DEVX

Dev Accelerator Limited

Built-to-suit and managed office-space operator

Services›Services›Commercial Services & Supplies›Diversified Commercial Services

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Key metrics

Price as of 2026-10-16

Stock price

₹42.51

Market cap

402 Cr

Stock P/E

39.6

P/B

1.85

ROE (FY26)

4.7%

ROCE (FY26)

18.2%

Operating margin (FY26)

22.3%

Debt / equity (FY26)

0.78

OCF / EBITDA (FY26)

82.2%

OCF / EBITDA (3Y)

75.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

DevX (Dev Accelerator) leases office buildings and rents them out as managed and flexible workspace to companies, mainly in India's Tier 2 cities, and also fits out offices through its design-and-build subsidiary Needle & Thread.

Company snapshot

26thBy market cap

Ranked among 36 companies in Diversified Commercial Services.

What we see

Concerns

✗Interest coverage of 1.1x — earnings barely cover interest payments, which is a warning sign.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	56 Cr	52 Cr	59 Cr	59 Cr	54 Cr
Operating expenses (approx.)	29 Cr	25 Cr	35 Cr	27 Cr	23 Cr
EBITDA	26 Cr	26 Cr	24 Cr	33 Cr	30 Cr
OPM %	47.4%	51.0%	40.4%	54.9%	56.3%
Other income	1 Cr	3 Cr	2 Cr	4 Cr	3 Cr
Interest	12 Cr	13 Cr	9 Cr	10 Cr	14 Cr
Depreciation	15 Cr	15 Cr	15 Cr	15 Cr	18 Cr
Profit before tax	0.95 Cr	2 Cr	3 Cr	10 Cr	2 Cr
Tax %	85.2%	-3.3%	139.4%	24.1%	4.6%
Net profit	0.14 Cr	2 Cr	-1 Cr	8 Cr	2 Cr
EPS (₹)	₹0.02	₹0.26	₹-0.15	₹0.98	₹0.16

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	70 Cr	108 Cr	159 Cr	226 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	40 Cr	44 Cr	78 Cr	117 Cr	Sign in free for the trailing twelve months
EBITDA	30 Cr	65 Cr	80 Cr	109 Cr	Sign in free for the trailing twelve months
OPM %	42.6%	59.8%	50.7%	48.4%	Sign in free for the trailing twelve months
Other income	1 Cr	3 Cr	19 Cr	10 Cr	Sign in free for the trailing twelve months
Interest	17 Cr	31 Cr	45 Cr	44 Cr	Sign in free for the trailing twelve months
Depreciation	30 Cr	45 Cr	52 Cr	59 Cr	Sign in free for the trailing twelve months
Profit before tax	-16 Cr	-9 Cr	3 Cr	16 Cr	Sign in free for the trailing twelve months
Tax %	20.0%	105.1%	34.3%	43.7%	Sign in free for the trailing twelve months
Net profit	-13 Cr	0.44 Cr	2 Cr	9 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹-2.55	₹0.08	₹0.27	₹1.11	Sign in free for the trailing twelve months
Dividend payout %	—	—	—	0.0%	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	4 Cr	4 Cr	17 Cr	22 Cr
Reserves	-2 Cr	25 Cr	38 Cr	164 Cr
Borrowings	33 Cr	101 Cr	131 Cr	145 Cr
Other liabilities	248 Cr	281 Cr	355 Cr	314 Cr
Total liabilities	282 Cr	411 Cr	540 Cr	644 Cr
Fixed assets (net)	32 Cr	56 Cr	61 Cr	65 Cr
CWIP	0.32 Cr	0.27 Cr	0.27 Cr	70 Cr
Investments	0.95 Cr	9 Cr	53 Cr	231 Cr
Loans & advances	—	—	—	51 Cr
Inventories	0.27 Cr	—	—	0 Cr
Trade receivables	4 Cr	12 Cr	42 Cr	27 Cr
Cash & bank	0.54 Cr	0.54 Cr	3 Cr	21 Cr
Other assets	245 Cr	334 Cr	381 Cr	179 Cr
Total assets	282 Cr	411 Cr	540 Cr	644 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	26 Cr	8 Cr	94 Cr	90 Cr
Cash from investing	-24 Cr	-41 Cr	-38 Cr	-121 Cr
Cash from financing	-4 Cr	33 Cr	-53 Cr	49 Cr
Net cash flow	-1 Cr	0 Cr	3 Cr	18 Cr
Free cash flow (OCF − Capex)	2 Cr	-26 Cr	82 Cr	-14 Cr

Ratios

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	3.6%	17.2%	25.5%	18.2%
ROE %	-1048.2%	1.5%	3.2%	4.7%
Debtor days	19	40	97	44
Inventory days	4	—	—	0
Days payable	261	418	342	206
Cash conversion cycle	-238	-378	-246	-162
OCF / EBITDA %	88.9%	11.7%	116.5%	82.2%
OCF / EBITDA % (3 years)	—	—	73.1%	75.1%
Debt / equity	27.17	3.51	2.39	0.78
Current ratio	0.31	0.61	0.69	1.26
Net debt / EBITDA	1.10	1.56	1.58	1.13