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Dev Accelerator Limited Investor Presentation 2026
60155_rns_2026-05-20_1ab1fbfd-76e5-4c3d-be72-a92124c1ca6b.pdf
Investor Presentation
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Dev Accelerator Limited
(Formerly known as Dev Accelerator Private Limited)
C-01, The First Commercial Complex, B/h Keshavbaug Party Plot,
Nr. Shivalik High-street, Vastrapur, Ahmedabad- 380015, Gujarat
☎ +9174348 83388 | ✉ [email protected]
CIN: L74999GJ2020PLC115984
DEVX
accelerating innovation
May 20, 2026
| To, BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street
Mumbai 400 001 | To National Stock Exchange of India Limited
Exchange Plaza, Plot No. C/1, G Block,
Bandra Kurla Complex, Bandra (East)
Mumbai 400 051 |
| --- | --- |
| Script Code: 544513 | Trading Symbol: DEVX |
Dear Sir/ Madam,
Sub: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Investor Presentation
Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended from time to time), please find enclosed the investor presentation on the financial results (standalone and consolidated) of the Company for the quarter and Financial Year ended March 31, 2026.
The above information will also be available on the website of the Company viz. https://www.devx.work/investor-relations
We request you to kindly take the same on record.
Thanking you
Yours faithfully,
For Dev Accelerator Limited
(Formerly Known as Dev Accelerator Private Limited)
ANJAN PARESHKUMAR
TRIVEDI
Sincerely,
Anjan Trivedi
Company Secretary & Compliance Officer
Encl: As above
Startup Accelerator Program
Collaborative Work Space
Corporate Innovation Partnerships
University Collaboration
www.devx.work
Q4 FY26
DEV
Accelerating Innovation
Dev Accelerator Ltd.
Investor Presentation | May 2026
DEV
accelerating innovation
Disclaimer
This document has been prepared for information purposes only and is not an offer or invitation or recommendation to buy or sell any securities of DEV ACCELERATOR LIMITED ("DEV ACCELERATOR", "Company"), nor shall part, or all, of this document form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities of the Company. This document is strictly confidential and may not be copied, published, distributed or transmitted to any person, in whole or in part, by any medium or in any form for any purpose. The information in this document is being provided by the Company and is subject to change without notice. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. This document contains statements about future events and expectations that are forward-looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import.
Any statement in this document that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the document. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. You acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company
Contents of this document including information, statements, designs, graphics including customer logos and proprietary information may be classified as confidential & is for internal reference only, circulation of this document shall be strictly limited with prior written approval of the author
DEVX
Agenda
- Company Overview
- Business Overview
- Operational Highlights
- Financial Highlights
- Way Forward
Company
Overview
FINANCIAL PERFORMANCE
DEVX
Financial Snapshot - FY26
Standalone Highlights
Consolidated Highlights
| Revenue
₹ 226 Cr
+42% YoY | EBITDA
₹ 109 Cr
48.4% Margin | Cash EBIT
₹42.4 Cr
18.8% Margin | PBT
₹15.6 Cr
+467.8% YoY |
| --- | --- | --- | --- |
Client Economics
| Avg Client Tenure
~3.5 yrs | Avg Lock-in Tenure
~2.3 yrs | Net Churn Rate
0.0% | Operational SBA for mature centers
0.58 Mn Sq. Ft | Brokerage % Revenue from Operations
1.39% |
| --- | --- | --- | --- | --- |
| | Seat Retention Rate
99.7% | Enterprise Client
65% | Rent to Revenue Ratio
2.28x | *Mature Occupancy %
70.36% |
PBT includes exceptional items; Normalized margins & numbers are as per IGAAP; 100% occupancy has been considered as matured centers
DEVX
प्रविष्ट्यावाच्चा प्रस्थान
About Us
India’s Leading Tier-2 Flexible Workspace Provider
0.83*
Mn Sq.ft. AUM
28
Centers
13,304+
Total Seats
90.31%
Occupancy
Peak Levels
12
Cities
Pan-India
335
Clients
12,015+
Occupied Seats
Our Value Proposition
Largest Tier-2 Footprint
75% Revenue from Tier 2 Cities
Enterprise Focus
65% Revenue
75-90 Day Delivery
End-to-End Solutions
Asset-Light Expansion
Our Essence
Founded in 2017 | IPO in 2025 | Serving enterprises, startups & global corporations with collaborative, customizable work environments across India's growth corridors. We enable businesses to scale efficiently with our integrated workspace solutions.
