WeWork India Management Limited (WEWORK)
₹661.20 -0.39% last close, 16 Oct
Q2 FY27 results
📅 Next results: 26 Oct 2026 (board meeting)WeWork India Management Limited's board meets on 26 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, WeWork India's revenue was ₹684 Cr (+27.7% year on year, -1.8% on the previous quarter), and net profit ₹-4.1 Cr (a smaller loss than a year earlier); the operating margin was 64.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹684 | +27.7% | -1.8% |
| Operating profit | ₹438 | +30.6% | -2.7% |
| Net profit | ₹-4.1 | loss narrowed | to loss |
| EPS (₹) | -0.31 | loss narrowed | to loss |
| Operating margin | 64.0% | — | — |
WEWORK delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 49.95% of the WEWORK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.49%. That is lower than usual for this stock. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 52.2% · 49.0% · 64.2% · 45.8% · 50.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
WeWork India Management Limited has signed a Leave & License Agreement to expand operational capacity in Pune by 1,60,744 square feet. The project will add approximately 2,881 desks at an estimated investment of ₹44 Crore, funded via internal accruals and debt. As of June 30, 2026, the company operated 1,33,573 desks with an 84.90% capacity utilization. The new space is targeted to become operational on or before July 2027 to cater to rising enterprise demand.
- Addition of ~2,881 desks across 1,60,744 square feet in Pune
- Estimated investment of ₹44 Crore funded via internal accruals and debt
- Current operational capacity stands at 1,33,573 desks with 84.90% utilization (as of June 30, 2026)
- Proposed capacity addition is expected to become operational on or before July 2027
- Expansion represents an incremental desk addition of approximately 2.16% over existing capacity
WeWork India announced the opening of two new flexible workspace centres: WeWork Infinix Palladium in Whitefield, Bengaluru (~1.7 lakh sq. ft., 3,100+ desks) and WeWork Millennium Towers in Wakad, Pune (~55,000 sq. ft., ~1,400 desks). In total, these openings add ~2.25 lakh sq. ft. and over 4,500 desks, expanding the company's total footprint across 8 operational cities with over 1.33 lakh desks. This addition aligns with the company's ongoing expansion target in top Tier-1 micro-markets, scaling up its enterprise and Managed Office footprint.
- Adds ~2.25 lakh sq. ft. and 4,500+ desks across two prime micro-markets in Bengaluru and Pune
- WeWork Infinix Palladium (Whitefield, Bengaluru) offers ~1.7 lakh sq. ft. and 3,100+ desks as a full-building workspace
- WeWork Millennium Towers (Wakad, Pune) spans ~55,000 sq. ft. with ~1,400 desks, where close to 1.8 lakh sq. ft. was already leased via Managed Office
- Expands portfolio to over 1.33 lakh desks across 79 centres spanning 9.1 million sq. ft. in eight cities
WeWork India Management Limited has received a Show Cause-Cum-Demand notice dated September 29, 2026, from the CGST & CX authority, Mumbai East. The notice alleges excess availment and utilization of Input Tax Credit (ITC) amounting to ₹11.01 crore for the period April 2021 to March 2023, along with applicable interest and penalty. The claim arises from reconciliation differences between FORM GSTR-9 and audited financial statements. The company stated it is preparing a detailed response and does not expect any material impact on its operations or financials.
- Received Show Cause-Cum-Demand notice for ₹11,01,28,801 regarding alleged excess ITC claim
- Demand comprises ₹5,95,97,913 (IGST), ₹2,52,65,444 (CGST), and ₹2,52,65,444 (SGST) plus interest and penalty
- Covers tax periods from April 2021 to March 2023 under Section 74(1) of the CGST Act
- Company clarified that differences stem from ITC reconciliation between Annual Returns and audited books and will contest the demand
WeWork India Management Limited has scheduled a Board of Directors meeting for Monday, October 26, 2026. The board will consider and approve the unaudited standalone and consolidated financial results for the quarter and half-year ending September 30, 2026. Pursuant to SEBI Insider Trading regulations, the trading window for designated persons will remain closed starting October 1, 2026, until 48 hours post-declaration of results.
