WeWork India Management Ltd. share price target

WeWork India Management delivered robust Q1FY27 earnings, with revenue up 28% and IGAAP EBITDA growing 69% YoY to INR 1.4bn, driven by portfolio occupancy rising 840bps YoY to 85% and new capacity additions.

We attended WeWork India Management’s (WeWork) maiden Analyst Meet, wherein management highlighted the company’s continued focus on its premium flexspaces offering.

Reported FY26 EPS of 5.40, beating our estimates by ~77%, on the back of a larger footprint (8.6msf) and substantially higher utilisation (86.9%)

We initiate coverage on WeWork India Management Ltd. (WeWork) with a BUY rating and a target price of INR 914, based on 18x Sep’27E EV/IGAAP EBITDA (post all lease rental payments).

Launched in 2017, company is, according to the CBRE Report, a leading premium flexible workspace operator in India, and have been the largest operator by total revenue in the past three Fiscals. According to the CBRE Report, company have played a significant role in the growth of the flexible workspace sector in India and been a key contributor for the evolution of flexible workspace products and services. Company is the exclusive licensee of the WeWork Brand in India. Company provide...

WeWork India: Leading the Flexible Workspace Market Embassy Group, is India's largest flexible workspace operator by revenue. Headquartered in Bengaluru, it has built a strong presence across major Tier 1 cities with 68 operational centres and a total leasable area of 7.67 msf. Its portfolio comprises ~94% or 7.07 msf of Grade A development. It...

IPO NOTE

WeWork India Management Ltd. (WIML) is a leading premium flexible workspace operator in India. The company's business model involves leasing buildings from landlords, undertaking fit-outs and transforming these spaces into fully managed, modern, tech-enabled and productive offices for its clients/members. As of Jun'25, WIML had 68 operational...