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

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WeWork India: FY26 Inflection Justifies the Premium - For Now

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Equity Bottom-Up

<ul>
<li>WeWork India's Q1 FY27 IGAAP revenue rose 28.5% YOY to INR698 crore; EBITDA margin expanded 478 bps to 19.8% even as a new capex cycle began</li>
<li>Occupancy dipped 198 bps QOQ to 84.9%, but this reflects front loaded supply. Mature centre occupancy strengthened to 87.5%.</li>
<li>Free cash from operations rose 176% YOY to INR141.9 crore (1.03x EBITDA); PAT jumped sixfold to INR53.2 crore, with ROCE holding at 28.6% and net debt/EBITDA at 0.06x.</li>
</ul>


WeWork India's Q1 FY27 IGAAP revenue rose 28.5% YOY to INR698 crore; EBITDA margin expanded 478 bps to 19.8% even as a new capex cycle began
Occupancy dipped 198 bps QOQ to 84.9%, but this reflects front loaded supply. Mature centre occupancy strengthened to 87.5%.
Free cash from operations rose 176% YOY to INR141.9 crore (1.03x EBITDA); PAT jumped sixfold to INR53.2 crore, with ROCE holding at 28.6% and net debt/EBITDA at 0.06x.


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