FY27 Outlook - 20%+ growth to continue

研报英文原文证据摘录

FY27 Outlook - 20%+ growth to continue

India | Property & Real Estate

WeWork India EquityMayResearch22, 2026

TARGET | ESTIMATE CHANGEFY27 Outlook - 20%+ growth to continue

WeWork is capitalizing on office demand surge with GCCs and RATING BUY

incrementally AI driving demand for high quality flex space. Occupancies PRICE INR574.65^

rose 10ppt in FY26 and company is adding 36% capacity over the PRICE TARGET | % TO PT INR900 (INR850) | +57%

next ~6-8qtrs. Strong demand and operating leverage imply the 20% 52W HIGH-LOW INR662.15 - INR419.60

+/25%+ Revenue/Ebitda growth trajectory should continue. Valuations are FLOAT (%) | ADV MM (USD) 35.5% | 181.29

attractive at 9.2x FY28E EV/Ebitda. Maintain Buy, with PT of Rs900 (Rs850). MARKET CAP INR77.8B | $809.1M

TICKER WEWORK IN

Improving profitability. WeWork India's Mar'qtr revenues increased 29% YoY/ 10% QoQ to ^Prior trading day's closing price unless otherwise noted.

Rs7.0bn, driven by increased occupancy rates and scaling of managed offices and value added

services. FY26 Ind AS revenue inc +25% YoY to Rs24.4bn and reported PAT of Rs0.75bn

were inline with estimates. IGAAP adj. Ebitda for the qtr increased by 46% YoY/ 17% QoQ to FY (Mar) CHANGE TO JEFe JEF vs CONS

Rs1.5bn and adj, ebitda margin of 22%. While the management expects margins to slightly 2027 2028 2027 2028

dip in 1QFY27 due to new capacity addition, however full year margins should be inline with REV +2% +2% NA NA

guidance of >20%. EPS NM -6% NA NA

Strong operating momentum. Operational desk capacity increased to 126.9k, with 5.3k desks

2027 (INR) Q1 Q2 Q3 Q4 FY

added in 4Q across leasable area of 8.6msf (vs 8.2msf QoQ). Portfolio level occupancy

EPS -- -- -- -- 15.25

increased to 87% vs 84% in 3Q. Rs18.9bn of core revenue is locked in for FY27, +38% YoY, with