1. Opening Hook
A few years ago, WeWork headlines were about excess beanbags and investor heartburn. This quarter? It’s about cash flows, ROCE, and landlords getting paid on time. Growth is no longer being “imagined”; it’s being invoiced.
Q3 FY26 landed with record revenue, expanding margins, and management sounding unusually confident—dangerous territory, but also entertaining. Occupancy is climbing, GCCs are lining up, and debt is quietly walking out the back door.
Somewhere between “flex is the future” and “numbers finally make sense,” WeWork India seems to have found a grown-up version of itself.
Stick around—because the real story isn’t just growth. It’s whether this discipline survives prosperity. Things get spicy later.
2. At a Glance
- Revenue ₹640.3 Cr: Highest ever; turns out offices still matter.
- EBITDA ₹134.6 Cr: Margin hit 21%, accountants finally smiling.
- PAT ₹52 Cr: From rounding error to real money, quite the glow-up.
- ROCE 32.6%: Real estate peers quietly sweating.
- Net Debt ₹110 Cr: Down 85% YoY; deleveraging speed-run unlocked.
- Occupancy 83.9%: Desks filling faster than PowerPoint slides.
3. Management’s Key Commentary
“Q3 affirms the exponential impact of compounding value across the platform.”
(Translation: Scale finally works when costs behave 😏)
“We now command over 100,000 members.”
(That’s not a community; that’s
a small city paying rent.)
“Managed Offices scaled to ₹500 Cr annualised run-rate in two years.”
(Capex-light growth that actually respects the balance sheet.)
“GCC-in-a-box partnerships are accelerating RFP pipelines.”
(Global captives want speed; WeWork wants visibility.)
“Portfolio and mature centre occupancy are at all-time highs.”
(Landlords nod approvingly.)
“Operational leverage is translating to EBITDA, PAT, and cash flows.”
(Finance team finally getting invited to strategy meetings.)
4. Numbers Decoded
| Metric | Q3 FY26 | What It Really Means |
|---|---|---|
| Revenue | ₹640 Cr | Pricing power + occupancy doing the heavy lifting |
| EBITDA Margin | 21.0% | Scale kicking in, not vibes |
| PAT Margin | 8.1% | Flex spaces discovered profitability |
| ROCE | 32.6% | Capital efficiency flexing harder than desks |
| Net Debt/EBITDA | 0.25x | Deleveraging masterclass |
| Free Cash Flow | ₹204 Cr | Self-funding growth, finally |
Bottom line: growth isn’t being bought with debt anymore.
5. Analyst Questions
- On sustainability of margins: Management says operating leverage and rent discipline hold the line. (Assumes landlords stay
