Dev Accelerator Limited (DEVX)
₹42.51 -0.37% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Dev Accelerator's revenue was ₹53.8 Cr (-3.3% year on year, -9.3% on the previous quarter), and net profit ₹1.5 Cr (+974.5% year on year); the operating margin was 56.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹53.8 | -3.3% | -9.3% |
| Operating profit | ₹30.3 | +14.7% | -6.8% |
| Net profit | ₹1.5 | +974.5% | -81.1% |
| EPS (₹) | 0.16 | +700.0% | -81.8% |
| Operating margin | 56.3% | — | — |
DEVX delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 77.38% of the DEVX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 68.89%. That is close to its usual level. Turnover was only ₹51 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 69.6% · 68.2% · 61.3% · 58.1% · 77.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Dev Accelerator Limited held its 6th Annual General Meeting on September 25, 2026, passing all 10 proposed resolutions with over 99.9% majority votes cast. Key approvals include the alteration of the Object Clause in the Memorandum of Association (MOA) and ratification plus modifications to the Pre-IPO ESOP Scheme 2023. Additionally, shareholders approved extending the ESOP scheme to eligible employees of subsidiary and associate companies. Overall voter turnout stood at 52.1% of the total 94,631,955 equity shares.
- All 10 AGM resolutions passed with >99.99% voting approval from polled shares
- Special resolution passed to alter the Object Clause of the Memorandum of Association (MOA)
- Ratification, modification, and extension of Pre-IPO ESOP Scheme 2023 to subsidiaries approved
- Total voter turnout was 52.10% (4,93,03,487 votes polled out of 9,46,31,955 total shares)
Dev Accelerator Limited (DEVX) conducted its 6th Annual General Meeting on September 25, 2026, where all 10 proposed ordinary and special resolutions were approved by shareholders with the requisite majority. Key approvals included the adoption of FY26 standalone and consolidated financial statements, secretarial auditor appointment, and alterations to the Memorandum and Articles of Association. Furthermore, shareholders approved Section 185 loans/guarantees along with the ratification, modification, and group-wide extension of the 2023 Pre-IPO ESOP Scheme. The proceedings were completed smoothly via video conference within 21 minutes.
- Held 6th Annual General Meeting on September 25, 2026, from 01:00 PM to 01:21 PM IST
- All 10 ordinary and special resolutions approved with requisite majority
- Ratified and modified the 'Dev Accelerator Limited Employee Stock Option Plan – 2023'
- Extended ESOP 2023 coverage to eligible employees of subsidiary and associate companies
- Remote e-voting took place from September 22, 2026 (9:00 AM) to September 24, 2026 (5:00 PM)
Dev Accelerator Limited has scheduled a Non-Deal Roadshow on Thursday, September 10, 2026, at Sofitel BKC, Mumbai. The management will engage in 1x1 and group physical interactions from 10:00 AM to 05:00 PM. A total of 14 institutional investors and broker entities, including Motilal Oswal MF, Dolat Capital, and Choice Broking, are slated to participate. The company confirmed that no unpublished price sensitive information (UPSI) will be shared.
- Non-Deal Roadshow scheduled for September 10, 2026, from 10:00 AM to 05:00 PM in Mumbai
- Participation of 14 institutional investors and broker groups
- Institutions list includes Motilal Oswal MF, Dolat Capital, Systematix, and Choice Broking
- Interaction mode will be physical 1x1 and group meetings
Dev Accelerator Limited has announced that its 6th Annual General Meeting (AGM) will be held on Friday, September 25, 2026, at 01:00 PM IST via Video Conferencing. Pursuant to SEBI LODR Regulations 36(1)(b) and 58(1)(b), the company is issuing physical letters containing web-links to the Integrated Annual Report for FY 2025-26 to shareholders and debenture holders whose email addresses are unregistered. This filing is procedural in nature and carries no direct operational or financial impact.
