Innov8 Workspaces India Limited

Innov8 Workspaces India Limited (formerly OYO Workspaces India Private Limited), a Delhi-registered flexible workspace operator, audited by Walker Chandiok & Co LLP with an unmodified opinion signed 29 July 2026. Business model Innov8 runs premium co-working and managed office centres in central business districts. Founded in 2015 by Ritesh Malik, Y Combinator-backed early on, it became part of the OYO group (now branded PRISM) in 2019. OYO Hotels and Homes Private Limited holds 85.72% as at 31 March 2026, down slightly from 88.29%. The core mechanic is landlord-led capex. Landlord partners fund the fit-out of each centre; Innov8 contributes the brand, demand generation, design and operations. That keeps capital deployed per centre low and is what lets them open centres at speed without stretching the balance sheet. Underneath it is a spread business: they take long leases (recognised as right-of-use assets against ₹4,232 million of lease liabilities) and re-let space on short, flexible terms. Customers run from startups to large enterprises, served on a single product ladder — flexible desks, then private offices, then fully managed workspaces — so a five-seat customer can scale to five hundred inside the network. Geography is deliberately narrow: Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Pune and Chennai, in locations like DLF Cyberpark, Connaught Place, Aerocity, Outer Ring Road and BKC. They explicitly say they are not chasing suburban volume. Revenue splits into rental/membership income of ₹1,735.68 million (86%) and other operational income of ₹275.87 million, the latter having grown roughly five-fold as ancillary and value-added services scale. Food and beverage is negligible at ₹1.55 million. FY2025-26 performance FY26 FY25 Change Revenue from operations ₹2,013.10 mn ₹1,144.55 mn +76% EBITDA (net of lease) ₹493.66 mn ₹300.00 mn +64.6% Profit after tax ₹137.45 mn ₹11.64 mn ~11x EPS (basic & diluted) ₹0.54 ₹0.06 — Operating centres 58 42 +38% Revenue has nearly quadrupled in two years while EBITDA (net of lease) roughly tripled — margin slipped from about 26% to 24.5%, which management attributes to 16 new centres being in ramp-up during the year. Network and expansion. 16 centres added during FY26 (42 → 58), then a further 14 in the three months after year-end, taking the count to

72Roadmap is 101 centres during FY2026-27, and expansion from 14 cities to 22, with Kochi, Coimbatore, Kolkata and Jaipur named. Post-year-end. The Vatika Business Centres acquisition closed 18 June 2026 under an SPA dated 8 June 2026 — ₹270 million consideration, 80% upfront and 20% deferred by three months, with ₹102 million paid at closing. It brings an established managed-office platform with enterprise clients on long-term commitments, plus a 12-month royalty-free licence to use the Vatika Business Centre trademarks. Balance sheet. Total assets ₹6,649.75 million; equity ₹754.49 million; borrowings ₹321.69 million; cash ₹80.89 million; receivables ₹327.69 million. No dividend recommended and nothing transferred to reserves. Three things worth reading carefully The profit is not operating profit. Other income of ₹388.95 million includes a ₹366.78 million gain on termination of lease contracts. Strip that one-off out and profit before tax of ₹139.83 million becomes a loss of roughly ₹227 million. The underlying business is still not covering its lease interest and ROU depreciation — the report's own "net profit after tax before leases" of ₹1,605 million versus ₹137 million after leases shows how much the lease stack consumes. Accumulated losses remain. Retained earnings are still negative at ₹760.18 million, improved from ₹897.74 million. Working capital is negative — ₹1,182 million of current assets against ₹2,062 million of current liabilities. Related-party revenue. ₹162.47 million of rental income, about 8% of the top line, came from related parties, up from ₹45.64 million. Given the OYO/PRISM ownership, that's a line to watch as the base grows.