Innov8 Workspaces India Limited
vs. prev. close ₹55
52W High
₹55
52W Low
₹55
Market cap
₹1,399 Cr
IPO stage
No DRHP filed
CIN
U70100DL2019PLC351211
Price History
52W High
₹55
52W Low
₹55
About Innov8 Workspaces India Limited
Innov8 Workspaces is a PRISM/OYO-backed flexible workspace operator in the middle of a strong operating turnaround, with revenue and profitability both inflecting sharply upward and an aggressive, capital-efficient expansion roadmap, but the lease-heavy balance sheet and deeply negative retained earnings mean this is a growth story still working through its legacy losses.
Short Version :
Innov8 Workspaces India Limited (formerly OYO Workspaces India Private Limited) is a Delhi-headquartered premium flexible workspace and co-working operator, part of the PRISM group (formerly OYO), majority-owned (85.72%) by OYO Hotels and Homes Private Limited. On a standalone basis, FY26 revenue was Rs 201.31 crore, up 76% from Rs 114.46 crore in FY25, with PAT of Rs 13.75 crore (Rs 1.16 crore FY25). Book value stood at Rs 2.97 per share (Rs 2.42 FY25) with EPS of Rs 0.54 (Rs 0.06 FY25) and ROE of 18.21% (1.89% FY25). The company operated 58 centres at FY26-end (up from 42), expanding to 72 centres by July 2026, and completed the post-year-end acquisition of Vatika Business Centres Private Limited to build out its managed-office platform.
Why It Trades Where It Does :
Innov8 operates in India's rapidly expanding flexible/managed workspace segment, a category industry data shows has grown roughly 4x faster than overall office stock over the past five years, driven by hybrid work adoption and enterprises' preference for flexible lease commitments over owned real estate. The company's premium, capital-efficient, landlord-led-capex model (where landlord partners fund centre fit-outs) allows rapid network expansion without straining its balance sheet, and its backing by the PRISM/OYO group (present in 35+ countries) provides access to enterprise relationships, technology and AI-led operations capability that smaller standalone operators lack. FY26 showed a clear inflection: revenue nearly doubled, EBITDA (net of lease) grew 64.6% to Rs 49.37 crore, and the company turned solidly profitable after lease costs, though the business remains lease-heavy (Rs 423.23 crore of lease liabilities) and historically loss-accumulated, with retained earnings still deeply negative despite the recent turnaround.
Top Risk :
Despite FY26's strong profitability, accumulated retained earnings remain deeply negative at Rs (76.02) crore, reflecting a long history of losses that the company is only now working through.
Finance costs are high relative to profitability (Rs 69.97 crore in FY26), driven substantially by interest on lease liabilities and a sale-and-leaseback borrowing arrangement carrying an effective interest rate of 20.10%-33.35%, a materially expensive financing structure.
The business model is lease-intensive: total lease liabilities of Rs 423.23 crore dwarf actual bank/financial borrowings of roughly Rs 47.12 crore, meaning reported profitability is sensitive to occupancy and lease renewal/renegotiation outcomes across a large and growing centre network.
Trade receivables from related parties (Rs 17.92 crore) make up roughly 55% of total trade receivables, indicating meaningful reliance on intra-group counterparties for revenue realization.
The company has deposited Rs 14.00 crore with the Delhi High Court under protest in connection with litigation involving the company and other parties (Real Capital Towers Private Limited and another respondent); a disputed GST demand of roughly Rs 1.81 crore is also pending.
As a subsidiary within the PRISM/OYO group structure, strategic direction and capital allocation decisions (including inorganic moves like the Vatika acquisition) are made at the group level rather than independently by the India entity.
Top Opportunities :
Revenue grew 76% year-on-year and net profit after lease and tax grew nearly 12x, from Rs 1.16 crore to Rs 13.75 crore, evidencing a strong operating turnaround and improving unit economics as the network scales.
The operating network expanded from 42 to 58 centres during FY26 and further to 72 centres by three months after year-end, with a stated roadmap to 101 centres during FY2026-27, indicating continued aggressive, capital-efficient growth.
The post-year-end acquisition of Vatika Business Centres Private Limited (now a wholly-owned subsidiary) expands Innov8's enterprise client base and gives it an established managed-office platform, a strategic step-up in scale and capability.
The company benefits from PRISM/OYO group backing, including access to enterprise relationships, balance sheet support, and AI-led operations technology being deployed across the network for pricing, occupancy and centre-level profitability management.
India's flex-office stock is forecast to continue outgrowing overall office stock, and management's strategy of disciplined expansion in high-density commercial clusters (Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Pune, Chennai) positions the company to capture this structural demand shift.
