WeWork India Q2 FY27 Earnings Call Transcript Released
WeWork India reported strong Q2 FY27 results with revenue up 31.6% to ₹768.7 crore and PAT growing 67.4% to ₹65.8 crore. Occupancy reached 83.7% with 145,300 desks across 8 cities. The company ended Q2 with net cash of ₹23 crore, a significant turnaround from net debt. Future expansion targets include 150,000-155,000 desks by March 2027.
The strong financial performance, positive outlook on market leadership, and strategic expansion plans are likely to have a significant impact on investor confidence and the company's market position.
The company reported significant year-over-year growth in revenue, EBITDA, and PAT, along with a substantial improvement in net cash position and ROCE. Expansion plans are also progressing well.
WeWork India Management Limited has released the transcript of its Q2 FY27 Earnings Call, which was held on October 27, 2026. The call featured insights from Managing Director and CEO, Mr. Karan Virwani, and Chief Financial Officer, Mr. Clifford Lobo.
Mr. Virwani highlighted the strong performance of the flex workspace market in India, noting that it has become the largest occupier segment. He emphasized WeWork's leading position in the branded workspace category, with approximately 10 million square feet of WeWork-branded spaces, representing 26% of the market space and 34% of the revenue. The company added nearly 11,700 desks in Q2, bringing the total to 145,300 desks across 85 centers in 8 cities, a 27% year-over-year increase. Member growth was robust at 32.5% to about 121,700, with occupancy rising to 83.7%.
Financially, for Q2 FY27, revenue grew by nearly 31.6% year-over-year to approximately ₹768.7 crore. EBITDA increased by 37.6% to about ₹162.9 crore, with a margin of 21.2%. Profit After Tax (PAT) grew by 67.4% to approximately ₹65.8 crore. Return on Capital Employed (ROCE) reached 34.5%. The company ended September with a net cash of about ₹23 crore, a significant improvement from a net debt of ₹310 crore a year ago.
For the first half of FY27, revenue grew 30% to about ₹1,466.7 crore, EBITDA increased by 51% with a margin up 279 basis points, and PAT more than doubled to ₹119 crore. H1 ROCE doubled to about 31.1%.
Mr. Lobo detailed the absorption of new capacity, with growth centers at 64.8% occupancy and mature centers at 87.7%. He noted that VAS (Value-Added Services) grew 35% and digital services grew 46%, contributing significantly to profitability. Centre-level EBITDA grew 38.4% year-on-year to ₹214 crore, with margins improving to 28.4%. Free cash flow from operations (FCFO) was ₹237.7 crore in the quarter, more than doubling in H1 to ₹379.8 crore.
The management discussed future expansion plans, aiming for 150,000 to 155,000 desks by March 2027 and targeting 190,000 to 200,000 seats in the longer term. They also spoke about investing in adjacent businesses and exploring corporate actions to create the ability to pay dividends or conduct buybacks.
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