WeWork India posts ₹53 cr IGAAP profit, revenue up 28.5%
The operational profit figure contrasts with an Ind AS statutory loss. EBITDA surged 69.3% to ₹138.3 crore, margins at 19.8%.
— 8 earlier stories on Wework India Management Ltd. →What's new
- WeWork India reported operational profit of ₹53.2 cr for Q1 FY27, versus an Ind AS loss.
- Revenue rose 28.5% YoY to ₹698 cr; EBITDA margins expanded to 19.8%.
- Added 7,000 desks in the quarter; full-year target is 28,000 desks.
Why this matters
The gap between IGAAP profit and Ind AS loss matters for investors tracking operational cash generation. With occupancy at 84.9% and member growth outpacing desk additions, management is confident enough to guide for record expansion.
What we're watching
- Whether the Ind AS loss narrows as lease straight-lining effects stabilize.
- Desk absorption pace: 7,000 added in Q1 vs 28,000 full-year target implies acceleration.
- Impact of the new member services platform on retention and revenue.
The full read
WeWork India's Q1 press release answers a question the statutory filing left open: does the business actually make money? On an IGAAP-equivalent basis, stripping out Ind AS 116 lease straight-lining and ESOP costs, the answer is yes. Net profit of ₹53.2 crore on revenue of ₹698 crore, up 28.5% from a year ago. EBITDA hit ₹138.3 crore, margins 19.8%. The operational story is stronger than the headline Ind AS figure suggests, and management is leaning into it. 7,000 desks added in the quarter, a full-year target of 28,000, and a new member services platform launched just yesterday. Member growth of 30% to over 113,000 outpaced desk additions, pushing occupancy to 84.9%. CEO Karan Virwani calls it the start of a new growth cycle, and the numbers back him up provided the IGAAP-to-Ind AS gap narrows over time.
Questions answered
- Why does WeWork India report two different profit figures?
- The statutory Ind AS filing includes lease straight-lining under Ind AS 116 and ESOP costs, which the IGAAP-equivalent press release excludes. The operational profit gives a clearer view of underlying business performance.
- How did this quarter compare with the previous quarter (March 2026)?
- Q1 FY27 revenue of ₹698 cr is nearly identical to the March 2026 quarter's ₹696 cr, but net profit fell to ₹53.2 cr from ₹65 cr, likely due to higher depreciation or lease costs as capacity expanded.
- What is the significance of adding 7,000 desks in one quarter?
- It brings total operational capacity to 133,600 desks across 79 centres. With an annual target of 28,000 desks, Q1's additions represent 25% of the full-year plan, indicating front-loaded expansion.
- How does occupancy of 84.9% compare with historical levels?
- It is below the all-time high of 86.9% in Q4 FY26, but member count grew 30% to over 113,000, suggesting demand is robust even as new supply comes online.
Wework India Management Ltd.
Latest quarter · Jun 2026
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All notes on WEWORK →- 16 Jul 2026 · 8:34 PM IST WeWork India posts ₹53 cr IGAAP profit, revenue up 28.5%
- 4d ago WeWork India guides >20% revenue growth for FY27, occupancy at 84.9%
- 5d ago WeWork India writes off ₹2,050 cr in losses, revenue up 27%
- 36d ago WeWork India sees promoter pledge on 3.18% stake released
- 60d ago WeWork India hits ₹80 cr profit, guides 20%+ revenue growth for FY27