Upgrade in Credit Rating

WEWORK INDIA MANAGEMENT LIMITED (Formerly known as WeWork India Management Private Limited) Regd. Office: 6th Floor, Prestige Central, 36 Infantry Road Shivaji Nagar Bengaluru, Karnataka, 560001 Email: cswwi@wework.co.in; Website: https://wework.co.in/ Telephone no.: 080-37880881 CIN: L74999KA2016PLC093227 July 27, 2026 Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Dalal Street, Bandra (East), Mumbai – 400 051 Fort, Mumbai – 400 001 Symbol: WEWORK Scrip Code: 544570 Dear Sir/Madam, Subject: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Upgrade in Credit Rating Pursuant to provisions of Regulation 30 read with Schedule III - Part A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that ICRA Limited, the Credit Rating Agency, has, vide its letter dated July 27, 2026, upgraded the credit rating of the Company, as detailed below: Credit Rating Instruments Amount Erstwhile Rating Revised/Upgraded Agency Rating ICRA Term Loans ₹501 Crore [ICRA] A (Stable) [ICRA] A+ (Stable) Overdraft Facilities ₹100 Crore Bank Guarantee ₹20 Crore Unallocated Limits ₹179 Crore The rating rationale issued by ICRA Limited in respect of the aforesaid upgrade in credit rating is enclosed herewith. The said information is also being hosted on the Company’s website at https://wework.co.in/investors- relations/disclosures/#disclosures. You are requested to kindly take the above information on record. Yours faithfully, For WeWork India Management Limited Udayan Shukla Company Secretary & Compliance Officer Membership No.: F11744 Encl: As above July 27, 2026 WeWork India Management Limited: Rating upgraded to [ICRA]A+ (Stable) Summary of rating action Previous rated Current rated Financial Sector Instrument* amount amount Rating action Regulator# (Rs. crore) (Rs. crore) Long-term – Fund-based – Term [ICRA]A+ (Stable); Upgraded from 501.00 501.00 RBI Loans [ICRA]A (Stable) [ICRA]A+ (Stable); Upgraded from Long-term – Overdraft 65.00 100.00 RBI [ICRA]A (Stable) Long-term – Non-fund based – [ICRA]A+ (Stable); Upgraded from - 20.00 RBI Bank Guarantee [ICRA]A (Stable) [ICRA]A+ (Stable); Upgraded from Long-term – Unallocated 234.00 179.00 RBI [ICRA]A (Stable) Total 800.00 800.00 *Instrument details are provided in Annexure I #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments, which fall under the regulatory purview of Financial Sector Regulators other than SEBI. Rationale The rating upgrade for WeWork India Management Limited (WeWork) factors in the estimated growth in its scale of operations and operating profits, backed by the sustained healthy occupancy levels on an increased desk capacity, low net debt levels and comfortable debt protection metrics. The company’s desk capacity rose by 16% YoY in FY2026, and the committed occupancy levels stood healthy at 86% as of March 2026 (improved from 79% as of September 2025). WeWork’s revenues are expected to grow by 20-25% YoY in FY2027 due to addition of new desk capacities at healthy occupancy levels, supported by the demand for co-working spaces and the consequent improvement in operating profits. The leverage, as reflected by adjusted total debt (TD)/adjusted OPBITDA1 is projected to remain comfortable at 0.7 times as of March 2026 (PY: 0.8 times) and estimated to remain below 1.0x during FY2027-FY2028. Further, the company is expected to maintain a net debt-free position or low net debt levels over the medium term. Given the low leverage, the debt coverage metrics as measured by debt service coverage ratio (DSCR) is estimated to remain comfortable during FY2027-FY2028. The rating takes comfort from WeWork’s large and diversified presence with 1.27 lakh operational desks as of March 2026 at 76 locations spread across the eight cities of Bengaluru, Mumbai, Delhi, Gurgaon, Noida, Pune, Chennai and Hyderabad. The rating favourably factors in the low customer concentration risk, wherein the top 10 clients generated around 23% of the total revenues in FY2026. ICRA notes the extensive experience of WeWork’s promoter, the Embassy Group, which is one of the largest commercial real estate developers in the country. These strengths are partially offset by the entity’s exposure to market risk due to proposed capex plans in FY2027 and FY2028 (addition of 15,000-25,000 desks each year at annual capex outlay of Rs. 300-450 crore), which is likely to be funded largely through internal accruals (70-75%) and the balance through debt. WeWork remains exposed to high lease renewal risks, given that short-term leases (less than two years) account for around 40% of customer leases. Further, around 53% and 26% of the customer leases are coming up for renewal in FY2027 and FY2028, respectively. Despite the healthy renewal rates in the past, that of upcoming lease expiry will remain a key monitorable. ICRA will continue to monitor the support extended by WeWork India to its group companies, which could adversely impact its liquidity profile. The company is exposed to the cyclicality in the 1 Adjusted TD/ Adjusted OPBITDA = (Total Debt - Lease Liabilities)/(OPBITDA - Rental expense) www.icra.in Sensitivity Label : Restricted Page office leasing segment and vulnerability to external factors. Further, the debt coverage ratios remain susceptible to material changes in occupancy and interest rates. The Stable outlook reflects ICRA’s expectation that the company would sustain healthy occupancy levels and operating profits, supported by a large and diversified presence across key markets and estimated comfortable debt protection metrics. Key rating drivers and their description Credit strengths Healthy occupancy, estimated improvement in scale while maintaining comfortable debt protection metrics – The committed occupancy stood healthy at 86% as of March 2026 (improved from 79% as of September 2025). The company’s operational desk capacity increased by 16% to 1.27 lakh desks as of March 2026. WeWork’s revenues are expected to grow by 20-25% in FY2027 due to addition of new desks at healthy occupancy levels, supported by the demand for co-working spaces and the consequent improvement in operating profits. The leverage, as reflected by adjusted TD/adjusted OPBITDA is projected to remain comfortable at 0.7x as of March 2026 (PY: 0.8 times) and likely to remain below 1.0x during FY2027- FY2028. Further, the company is anticipated to maintain a net debt-free position or low net debt levels over the medium term. Given the low leverage, the debt coverage metrics as measured by debt service coverage ratio (DSCR) is estimated to remain comfortable during FY2027-FY2028. Large and diversified presence with low customer concentration risk – As of March 2026, the company had 1.27 lakh operational desks across 76 locations spanning eight cities – viz., Bengaluru, Mumbai, Delhi, Gurgaon, Noida, Pune, Hyderabad and Chennai. The assets stand in Grade-A commercial buildings of prominent micro-markets, thereby enhancing their marketability. Further, the company faces low customer concentration risk, with its top 10 clients generating around 23% of its total revenues in FY2026. Extensive experience of Embassy Group in real estate sector – The company is promoted by the Embassy Group, which currently holds 49.42% of its shares and is one of the largest commercial real estate developers in the country with interests in real estate segments such as commercial, residential and hospitality. It has developed and/or managed over 100 million square feet (msf). Credit challenges High customer lease renewal risk – WeWork remains exposed to high lease renewal risks, given that short-term leases (less than two years) account for around 40% of customer leases. Further [Showing first 8,000 characters — download PDF for full document]