- Capital One is operational, however, its additional AUM of 3 luc + sq. ft. will come into our books in new fiscal year
DEVX
What Sets DevX Apart
where growth, margins, cash flows and ROCE improve together
Design with Purpose
Innovation in Every Detail
Better > Unique
Build Beyond Boundaries
Enterprise-led demand creates revenue durability
Focuses on long-term contracts (5–9-year leases) with large corporate clients to ensure stable, predictable income. FY26 net churn rate 0.0%.
Integrated platform de-risks expansion
In-house design capability (Needle & Thread) reduces fit-out costs and time, while tech and talent solutions (SaasJoy) deepen client relationships, reduce overall costs and offer single platform solution ‘Eezily’ enables tech-led sourcing of supply avenues
Portfolio maturity unlocks operating leverage
As a higher share of centres reaches maturity (<10 months), incremental revenue converts disproportionately to EBITDA and operating cash flow.
Capital discipline translates scale into rising ROCE
Operating cash flow improving, ROCE expanding, and a strengthening balance sheet enables growth.
Tier-2 focus structurally differentiates DevX
A structural "moat" where 70% of revenue comes from Tier-2 cities benefiting from lower competition and higher rent to revenue ratio. Our Rent to Revenue Ratio is 2.42x
Business
Overview
DevX Ecosystem
DEVX
01
Create quality assets and accelerate transactions
Pillar
Development Management
Fund
Asset Tokenization
Eezily
Tech-led Supply Sourcing
Supply
Owners & Developers
DEVX
Ecosystem Management
02
Enhance experience, productivity and decisions for occupiers
Circle
Premium Managed Offices
Compound
GCC Services
Terra
People & Space Management Platform
Canvas
CRE Design & Build
Demand
Tenants & Occupiers
DEVX
Ecosystem Management
Capital
Investors & Partners
03
Mobilize capital, enable distribution and scale impact
Fund
Proptech Venture Fund
Signal
CRE Insights
Eezily
Tech-led Market place
X
Capture Requirements
→
回
Develop & Build Asset
→
2
Invest & Scale
→
000
Long Term Value Creation
DEVX
develandering vleeswater
Single Platform for GCC
DEVX – CORE WORKSPACE
Managed office solutions for enterprises, GCCs & MNCs
| ₹170.9Cr Revenue | ~61.0% EBITDA % | 3.5-5 yrs Avg Lease | ~ 335 Clients |
|---|---|---|---|
| 0.83Mn AUM (st) | 13,304 Total Seats | 12,015 Occupied | 28 Centers |
NEEDLE & THREAD
End-to-end interior fit-out for DevX & external clients
| ₹52.3 Cr Revenue | 7.2% EBITDA % | ~ 60 Projects | 10 Lacs Sq.ft. Area built |
|---|---|---|---|
| ~ 30 Active Project | 4K-6K Sq.ft. Avg Size | ₹4-6Cr Avg Value | 75-90 days Avg Time |
SAASJOY SOLUTIONS
Software, cloud, payroll & back-office services
| ₹7.17 Cr Revenue | ~9.6% EBITDA Margin | 10+ Active Clients | ₹1.02 Cr Total Contract Value |
|---|---|---|---|
Workspace is the core revenue engine.
Design capability accelerates client acquisition, tech services deepen retention & reduce churn, talent solutions maximize occupancy. Together, they create a self-reinforcing flywheel for scalable, capital-efficient growth.
