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Nirmal Bang Report
Nirmal Bang Institutional Equities has reiterated its ' Buy' rating on AWFIS Space Solutions Ltd. and has set a target price of Rs 386, implying a potential upside of 52% from the reports current market price of Rs 254.
Following a recent interaction with management, the brokerage said the worst appears to be behind the company as it pivots toward premium Grade A and Grade A+ workspaces. Awfis is increasingly focusing on its higher-end Gold and Elite formats, which now account for around 15% of its portfolio and are expected to support better realizations and profitability over time.
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According to the brokerage, occupancy remains the key earnings lever for the company. While blended occupancy currently stands at around 76%, affected by a one-off client exit involving roughly 3,500 seats, mature centres are already operating at about 83% occupancy. Management is targeting occupancy levels of 88-89%, which could drive meaningful operating leverage and margin expansion.
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