{"id":181723,"date":"2026-04-21T14:08:21","date_gmt":"2026-04-21T18:08:21","guid":{"rendered":"https:\/\/alphastreet.com\/india\/smartworks-coworking-spaces-ltd-smartworks-q3-2026-earnings-call-transcript\/"},"modified":"2026-04-21T14:35:56","modified_gmt":"2026-04-21T18:35:56","slug":"smartworks-coworking-spaces-ltd-smartworks-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/smartworks-coworking-spaces-ltd-smartworks-q3-2026-earnings-call-transcript\/","title":{"rendered":"Smartworks Coworking Spaces Ltd (SMARTWORKS) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Smartworks Coworking Spaces Ltd (NSE: SMARTWORKS) Q3 2026 Earnings Call dated Jan. 16, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Neetish Sarda<\/strong> \u2014 Managing Director<\/em><\/p>\n

Harsh Binani<\/strong> \u2014 Executive Director<\/em><\/p>\n

Anirudh Tapuriah<\/strong> \u2014 Chief of Strategy and Investor Relations<\/em><\/p>\n

Analysts:<\/h2>\n

Sourabh Gilda<\/strong> \u2014 Analyst<\/em><\/p>\n

Karan Khanna<\/strong> \u2014 Analyst<\/em><\/p>\n

Mohit Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Pradeep RS<\/strong> \u2014 Analyst<\/em><\/p>\n

Murtuza Arsiwalla<\/strong> \u2014 Analyst<\/em><\/p>\n

Yashovardhan Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sumit Kumar<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Aditya Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and Gentlemen, good day and welcome to the SmartBox Q3 FY26 earnings conference call hosted by JM Financial Institutional securities Limited. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode.<\/p>\n

There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star 100 on your touchstone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Sourabh Gilja from JM Financial Institutional securities Ltd. Thank you. And over to you Mr. Sourabh.<\/p>\n

Sourabh Gilda<\/strong> \u2014 Analyst<\/em><\/p>\n

Hi. On behalf of GM Financial Institutional Securities, I welcome you all to the Q3FY26 earnings call of Smartworks Co Working Spaces. On behalf of Smartworks, we are represented by the senior management, Mr. Nitesh Sarda, Managing Director, Mr. Hart Pinani, Executive Director, Mr. Sahil Jain, Chief Financial Officer and Mr. Anirud Thapuriya, Chief of Strategy and Investor Relations. I would now like to hand over the call to Mr. Nitish Sadha for his opening remarks. Thank you.<\/p>\n

Neetish Sarda<\/strong> \u2014 Managing Director<\/em><\/p>\n

Good afternoon everyone and a very Happy new year. Q3 of FY26 marks the strongest quarter in SmartWorks journey and a clear shift into a compounding phase where growth, margins and cash flows are improving together. At our scale, smartworks is no longer a short cycle occupancy business. We are an execution led enterprise infrastructure platform built on four sustained growth, predictable. Annuity like revenue, a structurally low cost model and a self funded expansion. This positions us for durable and multi decade relevance.<\/p>\n

Let me briefly touch upon performance and. Operating margins before handing over to harsh. For the growth drives and financial outlook ahead. During the quarter revenue grew 34% year on year to 472 crores while normalized. EBITDA increased 86% year on year to 85 crores with margin expanding to almost 18%. Importantly, this was a pat positive quarter under NDS and operating cash flows exceeded. EBITDA with an OCF to ebitda ratio. Of 1.2x operating cash flow standing at 100:1+ crores. These outcomes reflect the inherent operating leverage and cash generating capabilities of our platform.<\/p>\n

Our growth today is firmly anchored in enterprise demand. In quarter three, enterprise clients continue to. Contribute approximately 90% of the rental revenue. With 35% of the rental revenue coming. From large format requirements of over 1000 seats. Rental revenue from multi city clients continues to be more than 30%, reflecting how large occupiers increasingly consolidate their workspace and needs across locations through our reliable platform. At this scale, the flex workspace sector. Becomes an execution business.<\/p>\n

Our ability to secure large campuses campus style assets and execute them at speed creates a flywheel of higher occupancy, improving. Margins and rising return on capital. Equally important is revenue stability. Our client base is well diversified and Today our top 10 clients contribute only. About 21% of our rental revenue, a figure that has steadily declined even as deal sizes have increased. This enhances visibility, reduces concentration risk and. Supports long contract tenures. On the supply side, we now have.<\/p>\n

Clear visibility for growth over the next several years. We have secured 100% of our supply. For FY27 with substantial progress already made for FY28. We continue to see strong demand led execution with LOI signed for more than. 1.62 million square foot during the quarter. And are committed to a sustained growth. Trajectory of 3 million square foot per year. Committed occupancy at our operational centers today rose to 92% from 88% quarter on. Quarter, securing over 4700 crores in committed. Revenue across our 9.2 million square foot.<\/p>\n

Of operational mature centers. As these centers continue to ramp up to full maturity and new centers become. Operational, we expect to capture significant additional revenue from over and above this figure. Further accelerating our top line growth. As our platform matures and the base. Of centers expand, growth increasingly becomes self funded at scale, SmartWorks can sustain 25 to 30% annual growth without any incremental equity raised. To summarize, quarter three, FY26 demonstrates that. SmartWorks is no longer just scaling, we.<\/p>\n

Are compounding with a structural advantage, cost base, enterprise led demand, deep supply visibility and strong cash generation. We believe we are well positioned to. Deliver a superior long term outcome for shareholders. I will now hand over to Harsh to take you through the financials in more detail.<\/p>\n

