WeWork India Management Ltd

WeWork India Management Limited reported strong Q2 FY27 results, with revenue growing 31.6% year-over-year to INR768.7 crores and EBITDA rising 37.6% to INR162.9 crores. Occupancy rates increased to 83.7%, with mature centers at nearly 88%. The company added 11,700 desks in Q2, bringing total desks to 145,300 across 85 centers. Members grew 32.5% to 121,700. Revenue-to-rent multiples reached 2.7x, with pricing held steady. ROCE reached 34.5%, up over 12 points year-on-year. The company highlighted strong demand for WeWork-branded spaces, with GCCs accounting for 41% of leasing. Capacity expansion is ongoing, with 47,000 incremental desks planned by March 2027. Management emphasized continued growth in managed office deals, platform expansion, and improving margins. The company also noted a 1.5x free cash flow to EBITDA ratio and a net cash position of INR23 crores as of September. Renewal rates were around 80-85%, with pricing increases on renewals. The company is evaluating future capex for FY28, with guidance of INR600 crores. Management reiterated a focus on expanding capacity, improving returns, and maintaining a deleveraging path for promoter pledges.

The document emphasizes strong financial performance, growth in revenue and occupancy, improved margins, and positive outlook for future expansion.