Smartworks Appoints Two Independent Directors To Strengthen Its Board

Smartworks appointed former whole-time SEBI member Rajeev Krishnamuralilal Agarwal as an additional non-executive and independent director. The company also recommended Justice (retired) Dilip Deshmukh for the same role, pending shareholder approval, according to a BSE filing.

Agarwal, an IRS officer from the 1983 batch, oversaw key policy and regulatory functions at SEBI, including mutual funds, foreign portfolio investments, market intermediaries, surveillance, and enforcement. He already serves as independent director on the boards of ACC and One97 Communications, among others. Deshmukh brings four decades of legal experience, having chaired the company law board (now NCLT) and served as a Chhattisgarh High Court judge.

Smartworks said the appointments would bring expertise across capital markets, financial regulation, corporate governance, and judicial and corporate adjudication. For a coworking operator scaling into Singapore and expanding its managed office footprint, the board additions reduce regulatory and governance risk. The company recently acquired Singapore-based WorkStudio and opened a managed office at Manulife Tower in the city's Central Business District.

On the financial side, Smartworks swung to a consolidated net profit of ₹16.6 crore in Q4 FY26 from a loss of ₹8.3 crore a year earlier. Operating revenue jumped 45% to ₹519.7 crore.

The company operates 66 centres across 15 cities in India and Singapore, spanning 16.1 million square feet. Clients include Google, Philips, Groww, L&T, Mahindra Logistics, and MakeMyTrip.

Shareholder approval for Deshmukh's appointment is the next milestone. A rejection would delay the governance upgrade. The board already gains Agarwal's regulatory experience. Shares traded 2.65% lower at ₹476.25 on the BSE as of 12:20 IST Monday, giving a market capitalisation of ₹5,442 crore.