Jefferies turns bullish on WeWork India: Stock jumps as brokerage pegs big upside — check the target price

WeWork India Share Price: WeWork India shares climbed in early trade on November 18 after global brokerage Jefferies initiated coverage on the newly listed flexible workspace operator with a bullish view. The stock rose nearly 8 per cent at the open, touching an intraday high of Rs 662.80 before trimming part of the gains to trade around Rs 644.45 apiece at 10:20 am, still up about 5 per cent.

Jefferies sees strong upside potential

Jefferies has launched coverage on WeWork India with a ‘Buy’ rating and set a price target of Rs 790 per share, signalling an upside potential of close to 28.5 per cent from the previous close.

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The brokerage highlighted that the company is India’s largest flexible workspace operator by revenue, adding that its model delivers better returns than conventional office landlords. Faster expansion and higher efficiency, it said, make the company a compelling proxy for India’s evolving office market, where flexible workspaces are expanding at nearly 17 per cent CAGR — roughly twice the pace of overall office stock growth.

However, the brokerage cautioned that any steep slowdown in office demand remains a key risk to the company’s trajectory.

Growth outlook

Jefferies expects WeWork India to add 15,000–20,000 seats annually over the next three years. Its presence across the top eight Indian cities, the brokerage noted, positions it well to attract a high-end client base, supporting an average revenue per member that is nearly double that of listed competitors.

The firm also pointed to WeWork India’s premium positioning, citing its peer-leading FY25 revenue-to-rent ratio of 2.7 — a metric that plays a central role in driving profitability. Jefferies forecasts the company to clock 22 per cent IGAAP revenue CAGR and 28 per cent EBITDA CAGR over FY25–28.

Share price performance since listing

WeWork India had a muted stock-market debut earlier this year, listing around its issue price of Rs 650. It later slipped nearly 8 per cent to a low of Rs 598 on November 12. The counter has since rebounded almost 11 per cent and now trades about 2 per cent above its listing price.