Awfis Space Solutions: Sustained growth outlook
Financial Express Delhi|December 24, 2024
• 35% CAGR in seat additions during FY24-27 projected

• 35% CAGR in seat additions during FY24-27 projected

IN H1FY25, AWFIS Space Solutions (Awfis) achieved two key FY25 guidance targets: over 30% revenue growth and an IGAAP (Indian generally accepted accounting principles) Ebitda margin exceeding 12%. With a total operational and committed pipeline of 150,649 seats as of September 2024, we anticipate sustained growth ahead. We project a CAGR of 35% in seat additions, 31% in revenue, and 53% in IGAAP Ebitda (post-lease payments) over FY24-27E. Consequently, we maintain a Buy rating with a revised TP of ₹1,049. Key risks: A slowdown in office leasing activity and intensified pricing competition.

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