- Board meeting scheduled on Monday, October 26, 2026
- Results to be considered for the quarter and half-year ending September 30, 2026
- Trading window closed starting October 1, 2026
- Trading window reopens 48 hours after financial results announcement
WeWork India Management Limited has e-filed Form RSC-1 with the NCLT Bengaluru Bench on September 11, 2026, seeking sanction for a capital reduction. The proposal involves utilizing ₹20,501.60 million (₹2,050.16 crore) from its Securities Premium Account balance of ₹21,589.99 million to completely write off accumulated losses of ₹20,501.60 million as of March 31, 2026. This accounting restructuring follows prior approvals from the Board of Directors on July 16, 2026, and shareholders on August 25, 2026. The move aims to clean up the balance sheet without involving any cash outflow.
- Utilisation of ₹20,501.60 million from Securities Premium to write off identical accumulated losses
- Securities Premium Account stood at ₹21,589.99 million prior to the proposed reduction
- Application filed in Form RSC-1 with NCLT Bengaluru Bench on September 11, 2026
- Follows previous approvals from Board (July 16, 2026) and shareholders (August 25, 2026)
WeWork India Management Limited has approved the allotment of 2,79,961 equity shares of face value ₹10 each pursuant to the exercise of employee stock options. The allotment comprises 2,76,166 shares under the 2018 Equity Incentive Plan and 3,795 shares under the 2021 Equity Incentive Plan. Post-allotment, the company's paid-up share capital increases to ₹138.87 crore divided into 13,88,70,213 equity shares. This represents a minor equity dilution of approximately 0.20%.
- Allotment of 2,79,961 equity shares of face value ₹10 each upon ESOP exercise
- 2,76,166 shares allotted under the 2018 Equity Incentive Plan
- 3,795 shares allotted under the 2021 Equity Incentive Plan
- Paid-up share capital expanded to ₹1,38,87,02,130 consisting of 13,88,70,213 shares
WeWork India Management Limited has received in-principle Board approval to set up a 10 MWp ground-mounted captive solar power plant in Karnataka, targeted for commissioning in FY27 (Q1 2027). The facility is projected to generate 15–16 million units of clean electricity annually, powering 10 centres in Bengaluru. This initiative is expected to lift WeWork India's renewable energy share from ~40% to ~50%, aiding long-term operating cost reduction and its target of 100% renewable electricity by March 2028.
- In-principle Board approval to set up a 10 MWp ground-mounted captive solar plant in Karnataka.
- Expected annual generation of 15–16 million units, powering 10 operational centres in Bengaluru.
- Increases renewable electricity portfolio mix from ~40% to ~50% towards a 100% target by March 2028.
- 80% of power output allocated to existing operational centres and 20% reserved for future expansion.
- Asset design life of 25 years with commissioning expected by Q1 2027.
WeWork India Management Limited has scheduled participation in the Jefferies 5th India Forum on September 18, 2026, in Gurugram. Company officials will participate in group and one-on-one meetings with analysts and institutional investors. The company stated that no Unpublished Price Sensitive Information (UPSI) will be shared, and discussions will rely purely on publicly available information.
- Participation scheduled for September 18, 2026
- Event: Jefferies 5th India Forum held in Gurugram, India
- Meeting format includes both group and one-on-one sessions
- No Unpublished Price Sensitive Information (UPSI) to be shared
WeWork India Management Limited has announced its participation in two upcoming investor conferences in Mumbai. The company will attend the WeWork Investor Access Day organized by ICICI Securities on September 4, 2026, followed by the Ambit REIT & Alternative Real Estate Conference on September 8, 2026. The discussions will be group and one-on-one meetings based strictly on publicly available information with no unpublished price-sensitive information shared.
