WMWeWork India Management544570Quarterly results

Shareholders' letter: Q2 revenue ₹768.7 Cr, PAT ₹65.8 Cr; 11.7k desks added

WeWork India has published its Shareholders' Letter for H1 & Q2 FY27 (period ended September 30, 2026) — a management note with operating and financial numbers.

By ScoutQuest · Mon 26 Oct 2026, 9:29 PM IST · 2 min read

Q2 FY27 Revenue

₹768.7 Cr (up 31.6% YoY)

Q2 FY27 PAT

₹65.8 Cr (up 67.4% YoY)

Q2 FY27 EBITDA

₹162.9 Cr at 21.2% margin

What this update is

The company has enclosed its Shareholders' Letter for H1 and Q2 FY27, covering the period ended September 30, 2026. It is a management note that walks through operating and financial performance for the quarter and the half year, along with the company's view of its market.

Q2 FY27 numbers

• Revenue ₹768.7 Cr, up 31.6% YoY and 10.1% QoQ.
• EBITDA ₹162.9 Cr at a 21.2% margin, up 37.6% YoY; margin expanded 138 bps QoQ.
• PAT ₹65.8 Cr, up 67.4% YoY and 23.7% QoQ, with margin at 8.6%.
• Free cash flow from operations ₹237.7 Cr, described as 1.5× EBITDA.
• ROCE 34.5%, up 1,235 bps YoY.
• Closed September with net cash of ₹23.1 Cr, against net debt of ₹310.5 Cr a year earlier.

H1 FY27 numbers

• Revenue ₹1,466.7 Cr, up 30.1% YoY.
• EBITDA ₹301.2 Cr at a 20.5% margin, up 50.6% YoY.
• PAT ₹119.0 Cr at an 8.1% margin, up 149.5% YoY.
• FCFO ₹379.8 Cr; capex ₹363.8 Cr; free cash flow to the firm ₹16.0 Cr.
• ROCE 31.1% for the half year.

Operating scale

• 11.7k desks added in Q2, described as the largest quarterly addition, and 18.4k in the first half.
• Operational desk capacity 145.3k desks across 85 centres in 8 cities, up 26.9% YoY.
• Members 121.7k, up 32.5% YoY, ahead of capacity growth.
• Portfolio occupancy 83.7% (up 357 bps YoY); mature centres 87.7%; centres open less than a year at 64.8%, above the 55.7% breakeven cited. The 114 bps QoQ dip is attributed to new capacity still filling.
• A further ~47k desks are secured through signed leases and LOIs, 32% beyond today's capacity.

Order book and revenue visibility

• ₹3,843 Cr of core revenue is stated as already locked in, up 66% YoY and 2.7 times the ₹1,421 Cr of rent committed against it.
• VAS plus Digital revenue grew 38% YoY to ₹108.8 Cr, with Digital up 45.6%.

Balance sheet and cost of funds

• The credit rating moved from A− to A+ over the year.
• Cost of borrowing fell 184 bps to 8.5%.

How to read the numbers

• The financial figures are described as IGAAP-equivalent, with EBITDA stated after ESOP costs of ₹5.7 Cr for the quarter and ₹9.7 Cr for the half year.
• On a reported IndAS basis the letter states Q2 PAT was ₹20.5 Cr, against a ₹4.2 Cr loss in Q1.
• The letter is management commentary and includes forward-looking statements and disclaimers about reliance and accuracy.

Market context given

• Flex is described as the largest occupier segment in India's office market, taking 24% of leasing in the third quarter of 2026.
• Within organised branded space, WeWork India is stated to hold 26% of the space and 34% of the revenue.

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