ICICI Securities initiates 'Buy' on WeWork India; projects 47% upside

ICICI Securities assigned a target price of ₹914 per share for WeWork India shares, a potential upside of 47 per cent from Thursday's close

Analysts at ICICI Securities initiated coverage on WeWork India Management Ltd. with a 'Buy' rating on the stock, citing growth in flexible workspaces and strong parentage.  

 

The domestic brokerage assigned a target price of ₹914 per share, a potential upside of 47 per cent from Thursday's close. 

 

As of September 2025, the company had 114,500 operational desks across 7.7 million sq ft of leasable area, with a total desk capacity, including letters of intent, of 144,800 seats across 10 million sq ft., ICICI Securities said. About 94 per cent of its desks are located in Grade A properties.

 

 

ICICI Securities said it expects same-store revenue per seat to grow around 4 per cent over FY25-28, in line with broader trends in the flex workspace industry. 

 

The rest of the revenue growth is likely to come from new seats, which the brokerage projects will expand at a 21 per cent CAGR, along with stable medium-term contributions from value-added services and digital offerings. "Any pricing and rental cost efficiencies that the company may achieve post FY25, represent an upside risk to our margin estimates."

 

ICICI Securities said WeWork India, backed by the Embassy Group, remains a leading premium flexible workspace operator and is the exclusive licensee of the WeWork brand in the country.

 

WeWork India is owned and promoted by the Embassy Group, one of the country’s leading real estate developers with a commercial portfolio of more than 85 million sq ft.  

Jefferies initiates coverage on WeWork

Earlier this week, Jefferies gave a 'Buy' rating for WeWork with a target of ₹790 per share. Jefferies said strong underlying office demand and rising flex-space adoption should enable WeWork to add about 15,000-20,000 seats annually over the next three years, compared with 109,600 seats as of March 2025. 

 

The brokerage expects margins to improve as centres mature, operating leverage builds, and average revenue per member rises by around 5-6 per cent.  

WeWork share price 

The coworking company's stock fell as much as 1.4 per cent during the day to ₹614 per share. The WeWork India Management stock pared losses to trade 1.2 per cent lower at ₹615 apiece, compared to a 0.39 per cent advance in Nifty 50 as of 11:50 AM. 

 

The counter has fallen nearly 5 per cent since listing on October 10, compared to a 3.5 per cent advance in the benchmark Nifty 50. WeWork has a total market capitalisation of ₹8,254.49 crore.   (Disclaimer: Target price and stock outlook has been suggested by ICICI Securities. Views expressed are their own.)