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ICICI Securities Report
WeWork India Management Ltd. posted robust Q3 FY26 earnings with IGAAP Ebitda growing 48% YoY to Rs 130 crore, driven by portfolio occupancy rising 370bps QoQ to 84% and new capacity additions.
With demand momentum remaining intact, WeWork India plans to scale its total operational area to 11.4 million sq ft in the medium term—equivalent to 171,000 desks, compared with roughly 123,000 desks across 8.2 million sq ft at present.
Factoring the expansion and occupancy gains, the brokerage models 24% revenue CAGR and 24% EBITDA CAGR over FY25–28E, supported by minimal debt levels and improving operating leverage.
Despite trimming the valuation multiple (from 18x to 17x Sep'27E EV/Ebitda), the brokerage maintains its Buy rating with a revised target price of Rs 887 (previously Rs 914).
Key risks: Slowdown in office leasing and demand for flexible workspaces.
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