ICICI Securities has initiated coverage on WeWork India Management with a resounding BUY rating, setting a target price of INR 914, implying an upside of nearly 49.84% from the current market price of INR 610. The brokerage’s optimism rests on WeWork India’s commanding position in India’s premium flexible workspace market, strong backing from the Embassy Group, and expectations of a robust 22% revenue and 26% EBITDA CAGR between FY25 and FY28.
A Confident Play on India’s Office Market Revival
ICICI Securities’ note, authored by Adhidev Chattopadhyay and Saishwar Ravekar, sees WeWork India as a direct beneficiary of India’s resurgent office leasing cycle. The brokerage highlights that Grade-A office demand has rebounded sharply post-pandemic — with pan-India net absorption reaching 49 million sq ft. in CY24, outpacing new supply.
Looking ahead, it forecasts net absorption of 54–58 million sq ft. annually through CY25–CY27, with Global Capability Centres (GCCs) driving more than half of the leasing momentum.
Within this thriving environment, flexible workspace operators like WeWork India are poised to capture a meaningful share of demand, supported by companies adopting hybrid work models and prioritizing operational flexibility. As per CBRE data cited in the report, India’s total flex-space stock is expected to grow from 82–86 million sq ft. in CY24 to 140–144 million sq ft. by CY27, reflecting an impressive 18–20% CAGR.
WeWork India: Scale, Brand, and Backing
Founded in 2017, WeWork India is now the largest premium flexible workspace provider in the country, operating 1,14,500 desks across 7.7 million sq ft. as of 30 September 2025, with total capacity (including Letters of Intent) reaching 1,44,800 seats. Notably, 94% of its assets are housed in Grade-A properties across major metros such as Bengaluru, Mumbai, and Hyderabad.
The company’s deep-rooted relationship with the Embassy Group — one of India’s largest real estate developers — provides it with strategic advantages, including access to premium office supply, institutional tenants, and REIT-linked real estate ecosystems. Furthermore, WeWork India benefits from its association with WeWork Global, which grants exclusive brand licensing and access to a global technology and design ecosystem spanning 35 countries and 600 locations.
Growth Outlook: High Operating Leverage and Expanding Margins
ICICI Securities projects that WeWork India’s revenue will rise from INR 1,949.2 crore in FY25 to INR 3,515.5 crore by FY28, translating to a 22% CAGR. The company’s operational footprint is set to expand from 7.4 million sq ft. to 10.9 million sq ft. over the same period, supported by steady occupancy levels around 76–77%.
EBITDA growth is expected to outpace revenues, clocking a 26% CAGR to reach INR 757.1 crore by FY28, as corporate overheads decline as a percentage of revenue and operational efficiencies improve. The brokerage expects EBITDA margins to widen from 19.4% in FY25 to 21.5% in FY28.
“WeWork India’s operating leverage and disciplined cost management will drive strong EBITDA expansion,” ICICI Securities noted, adding that any rental or pricing efficiencies could provide upside risk to margins.
Valuation: Attractive Relative to Peers
Valuing the company at 18x Sep’27E EV/EBITDA, in line with listed peers such as Awfis Space Solutions and IndiQube Spaces, ICICI Securities assigns a target EV of INR 12,240 crore. With net cash of INR 10 crore, this translates to an equity value of INR 12,250 crore or INR 914 per share.
At the current levels, WeWork India trades at FY27E P/E of 29.4x and EV/EBITDA of 13.4x, which the brokerage deems reasonable given the company’s market leadership and high-quality real estate footprint.
Key Risks: Leasing Slowdown and Retention Challenges
While the outlook remains upbeat, ICICI Securities cautions that WeWork India’s growth could be impacted by:
- A slowdown in India’s office leasing activity, especially if global macroeconomic headwinds dampen GCC expansion.
- Challenges in retaining members, given the short-to-medium-term nature of flexible workspace contracts.
- Lease payment obligations, as the company operates under long-term fixed-cost arrangements with landlords.
Nonetheless, the brokerage asserts that the company’s strong brand equity, diversified client base, and robust balance sheet mitigate most structural risks.
Bottom Line: Flexing into Growth
ICICI Securities’ initiation captures the growing institutional confidence in India’s flexible workspace story. As the country continues to attract multinational occupiers and tech-driven enterprises, WeWork India’s blend of brand strength, operational scale, and real estate backing positions it as a standout play on the “Future of Work” theme.
With a BUY rating and a WeWork India target price of INR 914, the brokerage envisions nearly 50% upside potential — a clear signal that WeWork India is flexing confidently into its next phase of growth.
Disclaimer: This article is for information purposes only and do not consider it as an investment advice.