- Participating in WeWork Investor Access Day organized by ICICI Securities on September 4, 2026 (Group meeting)
- Participating in Ambit REIT & Alternative Real Estate Conference on September 8, 2026 (Group / One-on-One)
- Both meetings scheduled to take place physically in Mumbai
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
WeWork India Management Limited announced the voting results and scrutinizer's report for its 10th Annual General Meeting held on August 24, 2026. All 6 resolutions, including adoption of standalone and consolidated financial statements, were passed with over 99% majority. Key special business items approved include the reclassification of authorised share capital, reduction of share capital via the securities premium account, and alteration of the objects clause of the MoA. Total votes polled represented approximately 88.83% of the outstanding voting capital.
- All 6 resolutions passed with over 99.3% votes in favour
- Total of 12,31,05,519 valid votes polled out of 13,85,90,252 shares (~88.83% turnout)
- Approved reduction of share capital via Securities Premium Account with 99.9985% votes in favour
- Approved alteration of the Objects Clause and reclassification of Authorised Share Capital with >99.99% approval
- Shareholder count stood at 48,189 as of the cut-off date on August 17, 2026
WeWork India Management Limited successfully concluded its 10th Annual General Meeting (AGM) on August 24, 2026, via video conferencing. Key ordinary business included the adoption of standalone and consolidated financial statements for FY2025-26 and director re-appointments. Additionally, shareholders voted on special business resolutions including reclassification of authorised share capital, reduction of share capital (Securities Premium Account), and alteration of the Objects Clause of the Memorandum of Association. The Scrutinizer's report and formal voting results will be declared within the prescribed statutory timelines.
- 10th AGM held on August 24, 2026, covering 6 ordinary and special business resolutions
- Key special business items included reduction of share capital (Securities Premium Account) and alteration of the MOA Objects Clause
- Remote e-voting was conducted between August 20, 2026 (9:00 AM) and August 23, 2026 (5:00 PM)
- Auditor and Secretarial reports contained zero qualifications, adverse remarks, or reservations
WeWork India Management Limited has announced its participation in the Avendus Spark INDX-Asia Edition 2026 conference. The event is scheduled for August 12, 2026, in Hong Kong, involving group and one-on-one meetings with institutional investors. The company clarified that no unpublished price-sensitive information (UPSI) will be shared. This interaction comes as the company maintains a growth target of 20-25% and recently reported a Dec 2025 quarterly net profit of ₹15.06 crore.
- Investor conference scheduled for August 12, 2026, in Hong Kong.
- Participation includes both group and one-on-one institutional meetings.
- Company reported revenue of ₹631.93 crore for the quarter ended December 2025.
- Management is targeting the addition of 20,000 new desks over the next 12 months.
- Current portfolio occupancy stands at 80.2% as of Q2 FY26.
WeWork India Management Limited has announced its 10th Annual General Meeting (AGM) to be held on August 24, 2026, via video conferencing. The company has dispatched letters to shareholders without registered email addresses, providing links to the FY 2025-26 Annual Report and AGM notice. Key administrative dates include a voting cut-off on August 17 and a remote e-voting period from August 20 to August 23, 2026. This is a standard regulatory filing ensuring all members have access to financial disclosures and voting rights.
- 10th Annual General Meeting scheduled for August 24, 2026, at 12:00 noon IST
- Cut-off date for determining shareholder voting rights is August 17, 2026
- Remote e-voting period set from August 20 (9:00 AM) to August 23, 2026 (5:00 PM)
- Annual Report for Financial Year 2025-26 released to shareholders via digital links
- Compliance filing under SEBI Regulation 30 and 36(1)(b) for non-registered email members
WeWork India Management Limited has scheduled its 10th Annual General Meeting (AGM) for August 24, 2026. Key agenda items include the reclassification of the ₹1,000 crore authorized share capital into 100 crore equity shares and a special resolution to reduce the Securities Premium Account. Notably, the company is seeking shareholder approval to expand its 'Objects Clause' to include e-commerce marketplaces and digital commerce platforms, signaling a strategic push into tech-enabled services. This follows a strong Dec 2025 quarter where revenue hit ₹631.93 crore with a net profit of ₹15.06 crore.
