Board Meeting Details

The Board of Directors meeting was held on Wednesday, August 12, 2026, from 04:00 PM IST to 05:30 PM IST.

Financial Results Summary

Consolidated Financial Results (Q1 FY27)

  • Revenue from operations: ₹5,377.31 lakhs (₹53.77 crore)
  • Other Income: ₹295.76 lakhs
  • Total Income: ₹5,673.07 lakhs
  • Total Expenses: ₹5,517.03 lakhs
  • Profit before tax: ₹157.64 lakhs
  • Tax expense: ₹150.43 lakhs
  • Net profit for period: ₹7.21 lakhs
  • Earnings per share (Basic & Diluted): ₹0.16
  • Paid-up equity share capital: ₹1,892.64 lakhs (94,631,955 shares of ₹2 each)

Standalone Financial Results (Q1 FY27)

  • Revenue from operations: ₹4,198.42 lakhs
  • Other Income: ₹506.97 lakhs
  • Total Income: ₹4,705.39 lakhs
  • Total Expenses: ₹4,563.17 lakhs
  • Profit before tax: ₹142.22 lakhs
  • Tax expense: ₹200.41 lakhs
  • Net profit for period: ₹(58.19) lakhs (loss)
  • Earnings per share (Basic & Diluted): ₹(0.06)

Consolidated Entities Included

The financial results include:

  • Subsidiaries: Neddie and Thread Designs LLP, Saasjoy Solutions Private Limited
  • Associates: Janak Urja Private Limited, Eezily Network Private Limited, Finclave Aceel LLP, Swadesh Venture Fund LLP

Board Approvals Requiring Shareholder Approval

1. Re-appointment of Nominee Director

  • Re-appointment of Mr. Jaimin Jagdishbhai Shah (DIN: 00021880) as Nominee Director on behalf of Dev Information Technology Limited
  • Subject to member approval at AGM

2. Alteration of Memorandum and Articles of Association

  • MOA Alteration: Expansion of main object clause to include diversified business activities beyond co-working spaces
  • AOA Alteration: Addition of Article 79.2 allowing debenture trustees/investors to appoint nominee directors for NCD issuances
  • Both subject to member approval

3. Employee Stock Option Plan Matters

  • Ratification of pre-IPO ESOP Scheme 'Dev Accelerator Limited Employee Stock Option Plan - 2023'
  • Modifications to the existing ESOP scheme
  • Extension of ESOP benefits to eligible employees of group companies including subsidiaries and associates
  • All subject to member approval

4. Loans/Guarantees for Subsidiary

  • Approval for giving loans/guarantees/security for loans availed by Neddie and Thread Designs LLP (LLPIN: AAR-1928)
  • Subject to member approval and compliance with Section 185 of Companies Act, 2013

Capital Raising Activities

Preferential Allotment (Completed)

  • Equity Shares: 44,44,440 shares at ₹45 per share (including premium of ₹43) to Infibeam Projects Management Private Limited
  • Amount raised: ₹1,999.99 lakhs
  • Convertible Warrants: 33,33,330 warrants at ₹45 per warrant to promoters (Umesh Uttamchandani, Parth Shah, Rushit Shah)
  • Amount received: ₹374.99 lakhs (25% of total consideration)
  • Balance payable: ₹1,124.99 lakhs within 18 months from allotment date (June 16, 2026)
  • Post-allotment capital: Increased from ₹1,803.75 lakhs to ₹1,892.64 lakhs

NCD Issuance (Post-quarter event)

  • Allotment of 1,00,000 Senior, Secured, Rated, Listed, Redeemable, Non-Cumulative, Taxable, Transferable Non-Convertible Debentures
  • Face value: ₹10,000 each
  • Total amount: ₹100 crore
  • Allotment date: August 4, 2026 (approved by Executive Committee)
  • Accounting impact: To be reflected in Q2 FY27 results

IPO Proceeds Utilization (as of June 30, 2026)

  • Total fresh issue proceeds: ₹12,737.90 lakhs (net of issue expenses)
  • Capex for fitout: ₹4,437.81 lakhs utilized (₹2,873.79 lakhs unutilized)
  • Debt repayment: ₹3,500.00 lakhs fully utilized
  • General corporate purposes: ₹1,926.30 lakhs fully utilized
  • Total utilized: ₹9,864.11 lakhs
  • Unutilized amount: ₹2,873.79 lakhs parked in monitoring accounts and fixed deposits

Annual General Meeting

  • 6th AGM to be held on Friday, September 25, 2026, at 01:00 PM IST
  • Mode: Video Conferencing/Other Audio Visual Means
  • Venue: Deemed to be at Registered Office
  • Notice and Annual Report for FY 2025-2026 to be sent to members in due course