WeWork India Management Ltd

AGM Details

• Date and time: August 24, 2026, 12:00 IST.
• Mode: VC/OAVM; deemed venue: registered office.
• Remote e-voting: Aug 20–23, 2026; extended 15 minutes post AGM.

Resolutions

• Adoption of Audited Standalone Financial Statements (Ordinary).
• Adoption of Audited Consolidated Financial Statements (Ordinary).
• Re-appointment of Adnan Mostafa Ahmad as director liable to retire by rotation (Ordinary).
• Reclassification of Authorised Share Capital and alteration to MOA (Special).
• Approval of Reduction of Share Capital (Securities Premium) (Special).
• Alteration of the Objects Clause of MOA (Special).

Voting Status

• Voting results pending; to be declared within statutory timelines.

Auditors

• No changes to statutory or secretarial auditors announced.

RPTs

• No material RPTs disclosed.

Other Approvals

• ESOP implementation certificate available; no new ESOP approvals indicated.

Disclosure details

• Target Company: WeWork India Management Limited.
• Disclosing Party: 1 Ariel Way Tenant Limited (not promoter group).
• Transaction Type: Disposal of 3,500,000 equity shares.
• Pre-Transaction Holding: 2,05,35,994 shares (14.82%).
• Transaction Details: Sold 3,500,000 shares (2.53%) via open market – block trade.
• Post-Transaction Holding: 1,70,35,994 shares (12.29%).
• Date: August 14, 2026.
• Share Capital Context: Equity capital before/after: 13,85,90,252.
• Diluted capital after: 13,85,90,252.

Rating action and instruments

• Term loans ₹501 crore upgraded to [ICRA]A+ (Stable) from A (Stable).
• Overdraft ₹100 crore upgraded to [ICRA]A+ (Stable) from A (Stable).
• Bank guarantee ₹20 crore upgraded to [ICRA]A+ (Stable) from A (Stable).
• Unallocated limits ₹179 crore upgraded to [ICRA]A+ (Stable) from A (Stable).
• Overall upgrade to A+ (Stable) across all long-term facilities.

Rationale and key drivers

• Healthy occupancy at 86% and expansion to 1.27 lakh desks.
• Revenue growth expected 20-25% in FY2027 with higher desk capacity.
• Leverage TD/OPBITDA 0.7x as of Mar 2026; likely below 1.0x FY2027-28.
• Liquidity strong: Rs 308.6 crore cash; Rs 100 crore undrawn overdraft.
• Top 10 clients account for about 23% of FY2026 revenue.
• Promoter Embassy Group holds 49.42% stake; experienced real estate promoter.
• Capex plans FY2027-28 (15k-25k desks/year; Rs 300-450 crore annual outlay).
• Lease renewal risk: ~40% of leases <2 years; 53% FY2027 renewals; 26% FY2028.

Outlook, sensitivities and changes

• Outlook: Stable.
• Upgrade drivers: scale/profitability rise and net debt reduction.
• Downgrade triggers: occupancy/profitability decline or debt-funded expansion with TD/OPBITDA > 2.0x.
• Material change since last rating: upgrade from A to A+ (Stable).
• Liquidity remains strong with capex funded by internal accruals.

Meeting Details

• Date: July 17, 2026.
• Type/Mode: Earnings conference call, virtual webcast.
• Event: Q1 FY27 Earnings Conference Call.
• Organizer: WeWork India Management Limited.
• Recording: Conference was recorded; transcript available on company website.

Participants

• MD & CEO attended.
• CFO attended.

Purpose

• Discuss Q1 FY27 results and related metrics.

Availability

• Transcript available on company website; call recording exists.

Meeting Details

• Date: July 17, 2026; Time: not disclosed.
• Type: group earnings call; Mode: not disclosed.
• Event/organiser: Q1 FY27 Earnings Call by WeWork India Management Limited.

Participants

• Key company participant: Company Secretary & Compliance Officer.

Purpose

• Q1 FY27 earnings call recording published for investor access.

Additional Notes

• Recordings available on the company investor relations page; transcript/presentation not specified.

