Buy Awfis Space Solutions; target of Rs 891: ICICI Securities

ICICI Securities's research report on Awfis Space Solutions

Awfis Space Solutions (Awfis) delivered another strong quarter with Q1FY26 revenue growing 30% YoY, while IGAAP EBITDA of INR 480mn grew 60% YoY and mature centre occupancy (>12 months) stood at 84%. As of Jun’25, Awfis had 140,000 operational seats, and it is on track to reach over 170,000 operational seats by Mar’26. It guides for FY26 revenue growth of 30%, in line with I-Sec’s estimate, and a marginal increase in IGAAP EBITDA margin. We estimate it to deliver 33% IGAAP EBITDA CAGR over FY25–27 and retain BUY with a revised TP of INR 891 (earlier INR 1,019), based on 20x Mar’27E (earlier 23x) IGAAP EBITDA of INR 3bn and adding net cash of INR 2.3bn.

Outlook

We retain our BUY rating with a revised TP of INR 891 (earlier INR 1,019) based on 20x Mar’27E (earlier 23x) IGAAP EBITDA of INR 3bn and adding net cash of INR 2.3bn.