Can WeWork India's managed-office bet pay off?

WeWork India Management's stock rallied over 12% since its analyst meet, hitting a new high since its muted October listing. Management argued that India's talent pool and cost economics would sustain flexible workspace growth through GCCs, with managed offices now contributing over 25% of revenue. ICICI Securities expects 23% annualized revenue growth by FY28 from FY26 base of around 2,440 crore, with 29% EBITDA growth, though the stock trades at a premium 6.5x EV/EBITDA on FY28 estimates versus peers Awfis (4.7x), SmartWorks (5.5x), and IndiQube (6.4x), raising valuation concerns.