WeWork India FY26 revenue rises 23% to ₹2,477 crore, profit doubles to ₹179 crore; stock jumps 19%

WeWork India Management, the country’s largest premium flexible workspace operator by revenue, closed FY26 with its strongest-ever financial performance, driven by strong enterprise demand, rising occupancy levels, and continued expansion across India’s flexible workspace market.

Fresh off its stock market debut in October 2025, the premium coworking operator posted FY26 revenue of ₹2,477.4 crore, up 23.4% year-on-year (YoY). Profit after tax more than doubled to ₹179 crore, marking a 133.7% YoY jump, as improving occupancy, premium pricing, and operating leverage boosted earnings.

On the operating front, EBITDA rose to ₹499.2 crore, while EBITDA margin improved to 20.2%.

For the January–March quarter of FY26, the company reported revenue of ₹709.9 crore, up 28.6% YoY, while EBITDA jumped 42.8% to ₹164.7 crore. Net profit surged 141.9% to ₹79.6 crore, with margins expanding sharply across the board.

Defining year for the company, says CEO

Karan Virwani, managing director and CEO of WeWork India, said FY26 was a defining year for both the industry and the company.

“During the year, we listed on the stock exchanges, more than doubled PAT, turned net debt negative for the first time in our history, and continued expanding our footprint with pricing discipline and strong occupancy across centres,” he told Fortune India.

“What is increasingly visible now is the strength of the compounding f lywheel we have built, where occupancy, premiumisation and operating leverage continue to reinforce profitability, cash generation and returns on capital quarter after quarter,” he added.

He further said that WeWork India has entered FY27 from the strongest position in its history, backed by deep demand visibility, strong operating leverage, and growing confidence in the long-term monetisation potential of the platform it is building.

Turns net debt negative for the first time

Virwani said the company also achieved a major financial milestone by turning net debt negative for the first time in its history. WeWork India ended FY26 with a net cash position of ₹11.7 crore, compared with net debt of ₹215.3 crore a year earlier, supported by strong cash generation and disciplined expansion.

Free cash flow from operations rose 44.3% YoY to ₹585.5 crore during FY26, while the company generated ₹126 crore in free cash flow to firm despite ongoing investments in new centres and expansion. Its borrowing cost fell 225 basis points to 8.5%, while its credit rating was upgraded two notches from A− to A+.

Operationally, WeWork India expanded its total committed footprint to 11.6 million square feet, including signed leases and letters of intent, up 39% YoY. Its active operational portfolio stood at 8.6 million sq ft across 76 centres in eight cities, Virwani said.

He added that portfolio occupancy touched an all-time high of 86.9%, while mature centres operated at 88.9% occupancy. The company’s member base rose 31% YoY to 110,200, significantly outpacing capacity additions.

Enterprise clients continued to dominate the portfolio, contributing 77% of core revenue during the March quarter. During FY26, the company sold nearly 48,000 desks - the highest annual addition in its history - with over half driven by existing members expanding within the network.

Stock hits 20% upper circuit

Following the Q4 earnings announcement, shares of WeWork India surged 18.97% to close at ₹580 on the BSE, taking the company’s market capitalisation to ₹7,957.25 crore. During the session, the stock hit its 20% upper circuit at ₹585 for the first time, as investors cheered its March quarter performance.

WeWork India, which debuted on the stock exchanges on October 10, 2025, is currently trading 10.5% below its IPO price of ₹648 per share.

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