Stock Report

DevX - Standalone Revenue from Operations grew 34.3% YoY in FY26

Posted On : 2026-05-20 18:18:56( TIMEZONE : IST )

Dev Accelerator Limited (NSE: DEVX; BSE: 544513), an enterprise-focused managed office space provider with India's largest Tier-2 footprint, today announced its audited financial results for the quarter and full year ended March 31, 2026.

Performance Overview & Key Business Updates

- Consolidated Revenue from Operations stood at ₹59.3 crores in Q4 FY26 and ₹226 crores in FY26 (42.2% YoY), driven by new centre additions and improved enterprise client realizations.

- Consolidated EBITDA Margin FY26 stood at 48.4% in FY26, supported by operating leverage and higher utilisation across mature centres, while standalone EBITDA margin FY26 expanded to 60.5%. Consolidated normalized PBT was ₹26.07 crore YoY growth 41%.

- Rent-to-Revenue Ratio improved 2.28x, reflecting stronger unit economics, particularly across Tier-2 markets.

- 8.1 lakh sq. ft. signed under Development Management contracts - entails an investment commitment of ~INR100 crores over four years, with potential peak annual revenue of ~INR120 crores at 85% stabilised occupancy, comprising ~8,500 seats.

- 4.5 lakh sq. ft. at Winston - signed in Q4 under the Straight Lease model along the Ambli-Bopal corridor, to be funded through the proposed preferential issue.

- 3.15 lakh sq. ft. at Capital One - operational this quarter with ~4,000 seats, anchored by Manubhai & Shah LLP; achieved 95% pre-leasing prior to launch.

Mr. Umesh Uttamchandani, Managing Director, Dev Accelerator Limited, said: FY26 has been an eventful year for us, marked with several major milestones. The year marked our first complete financial year as a listed company. Our Tier-2-focused strategy translated into measurable financial outcomes, deeper enterprise client commitments and the largest single managed office contract in our company's history. The fiscal closed with standalone revenue of ₹171 crore, up 34.3% YoY over our FY25 base of ₹127 crore, while standalone EBITDA margin expanded to 60.5% from 59.8% in the previous year. Profit before tax grew 922% to ₹10 crore, while normalized PBT came in at ₹ 20 crore, marking the second consecutive year of positive PBT performance, supported by operating leverage from mature centres and improved enterprise realisations.

Operationally, FY26 was defined by the consolidation of ~15.75 lakh sq. ft. of contracted space along the Ambli-Bopal corridor in Ahmedabad. This comprises of Capital One, which became operational in Q4 at 95% pre-leasing, plus the 8.1 lakh sq. ft. Development Management contract, and Winston signed in Q4. The Development Management model is an additional line of revenue, which partners DevX with non-institutional landowners to create Grade A+ assets for GCC consumption, asset-light for us, and delivering up to 30% higher returns for landowner partners, is now our defining differentiator, reinforced by structurally strong unit economics: Tier 1 Rent-to Revenue Ratio of 2.4x against the industry average of 2.2x, 65% revenue from enterprise clients on built-to-suit contracts, 99.7% seat retention, and zero net churn rate.

Looking ahead, we are targeting to double our operational capacity to ~30 lakh sq. ft. by FY28 by replicating the Ambli-Bopal playbook across additional Tier-2 micro-markets. With the preferential issue approved by shareholders, a strong contracted pipeline, and the structural migration of GCCs into Tier-2 India continuing to accelerate, we remain confident of delivering sustained growth and long-term value for our shareholders."

Shares of Dev Accelerator Limited was last trading in BSE at Rs. 39.83 as compared to the previous close of Rs. 40.20. The total number of shares traded during the day was 2176 in over 42 trades.

The stock hit an intraday high of Rs. 41.35 and intraday low of 39.82. The net turnover during the day was Rs. 87444.00.