Business overview

• Footprint: 79 centres across 8 cities, 9.1 MSF, 133.6k desks.
• Core offering: Workspace-as-a-service with digital products and added services.
• New capex cycle initiated; demand signals and deeper pipeline behind capacity expansion.

Operational highlights

• Q1 FY27 highlights: 79 centres, 9.1 MSF, 133.6k desks.
• Total revenue ₹698 Cr; YoY +28.5%; QoQ +1.7%.
• EBITDA ₹138 Cr; margin 19.8%; PAT ₹53.2 Cr; margin 7.6%.
• Free cash flow from operations ₹141.9 Cr; QoQ +39.3%.
• Net debt ₹31.6 Cr; Net debt/EBITDA 0.06x; cash ₹370.9 Cr.
• Credit rating A+; cost of borrowing 8.5%.
• Occupancy 84.9%; mature centres >12M occupancy 87.5%.

Financial performance

• Workspace as a service revenue ₹687.3 Cr; core operations ₹603.6 Cr.
• Value-added services ₹57.5 Cr; digital products ₹26.2 Cr.
• Centre-level EBITDA margin 19.8%; portfolio breakeven occupancy 56.6%.

Capital structure & liquidity

• Gross debt ₹402.6 Cr; cash ₹370.9 Cr; net debt ₹31.6 Cr.
• Net debt/EBITDA 0.06x; avg cost of borrowing 8.5%.
• Credit rating: A+.

Strategic priorities & outlook

• FY27 growth year; demand signals support capex expansion.
• Q1 FY27 added 6.6k desks; pipeline deeper than ever.
• April sales record: 7.5k desks; more than half revenue from existing members.

Risks & mitigation

• Capex cycle may compress margins; offset by stabilised base and higher-margin digital services.

Governance & leadership

• MD & CEO: Karan Virwani.
• Compliance officer: Udayan Shukla.
• Investor relations: Vinayak Parameswaran.

Financial performance

• Q1 FY27 revenue ₹698.0 Cr; YoY growth 28.5%.
• EBITDA ₹138.3 Cr; margin 19.8%.
• PAT ₹53.2 Cr; margin 7.6%.
• Free cash flow from operations ₹141.9 Cr; 1.03x EBITDA conversion.
• Net debt ₹31.6 Cr; YoY reduction 89.4%.
• Capex ₹188 Cr in Q1; target 22k desks in H1 FY27.

Corporate actions & governance

• IPO completed; NSE/BSE listing on Oct 10, 2025.
• ESOPs: 29,386 options granted; 3,212,244 shares allotted in Q1 FY27.
• Paid-up capital increased to ₹1,385.90 mn due to stock-option exercise.
• Labour Codes: one-time employee benefit provision of ₹42.94m standalone and ₹43.26m consolidated recognized as exceptional item in FY26.

Overview

• Unaudited Q1 FY27 results with revenue ₹698.0 Cr; up 28.5% YoY.
• EBITDA ₹138.3 Cr, up 69.3% YoY; margin 19.8%.
• PAT ₹53.2 Cr, up 533.3% YoY; margin 7.6%.
• Launch of Member Services announced July 15, 2026.
• Desks added this quarter: ~7,000 as part of capacity expansion.

Financial Highlights

• Revenue: ₹698.0 Cr in Q1 FY27, +28.5% YoY.
• EBITDA: ₹138.3 Cr, +69.3% YoY; margin 19.8%.
• PAT: ₹53.2 Cr, +533.3% YoY; margin 7.6%.
• Free Cash Flow from Ops: ₹141.9 Cr, +176.1% YoY.
• ROCE: 28.6%; borrowing cost: 8.5%; A+ rating.

Operational & Growth

• Footprint expanded to 79 centres across 8 cities; 9.1m sq ft operational.
• Committed footprint 12m sq ft including LOIs; +29.9% YoY.
• Desks capacity 133.6k; members 113.4k; occupancy 84.9%.
• Desks sold: 12.7k in Q1; +28.3% YoY.
• FY27 expansion plan: add ~28,000 desks to meet demand.
• New premium centers launched in Bengaluru and Gurugram.
• Member Services launched July 15, 2026.
• Managed office momentum: 5.1 lakh sq ft delivered; new mandates with US IT and a compliance firm.
• NPS remained strong at +78.