ICICI Securities has initiated coverage on WeWork India Management Ltd with a ‘Buy’ rating and a target price of ₹914 per share, implying a 47% upside. The brokerage cites strong demand for premium flex workspaces, robust growth in seats, and backing from Embassy Group, while Jefferies also maintains a constructive view on the stock.
ICICI Securities has kicked off coverage on WeWork India Management Ltd with a confident ‘Buy’ call, setting a target price of ₹914 per share – a potential 47% upside from the previous close. The brokerage believes the operator is well-positioned to ride India’s accelerating shift towards premium, flexible workspaces.
Premium Flex Operator with Strong Parentage
WeWork India, the exclusive licensee of the global WeWork brand in the country, is backed and promoted by Embassy Group, one of India’s leading commercial real estate developers with a portfolio of more than 85 million sq ft. ICICI Securities highlights this strong parentage as a key pillar of confidence, alongside the brand’s positioning at the top end of the flex market.
As of September 2025, WeWork India had 114,500 operational desks spread across 7.7 million sq ft of leasable area. Including signed letters of intent, total capacity stands at 144,800 desks across 10 million sq ft, with around 94% of desks located in Grade A properties. This concentration in high-quality assets, largely in core office districts, supports premium pricing and keeps the portfolio attractive for enterprise occupiers.
Growth Driven by New Seats and Ancillary Services
ICICI Securities expects revenue growth to come from both pricing and scale. Same-store revenue per seat is projected to grow around 4% over FY25–28, broadly in line with industry trends in the flex workspace segment. The brokerage estimates that new seat additions will be the bigger driver, forecasting a robust 21% compound annual growth rate in capacity over the same period, underpinned by sustained enterprise demand for managed and flexible offices.
Beyond core desk revenue, ICICI Securities sees steady contributions from value-added services and digital offerings, including meeting room services, technology enablement, and other ancillary products that deepen wallet share per client. In its note, the brokerage points out that “any pricing and rental cost efficiencies that the company may achieve post FY25, represent an upside risk to our margin estimates,” signalling room for profitability to surprise on the upside if cost discipline and scale benefits come through.
Jefferies Joins the Bullish Camp
Earlier this week, Jefferies also initiated coverage on WeWork India with a ‘Buy’ rating and a target price of ₹790 per share. Jefferies expects strong underlying office demand and rising flex-space adoption to help the operator add about 15,000–20,000 seats annually over the next three years, bringing total seats to 109,600 as of March 2025.
The brokerage further expects margins to improve as centres mature, operating leverage builds, and average revenue per member rises by around 5–6% over time. Taken together, both brokerages are effectively framing WeWork India as a play on the formalisation and institutionalisation of flex workspaces within India’s Grade A office ecosystem.
A Key Market Proxy for India’s Flex Workspace Story
With two major firms starting coverage on a positive note, WeWork India is emerging as a key listed proxy for the country’s flex workspace growth story. Execution on expansion, occupancy, and margin improvement will now be closely watched as investors assess whether the company can deliver on its growth runway while steadily strengthening its earnings profile.
