Kotak Initiates 'Buy' on Smartworks, Sees 17% Stock Surge to Rs 600 Target

• Kotak Institutional Equities initiated 'Buy' on Smartworks Coworking Spaces, setting a target price of Rs 600, predicting a 17% stock surge.
• Smartworks, a leading flexible workspace operator, saw its stock rally on Jan 2, settling at Rs 510.35 after a 4.5% jump.
• Kotak projects Smartworks' EBITDA to grow at a 38% CAGR (FY25-28E), with operational area expanding to 14.5 million sq ft and margins improving by 380 basis points.
• The company's new 810,000 sq ft Eastbridge Campus in Vikhroli, Mumbai, expected by mid-to-late 2026, will be the world's largest managed office campus.
• Smartworks reported a 27% revenue increase to Rs 1,409.67 crore in FY2025; all 5 analysts currently recommend a 'Buy' rating.

Why It Matters: Kotak recommends 'Buy' for Smartworks, forecasting a 17% rise due to strong growth prospects and market demand.