Data as per FY26, IndAS measures
This does not include income from design & execution solutions
DEVX
प्रविष्टि प्राधिकरण
Managed Office Solutions
(Including Co-working)
Enterprise-grade private workspaces with end-to-end services
151.63 Cr
FY26 Revenue
~29% YoY
67.12%
Of Total Revenue
Core Offering
103.5Cr
EBITDA
60.5% Margin
90.3%
Occupancy
Format Options
- Private managed offices (full floor)
- Shared floor offices (multi-tenant)
- Premium & Standard Grade
Lease Structure
- Tenure: 5-9 years
- Lock-in: 3-5 years
- Straight Lease Model
Services Included
- IT Setup & Support
- Housekeeping & Security
- Community & Lifestyle
- Medical room & Creche
- Smart Café & Store
- Workspace & Meetings
Client Acquisition
- Business Development
- Property Consultants
- RFPs
- Direct Enterprise Relationships
Key Clients
Fortune 500 Companies
MNCs & GCCs
Unicorns & SMEs
DEVX
accelerating innovation
Workspace Solutions
Our Platform connects Landlords, Clients and Vendor Partners – Creating a Powerful Network Effect for All.
Who we partner with...
Non-institutional Landlords
One stop solution with guaranteed results
Vendor Partners
Access to assured footballs and Projects
Who we serve...
Enterprise Clients
Flexible, Hassle-free offices in just 75-90 days
Client Employees
Access to world class amenities
DEV
DISTRIBUTING EDUCATION
Asset Procurement Strategy
Flexible Models Optimizing Capital Efficiency & Risk Management
We leverage our network across key markets with multiple procurement models to balance growth, capital efficiency, and risk.
Straight Lease
CapEx: High | Risk: Moderate
21 of 28 Centres
- Traditional lease with fixed rental and market-standard terms.
- Lease tenure: 5–9 years; capital expenditure for fit-outs borne entirely by us.
- Revenue linked to performance of the Center, including F&B and digital products.
- 75% of Centers operate under this model.
Furnished by Landlord
CapEx: Low | Risk: Low
6 of 28 Centres
- Landlord provides fully furnished and equipped spaces.
- Costs recovered via fixed rent or revenue/profit share.
- 21.43% of Centers operate under this model.
Revenue Share
CapEx: Low | Risk: Shared
1 Centre (GIFT City)
- Landlord and operator share both risks and rewards.
- Rent is a percentage of generated revenue; landlords may require minimum-guarantee payments.
- Currently, 1 Center (GIFT City) operates under this model; we pay 60% of revenue.
OpCo-PropCo
CapEx: Variable | Risk: Optimized
OpCo: Operations
PropCo: Ownership
- OpCo: Manages day-to-day operations, memberships, services, and community engagement.
- PropCo: Owns the physical property and leases to OpCo; generates revenue through rent.
- Separates operational management from property ownership, enabling scalable and efficient operations.
Development Management Model
CapEx: Variable | Risk: Optimized
Additional Revenue
- Landowners retain full ownership while the developer manages execution.
- Development Management model targets higher returns with lower costs.
- Asset-light expansion strategy across 8.1 lakh sq. ft. of workspace.
- Additional line of revenue over and above leasing
DEVX
accelerating innovation
Structured Onboarding Approach
Identification of Cities & Submarkets
- Comprehensive research and analysis to assess the viability of new centres
- Dedicated team conducts on-ground site inspections and evaluations
- Office spaces assessed to ensure alignment with Dev Accelerator's quality and design standards
Search for Suitable Space Owners
- Combination of direct sourcing and broker network for identifying suitable properties
- In FY2026, ~93% of seats sold through direct channels, with the balance via brokers
- Agreements typically structured under the straight lease model
Signing of Definitive Agreements
- Negotiations focus on key commercial terms such as rent-free periods, lease duration, lock-in, rent/license fees, and renewal conditions
- Following due diligence, site visits, and layout finalization, definitive agreements are signed generally, for a term of 5-9 years
Serving 335 clients
including domestic corporations and MNCs
QX Global Services
Private Limited
Key Clients
- Paperchase Accountancy India Pvt Ltd.
