Ashish Kacholia-Invested Awfis Space Solutions Turns Multibagger Within One Year Of Listing

Ace investor Ashish Kacholia-backed Awfis Space Solutions Ltd. is now a multibagger stock as the scrip rallied over 200% after its listing on May 30, 2024.

The scrip, however, has delivered a negative return of 8.96% on a year-to-date basis in 2025, while the return since listing stands at 238%. In the year so far, the share price recorded a high of Rs 760 on Jan. 8 and a low of Rs 571 on May 13. As of March, Kacholia owned a 2.51% stake in the company.

Awfis Space Solutions Ltd. is the largest flexible workspace solutions company in India, providing a wide range of flexible workspace solutions ranging from individual flexible desk needs to customised office spaces.

The share price of Awfis Space Solutions had risen to Rs 899 in August after listing. The analysts' take on the counter is upbeat, as all of the seven analysts covering the company have a 'buy' rating on the stock. With the target price set at Rs 935, the upside on the scrip is 41%, according to Bloomberg data.

Big brokerage names that give this counter a buy call include IIFL Securities, Nuvama Wealth Management, ICICI Securities and Choice Equity Broking, according to Bloomberg data.

Awfis Space Solutions Ltd. expects a 30% revenue growth in the current financial year, according to Chairperson Amit Ramani.

The company sold 53,000 seats in financial year 2025, up from 37,000 that were sold in the previous financial year, Ramani told NDTV Profit in an earlier conversation.

"If we were to add a similar number of seats this year, we have 135,000 that are live. If I include the under-fit-out seats and LOI I'm sitting at, I think roughly 152,000 seats," he said. "So, I have visibility of another 30,000 seats already sitting in the second month of the year, or the first quarter of FY26."

Asked about deal timelines, the managing director explained that a straight lease typically takes around a month to finalise.

"Once signed, it typically takes 60 to 90 days to build out an average centre. In strong micro markets, we can reach 85% occupancy within six months. In weaker ones, it may take up to 12 months to stabilise at that level," he explained. While the current blended occupancy is at 73%, there is scope for improvement as Awfis expands, Ramani said.

The company's services are offered to start-ups and small and medium enterprises as well as large corporates and multinational corporations. Over time, the company has evolved from a co-working space to an integrated workspace solutions platform.

The company has built capabilities to design, build, maintain and manage a wide range of flexible workspace requirements such as Awfis Transform and Awfis Care. It also provides allied services ranging from food and beverages, IT support services and infrastructure services such as storage, along with customisation to event hosting and meeting arrangements.