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DevX Signs India's Largest 8 Lakh Sq. Ft. DM Deal; Targets ₹120 Cr Annual Revenue
Dev Accelerator Limited (DevX) has signed a landmark Development Management (DM) deal for a 27-storey commercial tower in Ahmedabad, spanning 8 lakh sq. ft. This project, India's largest of its kind, is projected to generate ₹120 crore in annual revenue upon completion in 2.5 to 3 years. The deal carries a total rental value of over ₹850 crore and will add 8,500 seats to the company's portfolio. DevX plans to invest ₹100 crore over the next four years to develop this Grade A+ green campus, targeting Global Capability Centres (GCCs).
Key Highlights
Signed India's largest single Development Management deal of 8 lakh sq. ft. in Ahmedabad
Projected annual revenue of ₹120 crore with a total rental value exceeding ₹850 crore
Planned addition of 8,500 seats in a 27-storey Grade A+ commercial tower
Investment of ₹100 crore slated over the next 4 years for project development
Agreement term of 15 years with a 4-year lock-in period for DevX
💼 Action for Investors
Investors should view this as a significant scale-up that nearly doubles the company's current managed square footage, providing long-term revenue visibility. Monitor the project's construction progress and pre-leasing velocity to GCCs over the next 30 months.
Dev Accelerator Extends Redemption of 35.77 Lakh Preference Shares to 2031
Dev Accelerator Limited (DEVX) has announced a variation in the terms of 35,77,519 redeemable preference shares held by its promoter, Dev Information Technology Limited. The redemption tenure for these 0.01% non-convertible preference shares has been extended by 5 years beyond the original maturity date of March 26, 2026. The new maturity date is now set for March 26, 2031, effectively making it a 10-year term from the original issue date in 2021. This move delays the capital outflow required for redemption, providing the company with better liquidity management.
Key Highlights
Tenure extension for 35,77,519 preference shares with a face value of Rs. 10 each
Redemption date moved from March 26, 2026, to March 26, 2031
Shares are 0.01% Non-Convertible, Non-Cumulative, and Non-Participating
Entire block of shares is held by the Corporate Promoter, Dev Information Technology Limited
All other terms and conditions of the preference shares remain unchanged
💼 Action for Investors
Investors should view this as a positive development for short-term liquidity, as it prevents a cash outflow of approximately Rs. 3.58 crore in 2026. It also signals continued financial support from the promoter group.
Dev Accelerator (DevX) 9M FY26 Revenue Jumps 53% to ₹166.7 Cr; PBT Surges 173%
Dev Accelerator Limited (DevX) reported a strong financial performance for 9M FY26, with revenue reaching ₹166.7 crore, already surpassing the previous full year's total of ₹158 crore. The company's strategic focus on Tier 2 cities has yielded superior unit economics, achieving a rent-to-revenue ratio of 2.62x compared to 2.1x in Tier 1 cities. Profit Before Tax (PBT) saw a significant jump of 173% year-on-year to ₹5.2 crore, supported by a robust consolidated EBITDA margin of 46.1%. With 28 centers across 12 cities and an 88% occupancy rate, DevX is effectively capturing the growing Global Capability Center (GCC) demand in emerging Indian markets.
Key Highlights
9M FY26 revenue grew 53% YoY to ₹166.7 crore, exceeding the entire FY25 revenue of ₹158 crore.
PBT for the nine-month period surged 173% YoY to ₹5.2 crore, marking two years of consistent profitability.
Tier 2 cities contribute 75% of revenue, providing a high rent-to-revenue ratio of 2.62x due to lower competition.
Operational metrics remain strong with 88% occupancy across 13,500 seats and a 98% client retention ratio.
Enterprise clients account for 65% of revenue with an average remaining lock-in period of 3.5 years.
💼 Action for Investors
Investors should monitor DevX as a high-growth play in the managed workspace sector, particularly for its leadership in Tier 2 markets which offer better margins than metros. The strong enterprise stickiness and negative net churn rate indicate a highly stable cash flow profile.
Dev Accelerator (DEVX) 9M FY26 Revenue Jumps 53% YoY; Signs India's Largest Managed Office Deal
Dev Accelerator Limited reported a strong 9M FY26 performance with consolidated revenue reaching ₹166.7 crore, representing a 53% YoY growth. The company secured a landmark 8 lakh sq. ft. managed office contract in Ahmedabad, which is projected to generate ₹120 crore in annual revenue upon completion. Standalone EBITDA margins expanded to a robust 61.1%, supported by high occupancy levels of 88.4% across 28 centers. The company's focus on Tier-2 markets and its asset-light Development Management Model are driving superior unit economics compared to industry averages.
Key Highlights
Consolidated 9M FY26 revenue grew 53% YoY to ₹166.7 crore with a 46.1% EBITDA margin.
Signed India's largest single managed office contract of 8 lakh sq. ft. with ₹120 crore annual revenue potential.
Standalone 9M EBITDA margin expanded to 61.1% from 57.5% in the previous year.
Rent to Revenue Ratio improved to 2.62x, significantly outperforming the industry average of 2.1x.
New 3.15 lakh sq. ft. Ahmedabad campus commenced operations with 95% pre-leasing already achieved.
💼 Action for Investors
Investors should note the significant margin expansion and the massive new contract win as evidence of strong execution and demand in Tier-2 cities. The stock warrants a positive outlook given the high seat retention rate of 98.7% and the successful shift toward an asset-light growth model.
Dev Accelerator Q3FY26 Standalone Revenue Up 60% YoY; Signs India's Largest Managed Office Deal
Dev Accelerator (DevX) reported strong 9MFY26 results with consolidated revenue growing 53% YoY to ₹166.7 crore and standalone EBITDA margins expanding to 61.1%. The company signed a landmark 8 lakh sq. ft. contract in Ahmedabad, projected to generate ₹120 crore in annual revenue upon completion. Operational efficiency is high, with a rent-to-revenue ratio of 2.62x and 88.4% occupancy across 28 centers. The recent launch of a 3.15 lakh sq. ft. mega campus, already 95% pre-leased, provides immediate revenue visibility of ₹2.75 crore per month.
Key Highlights
Standalone revenue for 9MFY26 rose 49.6% YoY to ₹123.96 Cr with a high EBITDA margin of 61.1%
Signed India's largest single managed office contract of 8 Lakh Sq. Ft., expected to add ₹120 Cr annual revenue
Ahmedabad Mega Campus (3.15 Lakh Sq. Ft.) commenced operations with 95% pre-leasing and ₹2.75 Cr monthly revenue
Rent to Revenue Ratio improved to 2.62x, significantly outperforming the industry average of 2.1x
Enterprise clients account for 65% of revenue with a high seat retention rate of 98.7%
💼 Action for Investors
Investors should view the strong margin expansion and the massive new contract as signs of a scalable, high-growth business model in Tier-2 cities. Monitor the execution of the 8 lakh sq. ft. project and the sustainability of the 60%+ standalone EBITDA margins.
DEVX Q3 FY26: Revenue Up 50% YoY to ₹124 Cr with 61.1% EBITDA Margin
Dev Accelerator Limited (DEVX) reported a strong performance for 9M FY26, with consolidated revenue growing 53% YoY to ₹167 Cr. The company achieved a standalone EBITDA margin of 61.1% and a significant 174% YoY growth in consolidated PBT to ₹5.2 Cr. DEVX's strategy focuses on Tier-2 cities, which generate 75% of its revenue, and enterprise clients who provide 65% of total income. Operational health is reflected in a high occupancy rate of 88.4% and a negative net churn rate of -0.60%.
