issues.

₹507.65 latest close · +7.0% over the last 90 sessions

₹450₹500₹550Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹450₹500₹550Jul 3Sep 4Nov 9

₹507.65 month-end · +5.6% over 12 months

₹400₹450₹500₹550Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹400₹450₹500₹550Nov '25May '26Nov '26

₹507.65 month-end · +19.3% since Jul '25

₹400₹500₹600Jul '25Oct '25Jan '26May '26Aug '26Nov '26 ₹400₹500₹600Jul '25Mar '26Nov '26

52-week range ₹361.50 to ₹619.00 · 1-year volatility 34.8%

How rough has the ride been?

Maximum drawdown-38.6%not yet recovered
1-year volatility34.8%annualised
Volume spikes4last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%2026−38.2% 0%−20%−40%2026−38.2%
Largest drawdowns

-38.6% (2025-11 peak to 2026-03 low, not yet recovered)

Most recent volume spikes

2026-10-30: 30.1x the 50-day median, price -0.8% that day

2026-08-25: 5.9x the 50-day median, price -1.9% that day

2026-07-22: 32.7x the 50-day median, price -2.2% that day

Where does it rank among Finance peers?

Each cell is the company's percentile rank among its Finance peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE48th▲ 10 pts vs a year ago
  • Op. margin77thflat vs a year ago
  • Revenue growth74th
  • Debt/equity ↓3rdflat vs a year ago
  • Cash cycle ↓71stflat vs a year ago
  • P/E ↓5th
  • 12M momentum74th

Rank history

ROCE
Op. margin
Revenue growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Finance sector page Watch it move against Finance in the Observatory

What is the price implying?

~46%annual earnings growth implied by the price

At a P/E of 208.1x, the price would imply about 45.7%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹507.65
P/E
208.1x
ROCE
8.0%
Market Cap
₹5813 cr
Revenue (TTM)
₹1963 cr
P/S
3.0x
P/B
11.0x
ROE
5.3%
Operating Margin
63.0%
Debt / Equity
9.0x
Promoter Holding
58.3%
12M Momentum
5.6%

52-week range

₹361.50₹619.00
57% of the way from its 52-week low to its high

Price risk

1Y volatility
34.8%
Beta vs sector
1-year daily
0.85

Balance sheet & cash

Interest cover
operating profit ÷ interest
1.1x
Share count, 1Y
+10.7%

Are profits backed by cash?

3 of 4checks within range1 beyond a threshold
Other income reliance153%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 152.6%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate23%Within range

Median quarterly effective tax rate over about 2.5 years: 23.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow5 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 5. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history—Not enough data

Not enough reported data to compute this.

Capital work in progress1% of fixed assetsWithin range

Capital work-in-progress is 1% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Since Sep 2025, FIIs trimmed 0.7 pts.
  • The number of shareholders fell from 24,158 to 20,263 (-16%) between Sep 2025 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '25Jun '26Change
Promoters58.2%58.3%+0.1 pts
FIIs0.9%0.3%-0.7 pts
DIIs9.0%8.9%-0.1 pts
Public and others31.9%32.5%+0.6 pts

Number of shareholders

20,263shareholders-16% since Sep '25
20k22k23k24k Sep '25Dec '25Mar '26Jun '26
Sep '25: 24,158
Dec '25: 21,200
Mar '26: 20,825
Jun '26: 20,263
20k22k23k24k Sep '25Dec '25Mar '26Jun '26
Sep '25: 24,158
Dec '25: 21,200
Mar '26: 20,825
Jun '26: 20,263

