DEVX
Dev Accelerator financials
- Market cap
- ₹315 Cr
- Sector
- Services
- Calls analysed
- 4
Dev Accelerator Limited Q1 FY27
What went well
- Consolidated revenue grew to INR 53.8 crores, with standalone core workspace revenue increasing 7.8% YoY to INR 42 crores.
- Consolidated EBITDA (Ind AS) increased 14.7% YoY to INR 30.3 crores, with margin improving significantly to 56.3% from 47.4% in Q1 FY26.
- Occupancy improved to 91.93% across an expanded operational portfolio of 1.13 million square feet and 17,294 seats.
What to watch
- Closure of a Noida center due to litigation, which previously contributed approximately INR 4.5 crores quarterly, impacting revenue from that specific center.
- Analyst confusion regarding revenue figures for Noida and Ahmedabad, requiring offline clarification from management.
What Dev Accelerator Limited does
Dev Accelerator Limited (DevX) leases and operates managed office and co-working centers for enterprises, GCCs, startups and MNCs, concentrated in India's Tier-2 cities. It builds out space under a mix of straight-lease, landlord-furnished, revenue-share, OpCo-PropCo and development-management arrangements. Its subsidiary Needle & Thread designs and executes interior fit-outs for DevX and external clients, while SaaSjoy Solutions provides recruitment, payroll, HRMS and IT/ITes services to workspace clients.
Segments
- Managed Space Services
- Co-working Space
- Designing & Execution (Needle & Thread)
- Payroll Management Service
- IT/ITes Services
- Facility Management & Other Services
- Operational centers
- 28 (across 12 cities)
- Total seats
- 13,304 (12,015 occupied)
- Occupancy rate
- 90.31% (peak levels)
- Operational area (AUM)
- 0.83 Mn Sq.ft.
- Cities present
- 12
- Clients served
- 335
Guidance record · Q1 FY27
what the last two calls moved 11 tracked 2 delivered 4 missed 5 open- Pune Center Launch went quiet said Q2 FY26 Promised: Expecting the revenues to start from mid of March towards the end of March. Q1 FY27: No specific mention of the Pune center launch or its revenue contribution in the Q1 FY27 report or call, despite the previous expectation of it contributing in H1 FY27.
- FY27 Consolidated Revenue on track said Q2 FY26 Promised: By March 2027, we are looking to close the books anywhere between INR330 crores to INR350 crores, consolidated level. Q1 FY27: Q1 revenue was ₹53.8 crores. While the annualized run-rate is below guidance, management had previously indicated a back-ended year with significant ramp-up from new centers. The guidance was not reiterated this quarter.
- FY26 Total Revenue delivered said Q2 FY26 Promised: Anywhere between INR220 crores to INR250 crores is what we will be achieving this year. Q4 FY26: FY26 Consolidated Revenue reported at ₹226 crores, which is within the guided range of ₹220-250 crores.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 3.3%, net profit up 971.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 34 | 50 | 65 | 56 | 52 +50% | 59 +19% | 59 −9% | 54 −3% |
| EBITDA | 18 | 24 | 31 | 26 | 26 +46% | 24 −1% | 32 +4% | 30 +15% |
| Net profit | 6 | 1 | 2 | 0 | 2 −72% | -1 −246% | 8 +275% | 2 +971% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −46.8% 1Y
1Y: ₹64.05 on 17 Sept 2025 → ₹34.05. High ₹64.05 (17 Sept 2025), low ₹30.82 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −3.8%
- 13 Aug
- Q4 FY26
- −2.1%
- 20 May
- Q3 FY26
- −3.3%
- 2 Feb
- Q2 FY26
- −0.4%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 29.5% a year over 1 year, FY25 to FY26. Operating margin narrowed to 48.3%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹175 Cr | ₹226 Cr |
| Operating profit | ₹88 Cr | ₹109 Cr |
| Operating margin | 50.2% | 48.3% |
| Interest | ₹48 Cr | ₹44 Cr |
| Depreciation | ₹55 Cr | ₹59 Cr |
| Net profit | ₹3 Cr | ₹9 Cr |
| Net margin | 1.8% | 3.9% |
| Cash from operations | ₹94 Cr | ₹90 Cr |
| Free cash flow | ₹82 Cr | ₹-8 Cr |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹22 Cr | ₹22 Cr |
| Reserves | ₹-6 Cr | ₹-2 Cr | ₹25 Cr | ₹161 Cr | ₹164 Cr |
| Borrowings | ₹89 Cr | ₹239 Cr | ₹328 Cr | ₹323 Cr | ₹370 Cr |
| Other liabilities | ₹18 Cr | ₹46 Cr | ₹57 Cr | ₹132 Cr | ₹88 Cr |
| Total liabilities | ₹101 Cr | ₹282 Cr | ₹411 Cr | ₹638 Cr | ₹644 Cr |
| Fixed assets | ₹79 Cr | ₹228 Cr | ₹269 Cr | ₹295 Cr | ₹261 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹14 Cr | ₹70 Cr |
| Investments | ₹1 Cr | ₹1 Cr | ₹9 Cr | ₹53 Cr | ₹39 Cr |
| Other assets | ₹21 Cr | ₹54 Cr | ₹133 Cr | ₹275 Cr | ₹274 Cr |
| Total assets | ₹101 Cr | ₹282 Cr | ₹411 Cr | ₹638 Cr | ₹644 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Sep 2025, the public added +6.77 pp while DIIs trimmed −3.04 pp. The shareholder count shrank 24% to 19,078.
- Promoters
- 35.1%
- FIIs
- 1.4%
- DIIs
- 3.9%
- Public
- 59.6%
Since Sep 2025
- Public +6.77 pp
- DIIs −3.04 pp
- FIIs −2.01 pp
How it drifted, 4 quarters
Over this window the public went from 52.9% to 59.6% — +6.8 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 36.8%, FIIs 3.4%, DIIs 7.0%, Public 52.9%.Dec '25: Promoters 36.8%, FIIs 2.3%, DIIs 5.6%, Public 55.3%.Mar '26: Promoters 36.8%, FIIs 1.4%, DIIs 4.9%, Public 56.8%.Jun '26: Promoters 35.1%, FIIs 1.4%, DIIs 3.9%, Public 59.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Infibeam Projects Management Private Limited newly disclosed 4.70% held
- Tycho Ventures newly disclosed 1.04% held
The same filing shows 12 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Dev Accelerator Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Dev Information Technology Limited | 15.43% | −0.76 pp |
| Parashwanath Land Organisers Llp | 7.17% | −0.35 pp |
| Umesh Satishkumar Uttamchandani | 6.55% | −0.32 pp |
| Parth N Shah | 6.55% | −0.32 pp |
| Rushit S Shah | 6.55% | −0.32 pp |
| Infibeam Projects Management Private Limited | 4.70% | newly disclosed |
| Kalpesh Harakhchand Gala | 4.57% | unchanged |
| Unmaj Corporation Llp | 4.15% | −0.21 pp |
| Parbhudas Kishordas Tobacco Products Private Limited | 2.99% | −0.15 pp |
| Amit Ranchhodlal Chokshi | 2.22% | unchanged |
| Ajay Surendrabhai Patel | 1.98% | −0.10 pp |
| Chhatisgarh Investments Limited | 1.87% | −0.09 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Dev Accelerator Limited
Guides on how to read this kind of business and the numbers that matter.