Wework India Management Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Wework India Management Ltd trades at ₹678, in a confirmed uptrend and 4 weeks into that stage. That is +14.0% against its own 200-day average. It sits at 79% of a 52-week range of ₹450 to ₹740. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 15 straight weeks.

Today the stock is in a confirmed uptrend — week 4 of stage 2, confirmed. At ₹678 it trades +14.0% versus its 200-day average and sits at 79% of its 52-week range (₹450–₹740).

Against the market, two honest reads. Cumulative: over the last 10 months the stock moved +8% while the NIFTY 500 moved +0% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 15 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 34th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Wework India Management Ltd trades at 111.0× P/E, near the bottom of its own range — cheaper only 34% of the time. Its long-run median P/E is 124.0×, measured across 0.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 111.0× is near the bottom of its own range — cheaper only 34% of the time, against a long-run median of 124.0× measured over 0.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Wework India Management Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 5 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

57.5/100 — rank 4 of 4 in Realty - CoWorking · 49% evidence confidence · provisional, ranked below fully-evidenced peers

Wework India Management Ltd scores 57.5 out of 100 against the 4 companies it is compared with in Realty - CoWorking, ranking 4. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 25.2 + 12.3 + 10 + 10 = 57.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Wework India Management Ltd reported ₹684 Cr of revenue in the Jun 26 quarter, +27.7% year on year. That is the 5th straight quarter of year-on-year growth. Over 3 years it has compounded at 22.9% a year. The last full year, FY26, came in at ₹2,440 Cr. The last four reported quarters add to ₹2,589 Cr.

Wework India Management Ltd reported ₹684 Cr of revenue in the Jun 26 quarter, +27.7% year on year. That is the 5th straight quarter of year-on-year growth. Over 3 years it has compounded at 22.9% a year. The last full year, FY26, came in at ₹2,440 Cr. The last four reported quarters add to ₹2,589 Cr.

FY26 revenue came in at ₹2,440 Cr (+25.2% on the year), capping 3 years at 22.9% compound. The latest quarter (Jun 26) printed ₹684 Cr, +27.7% year on year — the 5th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +27.1% growth against the decade's 22.9% — the current year is running faster than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 64.0% this quarter (+1.4 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Wework India Management Ltd's operating margin is 64.0% in the Jun 26 quarter, +1.4 percentage points against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 61.0% to 64.0%. The current quarter is running above every full year in that window.

Wework India Management Ltd's operating margin is 64.0% in the Jun 26 quarter, +1.4 percentage points against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 61.0% to 64.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 64.0%, +1.4 pp against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 61.0%–64.0%.

Why the margin moved: operating margin went +1.4 pp year on year while gross margin went −0.1 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins held — did that reach the bottom line? Next: profit null in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Wework India Management Ltd posted a net loss of ₹4.1 Cr in the Jun 26 quarter. Full-year FY26 profit was ₹75.0 Cr. That loss is 0.6% of the quarter's revenue. The same quarter a year earlier lost ₹14.1 Cr. 4 of the last 9 reported quarters were loss-making.

Wework India Management Ltd posted a net loss of ₹4.1 Cr in the Jun 26 quarter. Full-year FY26 profit was ₹75.0 Cr. That loss is 0.6% of the quarter's revenue. The same quarter a year earlier lost ₹14.1 Cr. 4 of the last 9 reported quarters were loss-making.

Jun 26 profit was ₹−4.1 Cr, null year on year. On the full year, FY26 printed ₹75.0 Cr (−41.4%).

→ Profit rose — but did the cash follow? Next: 1,490% of the last 2 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 2 fiscal years 1,490% of Wework India Management Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,734 Cr of operating cash against ₹75.0 Cr of profit. After ₹2,425 Cr of capital spending, ₹−691 Cr was left as free cash.

FY26: operating cash of ₹1,734 Cr against reported profit of ₹75.0 Cr, leaving free cash of ₹−691 Cr after ₹2,425 Cr of capital spending. Across the last 2 fiscal years the conversion rate is 1,490% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 1,490%: the cash cycle held roughly steady between FY23 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 1.9× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹4,761 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Wework India Management Ltd's cash conversion cycle runs 13 days in FY26, down from 19 days in FY23. Capital spending ran ₹4,761 Cr over the last 3 years. At FY26 sales of ₹2,440 Cr each day of that cycle holds about ₹6.7 Cr, so roughly ₹87.0 Cr sits inside the business at any moment.

FY26: debtors at 13 days (an asset-light business — no inventory to speak of) — for a full cycle of 13 days, tighter than FY23's 19.

In money terms: at FY26 sales of ₹2,440 Cr, each day of the cycle holds about ₹6.7 Cr — so the 13-day loop keeps roughly ₹87.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹4,761 Cr over the last 3 fiscal years against ₹2,535 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹38.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 21% and the ROIC − WACC spread is −4.1 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Wework India Management Ltd earns a ROCE of 21% in FY26. Return on invested capital clears the cost of that capital by −4.1 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 3.1% net margin on 0.34× asset turns.

FY26 ROCE is 21%.

🚨 Why the return is what it is — the wiring (FY26): 3.1% net margin × 0.34× asset turns × 23.80× balance-sheet leverage ≈ 25.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 7.9% − 12.0% = a −4.1 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 18.62.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Wework India Management Ltd carries total debt of ₹5,550 Cr against shareholder equity of ₹299 Cr as of Jun 26, a debt-to-equity of 18.56. On the annual view that ratio went from 21.36 in FY25 to 18.56 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Jun 26: total debt of ₹5,550 Cr against shareholder equity of ₹299 Cr — a debt-to-equity of 18.56. On the annual view, debt-to-equity went from 21.36 (FY25) to 18.56 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Wework India Management Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Wework India Management Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions