WeWork India surges 20% as occupancy hits record

WeWork India’s stock price jumped 20% on Tuesday, hitting the upper circuit limit of ₹584.15 on the National Stock Exchange after the company released its Q4 results for fiscal 2026. The surge followed a 28.6% year-on-year increase in revenue to ₹709.9 crore, driven by strong demand for flexible workspace solutions. At the same time, the company reported an all-time high portfolio occupancy rate of 86.9%, with mature centers reaching 88.9% utilization.

The results marked a significant turnaround for the firm, which saw its profit after tax (PAT) jump 141.9% year-on-year to ₹79.6 crore. Earnings before interest, tax, depreciation, and amortisation (Ebitda) rose 42.8% to ₹164.7 crore, outpacing the ₹134.6 crore recorded in the previous quarter. The company’s operational footprint expanded to 8.6 million square feet across 76 centers in eight cities, with total committed space reaching 11.6 million square feet.

WeWork India’s financial health improved sharply, with free cash flow from operations hitting ₹585.5 crore in FY26—a 44.3% increase from the prior year. The firm also achieved a net debt position of negative ₹11.7 crore for the first time, supported by a credit rating upgrade from A− to A+. Borrowing costs fell by 225 basis points to 8.5%, reflecting stronger investor confidence.

Operational metrics showed robust performance, with the company’s Net Promoter Score (NPS) reaching a record +79. Return on Capital Employed (ROCE) for Q4 hit 45.1%, up 1,832 basis points from the same period last year. For FY26 overall, ROCE stood at 28.3%, a 317-basis-point increase compared to the previous fiscal year.

Despite the share price rally, WeWork India’s stock has fallen 19% year-to-date, lagging behind the Nifty50 index’s 9.5% decline. The company’s market capitalization remains at ₹7,975.77 crore, with a 52-week high of ₹664 and a 52-week low of ₹420. The stock traded at ₹573 at one point during the day, up 18% from the previous session’s close.

“FY26 was a defining year for both the industry and WeWork India,” said CEO Karan Virwani. “We listed on the stock exchanges, more than doubled PAT, turned net debt negative for the first time, and expanded our footprint with pricing discipline and strong occupancy.” The company now enters FY27 with what Virwani called “the strongest opening position in our history,” citing deep demand visibility and growing confidence in long-term monetization potential.

The results come amid a broader shift in India’s commercial real estate sector, where flexible workspace models are gaining traction. WeWork India’s expansion has been marked by a focus on cost control and lease management, with total committed footprint growing 39% year-on-year. The firm’s ability to maintain high occupancy rates despite economic uncertainty has drawn attention from analysts and investors alike.

WeWork India’s balance sheet now shows a rare net cash position, a first for the company. This follows strategic moves to optimize lease terms and reduce debt burdens. The credit rating upgrade to A+ has also lowered borrowing costs, allowing the firm to reinvest in growth initiatives.

The company’s management emphasized that the current momentum is sustainable, with demand for its services outpacing supply in key markets. “We are building a platform with long-term monetization potential,” Virwani said, highlighting the firm’s focus on disciplined expansion and operational efficiency.