The brokerage said WeWork India is the country’s largest flexible workspace operator by revenue and continues to benefit from stronger returns than traditional office landlords. It added that the flex-space segment is expanding at about 17% CAGR, nearly twice the pace of overall office stock growth.
It expects the company to add 15,000 to 20,000 seats annually over the next three years. The brokerage also highlighted WeWork India’s presence across the top eight cities, which enables access to a premium customer base and supports average revenue per member that is nearly double that of listed peers.
Revenue is projected to grow at 22% CAGR and EBITDA at 28% CAGR over FY25 to FY28. The report, however, cautioned that any sharp downturn in office demand remains a key risk.
Shares of WeWork India Management were listed on 10 October 2025. The stock debuted at Rs 646.50, a 0.23% discount to the issue price of Rs 648.
The IPO was subscribed 1.15 times. It opened on 3 October 2025 and closed on 7 October 2025, with a price band of Rs 615 to Rs 648 per share.
Launched in 2017, WeWork India is one of India’s leading premium flexible workspace operators. Since its inception, WeWork India has expanded across 8 cities in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad, with 70 operational centres spanning 7.8 million square feet (as of September 2025).
On a consolidated basis, net profit of Wework India Management declined 96.91% to Rs 6.29 crore while net sales rose 22.40% to Rs 574.70 crore in Q2 September 2025 over Q2 September 2024.