Dev Accelerator Q1 FY27: Revenue ₹53.8 Cr, Standalone Up 7.8% YoY
Dev Accelerator Limited reported Q1 FY27 consolidated revenue of ₹53.8 crore, a 7.8% YoY increase to ₹42 crore on a standalone basis. Consolidated EBITDA rose 14.7% to ₹30.3 crore. The company's operational portfolio expanded to 1.13 million sq ft with 91.93% occupancy. DevX raised ₹100 crore via NCDs and has a secured pipeline of 2.31 million sq ft.
The announcement details strong financial performance, substantial expansion of operational capacity and future pipeline, and successful debt fundraising, which are all material factors impacting investor valuation and company outlook.
The company reported growth in revenue and EBITDA, improved occupancy rates, and significant expansion plans backed by new fundraising, indicating positive business momentum.
Dev Accelerator Limited (DEVX) announced its financial results for the first quarter of FY27, ending June 30, 2026. The company reported consolidated revenue of ₹53.8 crore. On a standalone basis, which primarily covers core workspace operations, revenue increased by 7.8% year-on-year to ₹42 crore from ₹38.9 crore in the same quarter last year. This growth was partly driven by the operationalization of the Capital One asset.
Consolidated EBITDA under Ind AS saw a significant rise of 14.7% year-on-year, reaching ₹30.3 crore, with EBITDA margins improving to 56.3% from 47.4%. At the IGAAP level, consolidated EBITDA increased by 24% to ₹12.5 crore, with margins at 23.2%. Profit before tax (PBT) under IGAAP grew by 64.9% to ₹7.1 crore.
On a standalone basis, EBITDA under Ind AS was ₹27.7 crore (66% margin), while IGAAP EBITDA rose 9.8% to ₹9.9 crore, with PBT increasing by 59.1% to ₹6.6 crore. The company noted that IGAAP figures provide a clearer view of underlying economics due to rental outflows being treated as operating expenses.
The operational portfolio expanded to 1.13 million square feet, with 17,294 seats across 27 centers in 12 cities. Occupied seats increased to 15,899, pushing overall occupancy to 91.93%. Enterprise clients now contribute approximately 70% of revenue, up from 52% in the prior year.
DevX has a secured future portfolio of an additional 0.19 million square feet under fit-out and a further 2.31 million square feet signed for future consumption, bringing the total identified portfolio to 3.63 million square feet across 40 centers, with a potential for over 52,000 seats.
Further expansion plans include a development management project in Ahmedabad, involving an investment of around ₹100 crore for fit-outs, which is expected to generate revenue of approximately ₹120 crore and house 8,500 seats.
The company is also evolving its business model beyond workspace provision to become a comprehensive workspace solution provider for enterprises and GCCs, integrating design and build capabilities (Needle & Thread), technology solutions (SaaSJoy), facility management, payroll, and talent sourcing.
A technology-led real estate ecosystem is being built through an AI infrastructure launchpad, partnering with a media organization for scouting AI and PropTech innovators. Investment in Eezily Networks provides access to broker networks and market intelligence.
Subsequent to the quarter, DevX raised ₹100 crore through senior, listed, secured, redeemable, non-convertible debt at an 11.75% coupon. This financing involved encumbering 1.85 crore shares (19.65% equity), but did not reduce promoter shareholding. Promoters also infused capital through preferential warrants, which are expected to increase promoter shareholding to approximately 37.29% upon conversion.
Gross debt stood at ₹135 crore at the end of Q1 FY27, with net debt at ₹81 crore. Net debt to equity improved to 0.4x, and net debt to EBITDA (IGAAP) was 1.04x. The company also repaid approximately ₹55 crore of existing debt.
What to do with a filing like this
Dev Accelerator Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
That call is the part a filing cannot make for you. On RealCase, SEBI-registered research analysts and investment advisers read announcements like this one and turn the ones that matter into actions inside their model portfolios: a change in weight, a hold, or nothing at all. You are not left working out which of the roughly 250 filings published each day needs a response. The portfolio you follow is updated when a filing actually warrants it, with the reason written down.
See the model portfoliosA plain-language summary of a public exchange filing by Dev Accelerator Limited. Read the original for the full detail.