WeWork India Management Q2 FY27 results: net profit ₹20.43 crore vs ₹6.41 crore, revenue up 33.6%

How did WeWork India Management perform in Q2 FY27?

WeWork India Management reported consolidated revenue of ₹767.84 crore for Q2 FY27, up 33.6% from ₹574.70 crore in Q2 FY26 and 12.3% from ₹683.83 crore in Q1 FY27. Total income was ₹786.44 crore, compared with ₹585.54 crore a year earlier and ₹700.74 crore in the previous quarter. Standalone revenue was ₹765.3 crore, up 33.6% from a year earlier.

EBITDA rose to ₹490.14 crore from ₹380.08 crore in Q2 FY26 and ₹437.98 crore in Q1 FY27. The consolidated EBITDA margin was 63.8%, compared with 66.1% a year earlier and 64.0% in the previous quarter, a decline of 2.3 percentage points and 0.2 percentage points, respectively.

PBT was ₹19.58 crore, against ₹6.51 crore a year earlier and a loss of ₹4.04 crore in Q1 FY27. After tax of ₹0.02 crore, net profit was ₹20.43 crore, compared with ₹6.41 crore in Q2 FY26 and a loss of ₹4.06 crore in the previous quarter. Basic EPS was ₹1.46, up from ₹0.47 a year earlier and -₹0.31 in Q1 FY27.

What changed in WeWork India Management's costs and profit?

Against Q2 FY26, total expenses rose by ₹187.83 crore to ₹766.86 crore. Depreciation increased by ₹83.04 crore, other expenses by ₹75.19 crore, finance costs by ₹21.72 crore, employee cost by ₹7.44 crore and cost of materials by ₹0.43 crore. Other income rose by ₹7.76 crore to ₹18.60 crore, and there was no exceptional item.

From Q1 FY27, employee cost fell by ₹2.47 crore, finance costs fell by ₹1.23 crore, cost of materials fell by ₹0.60 crore and tax fell by ₹0.10 crore. Depreciation rose by ₹31.47 crore and other expenses rose by ₹34.90 crore, while other income increased by ₹1.69 crore. There was no exceptional item in either period.

The filing does not assign specific reasons for the cost changes. Management said wage inflation and backdated energy tariffs, especially BESCOM, raised operating cost per square foot, and it said new-centre ramp-up delays could defer capacity and margin realisation.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue was ₹1,451.67 crore, up 30.8% from ₹1,110.01 crore in H1 FY26. Total income rose by 31.5% to ₹1,487.18 crore from ₹1,131.26 crore, while PBT moved from a loss of ₹7.24 crore to a profit of ₹15.54 crore.

PAT moved from a loss of ₹7.74 crore in H1 FY26 to a profit of ₹16.37 crore in H1 FY27. Basic EPS was ₹1.15, compared with -₹0.58 a year earlier. The result therefore represented a return to profit for the first half.

What do the balance sheet and cash flow show?

Total assets increased to ₹7,369.82 crore as of 30 September 2026 from ₹7,092.16 crore at 31 March 2026. Total equity rose to ₹342.07 crore from ₹299.21 crore, while borrowings increased to ₹390.2 crore from ₹332.77 crore. Cash fell to ₹5.95 crore from ₹62.65 crore.

Trade receivables declined to ₹69.85 crore from ₹84.62 crore, while trade payables rose to ₹75.41 crore from ₹74.67 crore. Inventories increased to ₹1.12 crore from ₹0.83 crore at the previous balance-sheet date.

H1 FY27 operating cash flow was ₹1,026.16 crore, compared with ₹697.92 crore in H1 FY26. Investing cash flow was -₹549.79 crore against -₹293.66 crore, while financing cash flow was -₹533.06 crore against -₹418.85 crore. Capital expenditure was ₹363.77 crore, compared with ₹207.69 crore a year earlier.

How has WeWork India Management done over the last 5 quarters?

Revenue increased across the five-quarter sequence shown, rising from ₹574.70 crore in Q2 FY26 to a peak of ₹767.84 crore in Q2 FY27. Profit reached its highest point at ₹65.87 crore in Q4 FY26, fell to a loss of ₹4.06 crore in Q1 FY27 and recovered to ₹20.43 crore in Q2 FY27. The EBITDA margin peaked at 66.1% in Q2 FY26 and ended the period at 63.8%.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the statutory auditors’ limited-review reports. It also gave final approval for a proposed 10 MWp captive solar power plant in Karnataka at an estimated project cost of ₹34.25 crore. The company also filed an investor presentation and a shareholders’ letter with the results; no dividend, fund raise or appointment was disclosed in the cited filings.

What did WeWork India Management's management say?

Management maintained capacity guidance of about 150,000–155,000 desks by March 2027, after capacity reached 150,000 by 5 October. It expects FY27 capex of INR500-odd crores, with H2 capex below H1, and said FY28 capex could be near INR600 crores or slightly more. Management also framed FY28 EBITDA margin at 20%–23% and indicated PAT margin of 7%–10%.

Management said signed leases and letters of intent covered 47,000 incremental desks, equal to 32% of current capacity. It also said the medium-term path was towards about 190,000–200,000 seats beyond FY27, with the FY28 desk rollout expected to be higher than FY27.

Management identified new-centre ramp-up and handover delays, wage inflation, backdated energy tariffs, customer concentration and the outstanding promoter pledge as risks. It declined to commit to a resolution date for the promoter pledge, saying timing depends on market value and asset or block-sale execution. No analyst questions were recorded in the supplied material.

How did WeWork India Management shares react?

After the filing, the stock moved down 0.4% after five minutes, was up 0.2% after 15 minutes and down 0.8% after 30 minutes. It closed the reaction day up 1.5% from the pre-results close of ₹621.5. By the next day’s close, it was up 2.4% from that close, and by five sessions later it was up 7.2%.

The Diversified Commercial Services industry median rose 1.1% on the reaction day, 0.9% by the next day and 2.0% after five days. WeWork India Management therefore exceeded the industry median by 0.4 percentage points on the reaction day, 1.6 percentage points by the next day and 5.2 percentage points after five days. Earlier reaction-day moves were -7.3% on 16 July 2026, 19.6% on 21 May 2026, 1.5% on 27 January 2026 and -1.0% on 10 November 2025.

How did other Diversified Commercial Services companies do?

Twenty-four other Diversified Commercial Services companies had filed for the quarter by 4 November 2026. Their median revenue growth was 15.6%, compared with 33.6% for WeWork India Management. Of the other companies, 17 grew more slowly than WeWork India Management and 7 grew faster. Of the 30 peers assessed for profit, 18 reported higher profit.