Table Space FY26 revenue Rs 2,262 Cr, EBITDA up 88%

Table Space reported operating revenue of Rs 2,262 crore in FY26, up 66% from Rs 1,360 crore in FY25. Total income was Rs 2,517 crore. EBITDA rose 88% to Rs 1,168 crore from Rs 622 crore, lifting EBITDA margin to 51.64% from 45.74%. Profit before exceptional items and tax was Rs 135 crore, against Rs 17.36 crore a year earlier.

The same accounts support two different headlines. Entrackr led on EBITDA up 88%. The other framing available from the identical numbers is that net loss narrowed 74%, to Rs 403.35 crore from Rs 1,554.11 crore. Both are accurate and both describe one set of books. The bridge between them is an exceptional loss of Rs 503.79 crore in FY26, a fair value loss on CCPS-A, which turns a Rs 135 crore pre-exceptional profit into a Rs 403.35 crore net loss. Table Space filed its DRHP earlier this week.

On the revenue mix, rental income was Rs 1,232 crore, up 79%. Lease rental income was Rs 488 crore, up 46%. Other operating income was Rs 437.44 crore, up 42.8%, and other income added Rs 255 crore. On costs, depreciation was Rs 820 crore and finance costs Rs 469 crore. Facility management and common area maintenance came to Rs 381 crore, and employee benefits Rs 241 crore including Rs 56 crore of ESOP charges. Total expenses were Rs 2,383 crore, or Rs 1.05 for every rupee of operating revenue. ROCE improved to 5.90% from 3.28%. In FY26, WeWork India posted Rs 2,440 crore revenue and Rs 75 crore profit, and Smartworks Rs 1,796 crore.

The operator lesson sits in the gap between EBITDA and the bottom line. This is a leasing model, so depreciation of Rs 820 crore and finance costs of Rs 469 crore fall below the EBITDA line and swallow the entire Rs 1,168 crore. A 51.64% EBITDA margin on a business that still spends Rs 1.05 to earn a rupee of operating revenue is a reminder that the metric you lead with is a choice, not a fact.

If you are a brand preparing to raise, expect the same test on contribution margin. Investors reading a market where an operator shows 88% EBITDA growth and a Rs 403.35 crore net loss in one year will ask which costs you pushed below the line. Have that answer ready.