Dev Accelerator Ltd(DEVX)

NSE: DEVXBSE: 544513

₹ 39.87+0.05%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 377 crWebsite: www.devx.workUpdated: 27 Oct 2026

About

Dev Accelerator Ltd (DevX) provides fully managed, technology-enabled office space for enterprises, MNCs and GCCs. It finds the space, designs and builds it out, and runs it end to end. The company says it is the largest managed workspace operator in India's Tier II markets by operational flex stock. FY26 revenue was 225.92 (Rs Cr), and it had 1.13 Mn sq.ft. of operational space in Q1 FY27.^[1][2][3]

Business lines

Managed workspace is the core business. Standalone revenue, which is mostly workspace operations, was ₹42 Cr in Q1 FY27, up from ₹38.9 Cr in Q1 FY26.^[3]
Design and build: subsidiary Neddle and Thread Designs LLP (DevX D&B) delivers custom workspaces within 75-90 days. Its revenue was ₹52.3 Cr in FY26.^[1][4]
Technology: subsidiary Saasjoy Solutions (DevX GCC) provides software, cloud and related services and supports Global Capability Centres. Its revenue was ₹7.17 Cr in FY26.^[1][4]
Development Management: DevX oversees projects for landowners for a fee of ₹300-500/sqft over 2-4 years, while the landowner funds construction (Q4 FY26 call).^[4]

Operating model and contracts

DevX partners with landowners to create Grade A+ workspaces without owning the land or funding construction on its balance sheet (FY26 annual report).^[1]
Managed workspace contracts have lease terms of five to nine years and lock-ins of 3.5 to five years (FY26 annual report).^[1]
Average client tenure was 3.5 years and average lock-in was 2.3 years in Q1 FY27.^[3]
Processes are certified under ISO 9001:2015 and ISO 27001:2022 (FY26 annual report).^[1]

Portfolio and footprint

Operational space was 1.13 Mn sq.ft. in Q1 FY27, up 31.4% YoY, compared with 0.83 Mn sq.ft. in FY26.^[3][4]
Beyond the operational space, 0.19 Mn sq.ft. was under fit-out and 2.31 Mn sq.ft. was signed for future use in Q1 FY27. That makes a total identified portfolio of about 3.63 Mn sq.ft. across 40 centers.^[3]
About 80% of operational space was in Tier 2 cities in Q1 FY27, and these cities contributed about 74% of standalone revenue.^[3]
There were 28 centers in 12 cities in Q2 FY26. The company stated a 13% share of the Tier-2 flex workspace market.^[5]
The development pipeline in Ahmedabad's Ambli-Bopal corridor is about 16.25 Lacs sq. ft. (FY26 annual report).^[1]

Key operating numbers

There were 17,294 operational seats and 15,899 occupied seats in Q1 FY27. Occupied seats were 12,534 in Q1 FY26.^[3]
Occupancy was 91.93% in Q1 FY27, up from 88.6% in Q1 FY26. It was 90.31% in FY26, up from 87.61% in FY25.^[3][4]
The revenue-to-rent ratio was 2.36x in Q1 FY27, compared with 2.38x in Q1 FY26. It was 2.28x in FY26, compared with 2.16x in FY25.^[3][4]
Brokerage was 1.8% of revenue in Q1 FY27, compared with 1.1% in Q1 FY26.^[3]
Mature centers accounted for 0.79 Mn sq.ft. of operational space in Q1 FY27.^[3]
Realisation was ₹7,500 - ₹8,000 per seat per month in Q2 FY26.^[5]

Customers

Enterprise clients contributed about 70% of revenue from operations in Q1 FY27, up from 52% in Q1 FY26.^[3]
Anchor clients include QX Global Services, Zomato (Eternal Limited), Wipfli India and Darwinbox. The top 20 clients contributed around 43% of revenue (FY26 annual report).^[1]
The top 10 clients contributed about 40% of revenue in 9M FY26.^[6]
Seat retention was 99.7% and net churn was 0.0% in FY26.^[4]
The company targets medium and large enterprises that need more than 300 seats. Foreign-currency revenue was no more than 2% of consolidated turnover (FY26).^[1]

Expansion projects

Capital One campus in Ahmedabad: about 3.15 lakh sqft and 19 storeys, about 4,000 seats. It went live in Q4 FY26 at 95% pre-leased, with a target of ₹2.65-2.75 Cr of revenue per month from Q1 FY27.^[4][3]
Ahmedabad Development Management project on Ambli-Bopal Road: 8.6 lakh sqft, about ₹100 Cr of fit-out spending over 4 years. It targets 8,500 seats and ₹120 Cr of annual revenue at maturity (Q1 FY27 call).^[3]
Bangalore: 1.1 lakh sqft across two Prestige assets on Outer Ring Road. Fit-out was set to start June 1, 2026, with revenue expected mid-to-end August 2026.^[4]
Pune: a 2 lakh sqft asset, with possession in Sept-Oct 2026 and revenue to start January 2027. A 0.5 Mn sqft Ahmedabad asset is due to go live in Q4 FY27.^[4]
Development Management projects of 1.4 Mn sqft are planned across Ahmedabad and Jaipur (Q1 FY27).^[3]
Planned capital deployment of ₹220-230 Cr in FY27-FY28, funded by a ₹100 Cr NCD, ₹110-120 Cr from selling a stake in a subsidiary, and a ₹35 Cr preferential issue.^[4]

Recent developments

The Noida center was closed in Q4 FY26 after the landlord repeatedly failed on maintenance. The closure removed about ₹4.5 Cr of revenue per quarter.^[4][3]
A ₹100 Cr NCD was raised after Q1 FY27, and about ₹55 Cr of existing debt was repaid at the same time.^[3]
Q1 FY27: DevX invested in Eezily (broker network and market intelligence) and is launching an AI Infrastructure Launchpad with a pan-India media partner.^[3]
Q1 FY27: a tokenization platform is being set up outside India. Law firms have been onboarded and incorporation of the entity has begun.^[3]
Q1 FY27: DevX plans to add facility management, payroll, talent sourcing and technology services for its GCC clients.^[3]

Market Cap

₹377 Cr

High / Low

₹50 / 30

Stock P/E

35.6

Price / Book

1.9

Book Value

₹21

EPS

₹1.0

No. of Shares

9.02 Cr

ROCE

10.9%

ROE

4.7%

OPM

25.5%

Debt / Equity

0.78

Sales

₹226 Cr

Net Profit

₹9 Cr

Promoter holding

35.1%

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