Harsh Binani<\/strong> \u2014 Executive Director<\/em><\/p>\n

Thank you Nitish and good afternoon everyone. As Nitish highlighted Q3 FY26 marks an inflection point where the structural strengths of the smart work model are clearly visible in our financial performance. We operate at the intersection of flexibility and infrastructure with long tenure enterprise demand annity like revenues and disciplined capital deployment at national scale. In Q3 FY26 revenue increased to 472 crores, up 34% year on year and 11% sequentially. The growth was driven by higher enterprise occupancy and ramp up of our recently delivered centers, normalized EBITDA rose to 85 crores with margins expanding to approximately 18% which is a bump of over 150bps within the quarter.<\/p>\n

Importantly, this margin expansion was achieved without any material pricing action and was driven almost entirely by operating leverage and cost discipline. As we scale, corporate overheads remain low and stable while brokerage and operating cost continue to trend downwards spread over a larger base, reinforcing margin expansion the core of our financial model lies in center level economics. Mature centers operate at around 93% committed occupancy with stable revenues and strong cost control. Conceptually, our mature centers exhibit a margin of greater than 27% and that’s largely driven by higher durable occupancy and tight cost control.<\/p>\n

Without necessarily compromising on tenures or any pricing action. The ROCE continues to expand meaningfully after the expiry of each payback period. For more details, refer to our shareholder letter. As new centers ramp up, they do not dilute margin. Once the center crosses its break even point, incremental revenue flows disproportionately to ebitda. As the share of mature centers increase. This effect strengthens driving compounding at the portfolio level. This dynamic is clearly reflected in our improving ROCE which continues to rise as capacity, seasons and renewals kick in.<\/p>\n

Operating cash flow remained robust at 1001 crores translating into an OCF to EBITDA ratio of 1.2x. This reflects enterprise led billing, high quality receivables and minimal working capital volatility. Our ROCE has significantly jumped by more than 800bps, expanding from 14.3% to now less than 21% and we see significant headroom for the ROCE expansion to continue in the foreseeable future. During the quarter our credit rating was upgraded by two notches to a stable reflecting the strength of our balance sheet and the cash flow profile of our enterprise clients.<\/p>\n

Following this upgrade, our cost of borrowing has further reduced and is now amongst the lowest in the industry. We have been pioneers of introducing cash flow backed lease rental discounting facilities with top financial institutions. For more details, refer to our earning presentation. As we enter Q4, we expect further growth driven by the operationalization of approximately 1 million square foot of new supply and continued maturation of existing centers. We will also see a board expansion to further strengthen our corporate governance and and help us as we scale up to the next leg of our journey.<\/p>\n

While managed offices remain the core driver, ancillary services such as fitout as a service will increasingly support Revenue growth and margin expansion as scale Deepens. In closing, SmartWorks is transitioning from growth led phase to a high velocity cash compounding phase characterized by expanding margins, that rising returns on capital and increasingly self funded growth. With that we are happy to take your questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Karan Khanna from Amber Capital. Please go ahead.<\/p>\n

Karan Khanna<\/strong><\/p>\n

Hi team, thanks for the opportunity. Just a couple of questions from my side. First, GCC’s contributed over 15% of rental revenue this quarter. With Smart Vantage platform now becoming live, how have the nature of your conversations with global fortune finder prospects changed and are you seeing higher average deal sizes for GCC focused deployments compared to standard enterprise clients?<\/p>\n

Harsh Binani<\/strong><\/p>\n

Thank you Garan for the question. GCC continues to remain a very very important driver for growth for the next three years. With the launch of SmartVantage, we are already starting to see very good momentum and traction. The conversation with a lot of our large enterprise has now moved away from space to a more holistic solution that the SmartVantage platform offers and this is already starting to show meaningful results on ground. In the last nine months the company has signed over four large mega GCC deals which are over 1000 seats plus and these are well diversified across Europe and America.<\/p>\n

We expect that these numbers will continue to go up and over the next three years as the GCC wave continues in India, we are well positioned to take advantage and during this course SmartVantage platform will also continue to evolve.<\/p>\n

Karan Khanna<\/strong><\/p>\n

Sure this is helpful. Harsh. This is the second question on the Q3 supply. So with 2.6 million square feet which was added just in the third quarter, your total super built up area has already reached 15.3 million square feet. So how much of this new capacity is already pre committed or reserved? Via Lois and what is the expected ramp up time to reach the company wide mature occupancy of 88%.<\/p>\n

Neetish Sarda<\/strong><\/p>\n

So Karan, the beauty of our business is whether we take up a 400,000 square foot campus, 100,000 square foot campus or 800,000 square foot campus, the ramp. Up time to get to an occupancy of about 80 85% is similar across. All the center sizes with Smartworks unique ability of taking up mega campuses. With some of the deals that we’ve signed recently with the. Hiranandani deal that. We did in Vikroli, we are seeing that both on the demand and supply side growth is easier because we only. Have to take up one or two.<\/p>\n

Assets to get to the target number that we are targeting for every quarter. As far as visibility towards demand is. Now we are in a phase where. We are demand led. Almost 30 to 35% of a building is pre committed driven by the interest generated from our existing clients before we. Go ahead and take a new building. That’s why if you look at the. Thousand plus seater deals or if you. Look at number of clients who have done multi city deals with Smartworks that has constantly been increasing, we’re closer to.<\/p>\n

About 35% in terms of multi city deals as well as thousand plus seater. You will see this being a unique. Factor for Smartworx increasing quarter and quarter in the past as well as in the future. You’ll see these numbers increase significantly, but we have significant visibility towards the demand.<\/p>\n

Karan Khanna<\/strong><\/p>\n

Sure. And my last question, you reported a notable improvement in seed retention rate to 93% this quarter up from 74% in Q2. Was this sharp increase due to a specific large client renewal cycle or are you seeing a broader trend of clients moving towards longer lock in periods?<\/p>\n

