Dev Accelerator Ltd
Established in 2017, Dev Accelerator Limited, commonly known as DevX, provides flexible office spaces, including coworking environments[1]
- Market Cap ₹ 305 Cr.
- Current Price ₹ 33.8
- High / Low ₹ 64.4 / 30.0
- Stock P/E 86.7
- Book Value ₹ 20.2
- Dividend Yield 0.00 %
- ROCE 11.9 %
- ROE 4.55 %
- Face Value ₹ 2.00
Pros
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%
- Debtor days have increased from 52.1 to 97.1 days.
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 31 | 70 | 108 | 159 | 232 | |
| 17 | 40 | 43 | 78 | 124 | |
| Operating Profit | 14 | 30 | 65 | 80 | 108 |
| OPM % | 45% | 43% | 60% | 51% | 47% |
| 0 | 2 | 3 | 19 | 10 | |
| Interest | 7 | 17 | 31 | 45 | 49 |
| Depreciation | 15 | 30 | 45 | 52 | 61 |
| Profit before tax | -8 | -16 | -9 | 3 | 8 |
| Tax % | -9% | -20% | -105% | 34% | |
| -8 | -13 | 0 | 2 | 3 | |
| EPS in Rs | -6,953.70 | -10,516.39 | 316.18 | 0.26 | 0.42 |
| Dividend Payout % | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 73% |
| TTM: | 47% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 31% |
| TTM: | 241% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
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| Return on Equity | |
|---|---|
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| 5 Years: | % |
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| Last Year: | 5% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 0.01 | 13 | 22 |
| Reserves | -6 | -2 | 25 | 38 | 161 |
| 89 | 239 | 328 | 389 | 323 | |
| 18 | 46 | 57 | 100 | 132 | |
| Total Liabilities | 101 | 282 | 411 | 540 | 638 |
| 79 | 228 | 269 | 293 | 295 | |
| CWIP | 0 | 0 | 0 | 0 | 14 |
| Investments | 1 | 1 | 9 | 53 | 53 |
| 21 | 54 | 133 | 193 | 275 | |
| Total Assets | 101 | 282 | 411 | 540 | 638 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 14 | 26 | 8 | 94 | |
| -7 | -24 | -41 | -38 | |
| -6 | -4 | 33 | -53 | |
| Net Cash Flow | 1 | -1 | 0 | 3 |
| Free Cash Flow | 7 | 2 | -26 | 82 |
| CFO/OP | 107% | 93% | 16% | 130% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 23 | 19 | 40 | 97 |
| Inventory Days | ||||
| Days Payable | ||||
| Cash Conversion Cycle | 23 | 19 | 40 | 97 |
| Working Capital Days | -213 | -265 | -146 | -114 |
| ROCE % | 1% | 8% | 12% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Capacity Utilization (Occupancy) % |
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| Number of Operational Centers Number |
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| Super Built-up Area (SBA) Million Sq. Ft. |
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| Rent to Revenue Ratio x |
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| Total Capacity Seats Number |
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| Total Number of Clients Number |
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Documents
Announcements
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Monthly Newsletter - March 2026 Edition
2d - DevX to operate 27-storey Ahmedabad tower (~8 lakh sq ft), transaction ~₹850 crore; March 2026 newsletter.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
25 Mar - Virtual analyst/investor meeting on 30-Mar-2026 03:00-04:00 with DB Investments, Emerge Capital, Burman Capital, Aionios Alpha.
- Closure of Trading Window 25 Mar
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Announcement under Regulation 30 (LODR)-Newspaper Publication
25 Mar - Newspaper Advertisements - Dispatch of Postal Ballot Notice
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
24 Mar - Board approved up to ₹35 Cr fundraise (promoters ₹15 Cr) to secure 4,50,000 sq.ft Ahmedabad centre; ₹35.10 Cr deposit.
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).