- 6th Annual General Meeting scheduled for Friday, September 25, 2026, at 01:00 PM IST
- AGM to be conducted via Video Conferencing/Other Audio-Visual Means
- Web link for FY 2025-26 Integrated Annual Report dispatched to members and debenture holders without registered email addresses
- Integrated Annual Report and AGM Notice made available on company website and exchange portals
Dev Accelerator Limited has scheduled its 6th Annual General Meeting (AGM) for Friday, September 25, 2026, via Video Conferencing. Alongside the notice, the company released its Integrated Annual Report for FY 2025-26, reporting consolidated revenue of ₹226 Crores. Operational metrics highlight a managed portfolio of 8.3 lakh sq. ft. across 28 centres in 12 cities with a 90.31% occupancy rate and 99.7% seat retention. No dividend has been recommended for the financial year.
- 6th AGM scheduled on September 25, 2026, at 01:00 PM IST via VC/OAVM
- Consolidated FY 2025-26 revenue reported at ₹226 Crores
- Managed workspace portfolio stood at 8.3 lakh sq. ft. across 28 centres in 12 cities
- High operating metrics with an occupancy rate of 90.31% and seat retention of 99.7%
- IPO completed with an issue size of ₹143.35 Crores at an issue price of ₹61.00
Dev Accelerator reported Q1 FY27 consolidated revenue of ₹53.8 Cr with Ind AS EBITDA of ₹30.3 Cr (56.3% margin) and IGAAP PBT up 64.9% YoY to ₹7.1 Cr. The operational portfolio expanded to 1.13 million sq. ft. (17,294 seats across 27 centers in 12 cities) with occupancy improving to 91.93%. Management highlighted a robust future pipeline with total identified space reaching 3.63 million sq. ft. (>52,000 seats), including 0.19 million sq. ft. under fit-out and 2.31 million sq. ft. signed. Enterprise client contribution increased to 70% of operating revenue, while Tier-2 cities accounted for 74% of standalone revenue.
- Consolidated Q1 FY27 revenue reached ₹53.8 Cr, with Ind AS EBITDA of ₹30.3 Cr (56.3% margin) and IGAAP EBITDA up 24% YoY to ₹12.5 Cr.
- Operational capacity grew to 1.13 million sq. ft. across 17,294 seats with occupancy improving to 91.93% (up from 88.6% in Q1 FY26).
- Total identified pipeline expanded to ~3.63 million sq. ft. across 40 centers (>52,000 seats), including 2.31 million sq. ft. signed for future fit-out.
- Signed an 8.6 lakh sq. ft. development management project in Ahmedabad requiring ~₹100 Cr fit-out capex, with ~8,500 seats and ~₹120 Cr revenue potential.
- Enterprise clients accounted for ~70% of operational revenue vs 52% in Q1 FY26, with a revenue-to-rent ratio of 2.63x.
Dev Accelerator Limited (DEVX) has published the audio recording of its earnings conference call for the quarter ended June 30, 2026. The call, held on August 13, 2026, provides management's perspective on the company's Q1 performance and its aggressive expansion strategy. The company is currently working toward a target of 28,000-30,000 seats by December 2026, a significant jump from its current capacity of 13,604 seats. This disclosure is a standard regulatory requirement following the release of quarterly financial results.
- Earnings conference call conducted on August 13, 2026, for the Q1 period ended June 30, 2026
- Company is targeting a revenue run rate of ₹330-350 Cr by March 2027, compared to FY26 revenue of ₹111.03 Cr
- Planned capacity expansion to 28,000-30,000 seats by December 2026 from the current 13,604 seats
- Mature centers (>3 years) maintaining a high occupancy rate of 97.01%
- Design & Build subsidiary targeted to reach ₹65-100 Cr revenue by FY27
Dev Accelerator (DevX) reported a mixed Q1 FY27 with revenue declining 3.3% YoY to ₹53.8 cr, yet PAT surged 15x to ₹1.5 cr from ₹0.1 cr in the year-ago period. The bottom-line growth was driven by significant EBITDA margin expansion of 886 bps to 56.3%. Operationally, managed office space grew 31.4% YoY to 1.13 million sq. ft. with a high occupancy rate of 91.9%. The company also secured ₹100 cr in non-convertible debt to fuel its aggressive expansion target of 3.63 million sq. ft. by FY29.