Neetish Sarda<\/strong><\/p>\n

No, I think it just coincidentally happened that the last quarter happened to be. The, you know, 40, around the 40. 45, 48 month mark from COVID We did a lot of deals during COVID. Which we wanted to renegotiate and get. It to market terms. I think, you know, having a retention rate closer to about 85 plus percent. Is something that we’ll continue. There might be one or two quarters of abnormal numbers just because in that particular quarter there might be a few. Deals that fall, but retention generally across the entire organization.<\/p>\n

If you look at our past data. As well as what we are projecting for the next few quarters will be 85 plus percent.<\/p>\n

Karan Khanna<\/strong><\/p>\n

Great. Thanks team. I’ll come back in the queue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Mohit Agarwal from iifl. Please go ahead.<\/p>\n

Mohit Agarwal<\/strong><\/p>\n

Yeah, I wish you all a very happy New year and congratulations for a great set of numbers. My first question is if I look at our revenue mix for the quarter, the other operating revenue which typically would have the VAS and the FAS component has grown meaningfully from about 22 crores to 66 crores. So could you give some breakup and color on that and how is the trend looking forward. That’s my first question.<\/p>\n

Anirudh Tapuriah<\/strong><\/p>\n

Hi, I’m with Anirudh this side. As far as our breakup of VAS revenue or fast revenue is concerned, that was at around 27.5 odd crores and others were a mix of multiple items under ancillary.<\/p>\n

Neetish Sarda<\/strong><\/p>\n

So Mohit, our ancillary revenue is because. Of the base of properties also increasing. From, you know, to going over 10 million. The existing properties occupancy is going up. The ancillary revenues or the supplementary revenues. That we generate from our existing buildings have also gone up significantly. I think VAS, or fit out as a service as a vertical is still. A very small number out of the total revenue. It still only stands at about 27. Crores for the quarter.<\/p>\n

Mohit Agarwal<\/strong><\/p>\n

Okay. And in your shareholder letter you do mention that there’s going to be a sharp ramp up any kind of any outlook you can give or any guidance that you have for the next couple of years. How large can that segment be?<\/p>\n

Neetish Sarda<\/strong><\/p>\n

So I think we’re continuously growing with the footprint growing. 30, 35% growth in that is also. Something that we can easily predict going forward because this is without any new verticals getting added. Just the footprint growth is allowing us to grow at those numbers. We are also figuring out if there are other ways of improving the vast margins. But currently what we can sort of give indication towards is that with the footprint growth of about 30, 35% these numbers will continue. The ancillary revenue will keep going up.<\/p>\n

By 30, 35% year on year.<\/p>\n

Harsh Binani<\/strong><\/p>\n

And to add to Nitish’s point, Mohit, we’ve also clarified in our shareholder letter and in our prior conversations that fascination ancillary revenue will scale selectively over the next two years, primarily linked to the new enterprise and the GCC deployments. Rather than being a standalone growth driver, our focus remains on annuity rental revenue with ancillaries providing incremental high margin upside without increasing our volatility. And importantly, we’ve also clarified that our VAS only has the take rate recognized in the revenue, keeping our earnings quality and cash visibility very stable.<\/p>\n

Mohit Agarwal<\/strong><\/p>\n

Yeah, sure. So that is well understood. So when you are talking about take rates, how would the margins be different? So if you could let’s say for blended margins is 18%. What are, what would be the margins on VaaS if you could share that.<\/p>\n

Harsh Binani<\/strong><\/p>\n

So our VaaS as we mentioned, only the take rate is recognized. The margin profile of VAAS is significantly higher than our core business given that there aren’t any incremental cost associated with it. But again we are starting with a very small base currently and you will start to see this ramp up meaningfully over the next two years and it continues to be very asset light, both FAS as well as vast.<\/p>\n

Neetish Sarda<\/strong><\/p>\n

And I think for us Mohit, we. Treat the VAs as something that is more predictable also in our case because. This is something which is getting generated on a regular basis where the amenities. That we provide within the building is what is driving most of this growth. And with our occupancies increasing, this consumption within buildings will automatically keep growing up. So as Harsh mentioned there is not a lot of cost attached since it’s only a take rate and we get that and but growth will also be driven because of the occupancy growth within the buildings.<\/p>\n

Mohit Agarwal<\/strong><\/p>\n

Sure. Understood. My second question is on the overall margin outlook on a year on year basis it’s gone up from 13 to 18 and harsh mentioned in his opening remarks that the corporate overheads are stable and brokerage and everything is also trending down. So how do we see as you kind of your occupancy converges towards your committed occupancy, how do we see these margins or where do we see these margins stabilizing? Let’s say one year out? If there is any directional guidance that you want to give that will be helpful.<\/p>\n

Harsh Binani<\/strong><\/p>\n

Sure Mohit. So over the next two years margins are expected to expand structurally quarter on quarter driven by our portfolio maturity, our higher committed occupancy and operating leverage and not necessarily our pricing action. You’ve seen in our business model that our occupancy has always been durable and holding well even during downturn Covid so that is one of the primary drivers and we have also ushered in a lot of new operational excellence initiatives. So from in the next two years you will start to see energy efficiency, solar gains, etc.<\/p>\n

All come in. During this period our corporate cost is not expected to go up meaningfully and in fact because we are a Pan India platform, we have our corporate teams as well as center teams staffed everywhere. So as we increase our footprint across other cities you will not see that to be an investment and a drag on our margin. Therefore do not expect volatility in our margins going forward. And as a larger share of our centers move into maturity this will allow incremental revenue to flow disproportionately to ebitda.<\/p>\n

So therefore margin expansion should be very steady and predictable without volatility.<\/p>\n

Anirudh Tapuriah<\/strong><\/p>\n

And just to add to the point which has also mentioned on Slide 16 of our Investor presentation, we have also Given a detailed breakdown of our capacity maturing, our matured capacity stood at 7.8 million square feet as of December 25th, which is expected to go up to 10.2 million square feet by the time we hit March 27th.<\/p>\n

