WeWork India posts ₹20.4 Cr consolidated PAT, up 219% YoY, as revenue climbs 33.6%

WeWork India's consolidated revenue grew 33.6% YoY (and 12.3% QoQ) to ₹767.84 Cr, with consolidated PAT swinging to ₹20.44 Cr — up 219% from ₹6.41 Cr a year ago and a sharp sequential turnaround from Q1 FY27's ₹4.06 Cr loss. Standalone tracked closely at ₹19.44 Cr PAT on ₹765.30 Cr revenue. Consolidated basic EPS rose to ₹1.46 from ₹0.47 YoY. There were no exceptional items in either the current or year-ago quarter, so these are clean, unadjusted comparisons. The margin picture is mixed and worth separating by line. EBITDA margin (OPM, our standard Ind AS 116 basis) compressed to 63.8% from 66.1% a year ago — roughly 230bps down — as operating expenses rose 51.8% YoY to ₹194.53 Cr, outpacing the 33.6% revenue growth; that's a direct cost of the aggressive desk rollout (2,881 desks added in Pune in October, plus 4,500+ more across Bengaluru and Pune) landing ahead of those seats reaching full revenue run-rate. Net margin still expanded to 2.7% from 1.1% YoY, because finance costs (+14.2% YoY) and depreciation (+35.9% YoY) grew slower than income off a thin base — PBT before associate share jumped 200.7% YoY on a 34.3% rise in total income against a 32.4% rise in total expenses, a textbook operating-leverage effect in this lease-heavy cost structure. Against the Street, the print lands roughly in line on revenue (our preview flagged ~₹775 Cr; actual ₹767.84 Cr, ~1% light) but at the top of the expected breakeven–₹20 Cr profit range — consistent with the pre-result 7/7-analyst Strong Buy consensus (avg target ₹896) that was betting on GCC-led demand holding. Both revenue (+33.6%) and EBITDA (+28.8% YoY) growth clear management's FY27 guidance of 20%+ on each metric, so the quarter is running ahead of, not just toward, its own guidance. No standalone press release accompanied this filing beyond the exchange outcome letter, so there's no fresh management commentary to reconcile against the print. The same Board meeting also cleared a ₹34.25 Cr, 10 MWp captive solar plant and disclosed a ₹11.01 Cr GST demand notice (Oct 1) alongside an NCLT application to wipe ₹2,050.16 Cr of accumulated losses against the securities premium account — none of which hit this quarter's P&L but all worth tracking. With H1 consolidated capex already at ₹363.8 Cr against a full-year guided ₹500–600 Cr band, and OPM still down YoY even as PAT scales, the next checkpoint is whether the desk capacity added through Q2 converts into revenue fast enough to arrest the EBITDA-margin slide before H2.