DEVX - Dev Accele.
📢 Recent Corporate Announcements
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 The company has confirmed that no unpublished price sensitive information (UPSI) will be shared during the interaction.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- Company explicitly stated that no unpublished price sensitive information will be disclosed.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
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.
- 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.
Dev Accelerator Limited has officially released the audio recording of its earnings conference call held on February 02, 2026. The call focused on the company's unaudited financial performance for the third quarter ended December 31, 2025. This disclosure is a mandatory regulatory requirement under SEBI (LODR) Regulations, 2015. The recording provides a platform for investors to hear management's detailed commentary and responses to analyst queries regarding the company's growth trajectory.
- Audio recording of the Q3 FY26 earnings call is now available for public access.
- The conference call was conducted on February 02, 2026, following the Q3 results.
- Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations.
- Recording link is hosted on the company's official investor relations website.
- Focuses on unaudited financial results for the quarter ended December 31, 2025.
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.
- 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.
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.
- 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%
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%.
- 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
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.
- 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.
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.
- 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.
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.
- 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.
Dev Accelerator Limited (DEVX) has announced its earnings conference call to discuss financial and operational performance for the third quarter and nine months of FY26. The call is scheduled for Monday, February 2, 2026, at 2:00 PM IST. Senior management, including the Chairman, Managing Director, and Joint CFOs, will be present to interact with analysts and investors. This session will provide critical insights into the company's growth trajectory and occupancy trends in the managed office space sector.
- Earnings conference call scheduled for February 2, 2026, at 02:00 PM IST.
- Management to discuss Q3 and 9M FY26 operational and financial performance.
- Key participants include Chairman Parth Shah and Managing Director Umesh Uttamchandani.
- Universal dial-in numbers provided: +91 22 6280 1102 and +91 22 7115 8003.
- International toll-free access available for USA, UK, Singapore, and Hong Kong.
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.
- 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.
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.
- 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.
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.