WeWork India Q2 FY27 Revenue Rises 31.6% to INR 768.7 Crore

WeWork India Management Limited reported Q2 FY27 revenue of INR 768.7 crore, up 31.6% year-on-year and 10.1% sequentially, as new capacity absorption and demand for flexible offices supported growth. EBITDA increased 37.6% to INR 162.9 crore, lifting the quarterly EBITDA margin to 21.2%.

What did WeWork India report for Q2 FY27?

WeWork India reported broad-based growth in the second quarter of FY27, with revenue from operations rising 32.5% year-on-year to INR 766.5 crore. Total revenue was INR 768.7 crore, compared with growth of 10.1% from the preceding quarter, according to management's October 27 earnings call.

Operating profit grew faster than revenue. EBITDA increased 37.6% year-on-year and 17.8% quarter-on-quarter to INR 162.9 crore. The EBITDA margin expanded by 138 basis points from Q1 FY27 to 21.2%, indicating improved operating leverage during the quarter.

Profit after tax rose 67.4% year-on-year to INR 65.8 crore. Management also said revenue-to-rent reached an all-time high of 2.7 times, while return on capital employed was 34.5%, more than 12 percentage points higher than a year earlier.

What drove WeWork India's quarterly revenue growth?

WeWork India attributed the performance to demand absorption across its expanding workspace platform. Chief Financial Officer Cliff said the company added 30,800 desks and 29,800 members year-on-year, indicating that member additions broadly kept pace with the expansion in capacity.

Core business revenue rose 31.7% to INR 657.7 crore. Value-added services, or VAS, grew 35% year-on-year to INR 79.6 crore, while digital revenue increased 46% to INR 29.2 crore. Together, VAS and digital revenue reached INR 108.8 crore, up 38%, outpacing the reported growth rate of the core business.

Management also cited a Chennai expansion as a capacity addition during the period. The company added about 3,600 desks through a managed-office transaction that was described as fully demand-backed and included an extension of an existing mature WeWork-branded location.

Karan Virwani, managing director and chief executive officer, said the company was seeing continued demand in the office market. He linked WeWork India's operating performance to the broader absorption of office space and the company's ability to maintain pricing while scaling its network.

How is the Indian office market supporting WeWork India?

WeWork India said India absorbed 21 million square feet of office space in the cited quarter, up 6% year-on-year. Global capability centres, or GCCs, accounted for about 41% of that absorption, underlining their importance to demand for commercial workplaces and managed office formats.

The office-market data provide context for WeWork India's desk and member additions. Growing requirements from corporates and GCCs can support demand for flexible space, particularly where occupiers want ready-to-use offices or require capacity across multiple cities. The company did not provide a forward revenue forecast on the call.

Management presented its financial figures on an IGAAP-equivalent basis. It said reconciliation with reported Ind AS figures was available in its presentation and shareholder letter. Investors should therefore distinguish between the operating measures discussed in the earnings call and figures that may appear under other reporting formats.

The company held its Q2 FY27 earnings call on October 27, 2026. Its October 16 stock-exchange disclosure had informed investors about the scheduled analyst and investor meeting, while audio and video recordings of the later call were uploaded to its investor-relations website.

What do the cash flow and first-half figures show?

WeWork India reported first-half FY27 revenue of INR 1,466.7 crore, representing growth of 30%. First-half EBITDA grew 51%, with margin expanding by 279 basis points, while first-half profit after tax more than doubled to INR 119 crore, according to management.

Free cash flow from operations, or FCFO, increased 157% year-on-year to INR 379.8 crore in the first half. Management said this was nearly two-thirds of the INR 586 crore of FCFO generated in the whole of FY26, although the comparison does not establish a full-year outcome.

During Q2 FY27, the company incurred capital expenditure of INR 175.8 crore and still generated free cash flow to the firm of INR 61.9 crore. These numbers show that the company continued to invest in its platform while reporting positive quarterly cash generation.

For investors, the key operating indicators remain desk additions, member additions, revenue growth, margin progression and cash conversion. The faster growth of EBITDA than revenue during Q2, along with the sequential margin expansion, was a central feature of the reported results.

Conclusion

WeWork India's Q2 FY27 results showed revenue growth of 31.6% to INR 768.7 crore, with EBITDA growth of 37.6% and a 138-basis-point sequential increase in margin to 21.2%. The quarter also included growth in core operations, value-added services and digital revenue, alongside member additions that were close to the number of new desks added.

The next disclosures to watch are updates on capacity absorption, the Chennai managed-office addition, the pace of VAS and digital revenue growth, and cash flow after capital expenditure. Management has also made the October 27 earnings-call recording available through its investor-relations website for investors seeking further detail.