Dev Information Technology has secured a significant work order worth Rs 30.0 lakh from Central Power Research Institute (CPRI) Bangalore, under the Ministry of Power, Government of India. The order was disclosed to stock exchanges on September 10, 2026.

The project scope includes re-design, re-development, testing, commissioning, rollout, security audit, GIGW compliance certification, and comprehensive maintenance of the official CPRI website in a bilingual format. The execution period is approximately four years.

WHAT HAPPENED

The company received the formal work order on September 10, 2026. This follows recent order wins including a Rs 5.15 crore contract from National Informatics Centre Services Incorporated (NICSI) for the Rajasthan Finance Department disclosed on August 20, 2026. The CPRI order adds to the company's growing pipeline of government digital transformation projects.

ORDER IN FINANCIAL CONTEXT

At Rs 30.0 lakh, this order represents approximately 0.4% of the company's average quarterly revenue of Rs 72.05 crore. When combined with prior disclosures, the total disclosed order book stands at Rs 300.83 crore across nine orders in the last three fiscal quarters. This backlog provides coverage of 4.18 quarters of average quarterly revenue, offering visibility into future earnings streams.

COMPANY ORDER TRACK RECORD

Order inflows have remained consistent across government entities. The latest win from CPRI complements recent contracts from NICSI, HARTRON, GIFTCL, and state revenue departments.

EXECUTION AND REVENUE QUALITY

Revenue execution has shown volatility in recent quarters. Q4FY26 returned to profitability with an OPM of 5.40%, following a net loss in Q3FY26. The company reported consolidated revenue of Rs 288.2 crore and net profit of Rs 75.6 crore for the trailing twelve months.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

Annual revenue grew from Rs 183.90 crore in FY25 to Rs 189.50 crore in FY26, a YoY increase of +3.0%. Net profit surged by +530.8% to Rs 93.36 crore in FY26, driven by improved margin quality. The company maintains a Return on Capital Employed (ROCE) of 26.65% and Return on Equity (ROE) of 21.49% for FY25.

WORKING CAPITAL AND EXECUTION CAPACITY

The balance sheet shows a current ratio of 1.79x and total liabilities to equity of 0.73x as of FY26. However, operating cashflow was negative at -Rs 8.90 crore in FY25, with free cashflow at -Rs 13.50 crore. This indicates potential working capital headwinds despite accrual-based profitability.

WHAT TO WATCH

• Execution rate: Monitor whether the Rs 300.83 crore backlog translates into accelerated revenue recognition in upcoming quarters.
• OPM trajectory: Watch for stabilization of operating margins above the 5% level, given the volatility seen in Q3FY26.
• Cash conversion: Track improvements in receivables days and working capital efficiency as new orders execute, following negative operating cashflows in FY25.
• Client concentration: Assess if reliance on large government clients creates payment cycle risks that could impact liquidity.

KEY OBSERVATIONS

• Margin stress: Net loss of Rs 7.40 crore in Q3FY26; execution stress visible in quarterly data with OPM dropping to -14.43%.
• Cash conversion: Operating cashflow of -Rs 8.90 crore in FY25; backlog is not converting to cash efficiently.
• Promoter holding: Moved from 66.63% to 41.58% in Q1FY27, indicating significant promoter divestment or dilution events during the quarter.

Dev Information Technology Limited has confirmed September 30, 2026, as the date for its 29th Annual General Meeting (AGM). The meeting will be held at 4:00 pm through Video Conferencing or Other Audio-Visual Means. The company also provided a web link to access its Integrated Annual Report for FY25-26.

The Board of Directors previously approved these measures alongside ₹370 crore in related-party transactions on September 3, 2026. Shareholders must hold equity shares as of the record date on September 23, 2026, to participate in voting or receive the final dividend payout. Newspaper advertisements for the AGM were published on September 8, 2026, in "Business Standard" and "Jai Hind" editions.

AGM and Annual Report Details

Pursuant to Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company notified members who have not registered email addresses about the availability of the annual report.

Members who have not updated their email addresses are requested to submit Form ISR-1 and Form ISR-2 to the Company, Registrar and Share Transfer Agent, or their Depository Participants.

Record Date and Voting Schedule

The record date for determining shareholder eligibility for the final dividend and e-voting is September 23, 2026. Remote e-voting opens on September 25, 2026, and closes on September 29, 2026.

Related-Party Transactions

The Board sought omnibus approvals for services rendered and availed between the listed entity and its subsidiaries, associates, and deemed related parties. These transactions are expected to exceed materiality thresholds under SEBI Listing Regulations.

*Includes transactions between subsidiaries Dhyey Consulting, Dynamics Stars LLC, and Dev Info-Tech North America Ltd.

The largest single approval is for ₹100 crore with XDuce Corporation, a deemed related party due to its indirect shareholding through XDuce Technologies Private Limited. This covers rendering and availing of services to leverage operational synergies and resource sharing.

Director Appointments

Shareholders will decide on the appointment of:

• Jayesh Madhusudan Dave as a Non-Executive, Non-Independent Nominee Director representing XDuce Technologies Private Limited. He brings over two decades of experience in scaling technology services businesses.
• Bhawika Ogra as an Independent Non-Executive Director for a five-year term. She holds senior regulatory and compliance experience from the National Stock Exchange of India (NSE).

Both appointments are effective from October 1, 2026, subject to shareholder approval.

Dividend Details

The Board proposed a final dividend of ₹0.10 per equity share, equivalent to 5%. Shareholders on record as of September 23, 2026, will be eligible for this payout.

What the Numbers Show

The proposed RPTs total ₹370 crore, which represents approximately 51% of the listed entity's annual consolidated turnover from the immediately preceding financial year, based on the disclosed percentage for the largest transaction block. This indicates a significant reliance on intra-group service flows, particularly with its Canadian subsidiary and US-based partners, to manage cross-border delivery operations.