New Delhi, May 21: WeWork India Management Limited, the industry leader in the flexible workspace sector, today reported its results for the fourth quarter and full year ended 31 March 2026, closing its first listed financial year at record highs across operational and financial metrics. WeWork India closed FY26 with 8.6 million sq ft across 76 centres in 8 cities, and a total committed footprint of 11.6 million sq ft including signed leases and LOIs (+39% YoY). Operational desk capacity stood at 126.9k desks (+15.8% YoY), with 110.2k members (+31% YoY). Portfolio occupancy reached an all-time high of 86.9% (mature centres at 88.9%), and member growth expanded nearly 2x faster than capacity additions, underscoring strong demand momentum across centres. Enterprises continued to anchor the portfolio, contributing 77% of core revenue in Q4 FY26. In FY26 the company sold ~48,000 new desks, its highest ever, with over 50% of new desk sales driven by existing members expanding within the network.
Q4 FY26 closed the year on a record note. Revenue rose to ₹709.9 Cr, up 28.6% YoY and 10.9% QoQ. EBITDA grew 42.8% YoY to ₹164.7 Cr at a 23.2% margin (+231 bps YoY), and PAT grew 141.9% YoY to ₹79.6 Cr at an 11.2% margin (+525 bps YoY).
For the full year, revenue rose to ₹2,477.4 Cr (+23.4% YoY), with EBITDA at ₹499.2 Cr (20.2% margin) and PAT more than doubling to ₹179 Cr at a 7.2% margin (+133.7% YoY).
Free cash flow from operations reached ₹585.5 Cr for FY26 (+44.3% YoY) and ₹233.7 Cr in Q4 (1.4×EBITDA conversion). Driven by strong and consistent cash generation, the company closed the year in a net debt negative position for the first time at –₹11.7 Cr, compared to a net debt of ₹215.3 Cr a year ago – marking a significant financial inflection point. The company also generated ₹126 Cr in Free Cash Flow to Firm (FCFF), up +8.4% YoY, despite significant capex investments towards growth and expansion, demonstrating the strength of its recurring cash-generating business model and its ability to self-fund growth while maintaining healthy cash reserves. This underscores the strength of the underlying business model, enhances resilience across cycles, and supports a structurally lower cost of capital. Cost of borrowing fell 225 bps YoY to 8.5%, with the credit rating upgraded from A− to A+. ROCE for FY26 stood at 28.3% (+317 bps YoY), with the Q4 exit print at 45.1% (+1,832 bps).
Karan Virwani, Managing Director & CEO, WeWork India, said, “FY26 was a defining year for both the industry and WeWork India. Adoption of flex deepened across enterprise segments, and we continued to lead from the front while delivering on every commitment we made to the market. During the year, we listed on the stock exchanges, more than doubled PAT, turned net debt negative for the first time in our history, and continued expanding our footprint with pricing discipline and strong occupancy across centres. What is increasingly visible now is the strength of the compounding flywheel we have built, where occupancy, premiumisation and operating leverage continue to reinforce profitability, cash generation and returns on capital quarter after quarter.
More importantly, WeWork India today is no longer just a workspace operator. We are building a full-stack platform that enables enterprises to scale – combining infrastructure, technology-enabled operations, design, flexibility and capital efficiency into a single integrated offering. As India cements its position at the centre of the global AI and GCC economy, the need for agile, scalable and experience-led workspaces will only accelerate. AI is not replacing the office; it is intensifying collaboration, innovation and talent density, making flexibility even more critical to how companies operate. We enter FY27 from the strongest opening position in our history, with deep demand visibility, strong operating leverage, and growing confidence in the long-term monetisation potential of the platform we are building.”
Alongside results, WeWork India launched “AI & the Future of Flexible Workspaces”, a research study with Redseer Strategy Consultants and Smartworks based on a survey of 230+ Indian enterprises. Key findings from the report include:
- AI hiring in India has grown 6× since 2019 (48k to 290k open roles);
- 95% of enterprises plan to accelerate AI adoption over the next 18–24 months;
- the GCC AI workforce is projected to quadruple to 730k by 2030;
- India’s flex stock is on track to 4× to 324 MSF by 2030, with GCC flex leasing growing at a 28% CAGR, 1.7× the rest of the market
During the quarter, WeWork India continued to strengthen its leadership position in India’s flex industry, supported by sustainable growth momentum. The Company also launched Rivet, a standalone design & build platform offered to enterprises, landlords and developers, monetizing in-house capability built over a decade across our portfolio. Rivet is asset-light, milestone-based, and acts as a cross-sell funnel into managed-office demand. The Company delivered an impactful year driven by established profitability, while continuing to build excellence through technology, impact, and culture.
Note: All financial figures in this release are presented on an IGAAP- equivalent basis, calculated under the Indian GAAP framework without the benefit of non-cash rent straight-lining under Ind AS 116, and are net of ESOP costs. A detailed Ind AS to IGAAP-equivalent reconciliation is included in the investor presentation available on the Company’s investor relations website.