WeWork India Management
WeWork India Management
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Key Insights
Weaknesses
6- Stock is trading at 29.7 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -1.12%
- Tax rate seems low
- Promoters have pledged 35.0% of their holding.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoWework India Management Ltd has a market cap of ₹9,999 Cr with strong revenue growth of 27% TTM and a 5-year sales CAGR of 31%, but trades at elevated valuations of 115.8x PE and 32.68x PB. The company turned profitable recently with 30% ROE last year, though TTM profit has declined 54% and promoters have pledged 35% of their holding.
- Strong revenue growth with TTM sales growth of 27% and 5-year compounded sales CAGR of 31%, indicating sustained demand for flexible workspace solutions in India
- 3-year compounded profit growth of 36% demonstrates the company's ability to scale towards profitability over a medium-term horizon
- ROE of 30% in the last year suggests efficient capital utilization once the business reached profitability
- Market cap of ₹9,999 Cr positions the company as a mid-cap play on India's growing flexible office space market, which benefits from hybrid work trends
- 5-year compounded profit growth of 16% shows a long-term trajectory of improving financial performance despite near-term volatility
- Revenue growth of 23% over 3 years on a compounded basis indicates consistency in top-line expansion across business cycles
- PE ratio of 115.8x is extremely elevated, implying the stock prices in significant future growth that may not materialize
- Price-to-book ratio of 32.68x indicates the stock trades at a steep premium to its asset base, leaving limited margin of safety
- Promoters have pledged 35% of their holding, creating risk of forced selling if share price declines or lenders invoke pledged shares
- TTM compounded profit has declined 54%, signaling a sharp deterioration in earnings momentum despite revenue growth
- Zero dividend yield despite reporting profits suggests the company either lacks free cash flow or is prioritizing other uses of capital over shareholder returns
- Promoter holding decreased by 1.11% in the last quarter, indicating potential dilution or lack of promoter confidence at current levels
- Low interest coverage ratio indicates the company's operating profits may be insufficient to comfortably service its debt obligations
- Low tax rate raises questions about the sustainability of reported profits and whether earnings are benefiting from one-time adjustments or non-recurring items
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 42d ago- Member Services platform launched Jul 15
WeWork India launched a business services platform offering enterprise-grade solutions across Admin & IT, HR, Finance & Legal, and Marketing to its members, creating a new revenue/value stream.
- Management expects strong H2 growth Jul 17
Management communicated expectations of strong growth in Q3 and Q4, signaling confidence in near-term business momentum though no specific financial figures were provided.
- 10th AGM set for August 24 Aug 1
WeWork India scheduled its 10th AGM on August 24, 2026 via VC/OAVM with remote e-voting from August 20-23 and a cut-off date of August 17 for voting eligibility.
- Q1 FY27 earnings call announced Jul 10
WeWork India will host its Q1 FY27 earnings call on July 17, 2026 at 10:00 am IST via webcast or dial-in.
TL;DR: WeWork India is showing positive momentum with management guiding for strong H2 growth and expanding its value proposition through the new Member Services platform. No headwinds or risk factors emerged in recent news flow. The trend appears to be improving with the company diversifying its offerings beyond workspace. Investors should watch Q1 FY27 results for concrete financial validation of management's optimistic outlook.
