Smartworks Adds 1,100+ Seats for LTTS in Pune; Shares Gain Nearly 3%

Mumbai, July 20: Smartworks Coworking Spaces Ltd. has expanded its long-standing engagement with L&T Technology Services (LTTS) by adding more than 1,100 managed office seats in Pune, according to a company filing with the stock exchanges.

The latest expansion takes LTTS’ managed office portfolio with Smartworks to over 2,750 seats across multiple cities, reflecting the continued growth of the partnership.

Smartworks said the combined expected rental revenue from these locations is estimated at around ₹115 crore, including approximately ₹55 crore from the Pune facility over a lease tenure of 60 months.

Commenting on the development, Founder and Managing Director Neetish Sarda said the expansion underscores growing demand from enterprises for flexible, scalable workplaces and reflects clients’ confidence in Smartworks’ ability to deliver customised office solutions.

The company added that large enterprise clients continue to be a significant contributor to its business, with customers occupying more than 1,000 seats accounting for about 37% of total rental revenue, while enterprise clients overall contribute nearly 90% of rental income.

Stock Market Snapshot

Smartworks share price traded higher following the announcement as investors reacted positively to the expansion of the company’s enterprise client portfolio.

As of 11:50 AM IST on July 20, 2026, the stock was trading at ₹468.00, up 2.74% from the previous close. After opening on a volatile note, the stock recovered steadily during the morning before holding on to gains for the remainder of the session.

The market response suggests investors viewed the larger client engagement and the associated long-term revenue visibility as supportive for the company’s growth outlook.

Company Background

Smartworks is India’s largest managed office platform by total area under management, with a portfolio of around 16.1 million square feet spread across 66 centres in 15 cities across India and Singapore as of March 31, 2026. The company provides managed workspace solutions to large enterprises, including Fortune 500 companies, global capability centres and multinational corporations, helping them establish and expand office operations through flexible campus formats.

The company was listed on the NSE and BSE on July 17, 2025.

Conclusion

The expansion of the LTTS engagement strengthens Smartworks’ presence in the enterprise managed office segment while adding meaningful long-term rental revenue visibility. With one of its largest clients increasing its footprint, the company continues to deepen relationships with large corporate occupiers, a segment that remains central to its business strategy.

Source:

• https://www.nseindia.com/get-quote/equity/SMARTWORKS/Smartworks-Coworking-Spaces-Limited
• https://nsearchives.nseindia.com/corporate/SMARTWORKS_20072026083314_Covering_Letter_Press_Release_20072026_snd.pdf