Financial Performance Summary

Revenue Performance:

  • Q1 FY27 Revenue: ₹698.0 Crore
  • Year-over-Year Growth: +28.5%

Profitability Metrics:

  • EBITDA: ₹138.3 Crore (+69.3% YoY)
  • EBITDA Margins: 19.8% (+478 basis points YoY)
  • Profit After Tax (PAT): ₹53.2 Crore (+533.3% YoY)
  • PAT Margins: 7.6% (+608 basis points YoY)

Cash Flow & Returns:

  • Free Cash Flow from Operations: ₹141.9 Crore (+176.1% YoY)
  • EBITDA to FCFO Conversion: 1.03×
  • Return on Capital Employed (ROCE): 28.6%
  • Cost of Borrowing: 8.5%
  • Credit Rating: A+

Operational Metrics

Portfolio Expansion:

  • Operational Centers: 79 centers across 8 cities
  • Operational Area: 9.1 million sq. ft.
  • Total Committed Footprint: 12 million sq. ft. (including signed leases and LOIs)
  • Year-over-Year Growth: +29.9% in committed footprint

Capacity & Occupancy:

  • Operational Desk Capacity: 133,600 desks (+17.1% YoY)
  • Occupied Members: 113,400 members (+29.9% YoY)
  • Overall Portfolio Occupancy: 84.9%
  • Mature Center Occupancy: 87.5%
  • Net Promoter Score (NPS): +78

Expansion Activities:

  • Desks Added in Q1: Approximately 7,000 desks
  • FY27 Planned Desk Addition: Nearly 28,000 desks
  • Sales Velocity: Increased 28.3% YoY from 9.9k to 12.7k desks sold

New Service Launch

Member Services Platform:

  • Launch Date: July 15, 2026
  • Description: Industry-first platform connecting members with enterprise-grade business solutions through a trusted partner ecosystem
  • Value Proposition: Extends platform beyond workspace, providing single destination for curated business partners and exclusive commercial benefits

Management Commentary

Karan Virwani, Managing Director & CEO:

  • Entered FY27 from position of strength with healthy demand visibility and growing enterprise pipeline
  • Q1 marked start of next growth cycle with investments ahead of demand
  • Investments moderate near-term sequential comparisons but strengthen ability to support long-term customer demand
  • Maintained healthy occupancy, resilient margins and strong cash generation despite expansion investments
  • India emerging as global hub for GCCs and AI-led innovation, creating strong structural tailwinds for flexible workspaces

Portfolio Developments

New Center Launches in Q1 FY27:

  • WeWork Embassy Vertex, Bengaluru
  • WeWork Embassy Tech Village Zinnia 8C, Bengaluru
  • WeWork Bharti Worldmark 6, Gurugram

Managed Office Business:

  • Over 5.1 lakh sq. ft. of managed office mandates delivered and signed
  • Includes delivery of bespoke workspace in Hyderabad for global technology and engineering company
  • New mandates signed with American multinational IT company and leading compliance intelligence firm

Market Context

Industry Position:

  • Flexible workspace sector emerged as largest contributor to office leasing in India during quarter
  • Accounted for 27% of total absorption (Source: CBRE)
  • WeWork India leading this momentum

Financial Reporting Basis

All financial figures presented on IGAAP-equivalent basis, calculated under Indian GAAP framework without benefit of non-cash rent straight-lining under Ind AS 116, and net of ESOP costs.