Quarterly Results
| Particulars | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 469 | 490 | 536 | 534 | 573 | 632 | 693 | 680 |
| Expenses | 171 | 178 | 193 | 199 | 192 | 225 | 243 | 243 |
| Operating Profit | 298 | 312 | 343 | 335 | 381 | 407 | 449 | 437 |
| OPM % | 63.59% | 63.59% | 63.98% | 62.69% | 66.44% | 64.47% | 64.87% | 64.28% |
| Other Income | 29.93 | -29.22 | 15.35 | 10.34 | 10.79 | 5.36 | 18.92 | 16.83 |
| Interest | 157 | 160 | 148 | 136 | 153 | 152 | 159 | 176 |
| Depreciation | 202 | 206 | 223 | 223 | 231 | 245 | 267 | 283 |
| PBT | -31.27 | -83.63 | -12.77 | -14.61 | 7.39 | 15.07 | 42.2 | -4.58 |
| Tax % | -752.03% | 0% | -393.27% | 0% | 0% | 0% | -52.54% | 0% |
| Net Profit | 204 | -83.63 | 37.46 | -14.61 | 7.39 | 15.06 | 64.37 | -4.58 |
| EPS in Rs | 37.2 | -9.25 | 2.8 | -1.09 | 0.55 | 1.12 | 4.75 | -0.33 |
Profit & Loss
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 57 | 302 | 691 | 640 | 784 | 1,314 | 1,662 | 1,942 | 2,432 | 2,578 |
| Expenses | 117 | 421 | 763 | 825 | 378 | 516 | 614 | 705 | 859 | 903 |
| Operating Profit | -61 | -119 | -72 | -185 | 406 | 798 | 1,048 | 1,237 | 1,572 | 1,675 |
| OPM % | -107% | -39% | -10% | -29% | 52% | 61% | 63% | 64% | 65% | 65% |
| Other Income | 2 | 2 | 18 | -8 | 52 | 108 | 72 | 29 | 45 | 52 |
| Interest | 2 | 9 | 46 | 122 | 390 | 414 | 508 | 598 | 601 | 641 |
| Depreciation | 15 | 112 | 218 | 334 | 712 | 636 | 743 | 823 | 966 | 1,026 |
| PBT | -76 | -238 | -317 | -648 | -643 | -145 | -131 | -155 | 50 | 60 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -184% | -44% | — |
| Net Profit | -76 | -238 | -317 | -648 | -643 | -145 | -131 | 130 | 72 | 82 |
| EPS in Rs | -377 | -1,182 | -1,579 | -3,225 | -117 | -26.37 | -23.86 | 9.74 | 5.33 | 6.09 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 2 | 55 | 55 | 197 | 134 | 135 |
| Reserves | -84 | -321 | -605 | -1,239 | -210 | -346 | -628 | 75 | 170 |
| Borrowings | 350 | 1,023 | 1,550 | 2,250 | 292 | 481 | 625 | 310 | 5,550 |
| Other Liabilities | 154 | 486 | 742 | 628 | 3,835 | 4,219 | 4,291 | 4,876 | 1,240 |
| Total Liabilities | 423 | 1,190 | 1,689 | 1,642 | 3,972 | 4,410 | 4,485 | 5,395 | 7,095 |
| Fixed Assets | 268 | 759 | 1,079 | 823 | 3,314 | 3,569 | 3,594 | 4,309 | 5,774 |
| CWIP | 37 | 35 | 7 | 0 | 1 | 13 | 15 | 34 | 38 |
| Investments | 1 | 1 | 105 | 86 | 0 | 62 | 189 | 61 | 283 |
| Other Assets | 117 | 394 | 497 | 733 | 657 | 767 | 687 | 991 | 999 |
| Total Assets | 423 | 1,190 | 1,689 | 1,642 | 3,972 | 4,410 | 4,485 | 5,395 | 7,095 |
Cash Flow
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Operating | — | — | — | -165 | 416 | 942 | 1,165 | 1,293 | 1,731 |
| Investing | — | — | — | -295 | -6 | -387 | -417 | -309 | -642 |
| Financing | — | — | — | 532 | -602 | -534 | -777 | -984 | -1,048 |
| Net Cash Flow | — | — | — | 72 | -192 | 21 | -29 | 0 | 41 |
| Free Cash Flow | — | — | — | -372 | 416 | 709 | 921 | 919 | 1,134 |
| CFO/OP | — | — | — | 94 | 103 | 122 | 108 | 105 | 111 |
Ratios
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 27 | 11 | 8 | 25 | 30 | 19 | 17 | 15 | 12 |
| Cash Conversion Cycle | 27 | 11 | 8 | 25 | 30 | 19 | 17 | 15 | 12 |
| Working Capital Days | -536 | -296 | -239 | -138 | -226 | -215 | -207 | -186 | -190 |
| ROCE % | — | -47% | -33% | -51% | -44% | 164% | 196% | 137% | 21% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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41 extracted metrics + investor summaries across FY18–FY27.
Documents
Frequently Asked Questions about WeWork India Management
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Company Information
Incorporated in 2016, WeWork India Management Limited is a flexible workspace operator in India.[1]
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