WeWork India reported strong Q2 FY27 results, with revenue jumping 31.6% to Rs 768.7 crore and PAT rising 67.4% to Rs 65.8 crore. The company has successfully transitioned to a net cash position of Rs 23.1 crore, driven by robust occupancy gains and demand from GCCs. While expansion remains on track, investors are closely watching the timeline for the remaining promoter pledge resolution.
WeWork India Q2 FY27: Profit Up 67% to Rs 65.8 Crore
Revenue reached Rs 768.7 crore (up 31.6% YoY) while EBITDA rose 37.6% to Rs 162.9 crore.
Reader Takeaway: Revenue growth and net cash status are major positives; lack of promoter pledge timeline remains a monitorable.
What just happened
WeWork India delivered a strong performance for the quarter ending September 2026. Revenue grew 31.6% YoY to Rs 768.7 crore, while PAT surged 67.4% YoY to Rs 65.8 crore. The company’s EBITDA margin expanded by 138 basis points sequentially to 21.2%. Operationally, the firm added 11,700 desks in the quarter, reaching a total capacity of 145,300 across 85 centers, with occupancy climbing to 83.7%.
Why this matters
The company’s successful shift from a net debt of Rs 310.5 crore a year ago to a net cash position of Rs 23.1 crore highlights a disciplined financial turnaround. Strong demand from Global Capability Centers (GCCs), which account for 41% of business, continues to underpin revenue stability. The ROCE has also improved significantly to 34.5%, signaling efficient capital deployment.
Management Commentary
Management emphasized that growth is being driven by demand-backed managed office deals that offer superior revenue-to-rent multiples. Regarding the promoter pledge, leadership stated they remain committed to deleveraging but prefer to maintain a status quo while the business continues to grow faster than the cost of capital. They expressed confidence in hitting a desk capacity target of 150,000–155,000 by March 2027.
Risks to watch
Expansion plans are dependent on the timely availability of space from developers. Additionally, the company faces increased competition for prime office assets in major metros. While the company has turned net cash positive, the absence of a firm timeline for the removal of the promoter pledge remains a point of interest for long-term stakeholders.
What to track next
Watch for the pace of the remaining desk additions and whether the margin expansion sustains as the company prepares for FY28 CAPEX spending of approximately Rs 600 crore.