Acuite assigns BBB/Stable rating for DevX proposed Rs 100 cr NCD issue
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Dev Accelerator received ACUITE BBB with Stable outlook from Acuite Ratings for its proposed Rs 100 crore Non-Convertible Debenture issue. Rating reflects established managed workspace presence (28 centres in 12 cities), improving operations (FY26 revenue Rs 225.93 cr versus Rs 158.88 cr in FY25, PAT Rs 8.84 cr), and strong expansion pipeline. Constraints include leveraged capital structure, revenue concentration in Ahmedabad at 46 percent, and execution risks on expansion. Liquidity is termed adequate.
Positive credit signal for new Rs 100 cr debt raise. BBB is investment grade with stable outlook, supporting growth funding plans.