Dev Accelerator Limited (NSE: DEVX), the Ahmedabad-based managed office space company, reported a 34.3 per cent year-on-year increase in standalone revenue from operations to ₹170.91 crore for FY26, up from ₹127.26 crore in FY25, according to its Q4 FY26 earnings release filed with stock exchanges on May 20, 2026.

Standalone EBITDA rose 36 per cent to ₹103.46 crore, with margins expanding marginally to 60.5 per cent from 59.8 per cent a year ago. Profit before tax surged to ₹10.15 crore from ₹0.99 crore in FY25 — a 922 per cent jump — while normalised PBT grew 44 per cent to ₹20.24 crore. Cash EBIT more than doubled, rising 111 per cent to ₹36.55 crore for the full year.

On a consolidated basis, revenue from operations came in at ₹226 crore for FY26, a 42.2 per cent YoY increase, with consolidated EBITDA margin at 48.4 per cent and normalised PBT at ₹26.07 crore, up 41 per cent year-on-year.

The company’s quarter was shaped by several large transactions. In Q4, DevX signed 4.5 lakh sq. ft. at Winston under a straight lease model along the Ahmedabad’s Ambli–Bopal corridor, and operationalised Capital One — a 3.15 lakh sq. ft. facility with around 4,000 seats — at 95 per cent pre-leasing prior to launch. The company also announced 8.1 lakh sq. ft. signed under Development Management contracts, involving an investment commitment of approximately ₹100 crore over four years, with potential peak annual revenue of ₹120 crore at 85 per cent stabilised occupancy.

Management said it is targeting to double operational capacity to approximately 30 lakh sq. ft. by FY28. DevX currently operates 28 centres across 12 cities with around 13,304 seats and 0.83 million sq. ft. under management.

The stock was trading at ₹39.71 on NSE Thursday morning, down 0.68 per cent from its previous close, with a total market capitalisation of ₹358.50 crore. The scrip has declined roughly 38 per cent from its 52-week high of ₹64.05 hit in September 2025.

Published on May 21, 2026