WeWork India profit jumps 512% to Rs 52 crore in Q3 FY26; revenue rises 27%

WeWork India Management Limited reported its strongest quarterly performance to date in Q3 FY26, posting record revenue, profitability and cash flows.

The premium flexible workspace operator reported revenue of Rs 640.3 crore for the quarter, up 27% year-on-year and 9.6% sequentially. Earnings before interest, tax, depreciation and amortisation (IGAAP equivalent) rose 47.6% year-on-year to Rs 134.6 crore, with EBITDA margins expanding to 21.0%.

Profit after tax stood at Rs 52 crore, marking a 511.8% year-on-year increase.

Free cash flow from operations increased to Rs 203.8 crore during the quarter, while Return on Capital Employed improved to 32.6%, reflecting improving unit economics and balance sheet strength.

Operationally, WeWork India managed a portfolio of 8.2 million sq ft across 73 centres in eight cities, with assets under management of 11.4 million sq ft including letters of intent.

The company operated 1.22 lakh desks at an overall occupancy of 83.9%, while mature centres recorded occupancy of approximately 86.6%. Enterprise clients contributed around 74% of total revenue, with a significant share of new sales coming from existing members expanding within the portfolio.

Workspace-as-a-service, comprising Private Office and Managed Office offerings, accounted for 83.4% of quarterly revenue. Managed Office contributed around 21% of portfolio revenue. Value-added services made up 13.5% of revenue, while digital products including Workplace, All Access, On Demand and Virtual Office contributed 3.1%.

Commenting on the performance, Karan Virwani, Managing Director and CEO of WeWork India, said the quarter marked the company’s strongest operational and financial performance to date, supported by higher occupancy, stronger contribution from mature centres and continued enterprise demand. He added that the company remains focused on profitable growth, technology-led differentiation and disciplined portfolio expansion.

WeWork India’s capacity expansion pipeline remains measured, with nearly 40% of incremental growth already secured through signed leases and LOIs. From the current 8.2 million sq ft and around 1.23 lakh desks, total planned capacity is expected to scale to approximately 11.4 million sq ft and 1.71 lakh desks over time.

The company targets a phased ramp-up to 8.7 million sq ft by March 2026 and 10.3 million sq ft by March 2027, with additional supply for FY27 under active discussion.

During January 2026, credit rating agency ICRA upgraded WeWork India’s rating to [ICRA] A (Stable) from [ICRA] A- (Stable), citing improved financial metrics and operating performance.

The company continues to deepen its presence in Tier-1 Grade-A micro-markets while expanding its integrated product ecosystem spanning flexible workspaces, fully managed offices and digital solutions. WeWork India also plays a key role in serving global capability centres, with over 100 GCCs among its members across sectors such as technology, pharma, BFSI and retail. It works with a network of specialised partners including Embark, Trigent Software, Zyoin Group and Bridgepath Innovations.

Launched in 2017, WeWork India operates across Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune and Hyderabad. The company crossed the milestone of 100,000 members during the quarter and has been the largest flexible workspace operator in India by total revenue for the past three fiscal years.