WeWork India Management Limited (WEWORK)
Micro CapServices stocks · Micro cap · NSE
WeWork India Management Limited provides flexible workspace solutions across 8 cities in India. The company offers private offices, managed offices, and value-added services, focusing on premium, institutional-grade buildings. It caters to a diverse member base, including Fortune 500 companies and large enterprises.
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 30 Jun 2026
Average · 45/100Rev +28% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹683.8 Cr | +27.7% | -1.8% |
| EBITDA | ₹438 Cr | +30.6% | -2.7% |
| Operating margin | 64.0% | +139 bps | -63 bps |
| PAT | ₹-4.1 Cr | NDF | -106.2% |
| PAT margin | -0.6% | +205 bps | -1005 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY27 sees robust operational and financial growth with 17.1% YoY desk capacity addition, 29.9% YoY member growth, and 28.5% YoY revenue increase. EBITDA margin expanded significantly to 19.8% from 15% YoY.
Management's decision to accelerate supply additions is supported by strong demand signals and industry tailwinds. The company demonstrates operating leverage, expanding margins even during a new capex cycle. The launch of 'Member Services' could further enhance member stickiness and wallet share.
Core Revenue by Member Type (Q1 FY27)
Latest issuer-disclosed distribution across 4 reported categories.
New Capex Cycle & Supply Additions
Added 6.6k desks in Q1 FY27; pipeline of committed supply is deeper than ever. 43.6k incremental desks committed via signed leases and LOIs.
Existing Member Expansion
More than half (52%) of Q1 FY27 sales came from members already within the network, indicating expansion rather than just acquisition.
Premiumisation & Flight to Quality
Businesses are in a clear flight to quality, with most new leasing going into younger, green-certified, institutional-grade buildings where WeWork operates.
Digital Products & Member Services
Launched 'Member Services', a B2B platform for members, to increase wallet share and deepen relationships by offering curated business services.
Operational Desk Capacity Added
6.7k desks added QoQ, reaching 133.6k total operational desks.
Committed Future Supply
43.6k incremental desks committed via signed leases and LOIs, representing 32% capacity growth already committed.
Total Locked-in Supply
Total area including LOI signed with landlords is 12.0 MSF, with 179.4k total desks (including warm shell desks) beyond March '27.
Record Quarterly Leasing in India
Q2 CY26 was the highest quarterly leasing India has ever recorded, with flex leading the market for three consecutive quarters.
Growing Flex Market Share
Flex share of office leasing doubled from 12% (Q1 2025) to 27% (Q2 2026). Over half of India's occupiers use flex, on track for 2/3rds by 2027.
GCC & Domestic Demand
GCC tailwinds are strong, and domestic companies are driving 46% of all leasing, with flex operators driving ~57% of Q2 domestic leasing.
Changing Nature of Work
Businesses seek flexible space, distributed teams, and AI reshaping work, all aligning with the flex model. Behavioral shifts are stronger than a year ago.
Forward-Looking Statement Risks
Forward-looking statements involve known/unknown risks, uncertainties, and factors that could cause actual results to differ materially.
Regulatory Changes
Risks or uncertainties associated with expectations regarding regulatory changes in the industry and the company's ability to respond to them.
Strategy Implementation
Risks related to the ability to successfully implement its strategy, growth, and expansion plans.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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 growth and the impact of capacity additions over a longer period. QoQ comparison is vital for tracking sequential momentum in sales, occupancy, margin expansion during the new capex cycle, and execution of new initiatives.
Operational Desk Capacity
133.6k desks (QoQ +5.3%, YoY +17.1%)
Members
113.4k members (QoQ +2.8%, YoY +29.9%)
Portfolio Occupancy
84.9% (QoQ +198 bps, YoY +844 bps)
Mature Centre Occupancy (>12M)
87.5% (QoQ +140 bps, YoY +590 bps)
FY27 Growth Outlook
FY27 is going to be a year of growth, and the outlook from here is promising.
Platform Readiness for Future
The platform is ready for what comes next, evolving from standalone workspaces into fully integrated ecosystems, enabled by technology.
Member Services Opportunity
Member Services aims to increase wallet share from existing members and deepen relationships across current and new buying centers.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Portfolio Occupancy Rate | 84.9% | Sustained increase, especially in growth centers, to ensure new capacity is absorbed efficiently. |
| EBITDA Margin | 19.8% | Continued expansion or stability, demonstrating operating leverage despite ongoing capex cycles. |
| Free Cash From Operations | ₹141.9 Cr | Consistent positive generation to fund capex and reduce reliance on debt. |
| Net Debt | ₹31.6 Cr | Further reduction or controlled increase, especially with new capex, to maintain a healthy balance sheet. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
48NeutralSMA20 -4.5% / mo · MACD −
Technical chart
WEWORKdaily · 1Y · AUTO+44.6%Daily history is available from 2025-10-10; the requested 1Y window is partially covered.
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 41.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~4.7% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 16% off 52W high · 59% above 52W low.
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
U-Score 40 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 40 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 11.8%.
- Cash flow contributes 9/10 to the score.
- Quality contributes 17/20 to the score.
Main drags
- Promoter pledge is 35.0%.
- Fair-value margin of safety is negative at -4101.2%.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 49th percentile of the scored universe and 53rd percentile within Services. Main check: promoter alignment is weak at 39/100.
Healthy Trust Lite: Promoter holding increased 34.3%. Key concern: Promoters have pledged 35% of holding.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Services: 53rd pctile, median 66 · Micro: 29th pctile, median 73
30 documents have extracted text, 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 34.3%.
- ▸FCF yield is 11.8%.
- ▸4 years of positive FCF.
- ▸ROCE is 20.7%.
Trust risks
- ▸Promoters have pledged 35% of holding.
- ▸Debt/equity is 18.62.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 104.00
- P/B
- 30.32
- EV/EBITDA
- 5.47
- Market Cap
- 9243.00Cr
Profitability
- ROE
- 31.60%
- ROCE
- 20.70%
- ROA
- 1.20%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 25.33%
- EPS 5Y
- -18.51%
- Revenue 3Y
- 23.00%
- EPS 3Y
- 36.00%
Balance Sheet
- Debt/Equity
- 18.62
- Interest Coverage
- 2.61×
- Altman Z
- 2.01
- Book Value
- 22.00
Cash Flow
- FCF Yield
- 11.76%
- FCF Positive Y
- 4/5
- OCF
- 1734.00 Cr
- EPS TTM
- 6.25
Shareholding
- Promoter Hold
- 48.30%
- Promoter Pledge
- 35.00%
- Momentum 52W
- 66%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable names in Services, ranked by similarity
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.