Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>51 companies recorded insider acquisitions in September 2026 — the broadest monthly cohort in recent months.</li>
<li>We highlight large and small cap companies that experienced significant insider buying during September 2026, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above/below the insider buying price.</li>
</ul>


51 companies recorded insider acquisitions in September 2026 — the broadest monthly cohort in recent months.
We highlight large and small cap companies that experienced significant insider buying during September 2026, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above/below the insider buying price.


Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – September 2026

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Global Capability Centres and startups propel India’s flexible workspace sector toward 186 million square feet by 2030, reflecting a robust 13.7% CAGR. </li>
<li>Leaders compete through distinct models ranging from <a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> premium branding, <a href="https://www.smartkarma.com/entities/smartworks-coworking-spaces-limited" target="_blank" data-smartkarma-citation="entities:43882:1" rel="noopener">Smartworks Coworking Spaces (SMARTWOR IN)</a> scale, <a href="https://www.smartkarma.com/entities/awfis-space-solutions-limited" target="_blank" data-smartkarma-citation="entities:43932:1" rel="noopener">Awfis Space Solutions (AWFIS IN)</a> asset-light managed aggregation strategy.</li>
<li>Analysts must monitor critical metrics like occupancy, average seat price, and fleet expansion to see which players best capture India’s widening demand-supply gap
</li>
</ul>


Global Capability Centres and startups propel India’s flexible workspace sector toward 186 million square feet by 2030, reflecting a robust 13.7% CAGR. 
Leaders compete through distinct models ranging from WeWork India Management Ltd (1690124D IN) premium branding, Smartworks Coworking Spaces (SMARTWOR IN) scale, Awfis Space Solutions (AWFIS IN) asset-light managed aggregation strategy.
Analysts must monitor critical metrics like occupancy, average seat price, and fleet expansion to see which players best capture India’s widening demand-supply gap



Indian Flexible Workspaces: A Strategic Comparative Analysis of Market Leaders

<ul>
<li>India’s Grade A office stock has surged to 883M sq. ft. in 2025, projected to hit 1,072M sq. ft. by 2027, with flexible workspaces already expanding to ~96M sq. ft.</li>
<li>
WeWork India leads the flex market with INR 19,492M revenue in FY25 and supported by 94% Grade A portfolio and an enterprise-heavy client base.</li>
<li>New offerings like WeWork Workplace SaaS, Zoapi, and Virtual Offices are boosting ancillary revenue (10% of operations, above industry average).</li>
</ul>


India’s Grade A office stock has surged to 883M sq. ft. in 2025, projected to hit 1,072M sq. ft. by 2027, with flexible workspaces already expanding to ~96M sq. ft.

WeWork India leads the flex market with INR 19,492M revenue in FY25 and supported by 94% Grade A portfolio and an enterprise-heavy client base.
New offerings like WeWork Workplace SaaS, Zoapi, and Virtual Offices are boosting ancillary revenue (10% of operations, above industry average).


WeWork India IPO: Not a Lifestyle Brand, Just Shared Office Space?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Flexible workspaces now form nearly 10% of India’s commercial office stock and are projected to grow at a 20% CAGR, supported by demand from GCCs, startups, and Tier II expansion.</li>
<li>A shift in office demand trends, driven by hybrid work, rising occupancy in managed spaces, and premium-grade infrastructure, is pushing flexible workspaces into the mainstream corporate strategy. </li>
<li>Once seen as temporary or startup-specific, flexible workspaces have become critical infrastructure for enterprises, redefining how businesses approach office space, cost, and employee experience.</li>
</ul>


Flexible workspaces now form nearly 10% of India’s commercial office stock and are projected to grow at a 20% CAGR, supported by demand from GCCs, startups, and Tier II expansion.
A shift in office demand trends, driven by hybrid work, rising occupancy in managed spaces, and premium-grade infrastructure, is pushing flexible workspaces into the mainstream corporate strategy. 
Once seen as temporary or startup-specific, flexible workspaces have become critical infrastructure for enterprises, redefining how businesses approach office space, cost, and employee experience.


India’s Co-Working Boom: The Future of Work Is Flexible?

