Executive Centre India IPO

Executive Centre India Limited IPO Strengths

Premium Grade A Locations in Key Business Hubs

Executive Centre India Limited operates 269 premium workspaces in Grade A properties across Central Business Districts (CBDs) and prime clusters. As of March 31, 2025, 100% of its leasable area in India and the Middle East, and 97% in Southeast Asia, is in Grade A developments. Strategic locations enhance visibility and accessibility for multinational clients.

Strong Landlord Partnerships for Expansion

The company maintains long-term relationships with leading landlords, enabling vertical expansion and favorable lease terms. Key partners include DLF Limited, Prestige Estates, and Dubai World Trade Centre. These collaborations support cost optimization and secure premium locations, with top landlords contributing 32.78% of the total leasable area as of March 2025.

High Client Retention & Multinational Clientele

Executive Centre serves over 1,550 clients, 92.16% of which are MNCs, with an average tenure of 48.97 months. Its diverse client base includes Anaplan, ArcelorMittal, and BBVA. According to Kantar Brand Study, 99% of clients report satisfaction, citing premium infrastructure, CBD locations, and Grade A buildings as key differentiators.

Premium Workspaces with Global Standards

The company designs flexible workspaces with high-end amenities, including ergonomic furniture and hospitality-focused communal areas. Sustainability is prioritized, with 81.40% of operational centers in green-certified buildings. Continuous upgrades, like the Two Horizon Centre refurbishment, ensure modern, functional workspaces that meet evolving client expectations.

Industry-Leading Occupancy & Financial Performance

Executive Centre maintains the highest occupancy rates among peers in India, at 91.58% in FY2025. Its revenue per square foot (₹7,752.08) and REVPOW (₹60,360.70) reflect strong unit economics. A disciplined expansion strategy ensures rapid center maturity, with new locations achieving 64.33% pre-sale occupancy on average.

Self-Sustainable Business Model & Cash Flow Strength

The company’s focus on unit economics ensures profitability, generating ₹7,572.16 million net cash from operations in FY2025. Despite market fluctuations, it maintains revenue growth (31.63% CAGR) and disciplined capital allocation, supported by a data-driven expansion strategy evaluating IRR, payback periods, and rent multiples.

Experienced Leadership & Investor Backing

Led by CEO Paul Salnikoff, the management team brings 30+ years of industry expertise. Prominent investors, including TIGA Investments and Willow Aggregator L.P., provide stable capital and strategic guidance. The board’s governance, combined with senior leadership’s equity alignment, ensures long-term growth and operational excellence.

More About Executive Centre India Limited

Strategic Capital Investments

Executive Centre India Limited (the “Company”) adopts a proactive investment strategy, allocating significant capital to its centers to ensure high-quality facilities and services. This substantial investment minimizes the necessity for frequent refurbishments. The majority of this capital expenditure is consistently directed toward initial investments, which cover construction, mechanical, electrical, and plumbing (MEP) systems, along with furniture, fixtures, and IT infrastructure. For example, initial capital expenditure constituted approximately 89.51% of the total in Fiscal Year 2025 and 85.24% in Fiscal Year 2024.

Focus on Premium Properties and Prime Locations

The Company operates its centers in high-quality, strategically located properties. As of March 31, 2025, 100% of the Company’s operational leasable area in India and the Middle East was situated in Grade A developments. This commitment extends to Southeast Asia, where 97% of its operational leasable area was also in Grade A buildings.

The Company’s portfolio is concentrated in Central Business Districts (CBDs) and other key clusters, a strategic positioning that offers clients significant advantages:

• Access to key business hubs and high-quality infrastructure.

• The ability to leverage the Company’s strong, multi-asset relationships with leading developers and landlords.

• Client-reported top reasons for choosing the Company, including premium infrastructure, CBD locations, and presence in Grade A buildings.

A Client-Driven Expansion Model

The Company’s expansion strategy is fundamentally driven by client demand, with a disciplined and data-driven approach guiding new investments. This model allows the Company to expand its presence by adding new centers in existing buildings, opening new centers in existing markets, or entering new markets entirely.

