DEVX - Dev Accele.
📢 Recent Corporate Announcements
Dev Accelerator Limited (DEVX) has received overwhelming shareholder approval for two major fundraising resolutions via postal ballot. The first resolution authorizes the issuance of convertible warrants on a preferential basis to the company's promoters, while the second approves the issuance of equity shares on a preferential basis. Both special resolutions passed with over 99.9% of the votes in favor, signaling strong investor confidence and paving the way for a significant capital infusion.
- Resolution for Issuance of Convertible Warrants to Promoters passed with 17,059,100 votes in favor (99.98%).
- Resolution for Issuance of Equity Shares on a Preferential Basis passed with 35,656,805 votes in favor (99.99%).
- A total of 20,212 shareholders were on record for the voting process which concluded on April 23, 2026.
- Promoter and Promoter Group participation was significant, with 18,596,640 votes cast in favor of the equity issuance.
- Only a negligible number of votes (under 3,000 for warrants and 2,000 for equity) were cast against the proposals.
Dev Accelerator Limited (DEVX) has issued a corrigendum to its March 2026 postal ballot notice regarding a significant preferential issue. The company plans to issue up to 33,33,330 shares via warrant conversion and 44,44,440 shares directly on a preferential basis. Following queries from BSE and NSE, the company has provided a revised valuation report dated April 21, 2026, to justify the pricing. This update ensures compliance with SEBI ICDR Regulations and provides transparency on the pricing mechanism for the total proposed issuance.
- Proposed issuance of up to 33,33,330 equity shares through warrant conversion
- Proposed preferential issue of up to 44,44,440 fully paid-up equity shares
- Revised valuation report dated April 21, 2026 issued by Registered Valuer Mr. Rishit Jain
- Corrigendum issued following clarifications sought by NSE and BSE on April 17, 2026
- Updated Practicing Company Secretary certificate from M/s. Murtuza Mandorwala & Associates
Dev Accelerator Limited (DEVX) has announced the resignation of Ms. Monika Handa, who served as the Vice President – Operations and Facility. Classified as Senior Management Personnel, her resignation was tendered on April 11, 2026, and accepted by the board on April 16, 2026. She is set to be relieved of her duties by the close of business on April 30, 2026. The company stated the departure is to allow her to pursue new professional challenges and opportunities.
- Ms. Monika Handa resigned from her role as VP – Operations and Facility on April 11, 2026.
- The resignation was officially accepted by the company management on April 16, 2026.
- Her final date of employment is fixed for April 30, 2026, allowing for a short transition period.
- The departure is categorized under Regulation 30 of SEBI Listing Regulations for Senior Management Personnel.
Dev Accelerator Limited (DevX) has signed a landmark 9-year contract worth ₹110 crore with Manubhai and Shah LLP for a managed workspace in Ahmedabad. The deal covers approximately 1,00,000 sq. ft. and involves over 1,000 seats in the first phase of a 2,000-seat capacity campus. This transaction highlights the shift of large enterprises toward managed office solutions in Tier-II cities. The long-term nature of the contract provides significant revenue visibility for the company.
- Signed a 9-year enterprise deal valued at ₹110 crore with Manubhai and Shah LLP.
- The contract involves ~1,00,000 sq. ft. of managed workspace at the Capital One campus in Ahmedabad.
- Initial commitment includes over 1,000 seats in Phase 1, scaling up to a total capacity of 2,000 seats.
- DevX currently operates 28 centers with over 14,000 seats across 8.6 lakh sq. ft. under management.
Dev Accelerator Limited (DevX) has announced a major expansion by securing a 27-storey commercial tower in Ahmedabad, spanning over 8 lakh sq ft with a transaction value of approximately ₹850 crore. The company was recently ranked 8th among India's Fastest-Growing Companies 2026, recording a massive 512.79% growth between 2021 and 2024. DevX is also progressing on several large-scale projects including the 3.15 lakh sq ft Capital One campus and the 4.92 lakh sq ft GMDC development. These moves position the company to capitalize on the rising demand from Global Capability Centres (GCCs) in India.
