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WeWork India Management (WEWORK) investor relations material
WeWork India Management Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record revenue and profitability in Q2 FY2026, marking the first quarter as a listed company and first-ever PAT positive under Indian GAAP and Ind AS, driven by strong demand and pricing discipline.
Public listing completed in October 2025 on NSE and BSE, reflecting resilience and commitment to workspace innovation.
Operates 70 centers across eight cities, with 7.7 million sq ft and 115,000 desks, and a strong expansion pipeline to 145,000 desks and 10 million sq ft.
Enterprise clients account for 75% of business, with increasing membership tenure and over 50% of desk sales from existing members.
Expanded digital revenue streams and launched the WeWork India app, enhancing member experience and digital engagement.
Financial highlights
Q2 revenue reached INR 585.5 crore, up 7.3% quarter-over-quarter and 17.2% year-over-year; operational revenue at INR 574.7 crore, up 22.4% year-over-year.
IGAP-equivalent EBITDA at INR 118.4 crore, up 45% quarter-over-quarter and 15.8% year-over-year; EBITDA margin expanded to 20.3%.
PAT under IGAP at INR 39.3 crore, up 3.7x quarter-over-quarter and over 2x year-over-year; first-ever PAT positive under Indian GAAP at INR 6.4 crore.
Operating cash flow at INR 375 crore, up 16% quarter-over-quarter and 11% year-over-year; free cash flow post-CAPEX improved to negative INR 14 crore.
Net debt reduced to INR 311 crore from INR 529 crore last year; average borrowing cost down by 500 bps to 10.4%.
Outlook and guidance
Capacity expected to reach 145,000 desks and 10 million sq ft by March, with 20,000-25,000 desk additions annually, targeting growth above industry average of 20%.
Revenue growth guidance of over 20% for the full year, with EBITDA margins expected to remain above 20%.
CAPEX expected at INR 100 crore per quarter, with annual spend aligning to desk additions and refurbishment needs.
Net debt projected to approach zero by year-end.
Positioned for continued growth as India's flex workspace market expands, with strong urbanization and enterprise demand.
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