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WeWork India Q1 FY27: Occupancy Optics Mask Accelerating Unit Economics and Cash Generation

India Flexible Workspace: Enterprise Demand Compounds as Five Listed Operators Report Q1 FY27

Awfis Space - Record Q127 Growth, Temporary Occupancy Pressure, and a New Cash EBITDA Valuation Lens

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Equity Bottom-Up

<ul>
<li>WeWork India closed FY26 with record revenue of INR2,440 crore, up 25.2% YoY, and turned net cash positive for the first time.</li>
<li>Q4 FY26 occupancy hit 86.9%, the highest year-end level in the company's history, up 1,010 bps YoY, with demand growth running at roughly twice the pace of capacity additions</li>
<li>At 6.3x EV/Sales and 9.8x EV/EBITDA, the stock trades at a premium to the full listed peer set Smartworks (5.6x/8.8x), IndiQube (5.8x/8.8x), and AWFIS (2.4x/6.5x), pricing in continued execution.</li>
</ul>


WeWork India closed FY26 with record revenue of INR2,440 crore, up 25.2% YoY, and turned net cash positive for the first time.
Q4 FY26 occupancy hit 86.9%, the highest year-end level in the company's history, up 1,010 bps YoY, with demand growth running at roughly twice the pace of capacity additions
At 6.3x EV/Sales and 9.8x EV/EBITDA, the stock trades at a premium to the full listed peer set Smartworks (5.6x/8.8x), IndiQube (5.8x/8.8x), and AWFIS (2.4x/6.5x), pricing in continued execution.


WeWork India: FY26 Inflection Justifies the Premium - For Now