- Signed long-term agreement for an 8 lakh sq ft, 27-storey tower in Ahmedabad valued at ₹850 crore
- Ranked 8th in India's Fastest-Growing Companies 2026 with 512.79% growth from 2021-2024
- Developing 'Capital One', a 3.15 lakh sq ft managed office campus with strong pre-leasing demand
- Pipeline includes the 4.92 lakh sq ft GMDC commercial development and 84,000 sq ft in Million Minds Tech City
Dev Accelerator Limited (DEVX) has announced a virtual group meeting with institutional investors scheduled for March 30, 2026, from 3:00 PM to 4:00 PM. The meeting will include representatives from DB Investments, Emerge Capital, Burman Capital, and Aionios Alpha. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this session. This disclosure is part of the company's routine compliance under SEBI Listing Obligations and Disclosure Requirements.
- Virtual group meeting scheduled for March 30, 2026, at 15:00 IST.
- Participation from 4 institutional entities: DB Investments, Emerge Capital, Burman Capital, and Aionios Alpha.
- Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Company confirms no unpublished price sensitive information will be disclosed.
Dev Accelerator Limited (DEVX) has informed the stock exchanges that its trading window for dealing in company securities will be closed starting April 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations for the upcoming financial reporting cycle. The closure will remain in effect until 48 hours after the announcement of the audited financial results for the quarter and year ending March 31, 2026. The specific date for the board meeting to approve these results will be communicated at a later time.
- Trading window closure to take effect from Wednesday, April 1, 2026.
- Closure is related to the finalization of audited financial results for Q4 and FY 2025-26.
- The window will reopen 48 hours after the results are officially declared to the exchanges.
- Restriction applies to all designated persons, their immediate relatives, and other insiders.
Dev Accelerator Limited (DevX) has approved a fundraise of up to ₹35 crore through the preferential issuance of equity shares and convertible warrants. Promoters are demonstrating strong commitment by infusing ₹15 crore, while non-promoter investors will contribute the remaining ₹20 crore. The proceeds are specifically allocated for a ₹35.10 crore security deposit to secure a new 4,50,000 sq. ft. managed workspace in Ahmedabad. This move is set to significantly expand the company's current footprint of 8.6 lakh sq. ft. to meet rising corporate demand.
- Board approved ₹35 crore fundraise via preferential issue of warrants and equity shares.
- Promoters to infuse ₹15 crore through convertible warrants, signaling high conviction in the business model.
- Funds earmarked for a ₹35.10 crore security deposit for a new 4,50,000 sq. ft. facility in Ahmedabad.
- The new 'Winston' center will operate under a straight lease model to capture enterprise demand.
- Expansion represents a massive capacity increase compared to the current 8.6 lakh sq. ft. under management.
Dev Accelerator Limited (DEVX) has issued a postal ballot notice to seek shareholder approval for a preferential issue of 33,33,330 convertible warrants to its promoters. The warrants are priced at ₹45 each, aiming to raise approximately ₹14.99 crore in total capital. Promoters will contribute 25% of the issue price upfront, with the remaining 75% payable upon conversion into equity shares within 18 months. This capital infusion signifies strong promoter confidence in the company's future growth prospects.
- Issuance of 33,33,330 convertible warrants to three promoters at a price of ₹45 per warrant
- Total fundraise through the warrant issuance aggregates to approximately ₹14,99,99,850
- Promoters to pay 25% of the warrant price at the time of allotment, with the balance due within 18 months
- The 'Relevant Date' for pricing the preferential issue is fixed as March 24, 2026
- Warrants are convertible into equity shares of face value ₹2 each on a 1:1 basis
Dev Accelerator Limited (DEVX) has approved a total fundraise of approximately Rs 35 crore through a preferential issue. This includes Rs 15 crore from promoters via 33.33 lakh convertible warrants and Rs 20 crore from Infibeam Projects Management Private Limited via 44.44 lakh equity shares. Both the warrants and equity shares are priced at Rs 45 each. The participation of promoters and a strategic investor like Infibeam signals strong confidence in the company's future growth prospects.
- Issuance of 33,33,330 convertible warrants to promoters at Rs 45 per warrant, totaling Rs 15 crore.
- Issuance of 44,44,440 equity shares to Infibeam Projects Management Private Limited at Rs 45 per share, totaling Rs 20 crore.
- Infibeam Projects Management will acquire a 4.54% stake in the company on a fully diluted basis.