- PAT increased 15x YoY to ₹1.5 cr, reflecting improved operational leverage despite flat revenue.
- EBITDA margins expanded by 886 bps YoY to 56.3%, up from 47.4% in Q1 FY26.
- Total managed office space reached 1.13 million sq. ft., a 31.4% YoY increase across 27 centers.
- Raised ₹100 cr through non-convertible debt, representing approximately 90% of FY26 annual revenue.
- Targeting a total capacity of 3.63 million sq. ft. by FY29, with 2.31 million sq. ft. currently in the pipeline.
Dev Accelerator Limited (DevX) reported Q1 FY27 revenue of ₹53.8 cr, a slight 3.3% YoY decline, but achieved a 14.7% YoY growth in EBITDA to ₹30.3 cr with margins expanding to 56.3%. The company is pivoting heavily toward enterprise clients, who now contribute 70% of revenue compared to 52% a year ago. To fuel its aggressive growth, DevX raised ₹100 cr in non-convertible debt and outlined a roadmap to expand its managed office space from 1.13 Mn sq. ft. to 3.62 Mn sq. ft. by FY29. While PAT grew 15x YoY to ₹1.5 cr, it remains thin relative to the scale of operations.
- Q1 FY27 EBITDA reached ₹30.3 cr with a margin of 56.3%, up from 47.4% in Q1 FY26.
- Raised ₹100 cr through non-convertible debt to fund expansion plans.
- Total managed office space grew 31.4% YoY to 1.13 Mn sq. ft. across 27 centers.
- Targeting a total capacity of 3.62 Mn sq. ft. by FY29, representing a 220% increase from current levels.
- Enterprise client revenue contribution increased to 70%, with an average client tenure of 3.5 years.
Dev Accelerator Limited (DEVX) reported Q1 FY27 results where its subsidiaries contributed ₹13.85 cr in revenue and ₹2.20 cr in PAT. The board approved an amendment to the Articles of Association to allow debenture trustees to appoint nominee directors, a requirement for its ₹100 cr NCD issuance. The company is also expanding its Memorandum of Association (MOA) to include a wide range of services including IT, payroll, and facility management. Additionally, the board ratified the 2023 ESOP scheme and approved financial support for its subsidiary, Neddle and Thread Designs LLP.
- Subsidiaries generated ₹13.85 cr revenue and ₹2.20 cr PAT for the quarter ended June 30, 2026
- Board approved a ₹100 cr NCD issuance (1 lakh units at ₹10,000 each) on a private placement basis
- MOA expanded to include IT services, payroll management, and facility management to support diversification
- AGM scheduled for September 25, 2026, to seek member approval for AOA/MOA changes and ESOP ratification
- Ratification of the 2023 ESOP scheme following the company's listing on September 17, 2025
Dev Accelerator Limited approved its Q1 FY27 results, reporting subsidiary revenues of ₹13.85 crore and a net profit of ₹2.20 crore for the quarter. The board also approved an alteration to the Articles of Association to allow Debenture Trustees to appoint nominee directors, facilitating a ₹100 crore NCD issuance. Additionally, the company is ratifying its pre-IPO ESOP scheme and providing financial support via loans/guarantees to its subsidiary, Neddle and Thread Designs LLP. The company is also expanding its Memorandum of Association to include a wider range of managed office and IT-enabled services.
- Subsidiary revenue for Q1 FY27 stood at ₹13.85 crore with a net profit of ₹2.20 crore.
- Board approved the issuance of up to 100,000 NCDs aggregating to ₹100 crore with a face value of ₹10,000 each.
