Transcript of Q4 FY26 Earnings Conference Call
WEWORK · price
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WeWork India reported record FY26 results with revenue of INR 2,477 crore (up 23%), EBITDA of INR 499 crore (up 23%), and PAT more than doubling to INR 180 crore (up 134%). Q4 revenue was INR 710 crore (up 29% YoY) with EBITDA margin at 23.2% and PAT margin at 11.2%. Portfolio occupancy reached an all-time high of 86.9% with 76 centers and 110,000 members. The company turned net cash positive (net debt negative of INR 11.7 crore) with a two-notch credit upgrade to A+. FY27 opening locked-in revenue stands at INR 1,885 crore, up 36% YoY. Management expects 28,000 new seats (28,000 desks) in FY27 bringing capacity to ~155,000 desks by March 2027, with capex guidance of INR 500-600 crore. They declined to give specific revenue guidance but maintained over 20% YoY top-line growth expectation. The company launched 'Rivet', a design-and-build business targeting a $35-40 billion market opportunity.
Strong execution with record margins and cash generation positions WeWork India well for continued growth. The demand-backed expansion with managed office deals opening at 100% occupancy on day one should cushion margin impact from new capacity additions. The company is shifting from a workspace operator to a platform powering India's growth.