Dev Accelerator LimitedReal EstateDEVX
Q1 FY27 earnings callDev Accelerator Limited
Quarter results reflect operational scale-up, improved occupancy and margins, with a significant signed pipeline and new capital allocated for disciplined expansion and platform development.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | INR 53.8 crores | — | |
| Standalone Workspace Revenue | INR 42 crores | 7.8% | |
| Consolidated EBITDA (Ind AS) | INR 30.3 crores | 14.7% | |
| Consolidated EBITDA Margin (Ind AS) | 56.3% | — | |
| Operational Portfolio | 1.13 million square feet | — | |
| Occupied Seats | 15,899 | — | |
| Occupancy | 91.93% | — | |
| Enterprise Client Revenue Contribution | 70% | — |
TL;DR
- Consolidated revenue of INR 53.8 crores with standalone workspace revenue up 7.8% YoY.
- Consolidated EBITDA margin improved to 56.3% under Ind AS; occupancy increased to 91.93%.
- Operational portfolio grew to 1.13 million sq ft, with a total identified portfolio of 3.63 million sq ft.
- Enterprise client contribution increased to ~70% of operational revenue.
- Raised INR 100 crores through NCDs; net debt to EBITDA (IGAAP) improved to 1.04x.
- Focus on converting signed pipeline via various operating models and expanding technology/service capabilities.
Said on the call
“FY26 was about demonstrating that our Tier 2 strategy can work at scale, and now FY27 is about executing the signed assets and expanding into multiple different territories.”
From the Q&A
| Topic | What management said |
|---|---|
| Revenue Dip in Mumbai | Management clarified that a litigation-related center closure in Noida (contributing ~INR 3.5-3.7 crores quarterly) was the cause for a revenue dip, not a decline in Mumbai. |
| Capital One Revenue per Sq Ft | Management explained that the annualized revenue per square foot of ~1,044 (INR 87/month) for Capital One is lower due to rent-free and fit-out periods; full operational rates are INR 110-125 per sq ft per month. |
| Segment Revenue Mix | Of the consolidated INR 53.8 crores, INR 42 crores is recurring managed office revenue (standalone), with the remainder from one-time Needle & Thread projects. |
| Capex for Operational Portfolio | Roughly INR 118 crores has been invested in fit-outs for the operational 1.13 million sq ft portfolio, with more deposits/capex paid for the signed pipeline. |
| ROCE & Debt Metrics | Management stated ROCE of 14% and ROE of 7% reflect timing lags in deploying IPO funds for new centers, with improvements expected as signed centers become operational. |
| GCC Joint Venture (Scalex Advisory) | The JV (DevX owns ~12%) is for full-spectrum GCC solutions in GIFT City and does not compete with DevX's core managed office business; DevX continues to serve GCC clients directly elsewhere. |
Guidance
- Priority is to bring the signed portfolio (2.38 million sq ft signed pipeline) into operations.
- Intent to selectively replicate the Ahmedabad development management model (1.4 million sq ft planned) in other micro-markets.
- Focus on deepening enterprise and GCC client relationships and building additional technology, design, and service capabilities.
Source
Summary written from the transcript filed by Dev Accelerator Limited for the call held on 13 Aug 2026; published 21 Aug 2026, 20:06 IST.