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>Reported revenue misleads, the 3.2% consolidated dip reflects lumpy one-time Needle &amp; Thread design revenue lapping. Core standalone managed office business grew 7.8% with margins and PBT up sharply.</li>
<li>DevX operates 1.13 msf against a 3.63 msf signed portfolio at 92% occupancy. FY27 re-rating depends entirely on disciplined execution of that pipeline</li>
<li>DevX trades at 5.1x EV/EBITDA versus 8-10x for larger rivals. The discount reflects scale and Ahmedabad concentration risk.</li>
</ul>


Reported revenue misleads, the 3.2% consolidated dip reflects lumpy one-time Needle &amp; Thread design revenue lapping. Core standalone managed office business grew 7.8% with margins and PBT up sharply.
DevX operates 1.13 msf against a 3.63 msf signed portfolio at 92% occupancy. FY27 re-rating depends entirely on disciplined execution of that pipeline
DevX trades at 5.1x EV/EBITDA versus 8-10x for larger rivals. The discount reflects scale and Ahmedabad concentration risk.


Dev Accelerator (DEVX IN): Q1 FY27 Headline Weakness Masks a Much Bigger Pipeline

India

Indiqube Spaces Limited is a provider of managed office spaces and flexible workspace solutions, including managed offices, coworking spaces, and related enterprise services. The company's technology-enabled platform supports workspace management for businesses across various industries. It leverages a shared ecosystem of infrastructure and value-added services. The company is headquartered in Bengaluru, India, and was founded in 2015.

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Indiqube Spaces (INDIQUBE IN)

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – September 2026

Insight on insider buying in Sep 2026 — the broadest monthly cohort in recent months -highlighting key sectors along with names which have moved...

Sreemant Dudhoria

Indian Flexible Workspaces: A Strategic Comparative Analysis of Market Leaders

India's flexible workspace sector set to reach 186 million square feet by 2030. Leaders compete with different models, requiring analysts to track...

Nimish Maheshwari

WeWork India IPO: Not a Lifestyle Brand, Just Shared Office Space?

India's Grade A office stock is on the rise, with flexible workspaces expanding rapidly and WeWork India leading the flex market with innovative...

Nimish Maheshwari

India’s Co-Working Boom: The Future of Work Is Flexible?

Flexible workspaces in India are on the rise, now making up nearly 10% of commercial office stock and projected to grow at a 20% CAGR, driven by...

Sudarshan Bhandari

Dev Accelerator (DEVX IN): Q1 FY27 Headline Weakness Masks a Much Bigger Pipeline

DevX Q1FY27 reported revenue dipped 3.2% on lumpy one-time design revenue, but core grew 7.8%. Thesis hinges on converting a 3.63 msf signed pipeline.

GSBR Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – September 2026

Insight on insider buying in Sep 2026 — the broadest monthly cohort in recent months -highlighting key sectors along with names which have moved...

Sreemant Dudhoria

Indian Flexible Workspaces: A Strategic Comparative Analysis of Market Leaders

​India's flexible workspace sector set to reach 186 million square feet by 2030. Leaders compete with different models, requiring analysts to track...

Nimish Maheshwari

WeWork India IPO: Not a Lifestyle Brand, Just Shared Office Space?

​India's Grade A office stock is on the rise, with flexible workspaces expanding rapidly and WeWork India leading the flex market with innovative...

Nimish Maheshwari

India’s Co-Working Boom: The Future of Work Is Flexible?

​Flexible workspaces in India are on the rise, now making up nearly 10% of commercial office stock and projected to grow at a 20% CAGR, driven by...

Sudarshan Bhandari

Dev Accelerator (DEVX IN): Q1 FY27 Headline Weakness Masks a Much Bigger Pipeline

DevX Q1FY27 reported revenue dipped 3.2% on lumpy one-time design revenue, but core grew 7.8%. Thesis hinges on converting a 3.63 msf signed pipeline.

GSBR Research

India's flexible workspace sector set to reach 186 million square feet by 2030. Leaders compete with different models, requiring analysts to track...

India's Grade A office stock is on the rise, with flexible workspaces expanding rapidly and WeWork India leading the flex market with innovative...

Flexible workspaces in India are on the rise, now making up nearly 10% of commercial office stock and projected to grow at a 20% CAGR, driven by...