Buy Awfis Space Solutions; target of Rs 590: Choice Institutional Equities

Choice Institutional Equities is bullish on Awfis Space Solutions has recommended buy rating on the stock with a target price of Rs 590 in its research report dated February 03, 2026.

Broker Research

February 03, 2026 / 11:55 IST

Buy

Choice Institutional Equities's report on Awfis Space Solutions

AWFIS delivered a strong operational performance with a higher blended occupancy of 75%, increasing by 100 bps and 200 bps, QoQ and YoY, respectively. Higher occupancy level was supported by a favourable seat cohort mix, with over 500-seat cohort representing 36% of the total portfolio. EBITDA margin reached an all time high at 36.5% in Q3FY26 vs 36.1% in Q2FY26 and 33.8% in Q3FY25. AWFIS added 7,000 seats in this quarter.

Outlook

We have revised our target price for AWFIS to INR 590/share (INR 760/share earlier), implying an upside potential of 51.7%. Our revision reflects a combination of higher projected capex and lower PAT for FY26–28E. Additionally, we have applied a lower sectoral EV/Adjusted EBITDA multiple of 15x (16x earlier) to account for muted investor sentiment and subdued relative price performance of the office space sector.

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