Mumbai, Nov. 18 -- The brokerage said WeWork India is the country's largest flexible workspace operator by revenue and continues to benefit from stronger returns than traditional office landlords. It added that the flex-space segment is expanding at about 17% CAGR, nearly twice the pace of overall office stock growth.

It expects the company to add 15,000 to 20,000 seats annually over the next three years. The brokerage also highlighted WeWork India's presence across the top eight cities, which enables access to a premium customer base and supports average revenue per member that is nearly double that of listed peers.

Revenue is projected to grow at 22% CAGR and EBITDA at 28% CAGR over FY25 to FY28. The report, however, cautioned that an...