Key Highlights
Standalone revenue increased by 50% YoY to ₹124 Cr with a robust 61.1% EBITDA margin
Consolidated PBT grew by 174% YoY to ₹5.2 Cr, showcasing improved profitability
Tier-2 cities remain the primary growth engine, contributing 75% of the total revenue
Portfolio occupancy stands at a high 88.4% across 28 centers in 12 cities
Enterprise clients contribute 65% of revenue, supporting a stable 3.5-year average client tenure
💼 Action for Investors
The company's focus on high-margin Tier-2 markets and enterprise-led demand offers a unique competitive moat. Investors should watch for continued execution of the asset-light expansion model and maintenance of high occupancy levels.
DEVX to Divest 38% Stake in Scaleax Advisory; Q3 Revenue Rises 14% to ₹59.2 Crore
Dev Accelerator Limited (DEVX) has approved the divestment of its 38% equity stake in associate company Scaleax Advisory Private Limited for ₹3.80 lakhs to its corporate promoter. For Q3 FY26, the company reported a 14.2% QoQ growth in revenue from operations to ₹59.20 crore. While Profit Before Tax (PBT) rose significantly to ₹2.57 crore, the company recorded a net loss of ₹1.01 crore due to a substantial deferred tax expense of ₹3.10 crore. Post-divestment, Scaleax will cease to be an associate company of DEVX.
Key Highlights
Divestment of 38% stake in Scaleax Advisory for an aggregate consideration of ₹3,80,000.
Revenue from operations grew to ₹5,919.80 lakhs in Q3 FY26 from ₹5,183.66 lakhs in Q2 FY26.
Profit Before Tax (PBT) increased 51.4% QoQ to ₹257.14 lakhs.
Reported a net loss of ₹101.28 lakhs for the quarter, impacted by ₹310.19 lakhs in deferred tax.
Scaleax Advisory Private Limited will no longer be an associate company following the transaction.
💼 Action for Investors
Investors should focus on the steady operational revenue growth and rising PBT, while keeping a watch on the high deferred tax impact that led to a quarterly loss. The divestment is relatively small in value but simplifies the associate structure.
Dev Accelerator Q3 Revenue Up 19% YoY to ₹59.2 Cr; Reports Net Loss on High Tax Impact
Dev Accelerator Limited (DEVX) reported a consolidated revenue of ₹5,919.80 lakhs for Q3 FY26, marking a 14.2% growth over the previous quarter. However, the company swung to a net loss of ₹101.28 lakhs from a profit of ₹175.32 lakhs in Q2 FY26, primarily due to a sharp spike in deferred tax liabilities amounting to ₹310.19 lakhs. The board also approved the divestment of its 38% stake in associate company Scaleax Advisory for a nominal consideration of ₹3.80 lakhs. While top-line growth remains healthy, rising operational costs and tax adjustments have pressured the bottom line this quarter.
Key Highlights
Consolidated Revenue from operations grew 19% YoY to ₹5,919.80 lakhs in Q3 FY26.
Reported a Net Loss of ₹101.28 lakhs vs a profit of ₹175.32 lakhs in the preceding quarter.
Deferred tax liability increased significantly to ₹310.19 lakhs, impacting net profitability.
Other expenses rose by approximately 40% QoQ to ₹1,151.85 lakhs.
Divested 38% equity stake in associate Scaleax Advisory Private Limited for ₹3.80 lakhs.
💼 Action for Investors
Investors should focus on the sustainability of the 19% YoY revenue growth while seeking clarity on the one-time nature of the deferred tax spike. The rising 'Other Expenses' warrant caution as they may indicate higher customer acquisition or operational scaling costs in the co-working segment.
