WeWork India Management Limited submitted its Q1 FY27 shareholders' letter to the National Stock Exchange of India Limited and BSE Limited pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Operational Performance

  • Total AUM grew 30% YoY to 12 million square feet (MSF)
  • Operational area grew 18.5% YoY to 9.1 MSF
  • Desk capacity reached 133.6k desks, up 17.1% YoY
  • Added 6.7k desks in Q1 (3.3k managed office desks)
  • Footprint spans 79 centres across 8 cities
  • Portfolio occupancy at 84.9% (up 844 bps YoY, down 198 bps QoQ)
  • 89% of portfolio is mature, running at 87.5% occupancy (up 590 bps YoY)
  • Total members: 113.4k (up 29.9% YoY)
  • Sold 12.7k desks in Q1 (up 28.3% from 9.9k in Q1 FY26)
  • Recorded highest-ever monthly sales of 7.5k desks
  • 52% of Q1 sales came from existing network members

Financial Performance

  • Total revenue: ₹698.0 Cr (up 28.5% YoY, down 1.7% QoQ)
  • Core revenue grew 29.8% YoY and 3.4% QoQ
  • EBITDA: ₹138.3 Cr (up 69.3% YoY, down 16.0% QoQ)
  • EBITDA margin: 19.8% (up 478 bps YoY)
  • PAT: ₹53.2 Cr (up 533.3% YoY, down 33.2% QoQ)
  • PAT margin: 7.6% (up 608 bps YoY)
  • Free cash flow from operations: ₹141.9 Cr (up 176.1% YoY)
  • EBITDA to FCF conversion: 1.03x
  • Q1 capex: ₹188 Cr
  • Net debt: ₹31.6 Cr (down 89.4% YoY)
  • Cost of borrowing: 8.5% (down 188 bps YoY)
  • ROCE: 28.6% (up 1,955 bps YoY)

Digital Products Performance

The company highlighted four digital products with ~80% EBITDA margins:

1. Virtual Office: 15,623 active registered companies

2. On Demand: ~15,000 day passes booked monthly

3. All Access: Global access membership across 37 countries, 120 cities

4. Workplace: 34,523 employees/licenses across 148 companies

Financial Results Reconciliation

Ind AS to IGAAP Reconciliation (₹ Cr):

| Particulars | Q1 FY27 Reported | Q1 FY27 IGAAP | Q4 FY26 Reported | Q4 FY26 IGAAP | Q1 FY26 Reported | Q1 FY26 IGAAP |

| Total Revenue | 700.7 | 698.0 | 715.4 | 709.9 | 545.7 | 543.3 |

| EBITDA | 454.8 | 138.3 | 469.5 | 164.7 | 346.2 | 81.7 |

| PAT | (4.2) | 53.2 | 66.0 | 79.6 | (14.1) | 8.4 |

Rent Payments (₹ Cr):

| Period | Principal | Interest | Total |

| Q1 FY27 | 126.3 | 157.6 | 283.9 |

| Q4 FY26 | 129.5 | 144.1 | 273.6 |

| Q1 FY26 | 126.8 | 117.7 | 244.5 |

Brokerage Accrual (₹ Cr):

| Period | Amount |

| Q1 FY27 | 25.5 |

| Q4 FY26 | 24.2 |

| Q1 FY26 | 17.8 |

Standalone Financial Results (₹ Million)

  • Revenue from operations: 6,802.02
  • Total income: 6,970.27
  • Profit/(Loss) before tax: (45.82)
  • Profit/(Loss) for the period: (45.82)
  • Paid-up equity share capital: 1,385.90
  • Basic EPS: (0.33)

Consolidated Financial Results (₹ Million)

  • Revenue from operations: 6,838.32
  • Total income: 7,007.40
  • Profit/(Loss) before tax: (39.43)
  • Profit/(Loss) for the period: (40.61)
  • Paid-up equity share capital: 1,385.90
  • Basic EPS: (0.31)

Corporate Actions

  • Granted 29,386 Employee Stock Options under Equity Incentive Plan 2018
  • Paid-up equity share capital increased from ₹1,353.78 million to ₹1,385.90 million due to allotment of 3,212,244 equity shares on exercise of stock options

Forward Outlook

The company stated that FY27 is going to be a year of growth, with H1 FY27 additions on track to reach 22k desks as part of its largest capex cycle.