- Eternal Limited
- Horizontal Limited
- Manubhai & Shah LLP
DEVX
celebrating innovation
Pan-India Presence with Peak Occupancy
Present across 12 cities, with average overall occupancy levels of 90.31%+
*As at FY26
† Includes 28 centres operational as on March 2026
Tier & City wise % of Total Revenue – FY26
| Location | % of Revenue | Revenue |
|---|---|---|
| Total Tier 1 | 28.37% | 48.49 |
| Pune, Maharashtra | 8.47% | 14.48 |
| Hyderabad, Telangana | 7.67% | 13.11 |
| Noida, Uttar Pradesh | 5.71% | 9.77 |
| Mumbai, Maharashtra | 6.51% | 11.13 |
| Total Tier 2 | 71.63% | 122.43 |
| Ahmedabad, Gujarat | 45.99% | 78.60 |
| Vadodara, Gujarat | 10.68% | 18.25 |
| Jaipur, Rajasthan | 5.93% | 10.13 |
| Gandhinagar, Gujarat | 4.44% | 7.58 |
| Surat, Gujarat | 1.17% | 1.99 |
| Indore, Madhya Pradesh | 1.61% | 2.75 |
| Rajkot, Gujarat | 1.09% | 1.86 |
| Udaipur, Rajasthan | 0.74% | 1.26 |
DEVX
accelerating innovation
Operational Presence & Signed Pipeline
As on 31st March 2026
Operational Highlights
DEVX
deoloringcounselor
Crores
Historical Key Operating KPIs
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| AUM in SBA (Mn Sq.ft.) | 0.83 | 0.86 | 0.81 |
| Number of Cities by AUM | 12 | 11 | 11 |
| Number of Centers by AUM | 28 | 28 | 25 |
| Active stock (Mn Sq.ft.) | 0.83 | 0.86 | 0.86 |
| Number of seats (under active stock) | 13,304 | 13,759 | 12,543 |
| Centres (under active stock) | 28 | 25 | 25 |
| Cities (under active stock) | 12 | 11 | 11 |
| Occupied seats | 12,019 | 12,054 | 10,422 |
| Occupancy % | 90.31% | 87.61% | 83.09% |
| Rent to Revenue Ratio | 2.28 | 2.16 | 1.65 |
| Operational SBA for Mature Centers (Mn Sq.ft.) | 0.58 | 0.55 | 0.52 |
| Mature Occupancy % * | 70.36% | 93.08% | 95.87% |
| Brokerage % Revenue from Operations | 1.39% | 1.47% | 1.70% |
*100% occupancy has been considered as matured centers
Industry Overview
India Flexible Office Space Market – A $11.4 Bn Opportunity by 2030
DEV
ecomating innovation
India Flexible Office Space Market
$5.99 Bn
2025
~13.7% CAGR
5 Years
$11.39 Bn
2030
Hybrid Work
Post-pandemic adoption driving demand
Cost Advantage
25-30% cost reduction per employee
Enterprise Demand
GCCs driving 72% of flex seat absorption; projected 40% of total flex demand by 2030
Geography Snapshot
Tier-1 Hubs
- Bengaluru: 24.8% market share, 600+ GCCs
- MMR & NCR: Premium yields; suburbs offer 30-40% cost advantage
Emerging Growth Corridors
- Tier-2/3: 16.15% CAGR, led by Jaipur & Coimbatore
- SEZ denotification unlocking new Grade-A supply
- GCCs expanding beyond Tier-1; seeking cost arbitrage plus untapped talent pools
Competitive Landscape – India
Fragmented market: Top 10 hold major share, but 60%+ remains with regional/unorganized players
Pricing shift: Desk-based pricing → bundled value-added services + enterprise contracts
GCC-driven premiumization: Enterprise clients demanding higher specs, longer tenures, better margins
Growth hotspots: GCC corridors, life-sciences clusters & legal hubs
Building Bharat
DEVX
How Tier-2 Cities Are Reshaping India's Growth Map
"India's growth is shifting beyond metros Tier-2 cities like Ahmedabad, Indore, Jaipur, Kochi, and Lucknow are emerging as new economic engines."
| 21%
Hiring Growth YoY
Tier-2 cities (2025) | 5% → 20%
GCC Share
Expansion FY19 to FY25 | 800K+
Skilled Professionals
Digitally skilled & available | 10-35%
Lower Costs
vs. metro operations |
| --- | --- | --- | --- |
Tier-2 Growth Corridors
Backed by National Programs
- Smart Cities Mission investments
- PM Gati Shakti infrastructure push
- Industrial corridors development
- Metro network expansion
- Logistics parks & IT SEZs
Rent to Revenue Ratio (x)
| 2.2 | Tier 1 | DevX | ■ Tier 1 ■ DevX |
|---|---|---|---|
The DevX Advantage
The Bharat shift is a strategic advantage we're driving expansion through flexible workspaces across Tier-2 corridors.
