Shares of WeWork India Management have defied stock market weakness lately. And the stock’s rally may have more steam left as brokerage firm Nirmal Bang Institutional Equities has maintained a “buy” recommendation on the stock with a target price of ₹983, implying a 47% upside potential.
WeWork India Management share price trend
WeWork India Management’s share price has surged 42% in the last six months, compared to a 1% rise in the equity benchmark Sensex.
On Wednesday, WeWork India shares opened at ₹668.25, almost flat from their previous close of ₹668.30, and declined 1.2% to an intraday low of ₹659.95.
On a monthly scale, the stock is down 3% in September after an 8% fall in August.
The stock hit its record high of ₹794.20 on 6 August 2026 after hitting a record low of ₹419.60 on 30 March this year.
Why is Nirmal Bang bullish on the stock?
Nirmal Bang maintained its bullish view on the stock after it interacted with the company’s management.
According to the brokerage firm, management targets 15–20% annual capacity additions, equivalent to nearly 20,000–25,000 desks/nearly 1.7 msf annually.
“Management remains disciplined on expansion, avoiding high-vacancy/suburban markets despite attractive rents and focusing on single-digit/low-double-digit vacancy micro-markets,” said Nirmal Bang.
The brokerage firm underscored that capacity growth plus contractual escalations imply 20-25% revenue CAGR. Corporate operating leverage could support 25-30% PAT CAGR over the medium term.
Further, it pointed out that the business has been operationally profitable every month since October 2021, and gross debt has come to zero.
“Gross debt has reduced from ₹900 crore pre-COVID to zero net debt. Operational break-even occupancy has improved from 73% pre-COVID to nearly 55%. Committed customer revenue of ₹3,300 crore versus ₹1,155 crore in committed landlord liabilities provides nearly 3 times coverage,” said the brokerage firm.
Nirmal Bang said the company’s growth is expected to be funded through internal cash generation, without incremental debt or equity dilution.
“WeWork India currently trades at 11 times FY28E EV/adjusted EBITDA multiple with adjusted. ROCE of nearly 43% along with its growth visibility makes the current price an attractive entry point ahead of the capacity-led earnings ramp up,” said Nirmal Bang.
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