Company Overview

Trading Symbol: DEVX

Regulatory Disclosure

Dev Accelerator Limited filed regulatory disclosures pursuant to SEBI Listing Regulations, submitting Notice of 6th Annual General Meeting and audited Consolidated Financial Statements for FY 2025-26. The AGM will be held on September 25, 2026 via video conference with remote e-voting available September 22-24, 2026.

Financial Performance Highlights (FY 2025-26)

Consolidated Performance:

  • Revenue from Operations: ₹226 Crores (₹22,592.26 lakhs), up 42.2% YoY
  • EBITDA: ₹109 Crores with 48.4% margin (230 bps decrease)
  • Profit Before Tax: ₹16 Crores (₹1,571.26 lakhs), up 433% YoY
  • Net Profit: ₹8.84 Crores (₹884.21 lakhs)
  • Basic EPS: ₹1.11
  • Cash EBIT: ₹42 Crores with 18.8% margin (510 bps improvement)

Operational Metrics:

  • Occupancy Rate: 90.31% across 8.3 Lacs Sq. Ft. portfolio
  • Net Churn: 0.0% with 99.7% seat retention
  • Managed 28 centers in 12 cities serving 335 clients
  • Tier-II markets contribute 74% of revenue
  • Revenue-to-Rent Ratio: 2.28x

Balance Sheet Position (as of March 31, 2026):

  • Total Assets: ₹643.99 Crores (₹64,398.19 lakhs)
  • Total Equity: ₹185.67 Crores (₹18,566.32 lakhs)
  • Cash Reserves: ₹21.08 Crores (₹2,107.58 lakhs)
  • Long-term Borrowings: ₹81.09 Crores (₹8,109.45 lakhs)
  • Lease Liabilities: ₹225.69 Crores (₹22,569.19 lakhs)
  • Right-of-Use Assets: ₹192.25 Crores (₹19,225.26 lakhs)
  • Debt-to-Equity Ratio: 0.78x (improved from 2.39x)

IPO Utilization and Capital Structure

  • Completed IPO raising net proceeds of ₹127.37 Crores (₹12,737.90 lakhs)
  • Utilized ₹92.62 Crores (₹9,262.30 lakhs): ₹38.36 Crores for capex, ₹35 Crores debt repayment, ₹19.26 Crores corporate purposes
  • Unutilized amount: ₹34.76 Crores remaining for future expansion
  • Promoter holding diluted to 36.80% post-IPO from 49.80%
  • Major shareholders: Dev Information Technology Limited (16.19%), Parashwanath Land Organisers LLP (7.52%), promoter individuals (6.87% each)

Expansion Strategy and Growth Outlook

Current Portfolio:

  • 28 operational centers with 13,604 seats capacity
  • Significant developments: DevX 052 (Ahmedabad, 8.60 Lacs Sq. Ft.), DevX Capital One (Ahmedabad, 3.15 Lacs Sq. Ft. with 95% pre-leasing), Bengaluru expansion (1.1 Lacs Sq. Ft. operational August 2026)

Expansion Targets:

  • Target operational portfolio of 12 Lacs Sq. Ft. by FY 2027-28
  • FY 2026-27 guidance: Consolidated revenue of ₹280-300 Crores
  • Maintain cash EBIT margin of 20.0-22.0%
  • Debt-to-equity ratio below 1.0x

Funding Plan (₹245 Crores):

  • Non-Convertible Debentures: ₹100 Crores issued at 11.75% coupon
  • Associate Monetization: ₹110-120 Crores from holding in associate developing 5 Lacs Sq. Ft.
  • Preferential Issue: ₹35 Crores approved (₹15 Crores from promoters, ₹20 Crores from non-promoters)

Corporate Governance and AGM Resolutions

Board Composition:

  • 10-member board with 3 executive, 2 non-executive, and 5 independent directors
  • Key Managerial Personnel: Mr. Parin Shah (Joint CFO), Mr. Parthiv Panchal (Joint CFO), Mr. Anjan Trivedi (Company Secretary)

AGM Agenda:

  • Ordinary Business: Adoption of financial statements, re-appointment of Mr. Yash Himanshu Shah
  • Special Business: Re-appointment of Mr. Jaimin Jagdishbhai Shah, appointment of secretarial auditors for 5 years, alterations to MOA/AOA, loans to subsidiary up to ₹50 Crores, ratification and modification of ESOP Scheme 2023

Auditor Appointments:

  • Statutory Auditor: M/s. Nisarg J Shah & Co. (until FY 2028-29)
  • Internal Auditor: Grant Thornton Bharat LLP
  • Secretarial Auditor: M/s Murtuza Mandorwala & Associates

Subsidiaries and Associates

  • Subsidiaries: Neddle and Thread Designs LLP (99% holding, material subsidiary), Saasjoy Solutions Private Limited (100% holding)
  • Associates: Finclave Accel LLP (33.33%), Swadesh Venture Fund LLP (50%), Janak Urja Private Limited (43.69%), Eezily Networks Private Limited (35%)

Audit and Compliance

  • Auditor issued unmodified opinion with lease accounting as key audit matter
  • No material orders from regulators/courts impacting going concern status
  • No fraud reported by auditors under Companies Act
  • GST demands of ₹141.87 lakhs under dispute with ₹1.37 lakhs deposited under protest
  • Corporate guarantees of ₹374.17 lakhs issued to subsidiary

Subsequent Events

  • Board approved preferential issue of 33,33,330 convertible warrants to promoters at ₹45 per warrant (₹1,500 lakhs)
  • Preferential issue of up to 44,44,440 equity shares to Infibeam Projects Management Private Limited at ₹45 per share (₹2,000 lakhs)
  • Shareholders approved these issuances via postal ballot on April 23, 2026

Forward-Looking Statements

The document contains forward-looking statements subject to risks and uncertainties. Actual results may differ materially from those expressed. The company maintains strong growth trajectory with focused expansion strategy and robust funding plan.