NSE: DEVIT · BSE: 543462
DEV INFO TECHNOLOGY LTD
Provides IT services — enterprise software, cloud, AI/BI, cybersecurity and blockchain/RWA solutions — to government and enterprise clients in India and North America. Has been a Microsoft partner since 1997 and runs two key subsidiaries: Minddeft, which builds blockchain and real-world-asset wallet solutions for North American and European clients, and Dhyey Consulting Services, which has 20-plus solutions on the Microsoft marketplace. Government work contributes 55-57% of revenue, while overseas revenue is dominated by North America (90-93% of overseas) and is targeted to reach 45-50% of total within two years. A Rs. 2.79 crore, 2.5-year fixed-cost order from GIFT City covers a multilingual web portal and Digital Twin platform. FY26 consolidated revenue was Rs. 189.50 crore, up about 11% year-on-year; reported net profit of Rs. 75.60 crore was inflated by a Rs. 93.55 crore exceptional gain on reclassification of its DevAccelerator stake after its IPO, while operating EBITDA fell to Rs. 7.23 crore (3.74% margin). The company sold its ByteSIGNER and Talligence products to associate Byte Technosys for Rs. 11.90 crore and brought in Xduce Technologies as a strategic partner with roughly a 24% stake. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Government IT services, Overseas (North America-led) IT services, Cybersecurity practice, AI/BI and blockchain/RWA solutions, Microsoft marketplace products. Small-cap, employee-intensive IT services firm with a government-heavy domestic book and a North America growth tilt; product/IP initiatives being hived off to associates.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 100 | 124 | 164 | 171 | 190 |
| EBITDA (ex other income) | 5 | 7 | 14 | 10 | 97 |
| margin % | 4.8 | 5.6 | 8.4 | 6.1 | 51.1 |
| Owners' profit | (0) | 9 | 9 | 15 | 76 |
| EPS, as reported (₹) | (0.06) | 4.08 | 4.19 | 6.61 | 13.42 |
| ROE % · ROCE % | (0.2) · 12.0 | 21.7 · 27.8 | 16.3 · 21.6 | 21.5 · 26.6 | 69.2 · 75.8 |
| Debt / equity (x) | 0.29 | 0.17 | 0.22 | 0.27 | 0.27 |
| Cash from operations | 5 | (2) | (1) | (9) | (2) |
| Capex | (2) | (1) | (2) | (5) | (14) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 36 | 48 | 52 | 43 | 49 | 44 | 54 | 44 |
| Profit before tax | 9 | 2 | 2 | 3 | 96 | (7) | 3 | 3 |
| Net profit | 8 | 2 | 1 | 2 | 72 | (7) | 9 | 2 |
| EPS (₹) | 3.74 | 0.77 | 0.54 | 0.94 | 12.75 | (1.30) | 1.59 | 0.37 |
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. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 33,596 | 25.4 | 5.17 | 15.3 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,916 | 38.4 | 10.68 | 27.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 28,174 | 50.6 | 7.18 | 30.6 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 26,967 | 103.2 | 37.28 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 20,285 | 20.4 | 2.10 | 11.5 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,743 | 41.3 | 5.41 | 26.9 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 15,133 | 64.9 | 11.76 | 30.1 | 16.9 | 9.5 | 6.2 | 8.4 |
| E2E NETWORKS LIMITED | 14,903 | 338.8 | — | — | — | — | — | 82.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.4 | 18.5 | 5 of 76 | 95% |
| P/B | 1.0 | 2.1 | 17 of 70 | 77% |
| ROCE | 73.6 | 9.6 | 1 of 86 | 100% |
| ROE | 69.2 | 9.2 | 1 of 70 | 100% |
| Debt / Equity | 0.3 | 0.0 | 60 of 70 | 15% |
| EBITDA margin | 9.0 | 13.0 | 49 of 69 | 29% |
| Revenue growth | 2.7 | 20.8 | 53 of 67 | 21% |
| Profit growth | (3.3) | 14.6 | 45 of 64 | 30% |
| Market cap | 110 | 275 | 57 of 88 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · All 12 resolutions cleared at 29th AGM with over 99.99% approval | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 for Q2 results period | compliance | minimal | — | — |
| 30 Sept 2026 · Two new directors appointed at 29th AGM, nominee and independent | management changes | high | — | — |
| 30 Sept 2026 · 29th AGM outcome: Rs.0.10 dividend, director appointments, RPT approvals | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Outcome of virtual Analysts/Investors Meeting held on Sept 24, 2026 | investor communications | low | — | — |
| 16 Sept 2026 · Dev IT to hold virtual analyst/investor meeting on Sept 24, 2026 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Dev Info Tech allots 6.24 lakh shares under ESOP 2024 to employees | capital market events | low | — | — |
| 11 Sept 2026 · ESOP Allotment - 6.23 Lakh Shares Under DEVIT ESOP 2024 | management changes | medium | — | — |
| 11 Sept 2026 · Board approves ESOP allotment of 6.24 lakh equity shares | board shareholder meetings | medium | — | — |
| 10 Sept 2026 · DEV IT bags Rs 30 lakh order from CPRI under Ministry of Power | business updates | medium | — | — |
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 |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.