WeWork India Management Limited

Real Estate — Real Estate Services · NSE

₹669.00+₹5.20 (+0.78%)

DalalBaazaar Score

43 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, small-cap size, which brings sharper price swings.

In simple words: Strong business and financial position, with healthy sales growth. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of WeWork India Management Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

WeWork India Management Limited, together with its subsidiaries, engages in the rental and operation of office buildings and coworking spaces in India.

IndustryReal Estate Services

SectorReal Estate

Employees999

Annual revenue₹2,440 Cr

How does it make money?

Turns over ₹2,440 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹66 left at the operating level before interest, tax and depreciation. Each of its 999 employees supports ₹2.44 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin66.0%

Net margin3.1%

Revenue / employee₹2.44 Cr

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

DLF LIMITEDP/E 36.6x · ROE 10.3%

GODREJ PROPERTIES LTDP/E 30.2x · ROE 8.4%

OBEROI REALTY LIMITEDP/E 23.5x · ROE 14.7%

What is its competitive advantage?Little sign of one

Returns on capital of 12.3% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE12.3%

ROE25.0%

Peer median ROE10.3%

What is the outlook?

6 analysts covering the stock expect revenue to grow about 22.4% and earnings to grow about 85.6% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+22.4%

Est. earnings growth+85.6%

Analysts6

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 0 years revenue moved +0% while net margin moved +0% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+0%

Margin effect+0%

DalalBaazaar Score

43/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ P/E of 109.0x is demanding — it needs sustained high growth to justify
✗ P/B of 30.16x is a steep premium to book

Quality vs. Valuation

Company Quality

49/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

35/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

109.0x

Sector Median

30.2x

median of 3 sector peers

⚠️Against its sector it trades 261% above the peer median of 30.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

30.2x median of 3 peers · +261%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

109.0x

P/B

30.16x

EV/EBITDA

9.2x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well0

Nothing stands out as clearly improving on the years of data available.

🔴 What Needs Attention1

Short-term liquidity is tight
Current ratio of 0.33 — near-term obligations exceed near-term assets.

Red Flags

3 items require attention · 2 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 18.55x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.1x — little room if earnings dip.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.33 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 3.4x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
A premium to the sector to defend
It trades 261% above the peer median. That premium needs a reason that persists, or it closes.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 64%✓ 66.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 3.4x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✓ ₹1,137 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 9%✓ 12.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 4 neutral · 3 weak

Market Cap

₹9,290 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

109.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

30.16x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹6.14

Profitable

Profitable on a per-share basis

ROE

25.0%

Strong

Strong capital efficiency

ROCE

12.3%

Moderate

Moderate return on the capital in the business

Debt/Equity

18.55x

High

High leverage

Revenue Growth (YoY)

27.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

Not available

No data

Source didn't return this field

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹1,137 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹669

P/E (Forward)

34.4x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

22.7%

Good

Healthy core-business profitability

Net Margin

3.3%

Average

Average bottom-line conversion

Current Ratio

0.33

Tight

Tight short-term liquidity

52W Range Position

66%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

665.2 / 679.8

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

54.5

Neutral momentum

Financial Trend (Annual)

Year	Revenue	Gross Profit	Net Income
2023	—	₹1,314 Cr	—
2024	—	₹1,664 Cr	—
2025	—	₹1,932 Cr	—
2026	₹2,440 Cr	₹2,416 Cr	₹74 Cr

Balance Sheet & Cash Flow — FY2026

Total Assets

₹7,092 Cr

Total Liabilities

₹6,793 Cr

Total Debt

₹5,550 Cr

Cash & Equivalents

₹60 Cr

Operating Cash Flow

₹1,734 Cr

Capex

-₹597 Cr

Shareholding (proxy)

Institutional Holding

25.9%

Insider Holding

63.4%

Analyst Consensus

Recommendations

9 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹883.89

+32.1% vs CMP

Target Range

₹791 – ₹995

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 mixed5 general

WeWork India Management (WEWORK) Share/Stock Price Live, NSE

TechGraph, 08 Oct

WEWORK Stock Price and Chart — NSE:WEWORK

TradingView, 29 Aug

WeWork Global sells 2.5% stake in WeWork India Management for Rs 244 crore

The Economic Times, 14 Aug

Earnings Beat: WeWork India Management Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

Simply Wall Street, 25 MayAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

WEWORK INDIA MANAGEMENT L Share Price

Upstox, 05 May

WeWork India Share Price: Nirmal Bang Sees 47% Upside

Univest, 30 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🔴Business QualityWeak8.7/20

🔴Financial HealthStretched8.3/20

🟡GrowthModest10/20

🟢ProfitabilityStrong9.8/15

🔴ValuationDemanding3.2/15

🔴RiskHigh3/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 64%66.0%
✗Debt / EBITDA falls below 3x3.4x
✓Free cash flow remains positive₹1,137 Cr
✓ROCE stays above 9%12.3%