Mohit Agarwal<\/strong><\/p>\n

Okay,<\/p>\n

Neetish Sarda<\/strong><\/p>\n

So for the<\/p>\n

Mohit Agarwal<\/strong><\/p>\n

Mature. Yeah,<\/p>\n

Neetish Sarda<\/strong><\/p>\n

Sorry. Just to summarize, I think we also. Mentioned that now we’ve entered into a. Compounding phase where the new centers which are getting added are significantly smaller in ratio of our matured center because of which the new centers drag on, profitability is not going to be as effective. That’s why you will see the margins continuously increase. So a mix of operational excellence, as Harsh mentioned, maturity of new centres, as Aniruddh mentioned and the fact that compounding effect is now kicking in all three will drive margins higher.<\/p>\n

Mohit Agarwal<\/strong><\/p>\n

Sure. So just to summarize, if your mature centers are doing 27% margins over 27% margins, your blended portfolio today is 18%. You basically see the trend going closer to that level maybe in the 20 to 25 mark. Is that the right assumption to make?<\/p>\n

Neetish Sarda<\/strong><\/p>\n

Predicting those numbers might be a little difficult route. We can’t comment on those numbers but. What we can say is continuously, the increment is continuously happening. It is because of a compounding effect of more mature centers getting added and. The new centers being a much smaller portion. So when will it happen? It’s a little difficult to really map that out. But volatility in our business is very, very low and predictability on cash flows are very very high. So that’s allowing us to continuously grow the margins.<\/p>\n

Mohit Agarwal<\/strong><\/p>\n

Sure. Great. Just one last question on the. You’ve given the 4,700 crore committed rental number. Is it possible to share within this. How much is locked in out of this? 4700 crores. Sure.<\/p>\n

Anirudh Tapuriah<\/strong><\/p>\n

It will be approximately in excess of 2500 odd crores.<\/p>\n

Mohit Agarwal<\/strong><\/p>\n

Okay, perfect. Those are my questions. And our retention rate,<\/p>\n

Harsh Binani<\/strong><\/p>\n

Mohit, as you are aware, has always remained very high over the last three years. So we use the committed rental revenue as a very healthy barometer to measure particularly our asset liability mismatch which for the next two years is completely eliminated as well and will continue eliminating going forward. Just<\/p>\n

Anirudh Tapuriah<\/strong><\/p>\n

A small update, sorry. Currently it stands in excess of 3100 odd crores. Okay, awesome.<\/p>\n

Mohit Agarwal<\/strong><\/p>\n

Thanks a lot. That was useful.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pradeep RS from Spark Capital. Please go ahead.<\/p>\n

Pradeep RS<\/strong><\/p>\n

Yeah, thanks for the opportunity. The first question is on say this, the seat under fit out which is currently 9,000 seats. Whereas we are guiding around 26, 23,000 seats will be added by the Q4. So how this gap would be filled. So the seats which are yet to be handed over, we are expecting the it will come live by wind of that is my first question. Yeah.<\/p>\n

Anirudh Tapuriah<\/strong><\/p>\n

Yes. When you look at with respect to the seats which are actually going to come over in our investor presentation we’ve actually given a breakdown that approximately 1 million square feet is actually going to get operational in the next quarter itself. And then gradually when these yet to be handed over you will see continues to move towards under fit out and incrementally it will move to an operational footprint.<\/p>\n

Harsh Binani<\/strong><\/p>\n

And to your question on the gap, this is going to be filled through a combination of pre committed enterprise movements. Nitish had clarified earlier that about 30% is our pre commitment. As we take larger campuses, we already have very healthy pipeline of Lois already signed and we are starting to see more traction on the expansion from our existing multi city clients basis. This we have a very strong visibility already in place. It’s not necessarily an empty capacity. And as you see ramp up going up in an orderly fashion new center sizes, in spite of it being of a significantly larger size, we are not seeing too much difference in terms of the ramp up months.<\/p>\n

Pradeep RS<\/strong><\/p>\n

Thank you. Thank you. So I just want to understand more about the supply sourcing strategy. As I said like 30% of say the incremental capacity would be committed by tenants. So is it like once they give commitment then they will then we will go and fetch supply or is it like the supply currently in pipeline already has 30% commitment from client. So to understand more about how we manage this demand supply incrementally as we go forward.<\/p>\n

Neetish Sarda<\/strong><\/p>\n

So I think our supply acquisition strategy is to go deeper in micro markets. Where we are seeing most of the. Demand coming from our existence. I think they are the first level. Of check where essentially before going into any of the new centers we get a sense of where is the expansion coming in from our existing customers which is allowing us to go towards that expansion. It necessarily doesn’t mean that there is a pre commitment from the customer on. The building the day we sign it. But it is an indicative commitment towards.<\/p>\n

Where their business is growing. How you should look at this detail. Is with the number of months that. It’S taken us despite the larger buildings that we have taken. So despite taking up 4500 600,000 square. Foot buildings, we’re still able to get to that maturity mark within the first 12 months itself, which is what we’re continuously demonstrating across all the small mid and large formats of centers that smartworks is taking. So there’s necessarily not a back to back deal that we go after, but.<\/p>\n

It is an indicative demand from our. Existing customers which in most of about. Most of the cases does get converted. Just because of the value proposition that we’ve given back to our customers.<\/p>\n

Pradeep RS<\/strong><\/p>\n

Thanks for the clarification. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen. In order to ensure that the management will be able to address all the questions from the participants in the conference call, we request you to kindly limit your questions to per participant. If you have a follow up question, please rejoin the queue. Again the next question is from the line of Murtuza Arsewala from Kotak Securities. Please go ahead.<\/p>\n

