Dev Accelerator Limited has reported a consolidated net profit of ₹884.21 lakh for the fiscal year ended March 31, 2026, a significant increase of 396% from ₹178.23 lakh in the previous year. Revenue from operations for FY26 stood at ₹22,592.26 lakh, compared to ₹15,887.45 lakh in FY25, driven by the company's focus on Tier 2 cities. The board approved the audited financial results during its meeting held on May 19, 2026, and the statutory auditors, M/s. Nisarg J Shah & Co., issued an unmodified opinion.

Financial Performance

For the quarter ended March 31, 2026, the company recorded a consolidated net profit of ₹796.20 lakh, reversing from a loss of ₹101.28 lakh in the preceding quarter ended December 31, 2025. Revenue from operations for the quarter was ₹5,925.96 lakh. The company achieved a consolidated EBITDA of ₹109 crore with a margin of 48.4% for the full year, while standalone EBITDA reached ₹171 crore with a margin of 60.5%.

Operational Highlights

Dev Accelerator maintained an occupancy level of 90.31% across 28 centers in 12 cities, with 0.83 million sq. ft. of Assets Under Management (AUM) and 12,015 occupied seats. The Rent to Revenue Ratio stood at 2.28x, and the net churn rate was 0.0%. The company noted that 65% of its revenue comes from enterprise clients on built-to-suit contracts, with an average lock-in period of 34 months. During the year, the company signed and secured approximately 15.75 lakh sq. ft. of contracted space in the Ambli Bopal micro market in Ahmedabad.

Strategic Outlook and Fund Raising

The board approved a proposal to raise funds through the issuance of Non-Convertible Debentures (NCDs) aggregating up to ₹100 crore on a private placement basis. The company plans to invest roughly ₹200 crore to ₹225 crore over the next two years to expand its operational area from 1.2 million sq. ft. to 3 million sq. ft. by FY28. Management anticipates a revenue run rate of ₹330 crore to ₹350 crore in FY27, with a cash EBIT margin of 21-22%. The company also expects a liquidity event of ₹110 crore to ₹120 crore in Q1 FY27 from the monetization of a subsidiary holding.

Dev Accelerator Limited has released its monthly newsletter for April 2026, highlighting significant achievements, strategic developments, and community events. The company, formerly known as Dev Accelerator Private Limited, continues to expand its footprint in the managed workspace sector, focusing on Grade-A infrastructure in Tier-2 cities and key business corridors. Chairman Parth Shah noted that the demand for professionally managed, Grade-A infrastructure is becoming more deliberate and urgent, with businesses making long-term workspace decisions at an accelerating pace.

Awards and Recognitions

The company secured the 'Coworking Startup of the Year' award at the Economic Times Entrepreneur Awards 2026 for the second consecutive year, reflecting consistency across cities, teams, and workspace delivery. Additionally, Phi Designs, the company's design and build arm, received the 'India's Most Futuristic Interior Design and Build Firm 2026' award at the National Architecture & Interior Design Excellence Awards & Conference 2026.

Market and Industry Insights

The newsletter noted that India hosts over 1,600 Global Capability Centres (GCCs) employing more than 1.6 million professionals, making it one of the world's largest hubs for enterprise operations. The GCC workforce is projected to reach 2 million professionals by 2026, with a growing share based outside the top four metro cities. DevX emphasized that talent density in Tier-2 markets is rising faster than most organisations anticipated, with stronger retention, significantly lower real estate costs, and professional infrastructure quality that has caught up to enterprise standards. The gap between enterprise demand and quality supply remains a structural opportunity, particularly in markets where DevX has been building centres ahead of the curve.

Strategic Expansion and Leadership Feature

DevX announced that a new centre is coming to Bangalore, India's technology capital and the country's highest concentration of GCCs, engineering talent, and enterprise decision-making, bringing its enterprise workspace standard to a market with high demand. Managing Director Umesh Uttamchandani was featured on the Crafting Bharat podcast, where he discussed the full arc of DevX — from its founding in Gujarat to national scale, balancing startup and enterprise clients, navigating the coworking industry through and after the pandemic, and what changed after the IPO.

Events at DevX

The April 2026 edition highlighted a series of community and industry events hosted across DevX centres. The DevXplore AI Hackathon brought together employees from DevX, Phi Designs, Momentum91, and Eezily, with 32 teams competing over two days using AI tools to build real solutions, with six teams making the final cut. DevX Mumbai served as venue partner for the AI in Product Management Workshop, featuring Debopam Basu, VP & Head of Product at BookMyShow, drawing founders, product managers, and builders. India's First Webflow Community Meetup was hosted at DevX SBR, Ahmedabad, bringing together 100+ builders, designers, and creators. DevX GIFT City hosted a cybersecurity seminar in collaboration with Mitigata, focused on the practical implementation of IFSCA cybersecurity guidelines for professionals from financial institutions and Fund Management Entities. DevX Mumbai also partnered with Nanavati Hospital to host a free health check-up camp, offering members blood pressure checks, blood sugar tests, BMI assessments, medical consultations, and follow-up consultation support.