NSE: DEVX · BSE: 544513
DEV ACCELERATOR LIMITED
Operates flexible and coworking office spaces across India, with 28 centres in 12 cities and approximately 1.2 million sq ft of operational area as of FY26. Earns revenue primarily through built-to-suit enterprise contracts (65% of revenue) with an average client lock-in of 34 months and a 99.7% client retention rate, alongside an asset-light development management model that charges landowners a fee of ₹300-500 per sq ft. The Capital One campus in Ahmedabad (3.15 lakh sq ft on Ambli Bopal Road) went live at 95% pre-leased occupancy, generating a monthly revenue run rate of ₹2.65-2.75 crores from Q1 FY27 onwards. Reported FY26 consolidated revenue of ₹225.92 crores (42% YoY growth) with a standalone EBITDA margin of 60.5% and consolidated EBITDA margin of 48.4%. Plans to scale operational area from 1.2 million sq ft to 3 million sq ft by FY28 through ₹200-225 crores of capex, funded partly by a ₹100 crores NCD issuance at 11-12% interest and ₹110-120 crores expected from subsidiary monetisation in Q1 FY27. Revenue remains concentrated in Ahmedabad at 46% per the credit rating filing, with new expansion into Bengaluru (1.11 lakh sq ft with Prestige Group, adding 1,200+ seats) and Baroda. Costs are dominated by materials (28.7% of revenue) and depreciation (26.1% of revenue), with capex running at 45.8% of revenue, reflecting the capital-heavy nature of the business. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Built-to-suit enterprise contracts (65%), Development management, Straight lease coworking operations. Capital-heavy flexible workspace operator with an asset-light development management overlay; rapid capex-led expansion
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 226 |
| EBITDA (ex other income) | 109 |
| margin % | 48.5 |
| Owners' profit | 9 |
| EPS, as reported (₹) | 1.11 |
| ROE % · ROCE % | 4.8 · 12.3 |
| Debt / equity (x) | 0.78 |
| Cash from operations | 90 |
| Capex | (103) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 56 | 52 | 59 | 59 | 54 | 80 |
| Profit before tax | 1 | 2 | 3 | 11 | 2 | 7 |
| Net profit | 0 | 2 | (1) | 8 | 2 | 5 |
| EPS (₹) | 0.02 | 0.26 | (0.15) | 0.98 | 0.16 | 0.60 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 17,600 | 26.4 | 10.05 | 18.0 | 20.1 | 24.0 | — | 61.4 |
| WEWORK INDIA MANAGEMENT L | 9,382 | 92.8 | 27.43 | 6.1 | 4.8 | 0.3 | — | 63.8 |
| NESCO LTD. | 7,327 | 18.2 | 2.32 | 14.9 | 6.5 | 7.6 | 26.2 | 56.0 |
| SMARTWORKS COWORKING SP L | 5,902 | 104.2 | 10.34 | 5.2 | 6.8 | 0.9 | — | 63.8 |
| NIRLON LTD | 5,722 | 16.5 | 12.21 | — | 73.8 | 18.1 | — | 77.4 |
| INOX GREEN ENERGY SER LTD | 4,846 | 38.8 | 2.83 | 209.8 | 6.0 | 9.0 | — | (2.2) |
| QUESS CORP LIMITED | 4,810 | 17.4 | 4.06 | 14.8 | 13.2 | 7.9 | 7.1 | 1.9 |
| INDIQUBE SPACES LIMITED | 3,985 | — | 8.18 | — | (6.1) | (0.6) | — | 62.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.5 | 14.4 | 53 of 76 | 31% |
| P/B | 2.1 | 1.5 | 58 of 94 | 39% |
| ROCE | 1.3 | 1.3 | 52 of 99 | 48% |
| ROE | 3.2 | 1.4 | 45 of 112 | 60% |
| Debt / Equity | 1.0 | 0.1 | 77 of 90 | 15% |
| EBITDA margin | 51.6 | 12.7 | 23 of 99 | 78% |
| Revenue growth | 54.8 | 14.1 | 17 of 89 | 82% |
| Profit growth | 213.5 | 2.4 | 19 of 111 | 84% |
| Market cap | 456 | 48 | 26 of 108 | 77% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Dev Accelerator plans 97,075 sq. ft. of capacity expansion | capex operations | medium | — | — |
| 6 Nov 2026 · Earnings conference call transcript submitted to NSE | investor communications | medium | — | — |
| 4 Nov 2026 · Audio recording of September 2026 quarter and half-year earnings call | investor communications | low | — | — |
| 4 Nov 2026 · Q2 revenue rises 54.8%, profit triples; pipeline reaches 4.16 million sq ft | compliance | minimal | — | — |
| 4 Nov 2026 · Q2 revenue up 54.8%, PAT triples; 17-centre pipeline expands | investor communications | medium | — | — |
| 4 Nov 2026 · Unaudited September 2026 results show revenue growth and a return to profit | compliance | minimal | — | — |
| 3 Nov 2026 · Preferential issue proceeds fully utilised for proposed Ahmedabad lease | fund raising | low | — | — |
| 3 Nov 2026 · IPO proceeds largely deployed with no deviation reported | capital market events | medium | — | — |
| 3 Nov 2026 · September 2026 quarter: consolidated revenue up 54.8%, profit after tax up 213.5% | results | high | — | — |
| 3 Nov 2026 · Quarter ended Sep 2026 consolidated revenue up 55%, profit after tax up 213% year on year | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.