Dev Accelerator Ltd
Established in 2017, Dev Accelerator Limited, commonly known as DevX, provides flexible office spaces, including coworking environments[1]
- Market Cap ₹ 336 Cr.
- Current Price ₹ 37.2
- High / Low ₹ 64.4 / 30.0
- Stock P/E 130
- Book Value ₹ 19.9
- Dividend Yield 0.00 %
- ROCE 15.6 %
- ROE 2.22 %
- Face Value ₹ 2.00
Pros
- Company is expected to give good quarter
- Debtor days have improved from 60.3 to 40.1 days.
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 has a low return on equity of 2.67% over last 3 years.
- 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 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 8 | 24 | 61 | 99 | 127 | 171 | |
| 4 | 10 | 31 | 34 | 51 | 67 | |
| Operating Profit | 4 | 14 | 30 | 65 | 76 | 103 |
| OPM % | 49% | 59% | 50% | 66% | 60% | 61% |
| 1 | 1 | 1 | 2 | 22 | 10 | |
| Interest | 3 | 7 | 17 | 31 | 44 | 44 |
| Depreciation | 5 | 15 | 30 | 45 | 52 | 59 |
| Profit before tax | -3 | -8 | -16 | -9 | 1 | 10 |
| Tax % | 5% | -9% | -20% | -106% | -50% | 74% |
| -3 | -7 | -13 | 1 | 1 | 3 | |
| EPS in Rs | -2,980.00 | -6,796.30 | -10,450.82 | 411.76 | 0.22 | 0.29 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 83% |
| 3 Years: | 41% |
| TTM: | 34% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 30% |
| TTM: | 74% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 3% |
| Last Year: | 2% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 17 | 22 |
| Reserves | -3 | -6 | -2 | 25 | 38 | 158 |
| 58 | 85 | 234 | 315 | 237 | 226 | |
| 6 | 14 | 46 | 64 | 227 | 208 | |
| Total Liabilities | 64 | 97 | 281 | 408 | 518 | 613 |
| 55 | 79 | 228 | 269 | 293 | 260 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 70 |
| Investments | 0 | 1 | 1 | 10 | 59 | 49 |
| 8 | 17 | 52 | 129 | 165 | 234 | |
| Total Assets | 64 | 97 | 281 | 408 | 518 | 613 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 1 | 18 | 27 | 95 | 101 | ||
| -0 | -12 | -24 | -66 | -126 | ||
| -1 | -6 | -4 | -28 | 45 | ||
| Net Cash Flow | 0 | 0 | -1 | 1 | 19 | |
| Free Cash Flow | 1 | 11 | 3 | 84 | 3 | |
| CFO/OP | 42% | 135% | 94% | 138% | 97% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 41 | 25 | 14 | 49 | 92 | 40 |
| Inventory Days | 0 | 0 | 0 | 0 | ||
| Days Payable | ||||||
| Cash Conversion Cycle | 41 | 25 | 14 | 49 | 92 | 40 |
| Working Capital Days | -418 | -268 | -307 | -159 | -139 | -62 |
| ROCE % | -1% | 1% | 8% | 14% | 16% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Capacity Utilization (Occupancy) % |
|
|||
| Number of Operational Centers Number |
||||
| Super Built-up Area (SBA) Million Sq. Ft. |
||||
| Number of Operational Cities Number |
||||
| Rent to Revenue Ratio x |
||||
| Total Capacity Seats Number |
||||
| Total Number of Clients Number |
||||
Extracted by Screener AI
Documents
Announcements
-
Compliances-Reg.24(A)-Annual Secretarial Compliance
27 May - Dev Accelerator filed its Annual Secretarial Compliance Report for FY2026, noting overall SEBI compliance.
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 26 May
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
20 May - Audio recording of May 20, 2026 earnings call for audited Q4/FY26 results shared.
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
20 May - Newspaper Publication - Audited Financial Results for quarter and year ended March 31, 2026
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
20 May - Dev Accelerator released Q4 and FY26 results; revenue rose 34.3% YoY, normalized PBT reached ₹20.24 crore.
Concalls
-
May 2026Transcript PPT
-
Feb 2026Transcript PPT
-
Nov 2025Transcript PPT
-
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).