WeWork India Management Limited has informed the Exchange about Credit Rating
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Crisil Ratings has assigned its first-time credit ratings to WeWork India's bank facilities aggregating Rs 800 crore. The long-term rating of 'Crisil A+/Stable' covers a Rs 501 crore term loan and a Rs 234 crore proposed term loan, while a 'Crisil A1' short-term rating is assigned to a Rs 65 crore overdraft facility from ICICI Bank. The ratings reflect WeWork India's leading position in the Indian flexible workspace segment with 73 centres, 121,600+ desks and 84% occupancy, supported by Embassy Group's 49.8% promoter holding and brand association with WeWork Global. Revenue grew 25% CAGR over FY22-25 to Rs 1,949 crore in FY25 with a turnaround to Rs 128 crore PAT from a loss, low leverage (gross debt/EBITDA of 0.7x), and strong liquidity of ~Rs 206 crore. The stable outlook balances growth capex plans against risks of lease-tenure mismatch and real estate cyclicality.
The 'A+/Stable' investment-grade rating signals strong creditworthiness and easy access to debt funding for WeWork India's expansion plans, which is positive for shareholders. The rating also enhances credibility for a recently-listed company and lowers future borrowing costs.