Dev Accelerator Q3FY26 Revised Results: 60.2% Standalone Revenue Growth
Dev Accelerator Limited released revised Q3 & 9M FY26 earnings showing strong standalone performance with 60.2% quarterly revenue growth and 61.1% nine-month EBITDA margin. The company signed India's largest managed office contract of 8 lakh sq. ft. involving ₹100 crore investment and launched Ahmedabad Mega Campus with 95% pre-leasing, demonstrating strong operational execution in Tier-2 markets.
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Dev Accelerator Limited announced its revised Q3 & 9M FY26 earnings release on February 2, 2026, showcasing strong standalone performance with 60.20% revenue growth despite consolidated quarterly losses. The co-working space provider reported significant operational milestones including India's largest managed office contract while maintaining regulatory compliance under SEBI disclosure requirements.
Regulatory Compliance and Revised Disclosure
The company submitted its revised earnings release to BSE Limited and National Stock Exchange of India Limited on February 2, 2026, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The unaudited financial results were reviewed by statutory auditors.
| Exchange Details: | Information |
|---|---|
| BSE Script Code: | 544513 |
| NSE Trading Symbol: | DEVX |
| Company Secretary: | Anjan Trivedi |
| Investor Relations: | Available at devx.work/investor-relations |
Standalone Financial Performance Highlights
The revised earnings release highlighted exceptional standalone performance with significant growth across key metrics for both quarterly and nine-month periods:
| Particulars: | 9MFY26 | 9MFY25 | YoY Change | Q3FY26 | Q3FY25 | YoY Change |
|---|---|---|---|---|---|---|
| Revenue from Operations: | ₹123.96 crores | ₹82.85 crores | +49.60% | ₹43.50 crores | ₹27.16 crores | +60.20% |
| EBITDA: | ₹75.75 crores | ₹47.66 crores | +58.90% | ₹22.75 crores | ₹15.64 crores | +45.00% |
| EBITDA Margin: | 61.10% | 57.50% | - | 52.30% | 57.60% | - |
| Cash EBIT: | ₹26.42 crores | ₹4.10 crores | +544.00% | ₹6.43 crores | ₹0.96 crores | +572.00% |
| PBT: | ₹4.69 crores | ₹1.34 crores | +249.00% | ₹2.21 crores | ₹0.25 crores | +773.00% |
Consolidated Performance Overview
Consolidated revenue from operations reached ₹59.20 crores for Q3FY26 (+19.00% YoY) and ₹166.70 crores for 9MFY26 (+53.00% YoY), driven by new centre additions and improved realizations from enterprise clients. The consolidated EBITDA margin for 9MFY26 stood at 46.10%, reflecting operating leverage as mature centres delivered higher utilization.
| Performance Metrics: | Details |
|---|---|
| Rent to Revenue Ratio: | 2.62x (improved) |
| Operating Centres: | 28 centres across 12 cities |
| Total Seats: | 13,604 seats |
| Area Under Management: | 0.83 million sq. ft. |
| Occupancy Rate: | 88.40% |
Major Business Developments and Strategic Contracts
Dev Accelerator signed India's largest single managed office contract of 8 lakh sq. ft. at Ambli Bopal Road, Ahmedabad, executed under the company's innovative Development Management Model. This landmark deal involves partnering with landowners to develop Grade A+ green buildings for GCC requirements without land acquisition costs.
| Contract Details: | Information |
|---|---|
| Contract Size: | 8 lakh sq. ft. |
| Investment: | ₹100 crores over 4 years |
| Seats Created: | 8,500 |
| Projected Annual Revenue: | ₹120 crores |
| Model: | Development Management Model |
The company's 3.15 lakh sq. ft. Ahmedabad Mega Campus commenced operations with 95.00% pre-leasing achieved before going live, adding approximately 3,200 seats and locking in approximately ₹2.75 crore monthly revenue. Marquee clients include Suzlon, Walter P Moore, Openxcell, Tatvic, and Manubhai & Shah.
Management Commentary and Strategic Outlook
Mr. Umesh Uttamchandani, Managing Director, highlighted the company's strong performance in 9MFY26 marked by robust revenue growth, margin expansion, and landmark transactions strengthening leadership in Tier-2 markets. The company maintains 65.00% revenue from enterprise clients with 98.70% seat retention and negative 0.60% net churn, demonstrating a sticky, cash-generative business model.
| Key Performance Indicators: | Metrics |
|---|---|
| Enterprise Client Revenue: | 65.00% |
| Seat Retention Rate: | 98.70% |
| Net Churn Rate: | -0.60% |
| Tier-2 Revenue Contribution: | 75.00% |
With 75.00% of revenue from Tier-2 cities and a proven Development Management blueprint for asset-light growth, the company remains confident of delivering sustained growth and long-term value for shareholders. The revised earnings release demonstrates Dev Accelerator's resilience and strategic positioning in the managed office space segment despite quarterly consolidated challenges.
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