- AGM scheduled for August 24, 2026, with a voting cut-off date of August 17, 2026.
- Proposal to reclassify ₹1,000 crore authorized capital from a mix of Equity and CCPS to 100% Equity shares.
- Special resolution proposed for the reduction of the Securities Premium Account under Section 66 of the Companies Act.
- Expansion of business objects to include digital commerce, e-commerce marketplaces, and technology-enabled ecosystems.
- Re-appointment of Mr. Adnan Mostafa Ahmad (Nominee Director) as a director liable to retire by rotation.
ICRA has upgraded WeWork India's credit rating from [ICRA]A to [ICRA]A+ with a Stable outlook, covering ₹800 crore in bank facilities. The upgrade reflects a 16% YoY increase in desk capacity to 1.27 lakh desks and a significant improvement in committed occupancy to 86% as of March 2026. The company maintains a strong financial profile with an adjusted Debt/OPBITDA ratio of 0.7x and cash reserves of ₹308.6 crore. Management plans to add 15,000-25,000 desks annually in FY2027 and FY2028, funded largely through internal accruals.
- Credit rating upgraded to [ICRA]A+ (Stable) for ₹800 crore total bank facilities
- Committed occupancy improved to 86% as of March 2026, up from 79% in September 2025
- Operational desk capacity reached 1.27 lakh desks across 76 locations in 8 cities
- Planned annual capex of ₹300-450 crore for FY2027 and FY2028 to add up to 25,000 desks per year
- Adjusted Total Debt/OPBITDA projected to remain comfortable at 0.7x for March 2026
Financial Performance
Revenue Growth by Segment
Workplace-as-a-service: INR 492.1 Cr (+23.4% YoY, +6.6% QoQ); Digital Products (All Access, Virtual Office): INR 20 Cr (+25% YoY, flat QoQ); Value-added services: INR 62.6 Cr (+14.4% YoY, +18.2% QoQ). Total revenue from operations reached INR 574.7 Cr in Q2 FY26, up 22.4% YoY.
Geographic Revenue Split
Bangalore is the highest contributor to revenue and desk sales. The Southern region (Bangalore, Chennai, and Hyderabad) represents the largest portion of the portfolio and new desk sales, though specific percentage splits per city were not disclosed.
Profitability Margins
IGAAP equivalent PAT stood at INR 39.3 Cr in Q2 FY26, a 3.7x increase from INR 8.4 Cr in Q1 FY26. IndAS PAT turned positive for the first time at INR 6.4 Cr compared to a loss of INR 31.5 Cr in the same period last year. Operating PAT is scaling as incremental revenue converts to profit at an 82% flow-through rate.
EBITDA Margin
IGAAP equivalent EBITDA margin was 20.3% in Q2 FY26, up 530 basis points from 15% in Q1 FY26. IndAS EBITDA margin stood at 66.8% (INR 390.9 Cr), representing an 18.9% YoY growth. Center-level EBITDA margins improved to 27.3%, up 420 basis points sequentially.
Capital Expenditure
Q2 FY26 CAPEX was INR 109 Cr, primarily for new center fit-outs and refurbishments. Average CAPEX per desk is at an all-time low of INR 1.3 lakhs. Total planned CAPEX for FY2026 is expected to be funded 70-75% through internal accruals.
Credit Rating & Borrowing
Credit rating upgraded 2 notches from BBB to A- in the last 12 months. Average cost of borrowing declined by 500 basis points from 15.4% to 10.4% following the retirement of high-cost debt via a rights issue.
Operational Drivers
Raw Materials
Leased Office Space (Rent): 34.5% of revenue (implied by 2.9x revenue-to-rent multiple); Fit-out materials/Construction: INR 1.3 lakh per desk; Corporate Overheads: 8% of revenue.
Import Sources
Not disclosed in available documents; however, real estate is sourced across 62 locations in 8 Indian cities including Bengaluru, Mumbai, and Gurgaon.