- Warrants are convertible into equity shares within a period of 18 months from the date of allotment.
- The total fundraise of Rs 35 crore is subject to shareholder approval via postal ballot.
Dev Accelerator Limited (DEVX) has approved a total fundraise of approximately Rs 35 crore through a preferential issue. The company will issue 44.44 lakh equity shares to Infibeam Projects Management Private Limited for Rs 20 crore, granting them a 4.70% stake. Additionally, 33.33 lakh convertible warrants will be issued to the company's promoters for Rs 15 crore at the same price of Rs 45 per unit. This move indicates strong capital backing from both promoters and a strategic non-promoter entity to support future growth.
- Approved issuance of 44,44,440 equity shares to Infibeam Projects Management at Rs 45 per share, totaling Rs 19.99 crore.
- Approved 33,33,330 convertible warrants to three promoters at Rs 45 each, aggregating to Rs 14.99 crore.
- Infibeam Projects Management will hold a 4.54% stake in the company on a fully diluted basis post-allotment.
- Promoter warrants are convertible into equity shares within 18 months from the date of allotment.
- Total capital infusion of approximately Rs 35 crore to be utilized for business requirements and expansion.
Dev Accelerator Limited (DEVX) has announced its participation in the 'Bharat Connect conference: Rising Stars' scheduled for March 9, 2026. The virtual meeting, organized by Arihant Capital, will take place at 12:00 P.M. on a group basis. The company has confirmed that no unpublished price sensitive information (UPSI) will be shared during the interaction. This is a standard regulatory disclosure to keep the market informed about management's engagement with institutional investors.
- Virtual investor meeting scheduled for Monday, March 09, 2026, at 12:00 P.M.
- Participation in the 'Bharat Connect conference: Rising Stars' hosted by Arihant Capital.
- Interaction will be conducted on a group basis with various analysts and institutional investors.
- Company explicitly stated that no unpublished price sensitive information will be disclosed.
Dev Accelerator Limited (DEVX) has completed the divestment of its 38% equity stake in its associate company, Scaleax Advisory Private Limited. The stake was sold to the company's corporate promoter, Dev Information Technology Limited, and Mr. Aaryan Jaxay Shah. The transaction was executed for a total cash consideration of ₹3,80,000. Consequently, Scaleax Advisory has ceased to be an associate company of Dev Accelerator.
- Divested 38% equity stake in associate company Scaleax Advisory Private Limited
- Received aggregate cash consideration of ₹3,80,000 for the transaction
- Buyers include Corporate Promoter Dev Information Technology Limited and Mr. Aaryan Jaxay Shah
- Scaleax Advisory Private Limited ceases to be an associate company effective February 18, 2026
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).
- 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
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.
- 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
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 81% YoY to INR 107.47 Cr in H1 FY26. Managed Space Services contributed 52.52% of revenue, while Designing & Execution (Design & Build) contributed 35.30% (INR 40-50 Cr in H1 FY26). Co-working Space accounted for 5.49%, Facility Management 3.76%, and IT/ITes Services 1.92%.
Geographic Revenue Split
The company operates 28 centers across 12 cities. Tier-2 cities are a core strength. Recent growth was driven by adding Surat and expanding in Ahmedabad (84,000 sq. ft. center) and Pune (35,000 sq. ft. center).
Profitability Margins
Profit for the period in H1 FY26 was INR 1.89 Cr, a 382.8% increase from INR 0.39 Cr in H1 FY25. However, PAT margins are impacted by the reduction in 'Other Income' (fair market value of startup investments), which fell from INR 14.48 Cr in H1 FY25 to INR 3.96 Cr in H1 FY26.
EBITDA Margin
Consolidated EBITDA margin was 49.2% in H1 FY26 (INR 52.82 Cr), compared to 54.2% in H1 FY25. Standalone EBITDA margins improved from 52% to 65% due to better operational leverage at mature centers.
Capital Expenditure
Planned IPO-funded capex includes INR 73.1 Cr for fit-out investments to expand capacity and INR 35 Cr for debt repayment. Total IPO proceeds are INR 143 Cr.
Credit Rating & Borrowing
Debt-to-Equity ratio significantly improved from 2.6x to 0.37x following equity influx. Finance costs for H1 FY26 were INR 24.90 Cr, up 23.6% from INR 20.14 Cr in H1 FY25.