Murtuza Arsiwalla<\/strong><\/p>\n

Yeah, hi, congratulations. Just one question, just again further delving into that other revenue outside of the lease rental. Could you be able to give us. A sense of what would be the. EBITDA flow through in the adjusted ebitda. From that 60 odd crore? So what would be the approximate EBITDA against that?<\/p>\n

Neetish Sarda<\/strong><\/p>\n

So I think if you break that. Down, SaaS obviously has a certain margin. That you work on. If you look at the ancillary revenue. That is coming in murtaza, that doesn’t. Attach a lot of cost to it. Those costs are already, we don’t track it separately because those are usually the. Building cost which would be included in. The electricity rentals and some of the. Other aspects of the building itself. So to bifurcate that might be difficult. Having said that, you know, just to. Reiterate what we had mentioned earlier.<\/p>\n

These ancillary revenues are not something that. Is, you know, this happened this quarter. It is something that is continuously growing. It will automatically be there because of. The high occupancies that are there in the building. Most of the revenue comes from services. Which are dispatched within the building on. A day to day basis. Things like food, parking, Internet which is. Consumed by the users on a day to day basis. So giving a separate number and it. Might be a little difficult. What we can say is that the.<\/p>\n

Take rate is what we account for. And not the entire revenue. The actual entire revenue would be about. The GMB for this would be about. At least 8 to 9 times of. The figure that we’ve reported because our. Average take rate is between 10 to 12%.<\/p>\n

Murtuza Arsiwalla<\/strong><\/p>\n

Okay. But most of that piece, the ancillary is all recurring. There is not too much for non. Recurring in this quarter. Just because that number looks disproportionately higher compared to the base periods is the reason I’m checking.<\/p>\n

Neetish Sarda<\/strong><\/p>\n

No, absolutely. And that’s because of increased occupancy and increased footprint. I think both of them will automatically drive. You’ll see these numbers continuously grow up, go up.<\/p>\n

Murtuza Arsiwalla<\/strong><\/p>\n

Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Vandit Jain from Sage One Investments. Please go ahead.<\/p>\n

Pradeep RS<\/strong><\/p>\n

Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, please repeat.<\/p>\n

Pradeep RS<\/strong><\/p>\n

Yeah. Strong quarter, strong numbers. My only question is on operating cash flows. So in H1 our OCF was impacted by security deposits. So the current 101 crore of OCF that we have reported for Q3 is there any positive or negative impact of security deposits this time around?<\/p>\n

Anirudh Tapuriah<\/strong><\/p>\n

So as far as security deposit is concerned, we continue to pay security deposit for upcoming properties as well. So even in this quarter we have paid security deposit for our upcoming lois. So it’s a recurring part of our business where we continue to pay money for future.<\/p>\n

Harsh Binani<\/strong><\/p>\n

And on a more strategy basis we’ve also maintained the stance that our business is a cash flow focused business where OCF is always higher than ebitda driven by our negative working capital as well as strong enterprise collections. So from that perspective, while you might see quarter on quarter numbers move however sustainably, you will always see this greater than 1 and settle more in the range of 1.2amore long term basis.<\/p>\n

Yashovardhan Agarwal<\/strong><\/p>\n

Okay,<\/p>\n

Harsh Binani<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of panel Brahmabat from choice Institutional Equities. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, please present. Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So first of all congratulations for the healthy quarter of A considering the first ever report pat in this quarter which was supported by strong top line performance. So what is the management guidance or outlook for the top line performance or I can say reported pat margin for FY26 or FY27 if you can share some guidance on that. So that would be very helpful.<\/p>\n

Harsh Binani<\/strong><\/p>\n

Certainly. Thank you for the question. Structurally we’ve maintained we are in that high growth phase. What has been interesting about this quarter is the inflection where we are now firmly entering into compounding phase. So you can expect that our growth levels will continue be maintained over 25 to 30%. But this will be complemented with the margin growth which is higher than that. And you will also start to see our OCF and our ROCE numbers continue to jump up. So while we do not wish to comment specifically on the FY27 numbers, but the 4,700 crore committed rental revenue and a growing proportion of our portfolio becoming mature will give the confidence that this structural change will continue to improve our overall numbers quarter on quarter.<\/p>\n

Thank you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And we also notice that brokerage percentage of revenue from lease rentals increase in the this quarter like 2, 3.5% and from 2.5%. So what is this sustainable level for this brokerage percentage of considering percentage of revenue and what is the management guidance for upcoming quarters?<\/p>\n

Harsh Binani<\/strong><\/p>\n

So on a brokerage cost, first structurally we want to mention that you’ve seen a sharp drop over the last three years where the numbers were close to about 4.7% and in the recent quarter this has gone down to 2.5%. We expect that this operating leverage and the margin expansion we’ve seen because of our cost of acquisition coming down largely driven by our strong franchisee lot of multi city expansions, we will continue sustaining a similar trend. Of course on a quarter on quarter basis you might see fluctuations given as a result of some of the new large deals that are getting signed up.<\/p>\n

But structurally the numbers that we’ve shown as a trend over the last three years will continue to hold. Good.<\/p>\n

Anirudh Tapuriah<\/strong><\/p>\n

And we’ve also given these details on page 31 of an investor presentation.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay, great, great. Thanks for the answer. That’s it for myself.<\/p>\n

Anirudh Tapuriah<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pal Balar from Trinetra Asset Managers. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Thank you for giving me the opportunity. I wanted to ask you like. As we are going to increase the GCC client revenue contribution, so could you. Please explain, explain me how it is. Different from enterprise client and GCC client in terms of price per seat and the margin profile or it is just mainly occupancy driven?<\/p>\n

