Smartworks Coworking Spaces Ltd. (SMARTWORKS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+244.1%

₹1,655.76

vs ₹481.25 price

Levered DCF

₹1,294.85

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.81

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	386.26×	-80.33×	-101.61×	-50.29×	-72.72×
P/B	7.66×	47.08×	101.58×	161.43×	44.52×
P/S	2.2×	3.7×	4.89×	7.14×	14.1×
EV / EBITDA	7.12×	9.83×	11.57×	19.57×	31.47×
Gross margin	-16.9%	69.7%	70.9%	69.1%	70.0%
Operating margin	20.5%	16.4%	18.7%	10.4%	-0.1%
Net margin	0.6%	-4.6%	-4.8%	-14.2%	-19.4%
Current ratio	0.37×	0.21×	0.28×	0.46×	0.41×
Debt / equity	9×	34.64×	68.7×	124.36×	21.62×
Interest coverage	1.04×	0.67×	0.59×	0.32×	-0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	2.0%	-58.6%	-99.9%	-321.1%	-61.3%
Return on invested capital	4.5%	4.3%	3.8%	1.3%	-0.0%
Return on assets	0.2%	-1.4%	-1.2%	-2.3%	-2.4%
Free cash flow yield	19.5%	12.5%	8.5%	4.1%	1.4%
Earnings yield	0.3%	-1.2%	-1.0%	-2.0%	-1.4%
Enterprise value	₹86.1B	₹87.7B	₹84.8B	₹88.7B	₹75.3B
Net debt / EBITDA	3.76×	4.14×	4.64×	8.37×	10.23×
Cash conversion cycle (days)	-25	-89	-137	-156	-125