WeWork India Management Limited

BSE: WEWORK · Diversified Commercial Services

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52W Range₹420 – ₹795

Snapshot

Unlock WeWork India Management Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

WeWork India is a premium flexible workspace operator that provides office solutions to enterprises and individuals. The company operates as the exclusive licensee of the WeWork brand in India and is majority-owned by the Embassy Group.

Business Model

The company generates revenue by leasing and managing commercial real estate spaces, which are then converted into flexible workspaces and rented to clients. It leverages the global WeWork brand to attract a diverse tenant base across major Indian cities.

  • Centres:68
  • Leasable Area:7.67 million sq. ft.
  • Total Desks:1,14,077

Management Commentary

Management focuses on maintaining a premium position in the flexible workspace market by expanding its footprint across Tier-1 cities. The strategy emphasises leveraging the Embassy Group's real estate expertise to scale operations.

Growth Outlook

Growth is driven by the increasing demand for hybrid work models and flexible office solutions among Indian enterprises. The company continues to expand its capacity to capture a larger share of the premium commercial real estate market.

Key Risks

  • Occupancy Volatility. Fluctuations in demand for flexible workspaces can significantly impact revenue and profitability.
  • Lease Liability. The company faces long-term lease obligations that may become burdensome if occupancy rates decline.
  • Brand Dependency. Reliance on the WeWork brand license exposes the company to risks associated with the global brand's reputation and licensing terms.
  • Competitive Intensity. The flexible workspace sector in India is highly competitive, with numerous domestic and international players vying for market share.

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Key Metrics

P/E

89.3×

Q2 FY27 · consolidated

89.3 vs 97.9x5Y avg

EV/EBITDA

5.1x

Q2 FY27 · consolidated

5.1 vs 5.2x5Y avg

NET PROFIT MARGIN

2.7%

Q2 FY27 · consolidated

+1.6 ppYoY

DEBT TO EQUITY

1.1x

Q2 FY27 · consolidated

-0.89xYoY

Peers · Diversified Commercial Services

CompanyMkt CapP/E (TTM)EV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
WeWork India Management LimitedWEWORK
₹9,033 Cr89.3×5.09—66.5%36.6%15.0%+0.8%
Nesco LimitedNESCO
₹7,254 Cr18.0×12.27—62.7%13.5%16.3%-24.8%
Indiabulls Ltd.IBULLSLTD
₹7,067 Cr16.1×63.85—43.4%34.8%6.0%—
Nirlon LimitedNIRLON
₹5,832 Cr16.3×12.985.0%79.6%86.5%23.8%+28.2%
Smartworks Coworking Spaces Ltd.SMARTWORKS
₹5,481 Cr96.8×3.96—66.9%10.5%8.7%-17.3%
LEAP India LimitedLEAPIND
₹5,014 Cr———53.0%———

As of Q2 FY27

Financials