Neetish Sarda<\/strong><\/p>\n

It is mainly occupancy driven from depending on where the demand is coming from. The demand in real estate in India. Is Now shifting towards GCCs which are coming and taking up this proportion. If you look at last year almost 80 million plus square foot of absorption of office was there which was driven through the GCC clients. I don’t think there is price differentiation. Between a GCC or a large enterprise coming and taking up space. Smartworks has always priced itself at a value price so that people who are looking at long term commitments with thousand plus seater deals are where our focus is on.<\/p>\n

So I don’t think that pricing really changes. It’s only our ability to capture the new demand which is coming into the. Market and you will see that that percentage as a total revenue has already increased to 15 plus percent. And you’ll see those numbers continuously grow up while we capture more and more demand from the GCCs coming into India.<\/p>\n

Harsh Binani<\/strong><\/p>\n

And the interesting nugget about GCCS is that Unlike typical enterprises, GCCs are setting up permanent operating centers leading to significantly larger campuses and longer tenures. And we are also seeing a lot of Pan India expansion as they continue to scale up. So from that perspective, the earnings quality of a GCC is significantly better than any typical enterprise. Hope that answers the question. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Sumit Kumar from JM Financial. Please go ahead.<\/p>\n

Sumit Kumar<\/strong><\/p>\n

Hi, good afternoon and congratulations on a good set of numbers. Happy New Year to your team as well. My first question is on the revenue growth. If I look at the operational or the leased footprint as well as the occupied number that has gone up BY let’s say 21% for the occupied base. But revenue has grown at about 34% so it entirely led by the other income portion or there has been some increase in the average revenue per seat as well for the quarter on a YY basis.<\/p>\n

Neetish Sarda<\/strong><\/p>\n

So Sumit, as you would have seen our retention rate in the last quarter. Was down to 72%. So there is obviously a natural growth in revenue of about 5% which is contractually with the companies that are coming in, which is reflecting there. Plus I think our overall occupancies have. Gone up to from 80% to 84% which is also driving most of this revenue. Plus the retention rate last quarter was at 72% which has now increased again. It means that we were able to reprice some of the deals that were there in Covid which were at much lower numbers which we were able to reprice Again.<\/p>\n

I think the ancillary revenue that you are seeing is, is something that will sustainably grow at the pace at which it is growing. FAS is the only new vertical which is added. And as a contribution in this quarter. FAS only stands at about 27 crores. So if you look at the operating. Margins from the business or operational revenue. From the business, we would consider the ancillary revenue generated from the building as. Well as the new seats which are. Added as well as occupancies of or rerating of our existing centers where we were able to get better numbers from our from our existing inventory.<\/p>\n

All of them contributing towards the higher margin.<\/p>\n

Sumit Kumar<\/strong><\/p>\n

Sure, fair enough. My second question is on the pipeline There is about 4 million odd which is under LOI or term sheet. Any risk you see of those maybe falling off or what will be the conversion ratio that the management would like to guide us on and by what timeline would these 4 million come and become commissioned or operational?<\/p>\n

Neetish Sarda<\/strong><\/p>\n

So Sumit the next growth, the 4. Million that you are seeing is our. Growth throughout FY27 and FY28. You know, this is something that is. Taking care of almost the entire requirement that is coming in till FY28. These are deals which are already signed, executed, certain things are under LOIs and term sheets till the time the building doesn’t get to a certain stage or. You know, certain tenant improvements need to be done in the building where that is when it will get converted. But the deals are already secured where the formal documentation has happened to a.<\/p>\n

Level where there are certain condition precedents. Before we go ahead and finalize the final terms on those buildings. So we’re just waiting for those condition precedents. So these, the visibility that we have. Given towards 15.6 is on the deals. That are we are certain is going through. And this takes care of our entire requirement through FY27 and almost 80, 85% of our requirement through FY28. So supply is not an issue for our growth, for SmartWorks growth anymore. It is only our our ability of executing continuously through the next few quarters.<\/p>\n

Harsh Binani<\/strong><\/p>\n

And historically Sumit, our falloffs have been very limited. And what has structurally changed in our business in the last nine months and particularly more so post IPO is that the supply tie up has become even stronger. And courtesy our strong institutional partnerships with leading developers in each of the cities we are present in alongside our network of non institutional developers that we’ve cultivated over the last few years, we continue to see this relationship getting elevated to the next level.<\/p>\n

And as Nitish rightly pointed out, supply will drive a lot of new growth. But the fact that it is all certain and our model is very scalable augurs well for our future growth outlook. Thanks again.<\/p>\n

Sumit Kumar<\/strong><\/p>\n

Sure. Okay, I’ll come back in the Q5 more.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Yashes Gilganji from Bob Capital Markets Ltd. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Dean, good afternoon. Thank you for taking my questions. With 35% of your revenues now coming in from tenants leasing greater than 1,000 seats, I’m trying to get a sense of the risk to occupancy when such a trend vacates. So. So do you expect such tenants to renew their contracts and if so, how many times before they decide to lease directly with the landlord? And in your view, how many of these tenants do you expect to stay on after the end of the knock in period?<\/p>\n

Neetish Sarda<\/strong><\/p>\n

Sure. So Yashas, if you look at 1000. Plus seater deals, these are not short term requirements that are coming. These are 1000 plus seater deals on. An average have tenure of over 50 months. And this has continuously been increasing. In fact, if you look at the. Tenures from FY 22,000 plus seater deals which were 12% of our revenue on. An average at 42 months 10 years, those tenures have increased to 52 months. And the lock in period for these. Tenures have also increased in the same fashion. While 1000 might seem like a big.<\/p>\n

Number, but if you look at the. Size of buildings that smartworks is also. Taking thousand seats in, most of our larger building formats would be single digit occupancies only. It is not like we are doing. Back to back deals where the occupancies for these centers are at risk because a client moving in reduces your occupancy to from 800 or 90 to single digits. It’s actually only a small portion of the occupancy risk. Second, we also have notice periods with. Most of these customers in place. Even if they want choose to move out, there is a six month notice.<\/p>\n

