WeWork India Management Ltd (NSE: WEWORK / BSE: 544570) reported total revenue of ₹640.3 crore in Q3 FY26, up 27.0% year-on-year and 9.6% quarter-on-quarter, supported by higher capacity, rising occupancy, and enterprise demand. EBITDA rose to ₹134.6 crore, while profit after tax stood at ₹52.0 crore for the quarter.
Business Overview
WeWork India operates flexible workspace solutions across India, including WeWork-branded multi-tenant offices and Managed Offices for enterprise clients. The company’s offerings also include digital products and value-added services.
Core workspace operations contributed 83.4% of revenue in Q3 FY26, while value-added services accounted for 13.5% and digital products contributed 3.1%.
Financial Performance
Total revenue reached ₹640.3 crore in Q3 FY26, compared with ₹584.0 crore in Q2 FY26 and ₹504.0 crore in Q3 FY25. EBITDA increased 47.6% year-on-year to ₹134.6 crore, with EBITDA margin at 21.0%. PAT rose to ₹52.0 crore, reflecting a 511.8% year-on-year increase.
Free cash flow from operations rose to ₹203.8 crore, while return on capital employed improved to 32.6% during the quarter.
Operating Metrics
As of Q3 FY26, WeWork India operated 73 centres across eight cities, covering 8.2 million square feet of operational area and 11.4 million square feet including signed leases and letters of intent. The company managed approximately 121,600 desks with portfolio occupancy of 83.9%.
Mature centres operated at around 86.6% occupancy, while enterprise clients accounted for about 74% of revenue.
Segment and Business Mix
Managed Offices contributed about 21% of overall portfolio revenue in Q3 FY26, reflecting a shift in revenue mix toward enterprise-driven workspace solutions.
The company reported a diversified revenue mix across core workspace, digital products, and value-added services.
Capacity Pipeline and Expansion
WeWork India reported that nearly 40% of incremental capacity growth is already secured through signed leases and letters of intent. Planned capacity is expected to expand from 8.2 million square feet to around 11.4 million square feet and from about 123,000 desks to roughly 171,000 desks over time.
Capital Structure and Financial Position
Net debt and capital efficiency metrics improved during the quarter, supported by rising cash flows and operating leverage. The company also received a credit rating upgrade to [ICRA] A (Stable) from [ICRA] A- (Stable) in January 2026.
Key Risks and Constraints
The company highlighted potential risks related to regulatory changes, macroeconomic conditions, competitive pressures, and execution challenges in its disclosures.
Outlook and Strategic Focus
WeWork India stated that it plans to deepen its presence in Tier-1 Grade-A markets and expand its integrated workspace platform, spanning flexible offices, managed offices, and digital solutions.