- Ratification of the 2023 ESOP scheme is proposed following the company's listing on September 17, 2025.
- Planned expansion to 28,000-30,000 seats by December 2026 targeting a revenue run rate of ₹330-350 Cr by March 2027.
- 6th Annual General Meeting (AGM) is scheduled for September 25, 2026.
Dev Accelerator Limited (DEVX) has announced its Q1 FY27 earnings conference call scheduled for August 13, 2026, at 4:00 PM IST. The management team, including the Managing Director and Joint CFOs, will discuss the company's quarterly performance. This follows a fiscal year (FY26) where the company reported revenue of ₹111.03 cr and a marginal PAT of ₹0.74 cr. Investors will likely seek updates on the company's aggressive target to reach 28,000-30,000 seats by December 2026.
- Earnings conference call scheduled for August 13, 2026, at 16:00 IST
- Company reported FY26 revenue of ₹111.03 cr with an operating margin of 45.37%
- Current capacity is 13,604 seats with a target to reach 28,000-30,000 seats by December 2026
- Mature centers (>3 years) maintain a high occupancy rate of 97.01%
- Targeting a revenue run rate of ₹330-350 cr by March 2027
Dev Accelerator Limited (DevX) has appointed Churchgate Advisory Private Limited to provide Investor Relations (IR) and ancillary services effective August 07, 2026. This administrative move aligns with the company's aggressive growth targets, including a planned expansion to 28,000-30,000 seats by December 2026. The company reported FY26 revenue of ₹111.03 Cr and is aiming for a revenue run rate of ₹330-350 Cr by March 2027. The appointment involves no share issuance or special rights for the advisor.
- Appointment of Churchgate Advisory Private Limited effective from August 07, 2026
- Company targeting a revenue run rate of ₹330-350 Cr by March 2027 vs FY26 revenue of ₹111.03 Cr
- Planned capacity expansion to 28,000-30,000 seats by December 2026 from current 13,604 seats
- Mature centers (>3 years) maintaining a high occupancy rate of 97.01%
- No special rights or shareholding granted to the IR advisory firm
Dev Accelerator Limited (DEVX) has entered into a Debenture Trust Deed to issue up to 100,000 senior, secured, rated, non-convertible debentures (NCDs) aggregating to ₹100 crore. The issuance is backed by personal guarantees from three promoters: Mr. Parth Shah, Mr. Rushit Shah, and Mr. Umesh Uttamchandani. This fundraise is highly material, representing approximately 90% of the company's FY26 revenue of ₹111.03 crore. Covenants require promoters to maintain at least 19% collective shareholding and retain their executive positions until the NCDs are redeemed.
- Issuance of up to 100,000 NCDs with a face value of ₹10,000 each, totaling ₹100 crore.
- Promoters executed a Deed of Personal Guarantee on July 31, 2026, to secure the debt.
- Promoters are restricted from reducing their collective shareholding below 19% until final redemption.
- Fundraise amount of ₹100 crore is significant compared to the FY26 revenue of ₹111.03 crore.
- Promoters must remain in executive positions and directorships as part of the agreement terms.
Dev Accelerator Limited (DEVX) has allotted 100,000 Non-Convertible Debentures (NCDs) worth Rs 100 crore on a private placement basis. The NCDs carry a high coupon rate of 11.75% per annum, payable monthly, with a 36-month tenure maturing in August 2029. This fundraise is highly material, representing approximately 90% of the company's FY26 revenue of Rs 111.03 crore. The capital is intended to support the company's aggressive expansion plan to reach 28,000-30,000 seats by December 2026.
- Allotment of 100,000 NCDs with a face value of Rs 10,000 each
- Total principal amount raised is Rs 100 crore via private placement
- Fixed coupon rate of 11.75% per annum payable monthly starting August 31, 2026
- Security cover requirement of 1.0x, increasing to 1.5x within 90 days of allotment
- Bullet repayment of principal scheduled for August 4, 2029
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.