Key Suppliers
Embassy Group (Promoter/Landlord); 1 Ariel Way Tenant Limited (WeWork Inc affiliate); various Grade A commercial developers.
Capacity Expansion
Current capacity: ~100,000 desks as of December 2024. Planned expansion: Adding approximately 20,000 desks over the next 12 months to reach a run rate of 50,000 desks sold annually.
Raw Material Costs
Rent per RSF (Rentable Square Foot) increased 1.8% YoY, while operating costs per RSF improved (decreased) by 5.3% YoY, indicating high efficiency in managing the primary cost base.
Manufacturing Efficiency
Portfolio occupancy reached a high of 80.2% in Q2 FY26. Mature centers maintain higher stability, while growth centers are ramping up. Revenue-to-rent multiple is 2.9x.
Logistics & Distribution
Not applicable; service delivery is localized to the 62 physical coworking locations.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Expansion of Managed Office (MO) deals (17 deals signed for next year); execution of 15,000 desk LOI; increasing monetization of value-added services (currently 11% of revenue); and leveraging the WeWork India app for digital product sales.
Products & Services
Coworking desks, Managed Office spaces, WeWork All Access (subscription), Virtual Offices, On-demand workspace, and Design & Build services.
Brand Portfolio
WeWork India, WeWork All Access, WeWork Workplace.
New Products/Services
WeWork India App for on-demand booking; expanded 'Value-Added Services' which grew 18.2% QoQ and now contribute 11% of total revenue.
Market Expansion
Focus on Tier 1 cities: Bengaluru, Hyderabad, Mumbai, Delhi, Gurgaon, Noida, Chennai, and Pune. Targeting 20,000 new desks in the next 12 months.
Market Share & Ranking
Largest and most profitable flex space operating platform in India; first to achieve IndAS PAT positivity in the category.
Strategic Alliances
Joint Venture/Partnership between Embassy Group (72.4% stake) and WeWork Inc (22.28% stake).
External Factors
Industry Trends
Shift toward 'Workplace-as-a-Service'; hybrid work adoption driving 25% YoY growth in digital products; enterprises moving from CAPEX-heavy traditional offices to OPEX-based flex spaces.
Competitive Landscape
WeWork India is the 'profitability leader' in the flex space category; competes with other coworking operators and traditional commercial landlords.
Competitive Moat
Scale (1 lakh desks), Grade A portfolio, and 2.7x asset-liability cover. The 'full-stack' model (from 1 day to full bespoke office) creates high switching costs for enterprises.
Macro Economic Sensitivity
Exposed to cyclicality in the office leasing segment; vulnerability to external economic factors affecting corporate hiring and GCC (Global Capability Center) setups.
Consumer Behavior
Increased demand for longer-term commitments (tenure up to 27 months) and 'flight to quality' in Grade A commercial real estate.
Geopolitical Risks
Macro uncertainty could impact enterprise adoption, though flexible contracts provide a hedge against long-term traditional lease commitments.
Regulatory & Governance
Industry Regulations
Compliance with IndAS 116 lease accounting standards which replaces rent expenses with depreciation and notional interest on right-of-use assets.
Environmental Compliance
Increasing renewable energy sourcing and building 'smarter, greener spaces' as part of future-ready platform strategy.
Taxation Policy Impact
Achieved IndAS profitability without any deferred tax or exceptional items in Q2 FY26.
Risk Analysis
Key Uncertainties
Lease renewal risk (32% of leases expiring in FY26) could impact revenue by ~INR 180-200 Cr if renewal rates fall below the historical 75%.
Geographic Concentration Risk
Heavy reliance on the Southern region (Bangalore/Chennai/Hyderabad) for growth and revenue contribution.
Third Party Dependencies
Dependency on Embassy Group for real estate pipeline and promoter-led equity infusions for debt reduction.
Technology Obsolescence Risk
Risk mitigated by the launch of the WeWork India app and internal technology for unit economic tracking.
Credit & Counterparty Risk
Enterprise clients (60% of revenue) provide higher credit quality and longer commitment terms (32 months) compared to SMEs/startups.
