Table Space’s Growth in India’s Flexible Workspace Market

Table Space has become a prominent player in India’s organised flexible workspace sector ahead of its anticipated IPO, with fiscal year 2026 revenue surpassing Rs 2,200 crore. The company ranks second among its publicly listed competitors in terms of revenue, only behind WeWork India. Despite some exceptional costs impacting its overall profit, its operating profitability has shown improvement over the year.

Revenue Surge in FY26

For FY26, Table Space reported a remarkable 66% growth in revenue from operations, reaching Rs 2,262 crore up from Rs 1,360 crore in FY25, according to its consolidated financial statements available in the Draft Red Herring Prospectus (DRHP). Founded in 2017 by Amit Banerji, the company offers tailored workspace solutions for enterprises, featuring managed offices and flexible workspace options.

Rental Income as the Major Contributor

Table Space’s primary revenue source remains its rental income, which rose 79% to Rs 1,232 crore in FY26 from Rs 687 crore in FY25. Additionally, lease rental income grew by 46% to Rs 488 crore from Rs 333.59 crore. Other operating income, mainly related to leasing arrangements, increased by 42.8% to Rs 437.44 crore from Rs 306.42 crore. The balance of revenue was generated through construction contracts, sales of goods, and restaurant operations.

Other Income and Financial Growth

Other income, primarily made up of interest from investments and deposits, amounted to Rs 255 crore in FY26. This raised Table Space’s total income to Rs 2,517 crore for FY26, an increase from Rs 1,562 crore in FY25.

Expense Overview

On the expenses side, depreciation expenses were recorded at Rs 820 crore, and finance costs totalled Rs 469 crore. These two expenses combined accounted for 54% of Table Space’s total expenditure. Facility management and common area maintenance costs saw an 80% increase, reaching Rs 381 crore, while employee benefit expenses rose by 56% to Rs 241 crore, which included Rs 56 crore in non-cash ESOP expenses. Other overhead costs relating to rent and legal fees contributed to the overall expenditure. Consequently, total expenses climbed by 54.7% to Rs 2,383 crore in FY26 from Rs 1,540 crore in FY25.

EBITDA and Profitability

Table Space’s EBITDA grew to Rs 1,168 crore in FY26 compared to Rs 622 crore in FY25, while its EBITDA margin improved to 51.64% from 45.74%. The return on capital employed (ROCE) also saw gains, rising to 5.90% from 3.28%. The company invested Rs 1.05 to generate a rupee of operating revenue in FY26.

Exceptional Loss and Net Loss

The firm faced an exceptional loss of Rs 503.79 crore in FY26, primarily attributed to a fair-value loss on Compulsorily Convertible Preference Shares-A (CCPS-A). Consequently, Table Space recorded a net loss of Rs 403.35 crore, a significant reduction of 74% from Rs 1,554.11 crore in FY25. However, profit before exceptional items and taxes skyrocketed by 677.6% to Rs 135 crore in FY26 from Rs 17.36 crore in FY25.

Asset Growth and Competitors

In FY26, current assets increased to Rs 1,775 crore from Rs 1,247 crore, and cash and bank balances rose to Rs 70 crore, up from Rs 51 crore. Table Space faces competition from major operators in the managed workspace sector, including WeWork India, Smartworks, Awfis, and IndiQube. In FY26, WeWork India led the field with operating revenue of Rs 2,440 crore and a profit of Rs 75 crore, with Smartworks following at Rs 1,796 crore. Awfis and IndiQube also reported substantial revenues of Rs 1,493 crore and Rs 1,450.8 crore, respectively.