Dev Accelerator Ltd
Established in 2017, Dev Accelerator Limited, commonly known as DevX, provides flexible office spaces, including coworking environments[1]
- Market Cap ₹ 366 Cr.
- Current Price ₹ 40.6
- High / Low ₹ 64.4 / 34.0
- Stock P/E 205
- 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 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 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| 8 | 24 | 61 | 99 | 127 | 168 | |
| 4 | 10 | 31 | 34 | 51 | 64 | |
| Operating Profit | 4 | 14 | 30 | 65 | 76 | 104 |
| OPM % | 49% | 59% | 49% | 66% | 60% | 62% |
| 1 | 1 | 2 | 2 | 22 | 10 | |
| Interest | 3 | 7 | 17 | 31 | 44 | 49 |
| Depreciation | 5 | 15 | 30 | 45 | 52 | 61 |
| Profit before tax | -3 | -8 | -16 | -9 | 1 | 4 |
| Tax % | 5% | -9% | -20% | -106% | -50% | |
| -3 | -7 | -13 | 1 | 1 | 1 | |
| EPS in Rs | -2,980.00 | -6,796.30 | -10,450.82 | 411.76 | 0.22 | 0.17 |
| Dividend Payout % | 0% | 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 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 17 | 22 |
| Reserves | -3 | -6 | -2 | 25 | 38 | 161 |
| 58 | 85 | 234 | 315 | 237 | 143 | |
| 6 | 14 | 46 | 64 | 227 | 277 | |
| Total Liabilities | 64 | 97 | 281 | 408 | 518 | 602 |
| 55 | 79 | 228 | 269 | 293 | 295 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 14 |
| Investments | 0 | 1 | 1 | 10 | 92 | 89 |
| 8 | 17 | 52 | 129 | 133 | 205 | |
| Total Assets | 64 | 97 | 281 | 408 | 518 | 602 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 1 | 18 | 27 | |||
| -0 | -12 | -24 | |||
| -1 | -6 | -4 | |||
| Net Cash Flow | 0 | 0 | -1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 41 | 25 | 15 | 49 | 0 |
| Inventory Days | 0 | 0 | 0 | 0 | |
| Days Payable | |||||
| Cash Conversion Cycle | 41 | 25 | 15 | 49 | 0 |
| Working Capital Days | -418 | -268 | -310 | -159 | -154 |
| ROCE % | -1% | 1% | 8% | 14% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
2d - Signs 8 lakh sq ft Ahmedabad DM deal; ₹850cr rentals, targeting ₹120cr annual revenue; 27-storey, 15-year agreement.
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Variation In Terms Of Issue Of Redeemable Preference Shares
10 Feb - Extended redemption of 3,577,519 0.01% pref shares (Rs10) to March 26, 2031.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
10 Feb - Monitoring report Q3 (Dec 31, 2025): IPO Rs143.35cr, net proceeds Rs127.38cr, unutilised ~Rs39.94cr.
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 5 Feb
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
2 Feb - Posted audio recording of Feb 02, 2026 earnings call for quarter ended Dec 31, 2025; web link provided.
Concalls
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Feb 2026Transcript PPT
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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).