ICRA upgrades WeWork India Management Limited rating to A (Stable)

New Delhi, January 24, 2026: WeWork India Management Limited has announced that ICRA Ratings has upgraded the company’s credit rating to [ICRA] A (Stable) from [ICRA] A- (Stable). The rating upgrade is driven by the estimated increase in the company’s scale of operations and operating profits. It is supported by the sustained healthy occupancy levels on an increased desk capacity and comfortable debt protection metrics.

The rating upgrade reflects the company’s key credit strengths. It factors in healthy occupancy, improving scale, and strengthening profitability, backed by comfortable debt metrics. The occupancy stood at 79 per cent as of September 2025, with desk capacity expanding to 1.12 lakh desks. With the top 10 clients contributing around 20 per cent of total revenue in FY2025 and H1 FY2026, the portfolio also benefits from low customer concentration risk. WeWork India further benefits from the strong parentage of the Embassy Group, which lends significant credibility and execution strength. Embassy Group is one of India’s largest commercial real estate developers and holds a 49.80 per cent stake in the Company.

As per ICRA, WeWork India’s revenues are expected to grow by 20–25 per cent in FY2026 and FY2027, driven by new capacity additions and sustained demand. It is supported by the demand for co-working spaces and the consequent improvement in operating profits. Leverage, as reflected by adjusted total debt (TD)/adjusted OPBITDA, is projected to improve to 0.8x by March 2026 and remain below 1.0x from FY2027 onwards. As a result of the low leverage, the debt coverage is expected to remain comfortable in the medium term. Furthermore, the company’s desk capacity rose by 20 per cent and 21 per cent YoY in FY2025 and H1 FY2026 respectively. The assets are located in prominent micro-markets in Grade-A commercial buildings, thereby enhancing its marketability.

Karan Virwani, Managing Director & CEO, WeWork India, said, “WeWork India today stands on a foundation of scale, quality, and resilience. ICRA’s rating upgrade to an A (Stable) is a testament to our strong financial performance, healthy occupancy levels, and strategic initiatives aimed at sustainable growth. Our presence of over 1.12 lakh desks across eight cities in prime Grade-A micro-markets, combined with a well-diversified client base, reflects the strength of our operating model. As we move forward, our focus remains on driving operational excellence, enhancing member experiences, and strengthening our leadership in the flexible workspace industry.”