Wework India Management Ltd

- No explicit mention of any immediate or planned new fundraising through debt or equity in the provided content. - The company has strengthened its liquidity position with an INR 150 crore inflow via Offer For Sale (OFS). - Net debt position has improved significantly, from INR 529 crore last year to about INR 119 crore currently, with a target to move closer to zero net debt by year-end. - Capital expenditure (CAPEX) of roughly INR 100 crore per quarter is being funded through internal cash flows and existing financial resources. - The focus is on self-sustaining, cash flow-driven growth without reliance on new external fundraising.

- Currently adding approximately 20,000 desks annually with a CAPEX of around INR 1.3 lakh per desk, totaling about INR 250-270 crores per year. - In the first half of FY '26, saw higher CAPEX due to large managed office deals requiring upfront investment; second half expected to have lower CAPEX spend. - Approximately INR 50 crores spent on refurbishments and enhancements to existing centers. - Budgeted CAPEX roughly INR 100 crores per quarter on average. - Over next few years, focus on technology investments including spatial analytics, building selection tools (RE Scout), building technology for energy efficiency, and the WeWork India app platform. - Ongoing strategic investments in technology to improve margins, drive new revenue streams, and enhance member experience. - Expansion plans include adding 15,000-25,000 desks annually with a capital-efficient and disciplined approach.

- Targeting over 20% revenue growth year-over-year, with a current run rate supporting this. - First half of the year saw sales of approximately 26,000 desks (~2 million sq. ft.), a 62% YoY increase and 40% QoQ growth in sales velocity. - Full year expected to achieve around 50,000 desks sold, up from ~30,000-39,000 desks last year. - Capacity expected to grow from 114,000 desks currently to around 130,000 by March 2026, with LOIs/leases signed for an additional 15,000 desks. - Medium-term plan to add roughly 20,000 to 25,000 desks annually, growing slightly above the industry average capacity growth of ~20%. - Revenue growth driven by steady increases in occupancy and expansion in both co-working and managed office segments. - Digital Products and Value-Added Services growing faster than workspace revenue, contributing to diversified and high-margin revenue streams.

- Business is highly self-sustaining, with free cash flow growing quarter-over-quarter and year-over-year, driven by revenue and EBITDA growth. - Steady revenue growth expected, with a focus on delivering workplace experience profitably, sustainably, and responsibly. - EBITDA growth projected to scale directly with incremental revenue over upcoming quarters, leading to PAT growth. - Achieved first IndAS profitability without deferred tax or exceptional items, marking a positive profitability trajectory. - Q2 FY '26 showed 45% quarter-on-quarter IGAAP-equivalent EBITDA growth and over 3.7x quarter-on-quarter PAT increase. - Operating margins improved to about 20% with occupancy gains and cost discipline. - Capacity growth of 20,000-25,000 desks annually expected, supporting future revenue and earnings expansion. - Profitability leadership in the sector with strong operating leverage and capital efficiency (ROCE at 22.2%). - Focus on cost control and scaling revenue streams like Digital Products and Value Added Services will further enhance profitability.

- Current desk capacity: Approximately 114,000 desks. - Additional desks in fit-out as of March 2026: Around 14,000-15,000 desks. - Total expected capacity by March 2026: About 130,000 desks. - Lease commitments and LOIs signed for another 15,000 desks. - Total visibility on capacity growth: Locked-in supply takes total to about 145,000 desks. - Asset under management (AUM): Approximately 10 million square feet. - Capacity growth locked-in: Around 26% increase from current levels. - Anticipated annual desk additions: 20,000 to 25,000 desks moving forward. - Orderbook includes signed but not yet operational desks as well as ongoing fit-out projects.