Ahead of its proposed IPO, Table Space has emerged as one of the largest players in India’s organised flexible workspace market, with FY26 revenue crossing the Rs 2,200 crore mark. The company ranked second among listed peers by revenue, behind WeWork India. Its operating profitability also improved during the year, although exceptional expenses continued to weigh on its bottom line. The company’s revenue from operations surged 66% year-on-year to Rs 2,262 crore in FY26 from Rs 1,360 crore in FY25, according to its consolidated financial statements accessed through the DRHP. Founded by Amit Banerji in 2017, Table Space provides customized workspace solutions to enterprises through its managed office and flexible workspace offerings. Rental income remained Table Space’s largest revenue contributor, with a 79% rise to Rs 1,232 crore in FY26 from Rs 687 crore in FY25. Income from lease rentals grew 46% to Rs 488 crore from Rs 333.59 crore. Other operating income, primarily related to lease arrangements, rose 42.8% to Rs 437.44 crore from Rs 306.42 crore. The remaining revenue came from construction contracts, sale of goods and restaurant operations. Other income, which primarily comprised interest from investments, bank deposits and securities, stood at Rs 255 crore in FY26. This took Table Space’s total income to Rs 2,517 crore in FY26 from Rs 1,562 crore in FY25. On the expense front, depreciation stood at Rs 820 crore, while finance costs amounted to Rs 469 crore. Together, the two expenses accounted for 54% of Table Space’s total expenditure. Facility management and common area maintenance expenses rose 80% to Rs 381 crore, while employee benefit expenses increased 56% to Rs 241 crore, which included Rs 56 crore of non-cash ESOP expenses. Other overheads, including rent, business promotion expenses, brokerage, legal and professional charges, also contributed to the overall cost base. As a result, total expenses grew 54.7% to Rs 2,383 crore in FY26 from Rs 1,540 crore in FY25. Meanwhile, Table Space’s EBITDA increased to Rs 1,168 crore in FY26 from Rs 622 crore in FY25, while its EBITDA margin expanded to 51.64% from 45.74%. Its ROCE also improved to 5.90% from 3.28%. The company spent Rs 1.05 to earn a rupee of operating revenue in FY26. Table Space recorded an exceptional loss of Rs 503.79 crore in FY26, entirely due to a fair-value loss on Compulsorily Convertible Preference Shares-A (CCPS-A). As a result, the company reported a net loss of Rs 403.35 crore, narrowing 74% from Rs 1,554.11 crore in FY25. However, profit before exceptional items and tax surged 677.6% to Rs 135 crore in FY26 from Rs 17.36 crore in FY25. In FY26, current assets rose to Rs 1,775 crore from Rs 1,247 crore, while cash and bank balances increased to Rs 70 crore from Rs 51 crore.Table Space competes with major managed workspace operators such as WeWork India, Smartworks, Awfis and IndiQube and others. In FY26, WeWork India led the segment withRs 2,440 crorein operating