As India's growth turns multi-polar, DevX stands at the intersection of infrastructure, innovation, and inclusion.
DevX Presence
12 Cities
Strategically positioned across growth corridors
Financial
Highlights
DEV
Digitized by DeVacated
Software
Management Comment
"FY26 has been an eventful year for us, marked with several major milestones. The year marked our first complete financial year as a listed company. Our Tier-2-focused strategy translated into measurable financial outcomes, deeper enterprise client commitments and the largest single managed office contract in our company's history. The fiscal closed with standalone revenue of ₹171 crore, up 34.3% YoY over our FY25 base of ₹127 crore, while standalone EBITDA margin expanded to 60.5% from 59.8% in the previous year. Profit before tax grew 922% to ₹10 crore, while normalized PBT came in at ₹20 crore, marking the second consecutive year of positive PBT performance, supported by operating leverage from mature centres and improved enterprise realisations.
Operationally, FY26 was defined by the consolidation of ~15.75 lakh sq. ft. of contracted space along the Ambli-Bopal corridor in Ahmedabad. This comprises of Capital One, which became operational in Q4 at 95% pre-leasing, plus the 8.1 lakh sq. ft. Development Management contract, and Winston signed in Q4. The Development Management model is an additional line of revenue, which partners DevX with non-institutional landowners to create Grade A+ assets for GCC consumption, asset-light for us, and delivering up to 30% higher returns for landowner partners, is now our defining differentiator, reinforced by structurally strong unit economics: a Rent-to-Revenue Ratio of 2.42x against the industry average of 2.2x, 65% revenue from enterprise clients on built-to-suit contracts, 99.7% seat retention, and zero net churn rate.
Looking ahead, we are targeting to expand our operational capacity to ~30 Lakhs sq. ft. by FY28 by replicating the Ambli-Bopal playbook across additional Tier-2 micro-markets. With the preferential issue approved by shareholders, a strong contracted pipeline, and the structural migration of GCCs into Tier-2 India continuing to accelerate, we remain confident of delivering sustained growth and long-term value for our shareholders."
DEVX
etc. devis. design and analysis
R Crores
Standalone Financial Metrics
Q4 FY26
Revenue
EBITDA* & EBITDA Margin
Cash EBIT & Margin
PBT & PBT Margin
FY26
Revenue
EBITDA* & EBITDA Margin
Cash EBIT & Margin
PBT & PBT Margin
*EBITDA, excluding Other Income; PBT includes exceptional income
DEVX
ecsbicuring innovation
Crores
Consolidated Financial Metrics
Q4 FY26
Revenue
EBITDA* & EBITDA Margin
Cash EBIT & Margin
PBT & PBT Margin
FY26
Revenue
EBITDA* & EBITDA Margin
Cash EBIT & Margin
PBT & PBT Margin
*EBITDA, excluding Other Income; PBT includes exceptional income
DEVX
Segment-Wise Revenue Contribution
Q4 FY26 Revenue - mix %
- Managed Space Services
- Payroll Management Service
- Facility Management & Other Services
- Co-working Space
- Designing & Execution
- IT/ITes Services
FY26 Revenue - mix %
- Managed Space Services
- Payroll Management Service
- Facility Management & Other Services
- Co-working Space
- Designing & Execution
- IT/ITes Services
DEVX
DEVX
Cross-Crossing Generation
Consolidated Income Statement
| Particulars | Q4 FY26 | Q4 FY25 | YoY % | Q3 FY26 | FY26 | FY25 | YoY % |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 59.26 | 65.40 | 59.20 | 225.92 | 158.87 | ||
| Other income | 4.09 | 2.94 | 1.52 | 9.57 | 19.01 | ||
| Total Income | 63.35 | 68.35 | -7.31% | 60.72 | 235.49 | 177.89 | 32.38% |
| Cost of Goods and Services | 17.48 | 25.93 | 18.57 | 64.93 | 48.31 | ||