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Company Details
Industry
Real Estate
Founded
2019
Headquarters
New Delhi, India
Min Lot Size
1
Face Value
₹1.00
Total Shares
254343610
Regulatory Information
Corporate Identity Number (CIN)
U70100DL2019PLC351211
PAN Number
AACCO9563F
ISIN
INE1DBW01022
Key Valuation Ratios
Valuation
Market Cap
₹1,398.89 Cr
P/E Ratio
101.77×
P/S Ratio
6.95×
P/B Ratio
18.54×
EV / EBITDA
7.88×
Returns & Per Share
ROE
18.22%
EPS
₹0.54
Book Value / Share
₹2.97
Solvency
Debt / Equity
0.43×
Interest Coverage
1.20×
Company Fundamentals
As of FY2026 Annual · updated 21 Oct 2026Gross Profit
₹201.31 Cr
EBITDA
₹180.66 Cr
Revenue Growth
75.89%
Profit Margin
6.83%
Performance Trends
4 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Earnings Per Share
₹ per share
Return on Equity
ROE %
Return on Capital Employed
ROCE %
Debt-to-Equity
0.43×
EBITDA Margin
89.74%
Interest Coverage
1.20×
Financial Statements
| Line item | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Total Income | ||||
| Revenue from operationsDisclosed | 36.87₹ Crore | 52.68₹ Crore | 114.46₹ Crore | 201.31₹ Crore |
| Other incomeDisclosed | 3.19₹ Crore | 2.54₹ Crore | 3.06₹ Crore | 38.9₹ Crore |
| Total IncomeDerived | 40.06₹ Crore | 55.22₹ Crore | 117.52₹ Crore | 240.21₹ Crore |
| Expenses | ||||
| Cost of goods soldDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Purchases of stock-in-tradeDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Changes in inventoriesDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Employee benefits expenseDisclosed | 2.09₹ Crore | 2.3₹ Crore | 3.89₹ Crore | 6.83₹ Crore |
| Finance costsDisclosed | 6.63₹ Crore | 12.76₹ Crore | 30.72₹ Crore | 69.97₹ Crore |
| Depreciation and amortization expenseDisclosed | 10.84₹ Crore | 20.39₹ Crore | 42.41₹ Crore | 96.7₹ Crore |
| Manufacturing expensesDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Operating expensesDisclosed | 13.53₹ Crore | 16.1₹ Crore | 33.76₹ Crore | 46.08₹ Crore |
| Other expensesDisclosed | 6.02₹ Crore | 8.06₹ Crore | 10.83₹ Crore | 6.64₹ Crore |
| Total ExpensesDerived | 39.11₹ Crore | 59.62₹ Crore | 121.62₹ Crore | 226.22₹ Crore |
| Profit | ||||
| Exceptional itemsDisclosed | 24.9₹ Lakh | 15.01₹ Crore | 93.8₹ Lakh | 0₹ Crore |
| Profit before taxDerived | 1.19₹ Crore | 10.61₹ Crore | -3.16₹ Crore | 13.98₹ Crore |
| Current tax expenseDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Deferred tax expenseDisclosed | 0₹ Crore | -27.08₹ Crore | -4.32₹ Crore | 23.8₹ Lakh |
| Tax expenseDisclosed | 0₹ Crore | -27.08₹ Crore | -4.32₹ Crore | 23.8₹ Lakh |
| Profit After TaxDerived | 1.19₹ Crore | 37.69₹ Crore | 1.16₹ Crore | 13.75₹ Crore |
| Other comprehensive incomeDisclosed | -10₹ Thousand | -4.9₹ Lakh | -12.2₹ Lakh | 1.1₹ Lakh |
| Total Comprehensive IncomeDerived | 1.19₹ Crore | 37.64₹ Crore | 1.04₹ Crore | 13.76₹ Crore |
Documents Library
Access all financial reports and filings
Private Placement of Innov8 corporate_action Company allotted 1,09,75,610 EQ at ₹41 per share to InCred Wealth via private placement, raising ₹45 crore.
Private Placement of Innov8 corporate_action Company allotted 1,09,75,610 EQ at ₹41 per share to InCred Wealth via private placement, raising ₹45 crore.
Private Placement of Innov8 corporate_action Company allotted 1,09,75,610 EQ at ₹41 per share to InCred Wealth via private placement, raising ₹45 crore.
Private Placement of Innov8 corporate_action Company allotted 1,09,75,610 EQ at ₹41 per share to InCred Wealth via private placement, raising ₹45 crore.
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Valuation Report of Innov8 others Valuation Report
Valuation Report of Innov8 others Valuation Report
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Current Price
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About Innov8 Workspaces India Limited unlisted shares
Indicative · updated dailyInnov8 Workspaces India Limited unlisted share price today
Innov8 Workspaces India Limited unlisted share price today is ₹55 as of 21 October 2026.
Innov8 Workspaces India Limited — frequently asked questions
- What is the grey market price for Innov8 Workspaces India Limited?
No IPO is currently announced for Innov8 Workspaces India Limited, so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has Innov8 Workspaces India Limited filed for an IPO, and when might it list?
Innov8 Workspaces India Limited has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does Innov8 Workspaces India Limited compare to its listed peers?
There is no closely comparable listed company for Innov8 Workspaces India Limited in India today.
- Is Innov8 Workspaces India Limited on the SME or Mainboard IPO track?
Innov8 Workspaces India Limited has not filed a draft red herring prospectus, so no IPO track is set yet.
- What is Innov8 Workspaces India Limited's CIN and registered office?
Innov8 Workspaces India Limited's Corporate Identity Number is U70100DL2019PLC351211, registered at New Delhi, India.
- What is Innov8 Workspaces India Limited's market capitalisation?
Innov8 Workspaces India Limited's market capitalisation is approximately ₹1,399 crore, based on its current unlisted share price.
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