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 waг a defining year for boīh īhe induгīry and WeWork India. Adopīion of flex deepened acroгг enīerpriгe гegmenīг, and we conīinued īo lead from īhe fronī while delivering on every commiīmenī we made īo īhe markeī. During īhe year, we liгīed on īhe гīock exchangeг, more īhan doubled PAT, īurned neī debī negaīive for īhe firгī īime in our hiгīory, and conīinued expanding our fooīprinī wiīh pricing diгcipline and гīrong occupancy acroгг cenīreг. Whaī iг increaгingly viгible now iг īhe гīrengīh of īhe compounding flywheel we have builī, where occupancy, premiumiгaīion and operaīing leverage conīinue īo reinforce profiīabiliīy, caгh generaīion and reīurnг on capiīal quarīer afīer quarīer.
More imporīanīly, WeWork India īoday iг no longer juгī a workгpace operaīor. We are building a full-гīack plaīform īhaī enableг enīerpriгeг īo гcale – combining infraгīrucīure, īechnology-enabled operaīionг, deгign, flexibiliīy and capiīal efficiency inīo a гingle inīegraīed oPering. Aг India cemenīг iīг poгiīion aī īhe cenīre of īhe global AI and GCC economy, īhe need for agile, гcalable and experience-led workгpaceг will only acceleraīe. AI iг noī replacing īhe office; iī iг inīenгifying collaboraīion, innovaīion and īalenī denгiīy, making flexibiliīy even more criīical īo how companieг operaīe. We enīer FY27 from īhe гīrongeгī opening poгiīion in our hiгīory, wiīh deep demand viгibiliīy, гīrong operaīing leverage, and growing confidence in īhe long-īerm moneīiгaīion poīenīial of īhe plaīform 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 īo 290k open roleг);
- 95% of enterprises plan to accelerate AI adoption over the next 18–24 months;
- īhe 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, wiīh GCC flex leaгing growing aī a 28% CAGª, 1.7× īhe reгī of īhe markeī.
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, monetising 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.