| Employee benefit expenses | 4.74 | 4.61 | 5.17 | 19.69 | 13.21 | ||
| Finance costs | 10.28 | 15.18 | 9.25 | 44.44 | 44.55 | ||
| Depreciation and amortisation | 14.64 | 16.54 | 14.94 | 58.88 | 52.22 | ||
| Other Expense | 4.51 | 3.48 | 11.52 | 32.00 | 16.86 | ||
| Total expenses | 51.65 | 65.73 | -21.42% | 59.45 | 219.95 | 175.15 | 25.58% |
| Profit/ (loss) before exceptional items and tax | 11.70 | 2.61 | 1.28 | 15.55 | 2.74 | ||
| Less: Exceptional items | 1.15 | -1.33 | -0.18 | 0.00 | |||
| Share of Profit/(Loss) of Associates | -0.05 | -0.08 | -0.03 | -0.03 | |||
| Profit before tax | 10.50 | 2.54 | 313.51% | 2.57 | 15.73 | 2.71 | 480.59% |
DEVX
deblending innovation
R Crores
Standalone Income Statement
| Particulars | FY26 | FY25 | Q4FY26 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| IndAS | IndAS Adj | IGAAP | IndAS | IndAS Adj | IGAAP | IndAS | IndAS Adj | IGAAP | |
| Revenue from Operation | 170.91 | 170.91 | 127.26 | 127.26 | 43.50 | 43.50 | |||
| Other Income | 9.47 | 9.47 | 21.60 | 21.60 | 2.21 | 2.21 | |||
| Expenses | |||||||||
| Cost of Goods and Services | 30.31 | 30.31 | 24.87 | 24.87 | 5.98 | 5.98 | |||
| Employee Benefits Expenses | 10.78 | 10.78 | 11.52 | 11.52 | 2.66 | 2.66 | |||
| Other expenses | 26.35 | 26.35 | 14.81 | 14.81 | 12.11 | 12.11 | |||
| EBITDA* | 103.46 | 103.46 | 76.06 | 76.06 | 22.75 | 22.75 | |||
| EBITDA Margin % | 60.54% | 60.54% | 59.76% | 59.76% | 52.29% | 52.29% | |||
| Finance Cost | |||||||||
| Interest on Borrowings | 16.81 | 16.81 | 17.36 | 17.36 | 3.48 | 3.48 | |||
| Interest on Lease Liabilities | 27.20 | 27.20 | 0.00 | 27.10 | 27.10 | 0.00 | 6.66 | 6.66 | 0.00 |
| Depreciation & Amortization | |||||||||
| PPE & Intangible asset | 8.54 | 8.54 | 7.41 | 7.41 | 2.25 | 2.25 | |||
| Right of use asset | 50.24 | 50.24 | 0.00 | 44.80 | 44.80 | 0.00 | 12.66 | 12.66 | 0.00 |
| Total Expenses | 170.23 | 77.44 | 92.79 | 147.86 | 71.90 | 75.97 | 45.80 | 19.32 | 26.48 |
| Lease Liabilities (Rent Out Flow) | 66.92 | 66.92 | 58.75 | 58.75 | 17.58 | 17.58 | |||
| Profit/(Loss) before tax* | 10.15 | 20.66 | 0.99 | 14.14 | -0.10 | 1.65 | |||
| Cash EBIT | 36.55 | 36.55 | 17.31 | 17.31 | 5.16 | 5.16 |
*EBITDA, excluding Other Income; PBT includes exceptional income
DEVX
deblowing innovation
Crores
Consolidated Balance sheet
| Particulars | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| 1. ASSET | |||
| Non-Current Assets | |||
| Property, plant and equipment | 330.93 | 293.84 | 269.27 |
| Other non-current assets | 116.48 | 137.93 | 74.71 |
| Total Non-Current Assets | 447.41 | 431.77 | 343.98 |
| Current Assets | |||
| Inventories | 0.03 | ||
| Trade receivables | 27.29 | 42.27 | 11.88 |
| Cash & cash equivalents | 21.08 | 3.36 | 0.54 |
| Other current assets | 148.18 | 62.96 | 61.20 |
| Total Current Assets | 196.58 | 108.59 | 73.62 |
| Total Assets | 643.99 | 540.36 | 417.60 |
| 2. EQUITY & LIABILITIES | |||
| Equity | |||
| Equity share capital | 21.62 | 16.92 | 3.59 |
| Minority interest | 0.07 | 0.03 | 0.01 |
| Other equity | 163.98 | 37.87 | 25.39 |
| Total Equity | 185.67 | 54.82 | 28.99 |
| Non-Current Liabilities | |||
| Long term borrowings | 81.09 | 98.94 | 70.11 |
| Other non-current liabilities | 221.82 | 236.83 | 202.32 |
| Total Non-Current Liabilities | 302.91 | 335.77 | 272.43 |
| Current liabilities | |||
| Short term borrowings | 63.62 | 31.74 | 30.94 |
| Trade payables | 36.73 | 39.09 | 23.14 |
| Other current liabilities | 55.05 | 78.97 | 61.74 |
| Total Current Liabilities | 155.40 | 149.79 | 115.82 |
| Total Liabilities | 458.31 | 485.55 | 388.25 |
| Total Equity and Liabilities | 643.98 | 540.37 | 417.24 |
DEV
Historical Financials
Revenue from Operations (Rs. Cr.)
