WeWork India IPO Review & Recommendations

WeWork India IPO Peer Comparison

WeWork India Management Ltd. peer comparison with similar listed entities. (As on March 31, 2025)

Notes:

1. All the financial information of our Company mentioned above has been derived as at and for the Fiscal 2025. All the financial information for industry peers mentioned above is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the annual reports/ annual results/ Investor presentation as available of the respective company and submitted to the Stock Exchanges and Prospectus of the respective company as available publicly on the website of SEBI. Further, to the extent that the industry peers have published the above ratios or financial information in their regulatory filings/ website, the same have been disclosed on an as is basis and may not be comparable to the method of computation used by us.
2. P/E ratio has been computed based on the closing market price of equity shares on BSE on September 15, 2025 divided by the Diluted EPS for the year ended March 31, 2025.
3. Net Asset Value per Equity Share (₹) = Net Worth at the end of the year divided by the weighted average number of Equity Shares outstanding during the year.
4. Return on Net Worth (%) = Restated profit/(loss) for the year attributable to the owners of our Company divided by the Net Worth at the end of the year.
5. Net Worth means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account, debit or credit balance of profit and loss account, share based payment reserve and Instruments entirely in the nature of equity after deducting the aggregate value of the accumulated losses, debit or credit balance of common control adjustment deficit account, deferred expenditure, and miscellaneous expenditure not written off, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation, if any, in accordance with Regulation 2(1)(hh) of the SEBI ICDR Regulations. Net Worth represents equity attributable to owners of our company and does not include amounts attributable to non-controlling interest. Net Worth for peers represents the Total Equity excluding Non-Controlling Interest as mentioned in their annual reports for the relevant year submitted to the Stock Exchanges.
6. EV (Enterprise Value) = Market cap plus the Net Debt as of March 31, 2025.
7. Net Debt is calculated as Total Borrowings less Total Cash and cash equivalents and Bank Balance (including fixed deposits) and current investments less Bank deposit with more than twelve months maturity and Bank deposits with less than twelve months maturity, if any. Total Borrowings is the sum of current borrowings and non-current borrowings.
8. Market cap has been computed based on the closing market price of equity shares on BSE on September 15, 2025.
9. Adjusted EBITDA is EBITDA minus cash outflow for lease liabilities towards rent during the year.
10. EBITDA is calculated as restated profit/ (loss) for the year plus total tax expense plus depreciation & amortisation expense plus finance costs minus other income minus finance income plus exceptional item, if any for the year.
11. Tangible Assets = Sum of plant, property and equipment plus capital work in progress.