India’s flex office sector ended FY26 at its strongest commercial footing yet, marked by robust revenue growth, expanding profitability, sustained occupancy levels, and increasing enterprise adoption, according to the Q4 FY26 Indian Flex Office Operators Report released by myHQ. All five listed operators grew revenue in double digits during the quarter, and WeWork India posted the highest quarterly profit ever recorded by a listed Indian flex operator. As India crosses the 100 million sq ft mark, the flex office sector is now building the infrastructure for how modern India will work and grow.

The sector witnessed continued expansion across major business hubs, with operators adding new centers and large-format campuses while maintaining healthy occupancy levels. The quarter underscored the industry’s transition from a growth-led model to a profitability-focused phase, supported by larger enterprise contracts, longer customer tenures, and rising demand for managed workspace solutions.

Commenting on the sector’s performance, Utkarsh Kawatra, Co-Founder & CEO, myHQ, said: “The sector has moved past the question of whether flex works as a business model. The results confirm it does. What we witnessed in FY26 was not merely expansion, but validation of the industry’s long-term fundamentals and path to profitability.  Global Capability Centres are now the single biggest demand driver, the average deal size has roughly doubled in two years, and customer tenures are lengthening. What we are watching now is which operators build the depth, in enterprise relationships, product mix, and managed services, to lead the next phase. India’s flex sector enters FY27 in a position of genuine strength.”

Revenue growth remained strong across listed flexible workspace companies during both the quarter and the full fiscal year. EBITDA margins improved significantly, reflecting stronger operational efficiencies and a maturing business model. Notable milestones from the period include:

• Smartworks became the first listed flex office operator in India to surpass the 10 million sq. ft. portfolio milestone, and led the sector on revenue growth at 45% year-on-year. Crisil now projects sector capacity at 140-145 MSF by FY28, with the investment case rated investment-grade for the first time.
• Awfis reported FY26 revenue of ₹1,493 crore, representing 24% year-on-year growth, while PAT increased 66% to ₹71 crore.
• WeWork India posted a ₹65.9 crore net profit in Q4, the highest quarterly profit ever recorded by a listed Indian flex operator and up 292% on the prior quarter, with revenue per member at ₹20,889 a month, nearly 2.3x the sector average.
• IndiQube crossed ₹400 crore in Q4 revenue, registering 35.2% year-on-year growth, and now draws 19.2% of its revenue from value-added services, the highest such share among listed operators.
• 73% of India’s office searches now target flexible workspace, with coworking searches generating nearly 5x the volume of traditional leasing queries. Meeting-room searches are up 187% over three years, virtual-office searches up 99%, and day-pass searches up 20%, per myHQ’s platform research.

Enterprise demand sits at the centre of this shift. Global Capability Centres accounted for a record 45.5% of all office leasing in Q1 CY26, and enterprise clients now contribute the majority of revenue across every listed operator.

Beyond the listed players, emerging operators, including BHIVE, DevX, CO-WORKS, and Table Space, continued to show strong operational momentum. BHIVE recently closed a ₹400 crore pre-IPO round and is targeting a 2027 listing.

Looking ahead to FY27, the outlook remains positive, supported by India’s growing GCC ecosystem, sustained corporate demand for flexible workplace solutions, and favourable policy and economic tailwinds. Industry projections point to 2,400+ GCCs and USD 100 to 110 billion in GCC revenue by the end of the decade, while WeWork India’s shareholder letter forecasts that one in three flex seats will be AI-focused by 2030. A recent government push toward hybrid and remote working arrangements has further strengthened demand for flex and managed offices, reinforcing India’s position as a preferred destination for domestic and multinational enterprises.