WeWork India Management Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript WeWork India Management Ltd filed with BSE on 27 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
WeWork India reported FY26 revenue of Rs 2,477 crore, up 23%, with EBITDA of Rs 499 crore and PAT more than doubling to Rs 180 crore. Q4 FY26 revenue grew 29% year-over-year to about Rs 710 crore with a record EBITDA margin of 23.2% and the company ended the year net debt negative for the first time. Management also discussed a Redseer-commissioned industry study on AI's impact on office demand and outlined plans for FY27 capacity additions and a new design-and-build business called Rivet.
Numbers mentioned
Revenue: INR2,477 crores (FY26)
p. 3
“Revenue of INR2,477 crores, up 23%; EBITDA of INR499 crores, up 23%; PAT more than doubled to INR180 crores, up 134%, with the margin expanding nearly 341 basis points.”
Karan Virwani, page 3 of the filed PDF · View the filing
EBITDA: INR499 crores (FY26)
p. 3
“Revenue of INR2,477 crores, up 23%; EBITDA of INR499 crores, up 23%; PAT more than doubled to INR180 crores, up 134%, with the margin expanding nearly 341 basis points.”
Karan Virwani, page 3 of the filed PDF · View the filing
Portfolio occupancy: 86.9% (FY26)
p. 3
“Our portfolio occupancy stood at 86.9% and mature centers stood at 88.9%, both of them at all-time highs.”
Karan Virwani, page 3 of the filed PDF · View the filing
ROCE: 28.3% (FY26)
p. 3
“ROCE at about 28.3%, up over 317 basis points, and free operating cash at about INR586 crores, which is up 44%.”
Karan Virwani, page 3 of the filed PDF · View the filing
Revenue: about INR710 crores (Q4 FY26)
p. 5
“Getting into the quarter, revenue of about INR710 crores, up 29% year-over-year.”
Karan Virwani, page 5 of the filed PDF · View the filing
EBITDA margin: 23.2% (Q4 FY26)
p. 5
“EBITDA at about INR164.7 crores with a record margin of 23.2% and a PAT of almost INR80 crores with a margin of 11.2%.”
Karan Virwani, page 5 of the filed PDF · View the filing
ROCE: 45.1% (Q4 FY26)
p. 5
“ROCE exiting the year is at about 45.1%, and we have finally over-delivered on our net debt position.”
Karan Virwani, page 5 of the filed PDF · View the filing
Net debt: negative INR11.7 crores (FY26)
p. 7
“On the balance sheet, we ended the year at a net debt negative of INR11.7 crores against INR215 crores of net debt a year ago.”
Clifford Lobo, page 7 of the filed PDF · View the filing
Locked-in core revenue: INR2,940 crores
p. 6
“We are locking in more value with remaining locked-in core revenue now at INR2,940 crores, up 34% year-on-year against a locked-in rental cost of only INR986 crores.”
Clifford Lobo, page 6 of the filed PDF · View the filing
FY27 opening locked-in core revenue: INR1,885 crores (FY27)
p. 7
“FY '27 opens with the strongest opening position of INR1,885 crores of core revenue already locked in, growing at a CAGR of 36% over the last two years.”
Clifford Lobo, page 7 of the filed PDF · View the filing
Capex: INR456 crores (FY26)
p. 7
“Capex for the year was INR456 crores. Free cash flow after capex was INR129 crores for the year.”
Clifford Lobo, page 7 of the filed PDF · View the filing
Cost of borrowing: 8.5% (FY26)
p. 7
“Cost of borrowing fell 225 basis points to 8.5%.”
Clifford Lobo, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — over 20% year-over-year · FY27
stated firmly by Karan Virwani
p. 9
“I think we've stuck with the fact that we will keep growing the business at over 20% year-over-year on a top line basis.”
Karan Virwani, page 9 of the filed PDF · View the filing
Capex — INR500 crores to INR600 crores · FY27
stated firmly by Karan Virwani
p. 9
“We believe the capex will be somewhere in the range of INR500 crores to INR600 crores for next year in terms of what we end up spending across all of the deals that we already have locked-in.”
Karan Virwani, page 9 of the filed PDF · View the filing
Occupancy — higher than 85% · FY27 exit
stated as an aspiration by Karan Virwani
p. 11
“the goal and the idea is to remain higher than 85% even as we bring on all of these new buildings as we exit the year.”
Karan Virwani, page 11 of the filed PDF · View the filing
Net debt position — net debt negative or close to it · end of next year
stated as an aspiration by Karan Virwani
p. 12
“We'll also build up the cash balance through the year to make sure that we are remaining in this net debt negative or close to net debt negative position even by the end of next year.”
Karan Virwani, page 12 of the filed PDF · View the filing
VAS share of revenue — 12% to 13%
stated as an aspiration by Karan Virwani
p. 13
“I think you should always just assume that it is within this range itself.”
Karan Virwani, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said they would end March at roughly 10.3-10.4 million square feet, about 155,000 desks, with capex of Rs 500-600 crore, without giving explicit revenue guidance beyond 20%+ growth.
Answered by Karan Virwani
Asked by Adhidev Chattopadhyay: What is the locked-in supply target and revenue/capex guidance for next year?
p. 8
“We will end March roughly at about 10.3 million, 10.4 million square foot, which will be about 155,000 desks from where we are today.”
Karan Virwani, page 8 of the filed PDF · View the filing
Management said the opportunity is roughly $35-40 billion and framed Rivet as a strategic funnel to capture customers rather than a scale play.
Answered by Karan Virwani
Asked by Sourabh Gilda: What is the strategic rationale and market size for the Rivet design-and-build business?
p. 9
“I think, start with the size of the opportunity itself, which is set to be at like roughly $35 billion to $40 billion in terms of entire market size.”
Karan Virwani, page 9 of the filed PDF · View the filing
Management said roughly 18,000-19,000 of the 28,000 new seats will be WeWork branded, nearly double the prior year.
Answered by Karan Virwani
Asked by Abhinav Sinha: What is the mix of new capacity for FY27 between WeWork branded and managed office?
p. 11
“I think out of the 28,000 seats, roughly about 18,000 or 19,000 are going to be WeWork branded locations that we're opening, which is nearly double that which we did this year.”
Karan Virwani, page 11 of the filed PDF · View the filing
Management expects a smaller dip than last year's Q1 due to more demand-backed expansion, with margin ending similar or slightly higher for the year.
Answered by Karan Virwani
Asked by Girish Choudhary: How should margins trend into FY27 given the capacity additions?
p. 14
“We don't foresee as big a dip that we saw in the last year from Q4 into Q1. It will be less than it was.”
Karan Virwani, page 14 of the filed PDF · View the filing
Management attributed the higher capex to two large high-spend deals (JPMorgan and Amazon) that also carry higher returns, with capex guided at Rs 500-600 crore for next year.
Answered by Karan Virwani
Asked by Girish Choudhary: Why was capex per desk higher this year and what is expected going forward?
p. 16
“A lot of it is driven by two really large high-spend deals that we did, one for JPMorgan, Amazon and then some parts”
Karan Virwani, page 16 of the filed PDF · View the filing
Risks flagged
Occupancy dips during periods of new capacity addition
p. 11
“through the year, as capacity comes on, there will be like slight dips in occupancy and then sort of like move back up.”
Karan Virwani, page 11 of the filed PDF · View the filing
Rental cost increases at lease renewals in tight micro markets
p. 15
“there will be some jumps over what we have -- what we normally see in rental escalations as we do these renewals.”
Karan Virwani, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.