Dev Accelerator stock jumps 3% after bagging a deal with the Adani Group

SYNOPSIS: A workspace platform signed a Rs. 110 crore, 9-year workspace deal, strengthening revenue visibility, while strong enterprise occupancy highlights rising demand for managed office solutions across sectors in emerging business hubs.

During Monday’s trading session, shares of an enterprise-focused, full-solution managed workspace platform recovered nearly 6 percent from the day’s low on the stock exchanges, after the company announced locking in a Rs. 110 crore enterprise deal with an Adani auditor firm.

With a market cap of Rs. 346.3 crores, shares of Dev Accelerator Limited are currently trading in the green at Rs. 38.4 on BSE, up by around 3 percent, as against its previous closing price of Rs. 37.45. The stock has delivered negative returns of over 40 percent in one year, but has gained by about 3 percent in the last one month.

What’s the News:

According to the latest disclosures on the stock exchanges, Dev Accelerator Limited has signed a landmark agreement worth Rs. 110 crores with Manubhai and Shah LLP, marking one of the largest enterprise-led flexible workspace transactions in a Tier-II city. The 9-year contract, covering around 1,00,000 sq. ft., establishes strong long-term revenue visibility for the company while reinforcing the growing institutional adoption of managed office solutions among large enterprises.

As part of the agreement, Manubhai and Shah LLP will shift its Ahmedabad headquarters to DevX’s managed workspace campus at Capital One. The facility has a total capacity of around 2,000 seats, with more than 1,000 seats already committed in the first phase.

The campus has also attracted a wide range of enterprise clients across multiple sectors. In the IT and digital space, tenants include Openxcell Technolabs Private Limited (360 seats) and Tatvic Digital Analytics Private Limited (226 seats). The healthcare and life sciences segment is represented by Aqkode (400 seats) and Advanced Clinical India Private Limited (180 seats). Other occupiers include Patel Greentech (356 seats), Walter P Moore (160 seats), and Ignosi System Private Limited (72 seats).

This diversified tenant base reflects the rising demand for integrated, enterprise-grade managed workspaces in emerging business hubs, particularly among large and institutional clients.

The association between Manubhai & Shah LLP and the Adani Group is primarily professional in nature, focused on auditing and financial consultancy services for select entities within the group. Manubhai & Shah LLP is a prominent Ahmedabad-based accounting firm that has provided various statutory and internal audit services for several entities within the Adani Group conglomerate over the years.

Financials & More:

Dev Accelerator reported a significant growth in revenue from operations, experiencing a year-on-year increase of around 19 percent, from Rs. 49.75 crores in Q3 FY25 to Rs. 59.2 crores in Q3 FY26. Meanwhile, the company reported a net loss of Rs. 1.01 crores from a profit of Rs. 0.7 crores over the same period.

Dev Accelerator Limited is primarily engaged in the business of providing workspace on rent, integrated facility management income (facility management services) and enterprise workspace designing and building services (construction and fit-out projects).

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