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+0.8%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like SMARTWORKS COWORKING SPACE LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −21% to +36% vs the market, against −2% for all non-financial companies in the same months.
  • The gap against the base rate (+3.2%, 80% range −9.9% to +8.9%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
AWFIS · Oct 2025: −58.8% vs market
VISHWARAJ · Jun 2021: −47.9% vs market
HINDWAREAP · Jun 2023: −44.6% vs market
APCL · Jun 2021: −40.1% vs market
JBMA · Jul 2024: −33.8% vs market
SHOPERSTOP · Jul 2023: −33.6% vs market
MHRIL · Sep 2023: −32.2% vs market
SAPPHIRE · May 2023: −30.5% vs market
WESTLIFE · Sep 2023: −30.4% vs market
JINDWORLD · Feb 2020: −29.1% vs market
EVEREADY · Aug 2023: −26.8% vs market
JUBLFOOD · Sep 2025: −26.4% vs market
CAMLINFINE · Dec 2020: −21.3% vs market
ARVINDFASN · Apr 2024: −18.7% vs market
GMRP&UI · Oct 2025: −16.8% vs market
TATAPOWER · Mar 2022: −16.0% vs market
SAMHI · May 2025: −15.9% vs market
DEVYANI · Dec 2022: −15.6% vs market
GMMPFAUDLR · Oct 2022: −14.4% vs market
EIHAHOTELS · Jul 2024: −12.6% vs market
JKCEMENT · Jun 2023: −11.4% vs market
JKLAKSHMI · Feb 2020: −10.9% vs market
SUZLON · Jan 2022: −9.9% vs market
BHARATFORG · Sep 2023: −4.3% vs market
BRIGADE · Mar 2024: +0.8% vs market
5PAISA · May 2023: +0.9% vs market
RKFORGE · Oct 2021: +1.4% vs market
LEMONTREE · Jul 2024: +5.6% vs market
CHALET · Jan 2025: +6.5% vs market
HATSUN · Apr 2021: +7.3% vs market
HNDFDS · Aug 2022: +9.4% vs market
PGEL · May 2023: +9.5% vs market
STAR · Jul 2020: +12.7% vs market
HCG · Jun 2025: +14.4% vs market
ASTERDM · May 2022: +23.6% vs market
PRIVISCL · Feb 2024: +30.0% vs market
BLUEDART · Jun 2021: +34.5% vs market
PARIN · Oct 2025: +36.4% vs market
NETWORK18 · Oct 2020: +39.3% vs market
SOBHA · Dec 2023: +39.8% vs market
APOLLOHOSP · Mar 2020: +41.7% vs market
TI · Jan 2023: +51.3% vs market
TVSMOTOR · Nov 2022: +55.6% vs market
ADANIENSOL · Aug 2025: +72.2% vs market
PURVA · Dec 2023: +72.9% vs market
TRENT · Dec 2022: +78.0% vs market
YASHO · Jul 2025: +91.1% vs market
TARC · Jun 2023: +104.1% vs market
RAMKY · Jan 2023: +131.6% vs market
SCHNEIDER · Aug 2022: +137.7% vs market
Similar setups +0.8%All companies −2.4%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 3 beyond the range shown, drawn at the edge

Similar setups' median
+0.8%
All companies' median
−2.4%
Beat the market
52% vs 47%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
TRENT
Retail Trade
Dec 2022 455x7% +27%−13% +78%
SHOPERSTOP
Retail Trade
Jul 2023 75x15% +37%−3% −34%
MHRIL
Consumer Services
Sep 2023 69x10% +42%−5% −32%
SAMHI
Consumer Services
May 2025 83x7% +5%−12% −16%
WESTLIFE
Consumer Services
Sep 2023 131x15% +30%−6% −30%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
LEMONTREE
Consumer Services
Jul 2024 80x11% +63%−4% +6%
HATSUN
Consumer Non-Durables
Apr 2021 —12% +109%−6% +7%
NETWORK18
Consumer Services
Oct 2020 —7% +47%−27% +39%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, P/S and 12-month momentum. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to SMARTWORKS COWORKING SPACE LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

Commercial Services
65%similar
operating margindebt/equity
Health Services
57%similar
ROCEP/E
Health Technology
54%similar
promoter holdingROCE
BATA INDIABATAINDIA
Consumer Non-Durables
49%similar
market capvolatility
Utilities
44%similar
debt/equityoperating margin
Finance
80%similar
debt/equityoperating margin
Finance
40%similar
volatilitypromoter holding
Finance
39%similar
volatilityoperating margin

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

8 events since Feb '26

  1. OctPriceVolume reached 30.1x its 50-day median on 2026-10-30; price -0.8% that day.
  2. JulDebtDebt / equity halved over 12 months to 9.02x.
  3. JulSharesShare count is up 10.7% over 12 months.
  4. JulPriceVolume reached 32.7x its 50-day median on 2026-07-22; price -2.2% that day.
  5. JunResultsEPS (TTM) turned positive.
  6. AprPriceVolume reached 21.3x its 50-day median on 2026-04-30; price -1.5% that day.
  7. MarPriceFell 39% from the Nov 2025 peak to the Mar 2026 low.
  8. FebPriceVolume reached 8.9x its 50-day median on 2026-02-06; price +1.7% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history17 months · 2025-07 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-11208.1x₹1963 cr5.3%8.0%9.0x
2026-10196.9x₹1963 cr5.3%8.0%9.0x
2026-09213.1x₹1963 cr5.3%8.0%9.0x
2026-08610.9x₹1796 cr2.1%8.0%9.0x
2026-07534.7x₹1796 cr2.1%8.0%9.0x
2026-06552.4x₹1796 cr2.1%8.0%9.0x
2026-05—₹1634 cr-13.0%7.0%34.6x
2026-04—₹1634 cr-13.0%7.0%34.6x
2026-03—₹1634 cr-13.0%7.0%34.6x
2026-02—₹1514 cr-28.7%7.0%34.6x
2026-01—₹1514 cr-28.7%7.0%34.6x
2025-12—₹1514 cr-28.7%7.0%34.6x
2025-11—₹1439 cr-40.7%7.0%34.6x
2025-10—₹1439 cr-40.7%7.0%34.6x
2025-09—₹1439 cr-40.7%7.0%34.6x
2025-08—₹1373 cr-58.3%7.0%34.6x
2025-07—₹1373 cr-58.3%7.0%34.6x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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