Dev Accelerator (DEVX) Q3 Revenue Up 14% QoQ; Reports Net Loss on High Tax Provision
Dev Accelerator Limited (DEVX) reported a 14.2% sequential growth in revenue from operations to ₹5,919.80 lakhs for Q3 FY26. While Profit Before Tax (PBT) saw a healthy rise to ₹257.14 lakhs from ₹169.79 lakhs in Q2, the company posted a net loss of ₹101.28 lakhs due to a sharp increase in deferred tax expenses totaling ₹358.42 lakhs. Additionally, the board approved the divestment of its 38% stake in associate company Scaleax Advisory for ₹3.80 lakhs to promoter-related entities. The company continues to operate in a single segment focused on renting and providing co-working spaces.
Key Highlights
Revenue from operations increased 14.2% QoQ to ₹5,919.80 lakhs.
Profit Before Tax (PBT) grew 51.4% QoQ to ₹257.14 lakhs, aided by an exceptional gain of ₹132.66 lakhs.
Reported a Net Loss of ₹101.28 lakhs compared to a profit of ₹175.32 lakhs in the previous quarter due to high tax provisions.
Finance costs saw a significant reduction to ₹924.76 lakhs from ₹1,264.15 lakhs in Q2 FY26.
Divested 38% equity in associate Scaleax Advisory Private Limited for a total consideration of ₹3,80,000.
💼 Action for Investors
Investors should look past the net loss caused by non-cash deferred tax adjustments and focus on the improving PBT and reduced finance costs. Monitor the company's ability to maintain revenue growth in the competitive co-working space while managing rising operational expenses.
DevX Launches 3.15 Lakh Sq. Ft. Managed Office Campus in Ahmedabad; 95% Pre-Leased
Dev Accelerator Limited (DevX) has launched 'Capital One' in Ahmedabad, which is the largest managed office campus in an Indian Tier II city, spanning 3.15 lakh sq. ft. The facility has achieved a significant 95% occupancy rate prior to its official launch, driven by demand from technology, accounting, and media firms. This expansion brings the company's total managed area to approximately 8.6 lakh sq. ft. across 12 cities. The high pre-leasing rate indicates strong demand and execution capability in emerging business hubs.
Key Highlights
Launched 'Capital One' in Ahmedabad, a 3.15 lakh sq. ft. managed office campus across 19 floors.
Achieved 95% occupancy pre-launch, demonstrating robust demand in Tier II markets.
Company now operates 28 centers across 12 cities with approximately 13,604 seats.
Total area under management has reached approximately 8.6 lakh sq. ft. nationally.
💼 Action for Investors
The 95% pre-leasing occupancy significantly de-risks this expansion and validates the company's growth strategy in Tier II cities. Investors should monitor the scalability of this 'Landowner First' model as a driver for future revenue growth.
DevX Launches India's Largest Tier-II Managed Office Campus with 95% Pre-Launch Occupancy
Dev Accelerator Limited (DevX) has launched 'Capital One' in Ahmedabad, a 3.15 lakh sq. ft. managed office campus, marking it as the largest such facility in a Tier-II city in India. The 19-floor asset has already achieved 95% occupancy prior to its official launch, driven by demand from technology, accounting, and media firms. This project significantly scales the company's existing portfolio of 8.6 lakh sq. ft. and 13,604 seats across 12 cities. The high occupancy rate underscores the strong demand for managed workspaces in emerging business hubs and validates DevX's growth strategy in non-metro markets.
Key Highlights
Launched 3.15 lakh sq. ft. 'Capital One' campus in Ahmedabad, the largest in any Indian Tier-II city.
Achieved 95% occupancy pre-launch, indicating robust demand from global and domestic enterprises.
The facility spans 19 floors and includes premium amenities like a gym, creche, and yoga area.
DevX currently operates 28 centers across 12 cities with a total managed area of ~8.6 lakh sq. ft.
The expansion targets the growing trend of GCCs and high-growth firms moving to emerging business destinations.
💼 Action for Investors
Investors should note the high pre-launch occupancy as a sign of strong execution and market fit in Tier-II cities. Monitor the company's upcoming projects for similar high-utilization trends which could drive significant revenue growth.