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

Executive summary

• Q3 FY26 delivered record revenue and profitability, driven by strong demand, pricing discipline, and expansion of workspace solutions across 73 centers in eight cities, serving over 100,000 members.

• Managed Office segment reached over ₹500 Crs annualized run-rate revenue within two years, now contributing 21% of total revenue and growing at a 63% CAGR, fueled by enterprise adoption and repeat demand.

• Operational leverage led to all-time high occupancy, with occupied desks up nearly 30% YoY and portfolio occupancy at 84%.

• 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 10% quarter-on-quarter and 27% year-over-year.

• EBITDA post-ESOP was INR 135 crore, up 14% quarter-on-quarter and 48% year-over-year, with margins expanding to 21%.

• 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 increased to INR 203.8 crores, up 114% quarter-on-quarter.

• Net debt reduced to INR 110.4 crores from INR 310.5 crores in the previous quarter.

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 expansion under discussion for FY27 and FY28.

• Seat additions for next year expected to be front-loaded in Q1 and Q2, with managed office share of revenue projected to rise to 30% over 24 months.

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

• Margins expected to remain in the 20%-21% range, with potential for expansion as mature centers reach higher occupancy.

• Strong RFP momentum and improved visibility into future demand.