Dev Accelerator (DEVX) — Annual Report

📢 Key Event
AGM scheduled for September 25, 2026, to vote on ESOP amendments, loan approvals up to ₹50 Crores to subsidiary, and amendments to Memorandum and Articles of Association.

🔄 What Changed
Revenue grew 34.65% YoY to ₹171 Crores (standalone), EBITDA margin remained at 60.5%, brokerage costs reduced to 1.39% of revenue, and pipeline area expanded to 12 Lacs Sq. Ft. targeting ₹120 Crores annual revenue. Lease liabilities decreased to ₹22,569.19 Crores from ₹25,490.68 Crores.

🔮 What's Next
Revenue guidance of ₹280 to 300 Crores for FY2026-27, EBITDA margin target of 20.0% to 22.0%, and expansion of 12 Lacs Sq. Ft. by FY2027-28.

💡 Investor Takeaway
The company is scaling its asset-light model in Tier-II cities with strong occupancy and retention, but faces execution risks in expanding its pipeline and managing lease liabilities while pursuing growth through ESOP and capital raises.

Dev Accelerator Ltd (DEVX) reported FY2025-26 revenue of ₹226 Crores, up 34.65% YoY, with EBITDA margin at 60.5% and occupancy at 90.31%. The company expanded its managed workspace portfolio to 8.3 Lacs Sq. Ft. across 28 centres, targeting 12 Lacs Sq. Ft. by FY2027-28. It raised ₹100 Crores via NCDs and ₹35 Crores through a preferential issue, while maintaining strong cash reserves of ₹21.08 Crores. The AGM on September 25, 2026, will vote on key resolutions including ESOP amendments, loan approvals up to ₹50 Crores to a subsidiary, and amendments to the Memorandum and Articles of Association to comply with SEBI norms. Shareholding stands at 36.80% for promoters, down from 49.80%, with 16.19% held by Dev Information Technology Limited.

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About Dev Accelerator Ltd (DEVX)

Services · Co-Working · Listed on BSE

Market Cap: ₹312.66 Cr P/E: 26.4 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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