EBITDA Margin %
Total Assets (Rs. Cr)
ROCE %
Debt-Equity (X)
Occupancy Rate %
DEVX
Exploring Innovation
R Crores
Consolidated Income Statement
| Particulars | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from operations | 225.92 | 158.87 | 108.09 |
| Other income | 9.57 | 19.01 | 2.65 |
| Total Income | 235.49 | 177.89 | 110.73 |
| Operational expenses | 64.93 | 48.31 | 20.22 |
| Employee benefit expenses | 19.69 | 13.21 | 7.54 |
| Finance costs | 44.44 | 44.55 | 31.00 |
| Depreciation and amortisation | 58.88 | 52.22 | 45.00 |
| Other Expense | 32.00 | 16.86 | 15.74 |
| Total expenses | 219.95 | 175.15 | 119.50 |
| Profit/(loss) before exceptional items and tax | 15.55 | 2.74 | -8.77 |
| Less: Exceptional items | -0.18 | - | - |
| Share of Profit/(Loss) of Associates | - | -0.03 | 0.15 |
| Profit before tax | 15.73 | 2.71 | -8.62 |
| Current tax* | 1.70 | 1.38 | 0.13 |
| Deferred tax* | 5.05 | -0.79 | -9.19 |
| Adjustment of Tax for earlier Years | 0.11 | 0.34 | - |
| Total Tax Expenses | 6.87 | 0.93 | -9.06 |
| Profit for the period | 8.86 | 1.78 | 0.44 |
Way
Forward
Day 2015
Way Forward
Enhancing Client Offerings
- One-stop solution for businesses setting up operations in India - Infrastructure, Interiors, Technology Enablement & Staffing
- Bespoke enterprise tech solutions: ERP integration, mobile & web apps tailored for GCC operations
Leveraging GCC Opportunity
- GCCs occupy ~34% of Grade-A office stock (~245 mn sq. ft.)
- Expected to exceed 2,350 units & 300+ mn sq. ft. in 3 years
- Offering facility management, payroll, talent sourcing & AI-based tools to GCC clients
Expansion into New & Existing Markets
- India's largest single managed office contract - 8 Lakh Sq. Ft. in Ahmedabad
- ₹100 Cr investment (4 years) | 8,500 seats | ₹120 Cr projected annual revenue
- Partnering with landowners to build Grade A+ green buildings, zero land acquisition cost
- Scalable blueprint for Tier-II cities with fragmented land ownership
Expansion & Asset Strategy
- 8 new centres (~7.99 Lakh Sq. Ft.) under straight lease model, 3.15sq ft in Ahmedabad, 95% pre-leased before going operational, validates demand-led model
- Additional centres in Ahmedabad, Pune,- deepening Tier-II footprint and also in Banglore
- OpCo-PropCo scale via JUPL/AEPL investments; 15% carry + improved unit economics (ROI amounting to ₹120 crore is expected to be received in July)
Thank You
For more information please contact,
DEV Accelerator Limited
www.devx.work
AdfactorsPR
Ms. Ashama Rajawat/ Mr. Shubham Sangle
[email protected]
[email protected]