Commercials · 08
Value model
Every line applies a change to the thing that actually changes, not a percentage to whichever large number was available. Where the base is a figure held only by Table Space, the control opens at an estimate and is marked as requiring confirmation.
Assumptions
Controls without a disclosed mark are estimates requiring replacement.
Blended occupancy
Across all 176 facilities
82%
92.64 mature, disclosed
Enquiries per month
All channels, qualified and not
110
Estimate. Requires confirmation.
Enquiry to signed rate
Current, before any change
8%
Estimate. Requires confirmation.
Average deal size
Square feet per signed requirement
22,000 sq ft
Estimate. Requires confirmation.
Average contract term
Years, sets how much renews annually
3 yrs
Estimate. Requires confirmation.
Renewal rate
Trailing twelve months
85%
Estimate. Requires confirmation.
Marketing spend
As a share of revenue
1.2%
Estimate. Requires confirmation.
Yield spread
Rupees per sq ft per month below comparable
₹35
Estimate. Requires confirmation.
Centres below comparable
Within the stabilising cohort
20
Estimate. Requires confirmation.
Ramping centres influenced
Per year, of the ramping cohort
12
Modelling input.
Months of lease-up gained
Central case, banded either side
1 mo
Modelling input.
Incrementality haircut
Share of extra wins treated as truly new
50%
Modelling input.
What the assumptions derive
₹246
Revenue per sq ft per month, on occupied leased area
₹22,178
Implied per seat at 90 sq ft. Cross-check against the published ₹10k to ₹25k only. Deals here are floors and buildings, so square feet is the working unit
₹1.5 Cr
Revenue per month of an average centre at mature occupancy
₹6.5 Cr
Annual contract value of one average signed requirement
Value lines, with the arithmetic visible
| Value line | Cohort | What the change is applied to | The change | Range | Year one |
|---|---|---|---|---|---|
| Lease-up velocity Modules 01, 02, 03, 04, 13, 15 | Ramping Timing | Average centre at mature occupancy, ₹1.5 Cr a month | 12 centres, 0.50 to 1.50 months earlier | ₹8.9 Cr to ₹26.7 Cr | ₹3.1 Cr35% realised |
| Enquiry conversion Modules 02, 03, 04, 07 | Ramping and stabilising | 1,320 enquiries a year at ₹6.5 Cr each | 0.2 to 0.5 points on the signed rate, 50 percent treated as incremental | ₹8.6 Cr to ₹21.5 Cr | ₹3.9 Cr45% realised |
| Renewal held Modules 09, 11 | Stabilising and mature | ₹90.6 Cr at risk, from ₹604.1 Cr renewing a year | 4 to 8 percent of the at-risk pool recovered | ₹3.6 Cr to ₹7.2 Cr | ₹1.1 Cr30% realised |
| Expansion inside existing clients MeasuredModules 10 | Stabilising and mature | ₹1,812.4 Cr of contracted revenue in the book | 0.25 to 0.55 percent, flagged before the client asks | ₹4.5 Cr to ₹9.0 Cr | ₹1.6 Cr35% realised |
| Marketing spend reallocated MeasuredModules 05, 06, 07, 08 | Ramping and stabilising | ₹27.1 Cr of annual marketing spend | 12 to 20 percent moved from channels that do not convert | ₹3.3 Cr to ₹5.4 Cr | ₹1.6 Cr50% realised |
| Yield gap closed Modules 12, 13, 14 | Stabilising | 20 centres at ₹35 per sq ft per month below comparable, ₹54.5 Cr a year in total | 15 to 30 percent of the gap recovered | ₹8.2 Cr to ₹16.4 Cr | ₹2.0 Cr25% realised |
Recurring, at steady state
₹28.2 Cr to ₹60.5 Cr
Repeats annually once the layer is running. Sum of the five recurring lines.
Timing, per cohort of new centres
₹8.9 Cr to ₹26.7 Cr
Revenue arriving earlier, not revenue created. Deliberately kept out of the recurring total.
Year one, after discounting each line for ramp
Nothing lands at full effect in the first year. Each line carries its own realisation rate.
₹13.3 Cr
Realised in year one, recurring plus timing
0.59%
As a share of FY26 revenue
2.9%
As a share of normalised EBITDA
United States entry is not modelled in rupees
The gain there is a hire that did not happen and a market entered sooner. Both are real, neither converts to a defensible number, so both are excluded from the total rather than inflating it.
Reference constants: FY26 revenue ₹2,262.3 Cr, normalised EBITDA ₹453.8 Cr.