WeWork India Management (WEWORK) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 IGAAP-equivalent revenue was ₹768.7 Cr, up 31.6% YoY; EBITDA rose 37.6% to ₹162.9 Cr and PAT increased 67.4% to ₹65.8 Cr.

• Nearly 11,700 desks opened in Q2, taking capacity to 145,300 desks across 85 centres in eight cities; capacity reached 150,000 desks by early October.

• Final approval was granted for a 10 MWp captive solar plant in Karnataka, estimated to cost ₹34.25 Cr.

Financial highlights

• Q2 IGAAP-equivalent revenue was ₹768.7 Cr, up 31.6% YoY; revenue from operations was ₹766.5 Cr, up 32.5% YoY.

• Q2 EBITDA was ₹162.9 Cr, up 37.6% YoY; margin reached 21.2%. PAT was ₹65.8 Cr, with an 8.6% margin.

• H1 IGAAP-equivalent revenue was ₹1,466.7 Cr, up 30.1% YoY; EBITDA grew 50.6% to ₹301.2 Cr and PAT rose 149.5% to ₹119 Cr.

• On a reported consolidated basis, Q2 revenue was ₹7,678.38 million and net profit ₹204.35 million; H1 revenue was ₹14,516.70 million and net profit ₹163.74 million.

• H1 revenue from operations was ₹1,453.8 Cr, up 30.2% YoY; centre-level EBITDA was ₹214 Cr in Q2, with a 27.8% margin.

Outlook and guidance

• Target operational capacity is 150,000–155,000 desks by March 2027; openings may shift with landlord handovers and client requirements.

• Signed leases and LOIs represent ~47,000 incremental desks; committed capacity is 190,000–195,000 desks, with FY28–FY29 supply under negotiation.

• Management expects further margin expansion in Q3–Q4 as occupancy rises; rent-freeze expiries and higher Q3 rental costs may weigh before growth becomes more visible by Q4.

• FY28 EBITDA margin was framed at 22%–23%, conditional on capacity timing and other factors; PAT margin was expected to remain at 7%–10%.