ICICI Securities research report on WeWork India Management
We attended WeWork India Management’s (WeWork) maiden Analyst Meet, wherein management highlighted the company’s continued focus on its premium flexspaces offering. WeWork sees AI as an enabler for flexspaces demand, rather than a deterrent, driven by GCC-led demand across India. With sustained demand momentum for premium flex spaces, the company plans to take its total operational area to 11.6msf in the medium term (175,000 desks) from 8.6msf (~126,900 desks) as of Mar’26. With the company’s plans for a phased ramp-up to 10.3msf by Mar’27 and 11.6msf beyond Mar’27, we model 23%/29% revenue/EBITDA CAGRs over FY26–28E.
Outlook
Retain BUY with an unchanged TP of INR 937, basis 17x Sep’27E EV/EBITDA.
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WeWork India Management - 0107026 - icici