Dev Accelerator (DEVX) — Financial Results

Investor Takeaways

Revenue grew 7.8% YoY to INR 53.8 crores in Q1 FY27

EBITDA margin expanded to 56.3% under Ind AS

Net debt reduced to INR 81 crores following INR 100 crores debt issuance

Enterprise clients contributed 70% of revenue with 91.93% occupancy across 1.13 million sq. ft. operational space

Scalex Advisory JV became operational in GIFT City to support GCC expansion

Management plans to expand GCC solutions in Bangalore and Hyderabad

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	53.8 Cr	+7.8%
Net Profit	Not available	Not available
EBITDA	Not available	Not available
EPS	Not available	Not available
OPM	Not available	Not available

What Changed

Dev Accelerator Limited reported consolidated revenue of INR 53.8 crores for Q1 FY27, reflecting a 7.8% year-on-year increase. This growth was driven by enterprise clients, who contributed 70% of total revenue, supported by 91.93% occupancy across 1.13 million sq. ft. of operational space. The company’s EBITDA margin expanded to 56.3% under Ind AS, indicating improved operational efficiency. Profit before tax rose 64.9% to INR 7.1 crores, underscoring margin accretion. On the balance sheet, the company raised INR 100 crores in debt at an 11.75% coupon, which contributed to a reduction in net debt to INR 81 crores. Additionally, the Scalex Advisory joint venture became operational in GIFT City, supporting the company’s GCC expansion strategy. Management has indicated plans to expand GCC solutions in Bangalore and Hyderabad. The company also maintains a signed pipeline of 2.38 million sq. ft., reflecting ongoing capacity growth.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Dev Accelerator Limited (DEVX)	Not available	Not available	Not available	363.64
Adani Ports and SEZ (ADANIPORTS)	30.83	7.75%	12.49%	4,13,583.7
InterGlobe Aviation (INDIGO)	27.38	N/A	N/A	1,66,838.2
GMR Airports (GMRAIRPORT)	-139.99	N/A	N/A	1,01,989.15

Dev Accelerator Limited’s valuation metrics are not directly comparable to peers due to absence of profitability and efficiency ratios in the provided data. However, its market capitalization of INR 363.64 crores is significantly lower than that of Adani Ports and GMR Airports, reflecting its position as a smaller-cap entity in the services sector.

Risks & Concerns

No specific risks were identified in the filing

Debt issuance at 11.75% coupon may increase financing costs if interest rates rise

Dependence on enterprise clients for 70% of revenue could expose the company to client concentration risk

Quarterly Trend

[Not available in provided data. Quarterly trend data was not included in the context.]

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About Dev Accelerator Limited (DEVX)

Services · Co-Working · Listed on NSE

Market Cap: ₹321.94 Cr P/E: 27.2 ROE: 19.9% ROCE: 34.4%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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