In today’s briefing:
- Nesco: Strong Q1FY26 Led by the Exhibitions and the Foods Segments
- WeWork India Pre-IPO – Lease Mismatch and Structural Strains
Nesco: Strong Q1FY26 Led by the Exhibitions and the Foods Segments
- Q1 tends to be a seasonally weak quarter. However, Nesco posted 60%+ YoY growth in the Exhibition business. The Foods business grew 147% YoY led by restaurants and catering division.
- The IT Parks segment saw its revenue grow by 3.6% QoQ and 12% YoY in Q1FY26. Overall, Nesco’s revenue grew 37% YoY and PBT grew 23% YoY in Q1FY26.
- Given that Nesco due to its leasing based revenue is a bond proxy investment, we are increasing our fair valuation target to take into account the low interest rate environment.
WeWork India Pre-IPO – Lease Mismatch and Structural Strains
- WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
- WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
- In this note, we talk about the not-so-positive aspects of the deal.
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