| Revenue growth | Consolidated revenue up 54.8% YoY to ₹80.2 Cr; QoQ +49.2%. |
|---|---|
| Margins | Cash EBIT margin 23.8% vs 17.5%, up 625bps; EBITDA margin 50.8%. |
| Order book | Pipeline: 17 centres, 2.8 mn sq ft, ~3.5x current operational size. |
| Demand visibility | Flex office leasing up 37% in top 7 markets; GCC share rising. |
| Management confidence | Confident; emphasizes execution and cash conversion as priorities. |
Growth
Revenue +54.8% YoY, EBITDA +54.3% to ₹40.8 Cr; Capital One ramp contributed.
Outlook
Pipeline 17 centres, 2.8 mn sq ft → 4.16 mn sq ft, 49 centres; no period or revenue guidance given.
Risks
No Q&A held; net debt ₹185 Cr up from ₹89 Cr; ₹100 Cr capex; cash conversion flagged as priority.
Last quarter's promises, checked
Delivered
- Signed capacity ramp (no figure given) → revenue ₹53.8 Cr → ₹80.2 Cr, +49.2% QoQ (= BEAT, directional only)
Partly delivered
- Ahmedabad 8.6 lakh sq ft: ~₹100 cr fit-out, ~8,500 seats, ~₹120 cr revenue → ₹100 cr fit-out spend cited; seats and revenue not reported (= PARTIAL)
- ₹100 cr NCD reflected from Q2 → net debt rise consistent; 11.75% coupon and 36m tenure not verifiable from Q2 data (= PARTIAL)
Missed
- Implied deleveraging (net debt ₹81 Cr at Q1, ND/equity 0.4x) → net debt ₹185 Cr at Q2, up ~₹104 Cr (= MISS)
- Margin improvement (no figure; Q1 Ind AS consol. EBITDA margin 56.3%) → Q2 EBITDA margin 50.8% (= MISS)
Earnings Call Transcript filed with BSE, NSE: DEVX. Summary written with AI assistance from the document.
Dev Accelerator Ltd: key numbers
- Share price
- ₹40.57
- Market cap
- ₹397.4 Cr
- Revenue (annual)
- ₹225.9 Cr
- Net profit (annual)
- ₹8.80 Cr
- P/E (TTM)
- 28.6×Sector 35.2×
- Promoter holding
- 35.09%+0.00% QoQ
- FII holding
- 1.46%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from Dev Accelerator Ltd
All →Dev Accelerator Capacity Expansion: ₹3 Cr Investment
Dev Accelerator plans an 84,000 sq. ft. capacity addition at a Rs.3.00 Crore investment, to be completed within November 2026. The filing discloses a future expansion, not a completed or contracted order.
- Value
- ₹3.00 Cr
- Execution
- Within November 2026
- facility capacity addition
- 84000.0 sq. ft.
Dev Accelerator Capacity Expansion: ₹6 Cr Investment
Dev Accelerator signed lease deeds for 97,075 sq ft of added capacity in Kochi and Ahmedabad. Investment is up to Rs. 6.00 Crore.
- Value
- ₹6.00 Cr
- Execution
- Within February/March 2027 (Kochi); within November 2026 (Ahmedabad)
- super built-up area
- 97075.0 sq. ft.
Dev Accelerator Results Update
Dev Accelerator released its Q2 and H1 FY27 press release on unaudited results. It highlights record quarterly revenue and profit growth alongside 91.2% occupancy.
Dev Accelerator Investor Presentation: Key Takeaways
Q2 FY27 revenue Rs 80.2 Cr (+54.8%), EBITDA Rs 40.8 Cr (50.8%), PAT Rs 5.5 Cr (+213.5%). H1 revenue Rs 134.0 Cr (+24.7%). Occupancy 91.2%; 17-centre pipeline supports Tier-II GCC expansion.
Dev Accelerator Convertible Warrants
Dev Accelerator allotted 33,33,330 equity shares to three promoters at Rs.45 each on conversion of warrants. The balance subscription of Rs.11.25 Crore was received.
- Value
- ₹11.25 Cr
Dev Accelerator Preferential Issue
Dev Accelerator's monitoring agency report on its preferential issue shows nil deviation from objects for the quarter. It is periodic compliance paperwork with no new transaction.