Operational Drivers
Raw Materials
Primary costs include fit-out materials (furniture, interiors, technology hardware) and lease rentals. Operational expenses (including rent) were INR 28.89 Cr in H1 FY26, representing 26.9% of revenue.
Import Sources
Not disclosed in available documents; however, procurement is linked to center locations across 12 Indian cities.
Key Suppliers
Not specifically named; the company engages with various landlords and developers under 'Straight Lease' (75% of centers) and 'Revenue Share' models.
Capacity Expansion
Current capacity is 13,604 seats across 0.89 million sq. ft. Planned expansion to 28,000-30,000 seats by December 2026, targeting a revenue run rate of INR 330-350 Cr by March 2027.
Raw Material Costs
Cost of Goods and Services (primarily fit-outs and operations) was INR 28.89 Cr in H1 FY26, up 159.6% YoY from INR 11.13 Cr, reflecting rapid center expansion.
Manufacturing Efficiency
Overall occupancy is 88.35%. Mature centers (>3 years) maintain 97.01% occupancy, while new centers target 90%+ occupancy within the first quarter of going live.
Logistics & Distribution
Not applicable; revenue is generated through on-site managed office services.
Strategic Growth
Expected Growth Rate
50-60%
Growth Strategy
Expansion into Tier-2 cities using a capex-light OpCo-PropCo model; leveraging the GCC (Global Capability Center) boom; and scaling the 'Design & Build' subsidiary to INR 65-100 Cr revenue by FY27. The company is also launching SaaS solutions via SASJoy targeting INR 7-10 Cr revenue.
Products & Services
Managed office spaces, custom-built turnkey offices, co-working desks, design and execution services, facility management, payroll management, and IT/ITes support.
Brand Portfolio
DevX (Dev Accelerator Limited), SASJoy Solutions Pvt. Ltd.
New Products/Services
Bespoke tech solutions including enterprise software and mobile apps via SASJoy, expected to contribute ~3% of FY27 revenue.
Market Expansion
Targeting 28,000-30,000 seats by Dec 2026 across existing and new Indian metros and Tier-2 hubs.
Market Share & Ranking
Top 10 operators (including DevX) control the major share of the 1,000+ flex centers in India.
Strategic Alliances
Partnerships with developers and landlords for the PropCo model; 33% of revenue comes from existing clients expanding into new cities.
External Factors
Industry Trends
The flex office industry is growing at 20% CAGR, driven by a shift from traditional long-term leases to agile, plug-and-play models that reduce real estate costs by 25-30% per employee.
Competitive Landscape
Key competitors include other top-10 flex operators; consolidation is accelerating (e.g., Incuspaze-Trios). DevX differentiates through enterprise-grade customization.
Competitive Moat
Durable advantages include a specialized Tier-2 city playbook, high switching costs (44-month lock-ins), and a full-stack offering (Design + Build + Operate) that competitors often lack.
Macro Economic Sensitivity
Highly sensitive to GCC expansion (growing at 7-9% CAGR) and the overall flex office industry (growing at 20% CAGR).
Consumer Behavior
Shift toward 'Core plus Flex' adoption where enterprises maintain a small permanent office and use flex spaces for agility.
Geopolitical Risks
Global trade wars are cited as a tailwind, making India a preferred 'office to the world' and capability center for global companies.
Regulatory & Governance
Industry Regulations
Beneficiary of the SEZ denotification policy which is unlocking Grade-A inventory for flex operators.
Taxation Policy Impact
Total tax expense for H1 FY26 was INR 0.75 Cr. The company reported a negative current tax of INR 0.24 Cr in Q2 FY26 due to adjustments.
Risk Analysis
Key Uncertainties
Potential for micro-market oversupply (short-term) and external health crises (COVID-19) affecting physical office occupancy.
Geographic Concentration Risk
Operations across 12 cities, with significant concentration in Gujarat (Ahmedabad, Surat).
Third Party Dependencies
High dependency on landlords for the 75% of centers under the straight lease model.
Technology Obsolescence Risk
Mitigated by in-house tech development (SASJoy) and providing AI-based tools to clients.
Credit & Counterparty Risk
Low risk due to 65% enterprise/GCC client mix with long-term lock-ins and multi-year contracts.