New Delhi: ICRA Ratings has upgraded the long-term credit rating of WeWork India Management Limited to [ICRA] A (Stable) from [ICRA] A- (Stable), reflecting the company’s expanding scale of operations, improving profitability and comfortable leverage metrics.
In a media release filed with stock exchanges on Friday, WeWork India said the rating agency expects the company’s revenues to grow 20–25% year-on-year in FY2026 and FY2027, driven by the addition of new desk capacity at healthy occupancy levels.
ICRA noted that WeWork India’s occupancy stood at 79% as of September 2025, while desk capacity increased to 1.12 lakh desks across eight cities. The company has also maintained low customer concentration, with its top 10 clients contributing around 20% of total revenue in FY2025 and the first half of FY2026.
The rating upgrade factors in strengthening operating profits and improving leverage, with adjusted total debt to OPBITDA projected to improve to 0.8x by March 2026 and remain below 1x thereafter. ICRA added that debt coverage is expected to stay comfortable over the medium term, supported by sustained demand for flexible workspaces.
WeWork India also benefits from strong parentage, with Embassy Group holding a 49.8% stake, providing execution strength and balance sheet support. The company operates around 70 centres spanning 7.8 million square feet, largely located in Grade-A commercial buildings, enhancing asset marketability.