WEWORK
Micro CapWeWork India Management Limited
Services
WeWork India has evolved into a full stack platform providing enterprise-grade infrastructure, in-house design and build, and technology-enabled operations. It offers flexible workspaces, managed offices, and digital products, increasingly becoming a backbone for India's growth engine.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +29% YoY · PAT +78% YoY · margin expansion · +10% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹696 Cr | +29.1% | +9.8% |
| EBITDA | ₹450 Cr | +30.8% | +10.3% |
| Operating margin | 65.0% | +100 bps | +100 bps |
| PAT | ₹66 Cr | +78.4% | +288.2% |
| PAT margin | 9.5% | +262 bps | +680 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
WeWork India reports record FY26 with revenue crossing ₹2,477 crores (+23.4% YoY), EBITDA at ₹499 crores (+23.1% YoY), and PAT compounding 8x in two years to ₹179 crores. Occupancy reached an all-time high of 86.9%, and the balance sheet turned net debt negative.
The company delivered strong FY26 results, exceeding prior performance across key financial and operational metrics. The shift to net debt negative and self-funding growth, coupled with record occupancy and expanding margins, validates the compounding flywheel strategy. New offerings like Rivet aim to diversify revenue.
Core Revenue by Member Type (Q4 FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Deepening Flex Adoption
Adoption of flex deepened, share of commercial real estate moving toward flex expanded, demand surged across every customer segment.
AI-Driven Demand
AI is intensifying the office; enterprises hiring AI talent 6x faster than 2019, GCC workforces on track to quadruple by 2030.
Full-Stack Platform Evolution
Evolved into a full stack platform with enterprise-grade infrastructure, in-house design, tech-enabled operations, and capital base to scale.
RIVET (Design & Build)
Extending full-service platform into design and build for enterprises, landlords, developers, capital-light, milestone-based revenue.
Operational Footprint
76 centres | 8 cities (QoQ +3, YoY +12)
Operational Area
8.6 MSF (QoQ +0.4 MSF +4.5%, YoY +1.2 MSF +16.2%)
Total Area (incl. LOI)
11.6 MSF (QoQ +0.2 MSF +1.6%, YoY +3.3 MSF +39.0%)
Locked-in Supply
46.3k incremental desks committed via signed leases and LOIs, before FY27 begins.
Structural Shift to Flex
Flex share of office leasing reached 23% in Q1 2026, leading IT/ITeS for the third straight quarter.
India's AI Leadership
India has quietly become the world's AI capability hub, with 6x growth in AI job postings since 2019.
GCC Expansion
GCC workforces on track to quadruple by 2030; 55% of all GCCs worldwide are based in India.
Premiumisation Trend
70% of Q1 2026 leasing in buildings under 10 years old, 68% in green-certified tech parks, indicating flight to quality.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall annual growth and the impact of structural shifts in the flexible workspace market. QoQ is important for tracking sequential momentum in occupancy, capacity additions, and the immediate impact of operating leverage and cost discipline, especially given the rhythm of capacity additions.
Operational Desks Capacity
126.9k desks (QoQ +4.3%, YoY +15.8%)
Portfolio Occupancy
110.2k members | 86.9% (QoQ +299 bps, YoY +1,010 bps)
Mature Centre Occupancy
88.9% (QoQ +189 bps, YoY +617 bps)
Net Promoter Score (NPS)
+79 NPS (All Time High)
FY27 Outlook
Enter FY27 from strongest opening position in history; orderbook deep, operating leverage real, levers for growth to margin expansion in place.
Platform Monetization
Begin monetising the platform itself in FY27, including technology layer, new services, and network effects beyond seat rentals.
Longer Customer Commitments
70% of customers now signing on three-year horizons rather than ten; portfolio average commitment term increased from 26 to 28 months.
Capital Discipline
Demonstrated a repeatable cash engine that throws out surplus cash post growth; discipline to keep capital working.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Occupancy levels | Portfolio 86.9%, Mature Centres 88.9% (All-time highs) | Continued ramp-up in growth centers and sustained high occupancy in mature centers, especially with new capacity additions. |
| Net Debt Position | Net debt negative (₹-11.7 Cr) | Sustained net debt negative status and continued self-funding of growth from free cash flow. |
| Revenue Diversification (RIVET & Digital) | RIVET newly introduced; Digital Products 3.1% of Q4 revenue, VAS 13.6%. | Contribution of RIVET and other new services to overall revenue and profitability, diversifying beyond seat rentals. |
| Commitment Term | Portfolio average 28 months, Large enterprise 33 months. | Further increase in average commitment terms, indicating stronger customer stickiness and revenue visibility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +2.6% / mo · near 52W high
Technical chart
WEWORKweekly · 3Y+3.0%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 66.
- SMA20 rising (~2.5% over last month) — short-term momentum positive.
- RSI(14) at 66 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 12.1%.
- Cash flow contributes 9/10 to the score.
- Quality contributes 14/20 to the score.
Main drags
- Promoter pledge is 41.4%.
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -10792.6%.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 30th percentile of the scored universe and 32nd percentile within Services. Main check: promoter alignment is weak at 39/100.
Healthy Trust Lite: Promoter holding increased 49.4%. Key concern: Promoters have pledged 41.4% of holding.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Services: 32nd pctile, median 66 · Micro: 17th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding increased 49.4%.
- ▸FCF yield is 12.5%.
- ▸ROCE is 20.7%.
- ▸OPM spread across recent quarters is 3%.
Trust risks
- ▸Promoters have pledged 41.4% of holding.
- ▸Debt/equity is 18.62.
- ▸ROCE trend is -98%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 114.00
- P/B
- 29.45
- EV/EBITDA
- 5.72
- Market Cap
- 8974.00Cr
Profitability
- ROE
- 31.60%
- ROCE
- 20.70%
- ROA
- 1.06%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 36.22%
- EPS 5Y
- -41.41%
- Revenue 3Y
- 23.00%
- EPS 3Y
- 36.00%
Balance Sheet
- Debt/Equity
- 18.62
- Interest Coverage
- 2.62×
- Altman Z
- 1.92
- Book Value
- 22.00
Cash Flow
- FCF Yield
- 12.11%
- FCF Positive Y
- 4/5
- OCF
- 1734.00 Cr
- EPS TTM
- 5.50
Shareholding
- Promoter Hold
- 49.42%
- Promoter Pledge
- 41.40%
- Momentum 52W
- 93%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.