While Smartworks demonstrates impressive revenue growth, scale, and operational efficiency, the company is currently in its growth phase and has yet to achieve profitability. Its fixed-lease model and high client concentration present certain risks in the near term.

Given the competitive landscape and the presence of already-profitable listed peers like Awfis, the brokerage firm believes it may be prudent to adopt a wait-and-watch approach.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)