Wework India Management Q2 FY27 Share Price & Earnings Call Analysis
Part of: Nifty Microcap 250 · Nifty Total Market
- Market cap
- ₹9,666 Cr
- P/E
- 98.06
- ROE
- 27.92%
- PEG
- 2.75
- Price to sales
- 3.50
- Debt to equity
- 16.23
- 52W high / low
- ₹755 / ₹426
- Sales growth (5Y)
- 30.59%
- EBITDA margin
- 64.40%
- Net profit margin
- 2.95%
- Promoter holding
- 48.20%
- Sales (last year)
- ₹2,770 Cr
Incorporated in 2016, WeWork India Management Limited is a flexible workspace operator in India.[1]
Guidance scorecard · Q2 FY27 call
What Wework India's management guided
and where it ranks in Commercial Services & Supplies
Commercial Services & Supplies
RevenueQ2 FY27 call
20–40%- FY28: Expecting to add more seats than the previous year, indicating strong volume growth.
- Capex for FY28 likely to be around INR600 crores or slightly higher, supporting expansion.
- Revenue from operations grew 32.5% to INR766.5 crores in recent quarters, showing robust growth.
- Platform VAS and digital revenues growing faster than core business, contributing disproportionately to profitability.
- Mature centre-level EBITDA margin expanded to 28.4%, with continued margin improvement expected.
- Continued growth in managed office deals with higher capex per square foot and increased revenue-to-rent multiples (~3x).
- Membership growth at 32.5% YoY, occupancy improved to ~83.7%.
2 more points from Wework India's call on revenue
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MarginsQ2 FY27 call
FlatSee what Wework India said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- FY28 Capex expected to be around INR 600 crores or slightly higher, exceeding FY27 capex.
- Capex driven by expansion plans, adding more seats than the previous year.
- Larger capex spend anticipated on new major managed office deals, including one of the largest deals ever signed.
- Capex per square foot has increased due to higher specifications and amenities demanded by large enterprise customers.
- Strategy includes investing in adjacent businesses to complement the core platform, aimed at making scaling easier for Indian companies.
2 more points from Wework India's call on capex
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FundraisingQ2 FY27 call
See what Wework India said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
Rising- Current signed LOIs (Letters of Intent) amount to contracts covering 13 million square feet.
- There is an additional visibility of over 2 million square feet of potential contracts in discussion or evaluation, but not yet signed or at LOI stage.
- The company maintains about 95% visibility of demand 12 months out and 70-80% visibility for 18 to 24 months out.
- The company is not rushing to sign long-term commitments for FY29 and FY30 without clearer market demand visibility.
2 more points from Wework India's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Commercial Services & Supplies
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Commercial Services & Supplies companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹41 Cr | 6.5 | |
| 2 | 40%+ | Up 0–2% | ₹25,682 Cr | 12.8 | |
| 3 | 40%+ | Flat | ₹387 Cr | 27.9 | |
| 4 | 40%+ | Flat | ₹97 Cr | 84.9 | |
| 5 | 40%+ | Flat | ₹92 Cr | 8.3 | |
| 6 | 20–40% | Up 2%+ | ₹17,591 Cr | 28.9 |
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Pro shows every company guiding 40%+ revenue growth →Full Commercial Services & Supplies rankingWework India announcements
All announcements →- Capex / expansionWeWork India announces capacity addition of approx. 4,256 desks by July 2027
- Capex / expansionNotableWeWork India approves 10 MWp captive solar power plant in Karnataka
- Financial resultsMajor developmentWeWork India Management Limited approves Q1 FY27 results, capital restructuring
Financials of Wework India
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Wework India
Shareholding breakup across reporting periods.
| Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|
| Promoters + | 49.80% | 49.42% | 48.30% | 48.20% |
| FIIs + | 21.97% | 20.37% | 19.64% | 17.44% |
| DIIs + | 24.83% | 25.61% | 25.90% | 27.08% |
| Public + | 3.38% | 4.59% | 6.17% | 7.29% |
| No. of Shareholders | 52,272 | 53,800 | 49,870 | 47,722 |
Financials of Wework India
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales + | 469 | 490 | 536 | 534 | 573 | 632 | 693 | 680 | 765 |
| YoY Sales growth | +22% | +29% | +29% | +27% | +34% | ||||
| Expenses + | 171 | 178 | 193 | 199 | 192 | 225 | 243 | 243 | 275 |
| Operating Profit | 298 | 312 | 343 | 335 | 381 | 407 | 449 | 437 | 490 |
| OPM % | 64% | 64% | 64% | 63% | 66% | 64% | 65% | 64% | 64% |
| Other Income + | 30 | -29 | 15 | 10 | 11 | 5 | 19 | 17 | 19 |
| Interest | 157 | 160 | 148 | 136 | 153 | 152 | 159 | 176 | 175 |
| Depreciation | 202 | 206 | 223 | 223 | 231 | 245 | 267 | 283 | 314 |
| Profit before tax | -31 | -84 | -13 | -15 | 7 | 15 | 42 | -5 | 19 |
| Tax % | -752% | 0% | -393% | 0% | 0% | 0% | -53% | 0% | 0% |
| Net Profit + | 204 | -84 | 37 | -15 | 7 | 15 | 64 | -5 | 19 |
| EPS in Rs | 26.58 | -6.61 | 2.80 | -1.09 | 0.55 | 1.12 | 4.75 | -0.33 | 1.40 |
Financials of Wework India
Profit & Loss
Annual income statement trend
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 57 | 302 | 691 | 640 | 784 | 1,314 | 1,662 | 1,942 | 2,432 | 2,770 |
| Sales growth | +432% | +129% | -7% | +23% | +68% | +26% | +17% | +25% | +30% | |
| Expenses + | 117 | 421 | 763 | 825 | 378 | 516 | 614 | 704 | 859 | 986 |
| Operating Profit | -61 | -119 | -72 | -185 | 406 | 798 | 1,048 | 1,238 | 1,573 | 1,784 |
| OPM % | -107% | -39% | -10% | -29% | 52% | 61% | 63% | 64% | 65% | 64% |
| Other Income + | 2 | 2 | 18 | -8 | 52 | 108 | 72 | 28 | 45 | 60 |
| Interest | 2 | 9 | 46 | 122 | 390 | 414 | 508 | 598 | 601 | 663 |
| Depreciation | 15 | 112 | 218 | 334 | 712 | 636 | 743 | 823 | 966 | 1,109 |
| Profit before tax | -76 | -238 | -317 | -648 | -643 | -145 | -131 | -155 | 50 | 72 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -184% | -44% | |
| Net Profit + | -76 | -238 | -317 | -648 | -643 | -145 | -131 | 130 | 72 | 94 |
| EPS in Rs | -270.64 | -848.21 | -1,133.61 | -2,314.86 | -83.83 | -18.84 | -17.05 | 9.74 | 5.33 | 6.94 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Wework India
Balance Sheet
Capital structure and asset base
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 2 | 55 | 55 | 197 | 134 | 135 | 139 |
| Reserves | -84 | -321 | -605 | -1,239 | -210 | -346 | -628 | 75 | 170 | 208 |
| Borrowings + | 350 | 1,023 | 1,550 | 2,250 | 292 | 481 | 625 | 4,272 | 5,550 | 5,623 |
| Other Liabilities + | 154 | 486 | 742 | 628 | 3,835 | 4,219 | 4,291 | 914 | 1,240 | 1,401 |
| Total Liabilities | 423 | 1,190 | 1,689 | 1,642 | 3,972 | 4,410 | 4,485 | 5,395 | 7,095 | 7,370 |
| Fixed Assets + | 268 | 759 | 1,079 | 823 | 3,314 | 3,569 | 3,594 | 4,309 | 5,774 | 5,937 |
| CWIP | 37 | 35 | 7 | 0 | 1 | 13 | 15 | 34 | 38 | 45 |
| Investments | 1 | 1 | 105 | 86 | 0 | 62 | 189 | 61 | 283 | 411 |
| Other Assets + | 117 | 394 | 497 | 733 | 657 | 767 | 687 | 991 | 999 | 977 |
| Total Assets | 423 | 1,190 | 1,689 | 1,642 | 3,972 | 4,410 | 4,485 | 5,395 | 7,095 | 7,370 |
Financials of Wework India
Cash Flows
Operating, investing and financing cash movement
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -165 | 416 | 942 | 1,165 | 1,293 | 1,731 | |||
| Cash from Investing Activity + | -295 | -6 | -387 | -417 | -309 | -642 | |||
| Cash from Financing Activity + | 532 | -602 | -534 | -777 | -984 | -1,048 | |||
| Net Cash Flow | 72 | -192 | 21 | -29 | -0 | 41 | |||
| Free Cash Flow | -372 | 416 | 709 | 921 | 836 | 1,134 | |||
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 94% | 103% | 122% | 108% | 105% | 111% |
Financials of Wework India
Ratios
Working capital efficiency and return ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 27 | 11 | 8 | 25 | 30 | 19 | 17 | 15 | 12 |
| Inventory Days | |||||||||
| Days Payable | |||||||||
| Cash Conversion Cycle | 27 | 11 | 8 | 25 | 30 | 19 | 17 | 15 | 12 |
| Working Capital Days | -536 | -296 | -239 | -138 | -226 | -215 | -207 | -186 | -227 |
| ROCE % | -47% | -33% | -51% | -44% | 164% | 196% | 21% | 13% |
Guidance history
How Wework India's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 20–40% | Flat | Planned | — | Rising |
| Q1 FY27 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
70 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,937 stocks |
|---|---|---|
| Last 12 months | +11.4% | 64% |
| Last 6 months | +40.0% | 84% |
| Last 3 months | −1.9% | 55% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,937 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Wework India: 0.4 × 64 + 0.4 × 84 + 0.2 × 55 = 70.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 13 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Wework India's management said in earlier quarters
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