Period, six to eight month notice period that they need to give before they can actually move out. In that time we are able to. Refill those centers despite having a 93% retention rate which we think is going to continue at 85 plus percent even. If they move out. For us to refill that center, we have enough ample time to find an alternate tenant to come and fill up that center also. So 1000 plus seater is more stable because it’s more long tenured. It is not because it’s just a. Large deal and it’s short tenure.<\/p>\n

And we have to start, we have to keep selling those thousand seats every year.<\/p>\n

Anirudh Tapuriah<\/strong><\/p>\n

And for more details as such, you can also Refer to page 18 of our investor presentation.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, understood. And my next question, and sorry Dean, to keep going on about this is on other operating revenues I see that they have actually jumped Citizen. Like if I were to just take an average about 4.3% over FY23 to 25 and 6.2 in FY25, it’s about 14% as of 3Q26. So I’m just trying to understand what. I mean, you did speak about what is driving this. How do you expect this to this other operating income or other operating revenues to trend going forward? Or is that not the right way. To think about it?<\/p>\n

Neetish Sarda<\/strong><\/p>\n

So if you look at it from. The financials of the company’s point of view, it is only driven, it’s still. At about 4.3% today from the revenues. Of ancillary revenues that we are generating. The 27 crore vast vertical is something that we’ve fit out as a service vertical was something that we started only. This year and that is contributing the additional 2.1% on the entire revenue. But if you look at the growth. In other income, it is mainly driven because of higher occupancies. The 4.3 which is from our vast.<\/p>\n

Value added services in the buildings of. SmartWorks that continues to grow. What is different from last year is last year the fast number was much much smaller. This year that fast number is increased. In this particular quarter it Is at about 27 crore. But the ancillary revenue remains stable. So the additional amount of 2% that. You’Re actually seeing is only from the fit out as a service vertical that we are generating.<\/p>\n

Anirudh Tapuriah<\/strong><\/p>\n

And another point, they also reported that our monthly committed revenue that is also touched 150 odd crores on a monthly basis.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Aditya Shah from Sunidi securities and Finance. Please go ahead.<\/p>\n

Aditya Shah<\/strong><\/p>\n

Hi team. I just had one small question. You have a large foreign investor named keppel land with 14.91% stake. Could you give us an idea about how this stake will be monetized in future?<\/p>\n

Harsh Binani<\/strong><\/p>\n

Thank you. Aditya Keppel continues to be a long term supportive shareholder who has invested in from their balance sheet in 2019. We’ve reached out to Keppel and they’ve mentioned that there are no immediate plans for them to sell. Of course, like any other institutional investor, they might evaluate opportunities in the future. However, this action would be orderly and not disruptive in any way.<\/p>\n

Aditya Shah<\/strong><\/p>\n

Okay, thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Yashvardhan Agarwal from IIFL Capital Asset Management limited. Please go ahead.<\/p>\n

Neetish Sarda<\/strong><\/p>\n

Yes,<\/p>\n

Operator<\/strong><\/p>\n

Please proceed.<\/p>\n

Yashovardhan Agarwal<\/strong><\/p>\n

They are high team. Good morning and congratulations on good set of numbers. So two questions from my side. First, could you please elaborate on the smartphone page as an offering? I know you have mentioned it in your letter but still if you elaborate that what exactly is the offering and how does it play smart work differently versus other planned office space? And on the similar line, is this problem for the DCCs that we are trying to solve or is it just a complementary offering that we are providing them?<\/p>\n

That would be my first question.<\/p>\n

Harsh Binani<\/strong><\/p>\n

Certainly. Thanks a lot Yash for that question. SmartVantage addresses a very core GCC problem which is of speed, compliance and execution at scale. So far our offering was limited to workspaces, but SmartVantage takes it a level further. By where we become a one stop solution and offer ready to operate campuses with all the regulatory and technology and partner support enabling GCCs to go live in just six to eight weeks. Typically during that period they are also evaluating where to expand and how their India operations is settling.<\/p>\n

So therefore we believe that smartworks because of its pan India footprint and our campus strategy allows us the flexibility of taking care of both their national needs as well as going live very quickly and scaling up also very aggressively with us as that need firms up. This is where we clearly distinguish from any other provider and we see a very promising outlook in future for gccs.<\/p>\n

Yashovardhan Agarwal<\/strong><\/p>\n

Okay, and how do we plan to monetize it?<\/p>\n

Harsh Binani<\/strong><\/p>\n

Currently our workspace offering will not see any change. We will continue to get that annuity revenue from gccs for all the partner LED services which are going to be offered by our partners to these GCCs similar to our VAs, we will be having a take rate which will flow straight to our bottom line. So you will see the GCC is coming in not only expanding our workspace revenue but also our other take rate revenue.<\/p>\n

Yashovardhan Agarwal<\/strong><\/p>\n

Got it. That is helpful. My second question is on the retention rate. So could you please share the retention rate across different seat cohorts that what is it for the thousand plus seats versus say below thousand and how has that been across the years? And second question would be what are the nature of the clients that we are acquiring? That is how much of them are coming from switching to switching from the existing Flex players and how much are coming to smartphones as their first choice?<\/p>\n

Neetish Sarda<\/strong><\/p>\n

Maybe let me start answer with the second question first and then I’ll hand. It over to Anurag. To answer the first question, most of the demand in SmartWorks is actually coming from enterprise clients. It’s a unique sets of clients which are moving into smartworks who look at traditional offices as an alternate. The reason that smartworks is able to get much long tenures and the size of deals that they’re getting is because people are looking at smartworks as an alternate to traditional offices rather than moving.<\/p>\n

