WeWork India Management (WEWORK) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly revenue and profitability, driven by strong demand, operational excellence, and pricing discipline across all business segments.

• Membership exceeded 100,000 across 73 centers in eight cities, reinforcing leadership in India's premium flexible workspace sector.

• Managed office business scaled to 26,000 desks, now 21% of total revenue, growing at 63% CAGR over two years, and reached over ₹500 Crs annualized run-rate revenue.

• Strategic partnerships and 'GCC-in-a-box' platforms accelerated the RFP pipeline and future demand visibility.

• The company completed its IPO in October 2025, raising Rs. 29,996.43 million through an offer for sale.

Financial highlights

• Q3 FY26 revenue reached INR 640.3 crores, up 9.6% quarter-on-quarter and 27% year-over-year.

• EBITDA post-ESOP was INR 134.6 crore (21% margin), up 13.7% quarter-on-quarter and 47.6% year-over-year.

• PAT surged to INR 52 crore, up 32% quarter-on-quarter and 512% year-over-year, with PAT margin at 8%.

• Free cash flow from operations was INR 203.8 crores, up 114% quarter-on-quarter and 119% year-over-year.

• Net profit for the quarter was Rs. 167.89 million, compared to a net loss of Rs. 831.19 million in the same quarter last year.

Outlook and guidance

• Planned capacity to reach 8.7 million sq ft by March FY26 and 10.3 million sq ft by March FY27, with further supply under discussion for FY27.

• Expansion in the next year will be front-loaded in Q1 and Q2, with managed office expected to rise to 30% of revenue in 24 months.

• CAPEX guidance for speculative business is INR 300-400 crore annually, with total run rate including managed office at INR 450-500 crore.

• Margin guidance remains at 20-21% for the coming year, with potential for expansion as mature centers reach higher occupancy.

• The company is monitoring the impact of new Labour Codes and will account for any further changes as rules are notified.