WeWork India's revenue climbs about 28 per cent as flex desks keep filling

WeWork India's June-quarter results, approved by its board on July 16, showed revenue from operations of about ₹684 crore, up roughly 28 per cent year-on-year, with EBITDA surging 69 per cent to about ₹138 crore and margins approaching 20 per cent.

Portfolio occupancy reached 84.9 per cent — up more than eight percentage points in a year — as memberships grew about 30 per cent to 1.13 lakh, and the company recorded its highest-ever monthly desk sales during the quarter. Under Ind-AS accounting it still posted a small net loss of ₹4.1 crore, though that was 71 per cent narrower than a year earlier, with heavy lease and finance costs the main drag.

Flex-space absorption is a useful early gauge of white-collar office demand, and the read-through for Mumbai is constructive: sustained desk sales and rising occupancy support leasing momentum in clusters like BKC, Lower Parel and the LBS corridor, where flex operators have been expanding alongside conventional Grade A supply.

The gap between adjusted profitability and Ind-AS losses is worth watching, but the demand signal — record desk sales and rising occupancy — is the quarter's headline for landlords.