Synopsis:
Dev Accelerator Ltd reported a 123% increase in Q1 revenue to ₹55.62 crore YoY, while its net profit turned from a loss to profit.
The shares of the Micro-Cap company that specializes in providing flexible workspace solutions, including managed offices and coworking spaces, jumped by upto 3 percent following their Results with a 123 percent rise in Revenue YoY.
With a market capitalization of 471.32 Crores on Wednesday, the shares of Dev Accelerator Ltd jumped upto 2.8 percent, reaching a high of Rs. 53.35 compared to its previous close of Rs. 51.87.
What Happened
Dev Accelerator Ltd, engaged in providing flexible workspace solutions, including managed offices and coworking spaces, has announced its Q1 results as follows: Its Revenue from operations rose by 123 percent YoY from Rs. 24.91 Crores in Q1FY25 to Rs. 55.62 Crores in Q1FY26, and it declined by 15 percent QoQ from Rs. 65.40 Crores in Q4FY25 to Rs. 55.62 Crores in Q1FY26.
From a Net loss of Rs. 5.97 Crores in Q1FY25 turned to a profit of Rs. 0.13 Crores in Q1FY26, and it declined by 94 percent QoQ from Rs. 2.1 Crores in Q4FY25 to Rs. 0.13 Crores in Q1FY26. The earnings per share (EPS) for the quarter stood at Rs. 0.02, compared to Rs. 0.32 in the previous quarter.
Company Overview & Others
DevX is one of the largest flex operators in Tier 2 markets, managing over 860,552 sqft of space. They offer a comprehensive range of office space solutions, including sourcing, customizing, and providing technology for efficient asset management. With a presence across 11 cities in India and 28 centers, 85% of their spaces are occupied.
It is targeting high-growth Tier 2 markets, with 16 of its 28 centers located in these areas. The company’s experienced leadership team has over 21 years of industry experience, with a focus on flexible workspace strategy.
In Q1 FY26, the top 10 clients contributed 44.39 percent of the company’s revenue, showing a notable increase from 38.58 percent in FY25. This suggests that the company is becoming more reliant on its key clients for a larger share of its revenue, reflecting either growth in sales from these clients or a more concentrated customer base.
The Dev Accelerator IPO had recently launched its IPO with a book-built issue valued at Rs. 143.35 crores, consisting of a fresh issue of 2.35 crore shares. The IPO bidding began on September 10, 2025, and closed on September 12, 2025.
The allotment for the IPO was finalized on September 15, 2025, and the shares were listed on the BSE and NSE on September 17, 2025. The price band for the IPO was set at ₹61.00 per share, with a lot size of 235 shares per application.
The net proceeds from the Dev Accelerator IPO will be used for three primary purposes: Rs. 73.12 crores for capital expenditure on fit-outs and security deposits for new centers, Rs. 35.00 crores for repaying or pre-paying certain borrowings, including the redemption of NCDs, and Rs. 19.26 crores for general corporate purposes.
Written by Sridhar J
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