Dev Accelerator Ltd
Established in 2017, Dev Accelerator Limited, commonly known as DevX, provides flexible office spaces, including coworking environments[1]
- Market Cap ₹ 396 Cr.
- Current Price ₹ 43.9
- High / Low ₹ 64.4 / 40.3
- Stock P/E 266
- Book Value ₹ 20.2
- Dividend Yield 0.00 %
- ROCE 14.3 %
- ROE 3.57 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -13.0%
- Promoter holding is low: 36.8%
- Company's cost of borrowing seems high
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 24 | 61 | 99 | 127 | |
| 10 | 31 | 34 | 51 | |
| Operating Profit | 14 | 30 | 65 | 76 |
| OPM % | 59% | 49% | 66% | 60% |
| 1 | 2 | 2 | 22 | |
| Interest | 7 | 17 | 31 | 44 |
| Depreciation | 15 | 30 | 45 | 52 |
| Profit before tax | -8 | -16 | -9 | 1 |
| Tax % | -9% | -20% | -106% | -50% |
| -7 | -13 | 1 | 1 | |
| EPS in Rs | -6,796.30 | -10,450.82 | 411.76 | 0.22 |
| Dividend Payout % | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 75% |
| TTM: | 28% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 30% |
| TTM: | 166% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | 4% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 17 | 22 |
| Reserves | -6 | -2 | 25 | 38 | 161 |
| 85 | 234 | 315 | 237 | 143 | |
| 14 | 46 | 64 | 227 | 277 | |
| Total Liabilities | 97 | 281 | 408 | 518 | 602 |
| 79 | 228 | 269 | 293 | 295 | |
| CWIP | 0 | 0 | 0 | 0 | 14 |
| Investments | 1 | 1 | 10 | 92 | 89 |
| 17 | 52 | 129 | 133 | 205 | |
| Total Assets | 97 | 281 | 408 | 518 | 602 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 18 | 27 | |||
| -12 | -24 | |||
| -6 | -4 | |||
| Net Cash Flow | 0 | -1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 25 | 15 | 49 | 0 |
| Inventory Days | 0 | 0 | 0 | |
| Days Payable | ||||
| Cash Conversion Cycle | 25 | 15 | 49 | 0 |
| Working Capital Days | -268 | -310 | -159 | -154 |
| ROCE % | 1% | 8% | 14% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2 Dec - Management to hold one-on-one investor meetings in Mumbai on 05/12/2025; attendees listed; no UPSI.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
1 Dec - Schedule of Investor/Analyst Meet to be held on Thursday, December 04, 2025
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 18 Nov
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
13 Nov - Monitoring agency: Rs.55.55cr utilized of Rs.143.35cr IPO proceeds, quarter ended Sept 30, 2025; no deviations noted beyond disclosures.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
12 Nov - Audio recording of November 12, 2025 earnings call for Q2/H1 ended Sept 30, 2025 posted (link provided).
Concalls
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Nov 2025Transcript PPT
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Oct 2025TranscriptAI SummaryPPT
Business Profile[1]
The company is among the largest flex space operators in Tier-2 markets, offering managed and co-working spaces, along with design & execution (via Neddle & Thread Designs), payroll & facility management, and IT/ITeS services (via Saasjoy Solutions).