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Model Note · WEWORK INDIA MANAGEMENT L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
WEWORK INDIA MANAGEMENT L Discounted cash flow · base FY26
WEWORK INDIA MANAGEMENT L
Value per share, this model₹1,080
CMP 2026-09-10₹670.85
Difference61.0%
Growth the CMP implies(3.6)%/yr
This note states the assumptions and the arithmetic of one model of WEWORK INDIA MANAGEMENT L, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
64.3%
FY26 64.3% · 5-yr average 64.3%
Depreciation · capex, % of revenue
39.6% · 18.7%, fading to 1.2× depreciation
FY26 39.6% · 18.7%
Working capital, % of added revenue · tax
0.4% · -43.4%
2 working-capital days · effective (43.4)%
Discount rate
11.00%
1-yr beta 0.8
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹270 · ₹0 · ₹0 cr
FY26 net debt ₹270 cr
Shares
13.86 crore
13.86 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
2,440
2,635
2,846
3,074
3,320
3,585
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
1,569
1,695
1,830
1,977
2,135
2,305
Depreciation
(967)
(1,044)
(1,127)
(1,217)
(1,315)
(1,420)
NOPAT
863
933
1,008
1,089
1,176
1,270
less capex
(456)
(493)
(737)
(1,018)
(1,338)
(1,704)
less working-capital build
—
(1)
(1)
(1)
(1)
(1)
Free cash flow to firm
—
1,483
1,397
1,287
1,151
985
Present value
1,408
1,195
992
799
616
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · WEWORK INDIA MANAGEMENT L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5,009
PV of the terminal value (67% of EV)
10,229
Enterprise value
15,238
less net debt
(270)
less non-controlling interest
0
add non-operating investments
0
Equity value
14,968
÷ 13.86 crore shares
₹1,080
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,114
1,187
1,276
1,383
1,518
10.5%
1,036
1,097
1,169
1,256
1,362
11.0%
969
1,020
1,080
1,151
1,236
11.5%
910
954
1,005
1,064
1,133
12.0%
859
897
940
990
1,048
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
