Tablespace Technologies IPO

Strengths · 7

• 01Revenue from operations grew at a CAGR of 58.00%, from Rs 906.22 crore in FY2024 to Rs 2,262.29 crore in FY2026.
• 02Normalised EBITDA rose from Rs 108.73 crore in FY2024 to Rs 453.80 crore in FY2026, and its margin moved from 10.00% to 18.32%.
• 03Net cash flow from operating activities was Rs 1,463.63 crore in FY2026 and positive in all three years.
• 04Net Debt to Normalised EBITDA fell from 2.61 times in FY2024 to 1.00 times in FY2026.
• 05Leased Area grew from 5.05 million square feet in FY2024 to 9.33 million square feet in FY2026, with committed occupancy at 81.41%.
• 06The company is the largest benchmarked operator by Leased Area of 9.33 million square feet, per the CBRE report.
• 07Suites segment revenue grew from Rs 3.54 crore in FY2024 to Rs 361.94 crore in FY2026, adding a second product line to managed space.

Risks · 10

• 01Net worth is negative at Rs -761.08 crore as of 31 March 2026, against Rs 510.13 crore positive in FY2024.
• 02The company made a loss after tax of Rs 403.35 crore in FY2026 and Rs 1,554.11 crore in FY2025.
• 03Most revenue comes from facilities in Bengaluru, Pune and Gurugram, so a local slowdown can hurt results.
• 04The ten largest clients gave 35.62% of revenue in FY2026, and most of them operate in the technology sector.
• 05A few landlords account for a significant share of the Leasable Area, so a dispute with one can affect many sub-leases.
• 06The company must pay lease rentals to landlords even if clients leave early, and must manage the match between its liabilities and client leases.
• 07Part of the offer is an offer for sale of up to 6,54,75,432 shares, whose money goes to the selling shareholders and not to the company.
• 08The balance of the fresh issue after Rs 550 crore of debt repayment is for unidentified acquisitions and general corporate purposes, which are not specified.
• 09Preference shares of 22,118,300 held by the late Amit Mono Banerji, about 22.14% of the pre-offer capital, are in legal proceedings involving Sarita Banerji.
• 10Directors face 6 criminal and 6 tax proceedings, with Rs 436.25 crore of aggregate amount involved.

Tablespace Technologies Limited, based in Bengaluru, is a managed workspace operator. It takes Grade A office buildings on lease from landlords and sub-leases them to enterprise clients as bespoke offices on long-term leases. As of 31 March 2026, it had 176 facilities across nine cities, and all its operations are in India.

Its clients are mainly Fortune 500 companies, global capability centres and other multinationals headquartered outside India. They come from technology, banking, financial services and insurance, engineering and manufacturing, research and consulting, and infrastructure, real estate and logistics.

The company earns from three lines. Managed space gave Rs 2,114.41 crore of segment revenue in FY2026. Suites, a ready-to-move-in product for quick or fast-scaling needs, gave Rs 361.94 crore, up from Rs 66.31 crore in FY2025. The third line is hospitality and food and beverage under TS Epicurean, which gave Rs 1.34 crore. The company also takes up design and build mandates separately from leasing.

On operations, the Leasable Area was 11.46 million square feet at 31 March 2026, against 9.93 million a year earlier. The Leased Area was 9.33 million square feet, and committed occupancy was 81.41%. The CBRE report names the company the largest operator among the benchmarked operators by Leased Area.

The ten largest clients gave 35.62% of revenue from operations in FY2026. The company says a significant part of its new clients come through international property consultants and brokers.

The company is promoted by Karan Chopra, Kunal Mehra, Sarita Banerji, KAM Advisors Private Limited and AGS TS II Holdings Pte. Ltd. Karan Chopra and Kunal Mehra are Co-Chief Executive Officers.

The industry

The CBRE report sizes the addressable market for flexible workspace operators at 330-350 million square feet and Rs 98,000-1,36,500 crore of rental value by 2028. Flexible operators took 18-23% of total leasing in the top nine cities in 2025, up from 12-17% in 2022. Flexible workspace stock in Tier-1 cities was 102-106 million square feet at the end of 2025 and is forecast to reach 162-166 million square feet by the end of 2028, a CAGR of about 16-18%. India has over 3,720 GCC units, the largest share of GCC units globally.

Customer concentration: Top 10 clients gave 35.62% of FY2026 revenue from operations (32.08% in FY2025 and 36.60% in FY2024).