This proactive approach to identifying and securing high-potential opportunities has resulted in new centers launching with high initial occupancy rates. For instance, new operational centers between Fiscal Years 2023 and 2025 achieved an average pre-sale occupancy rate of 64.33% across all markets. Furthermore, many of the new centers in India have reached operational breakeven—where cash income equals or exceeds outgoing costs—within just one to three months of their launch.

Industry Outlook

The Indian co-working and flexible office space market is experiencing significant growth, driven by evolving work patterns and a surge in startups and freelancers. The market size was valued at approximately USD 761.9 million in 2023 and is projected to reach USD 2.84 billion by 2030, growing at a compound annual growth rate (CAGR) of 20.6% .

Key Growth Drivers:

• Shift to Hybrid Work Models: The increasing adoption of hybrid work arrangements by businesses is fueling demand for flexible workspaces.

• Startup Ecosystem: With over 157,000 startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) as of December 2024, the need for cost-effective office solutions is rising .

• Government Initiatives: Programs like ‘Startup India’ are streamlining regulations and providing funding, further encouraging entrepreneurship .

Market Trends:

• Expansion in Tier 2 and Tier 3 Cities: Cities such as Indore, Jaipur, Kochi, and Lucknow are witnessing a rise in co-working spaces, catering to the growing demand in these regions .

• Technological Integration: Co-working spaces are increasingly offering high-speed internet, meeting rooms, power backup, and vibrant networking opportunities to meet the needs of modern professionals

How Will Executive Centre India Limited Benefit

• The company’s presence in premium Grade A properties ensures high demand from businesses seeking quality office spaces, translating into strong occupancy rates.

• Its strategic locations in Central Business Districts provide easy access to key commercial hubs, attracting multinational and high-profile clients.

• Executive Centre’s proactive capital investment in infrastructure and technology enhances client satisfaction and reduces the need for frequent refurbishments.

• The client-driven expansion model allows the company to efficiently enter new markets and scale operations based on actual demand.

• Early operational breakeven of new centers supports cash flow stability and accelerates return on investment.

• Alignment with hybrid work trends positions the company to cater to growing flexible workspace needs.

• Integration of advanced IT systems and modern amenities strengthens its competitive edge in the evolving co-working landscape.

• Expansion into Tier 2 and Tier 3 cities opens new growth avenues aligned with market trends.

Peer Group Comparison

Name of the Company	Face Value (₹)	Revenue (₹ million)	EPS (₹)	P/E	RoNW (%)	NAV (₹)
Executive Centre of India	2	13,226.43	(2.32)	**	NA*	(78.19)
Group Peers
Awfis Space Solutions Limited	10	12,075.35	9.75	66.92	14.78%	65.43
Smartworks Coworking Spaces Limited	10	13,740.56	(6.18)	NA***	(58.76%)	10.55

Key Strategies for Executive Centre India Limited

Growth in Premium Flexible Workspaces

Executive Centre India Limited plans to expand its leadership in premium flexible workspaces by adding new centers to existing buildings and opening new locations in key business districts. The company is actively pursuing vertical expansions within current properties and opening new centers in its established markets.

Expansion into New Markets

The company’s expansion into new markets is driven by client demand, which helps to mitigate risk and achieve higher initial occupancy rates. Executive Centre India Limited maintains direct relationships with clients to understand their needs and anchor new locations with existing demand.

Deepening Presence in India

Executive Centre India Limited aims to accelerate growth and strengthen its business in India. The company plans to focus on sub-markets with robust infrastructure and rising demand, explore new emerging markets, and invest in sales and marketing to support its continued expansion across the country.

Maintaining Premium Brand Positioning

Executive Centre India Limited is committed to its premium brand positioning by providing clients with Grade-A buildings, personalized services, and amenity-rich workspaces. The company continuously monitors and acts on client feedback to improve its offerings and reinforce its market position through tailored programming and events.

Expanding Business Support Services

The company is enhancing its business support services to increase client engagement and diversify revenue streams. Executive Centre India Limited is expanding its coworking spaces, developing dedicated meeting and event venues, and launching new products, such as management centers for landlords and a limousine service through its app.

Strengthening Financial Discipline

Executive Centre India Limited maintains financial discipline by using a rigorous approach to identify high-potential locations and ensure strong returns on investment. The company is also integrating advanced technologies and leveraging economies of scale to improve operational efficiency, profitability, and market share.