From. Any other Flex player into a smart work setup. If you look at the expansion, the. Reason that most of these clients are. Expanding also with multi city deals with Smartworks is about 35%. It means that once they come into. The ecosystem they go ahead and grow across multiple geographies. And if you look at our focus. 95% plus of our revenue actually comes. From enterprise large enterprise clients. So while we have over 200,000 seats. As we speak, but it only comes. Straight with about 750, 760 plus clients.<\/p>\n

It doesn’t, you know, we don’t have. Thousands of clients, 2,3000 clients who are. Occupying these number of seats. It’s only 760 seats. So they’re more sticky in nature, more permanent, more predictable and are looking at smartworks as an alternate to traditional offices rather than, you know, moving complex.<\/p>\n

Anirudh Tapuriah<\/strong><\/p>\n

And just to your question with respect to retention, I would just like to give a breakup with respect to how is revenue forming on the lease rental side. As you mentioned, 1,000 plus is 35% plus offer lease rental revenue between 300 to 1,000. It is approximately 32 to 33% of our revenue. That is why 300 plus actually becomes a very large base at around 70 odd percent. And as far as retention is concerned, we continue to track and evaluate retention at a company level because bulk of our clients are actually enterprises as Mitish mentioned is at 90%.<\/p>\n

So that is why we track retention on a company level basis and not on a seat cohort level basis.<\/p>\n

Yashovardhan Agarwal<\/strong><\/p>\n

Got it. And if I could ask the last question, that would be on the absolute CapEx number for next two years for FY27 and 28.<\/p>\n

Harsh Binani<\/strong><\/p>\n

Sure. We have maintained consistently that going forward for maintaining our 25 to 30% growth rate, we will continue being self funded prior to IPO. The capital that was raised 500 crores is already generating very healthy cash flows. We are yet to fully utilize the IPO proceeds that we had raised. So that will also meaningfully help us add our CapEx capacity over the next few years for 2 and a half to 3 million square foot addition every year. We envision a CapEx of 350 to 400 crores every year for which the company is very well capitalized and external capital raise will not be required.<\/p>\n

Yashovardhan Agarwal<\/strong><\/p>\n

Thank you so much and thank<\/p>\n

Harsh Binani<\/strong><\/p>\n

You. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Siva Prakash B from I thought bms. Please go ahead. Shiva Prakash, please proceed with your question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, please proceed.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Hi sir. So you had mentioned that you were planning to expand by 3 million square feet per year. So could you please give me more info about where these new centers are going to be expanded. Like are you planning for a more tier 1 based expansion or tier 2 based expansion? And also could you talk about your Singapore center if you’re planning to expand on the same.<\/p>\n

Neetish Sarda<\/strong><\/p>\n

So if you look at our expansion to 3 million square foot is something. That we’ve already locked in for the year for FY27 and for FY28, majority of the growth is dividend tier 1 cities in India where we are going ahead and consolidating our leadership position. In most of the larger cities where SmartWorks is present, we have grown across. Cities like Mumbai, Pune, Bangalore, Hyderabad. If you refer to our page 15 of the of our presentation, you will see how this is distributed across almost all the major cities and how we’re consolidating our position and leadership position in all of these cities.<\/p>\n

So most of it is going to. Be driven through the Tier one expansion itself where we are seeing deeper interest, deeper demand coming in from large enterprise clients. As far as Singapore is concerned, it. Was more of a strategic presence. Realizing that demand in India comes from. Large enterprises who have their headquarters based out of in Southeast Asia, based out of Singapore. We wanted to be closer to the decision makers. There is no immediate requirement for us. To increase our base in Singapore.<\/p>\n

It was mainly to create a presence so that we are closer to the decision makers. And I think it’s turned out very well for the company because we are. Seeing those synergies flow through the demand which is coming to us from Singapore. To India as well as from India. To Singapore<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And Singapore is<\/p>\n

Neetish Sarda<\/strong><\/p>\n

Profitable for us within for the past few quarters.<\/p>\n

Harsh Binani<\/strong><\/p>\n

And it has margins higher than India typically. Thank you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. And are you planning to focus more on Tier 2 going forward as your competitors are planning or how is it going to be?<\/p>\n

Neetish Sarda<\/strong><\/p>\n

We’re seeing India is about 90 plus percent of India’s demand actually comes from. The top nine cities. Our focus is to go deeper with. The campus style, large setups that we have. Tier ones will always dominate it because getting an 800, 900,000 square foot building is something that will be available in Tier 1. Tier 2, the volume of such campuses might be much, much smaller. So while you will see smart works entering into new cities, we are present in 60 or two cities already as we speak. But I think the Tier one will.<\/p>\n

Have a disproportionate growth just because of. The size of properties that are available. In these locations and the smart work strategy of taking up full large campuses buildings, which is unique to our model, which is what keeps our focus more on Tier one.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. So yeah, thank you for that.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all the participants, you may press Star and one to ask a question. As there are no further questions from the participants. I now hand the conference over to Mr. Harsh Binani for the closing comments. Thank you. And over to you sir.<\/p>\n

Harsh Binani<\/strong><\/p>\n

Thank you very much for patiently hearing us for the last hour and we look forward to continue engaging with you. Our team remains available to answer any questions. Hope you do get the time to go through the exhaustive collateral material that we’ve uploaded, our shareholder letter, as well as the earnings presentation. And here’s wishing all of you a very happy New Year again and look forward to a great year for the company and interacting more with you. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much on behalf of JM Financial Institutional securities limited that concludes this conference. Thank you for joining with us today and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Smartworks Coworking Spaces Ltd (NSE: SMARTWORKS) Q3 2026 Earnings Call dated Jan. 16, 2026 Corporate Participants: Neetish Sarda \u2014 Managing Director Harsh Binani \u2014 Executive Director Anirudh Tapuriah \u2014 Chief of Strategy and Investor Relations […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-181723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":181723,"position":0},"title":"Infosys 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