Target: ₹937CMP: ₹680.90WeWork India Management delivered robust Q1FY27 earnings, with revenue up 28 per cent and IGAAP EBITDA growing 69 per cent y-o-y to ₹140 crore, driven by portfolio occupancy rising 840 bps y-o-y to 85 per cent and new capacity additions. With sustained demand momentum for premium flex spaces, the company plans to take the total operational area to 12 msf in the medium term (179,000 desks) vs about 133,600 desks across 9.1 msf as of June’26.We estimate its operational area to rise to 11.6 msf in FY28, from 8.6 msf in FY26, with portfolio occupancy hovering about 82-83 per cent.WeWork India clocked Q1FY27 IND-AS revenue of ₹680 crore (up 28 per cent y-o-y), with IGAAP EBITDA of ₹140 crore (up 69 per cent y-o-y) at 20 per cent EBITDA margin, which was in line with I-Sec estimates.FY27 onwards, the company intends to amortise its VAS customisation revenue over the life of the customer contract, from the practice of booking it upfront, with an objective of reducing quarterly/annual volatility in revenue/profits.We maintain Buy on WeWork India Management with an unchanged TP of ₹937.We value the company on Sep’27E at an EV of ₹12,430 crore at 17x Sep’27E EV/EBITDA of ₹730 crore. Accounting for net cash of ₹130 crore, as of Sep’27E, we derive an equity value of ₹12,560 crore or ₹937/share.Key risks: Office leasing slowdown; and weak flex demand.Published on July 20, 2026