DevX Q2 FY27: Net Profit Jumps 213% to ₹5.5 Crore

Flexible workspace provider Dev Accelerator Limited, which operates under the DevX brand, reported a 213.5% year-on-year (YoY) increase in consolidated net profit to ₹5.5 crore in Q2 FY27, compared with ₹1.76 crore in the corresponding quarter last year.

Revenue from operations increased 54.8% YoY to ₹80.2 crore, against ₹51.8 crore in Q2 FY26. On a sequential basis, revenue grew 49.2% from ₹53.8 crore in Q1 FY27.

Including other income of ₹2.2 crore, total income stood at ₹82.4 crore during the quarter. Total expenses increased to approximately ₹75.6 crore from ₹52.8 crore in the year-ago period.

The company also reported a share of loss of ₹55.4 lakh from an associate and tax expenses of ₹82.7 lakh.

DevX Expands Workspace Network With 91.2% Occupancy

Founded in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, Dev Accelerator provides flexible workspace solutions through managed offices, coworking spaces, office design and build services, and facility management.

The company operates across cities including Ahmedabad, Vadodara, Surat, Mumbai, Pune, Hyderabad, Noida and Jaipur, among others.

According to its Q2 FY27 earnings presentation, DevX operated 28 centres across 12 cities, covering approximately 1.16 million sq. ft. of workspace. Its occupancy stood at 91.2%, with 17,412 seats across its network.

The company also reported an average client tenure of 39 months and an average remaining lock-in period of 33 months. Its operating model combines managed office services with design and build projects for enterprise clients.

For the first half of FY27, revenue from operations reached ₹134 crore, up 54.8% from ₹86.6 crore in H1 FY26. The company reported an EBITDA of ₹71.1 crore and profit after tax of approximately ₹7 crore for the six-month period, according to its earnings presentation.

DevX’s expansion strategy includes adding workspace capacity and strengthening its presence in both established business centres and emerging commercial markets. Its earnings presentation also highlighted a pipeline of 17 new centres covering approximately 2.81 million sq. ft., representing potential future capacity rather than currently operational workspace.

DevX Approves ₹300 Crore NCD Fundraising

Alongside its Q2 FY27 results, DevX’s board approved a proposal to raise up to ₹300 crore through non-convertible debentures (NCDs) on a private placement basis.

The proposed issue may be undertaken in one or more series or tranches and will be offered to eligible investors, including individuals, corporate entities and institutional investors. The approval sets the fundraising limit; the actual issuance and allotment will depend on the company’s execution of the proposal.

The board also approved the allotment of 33.33 lakh equity shares at ₹45 per share to its co-founders and promoters, Parth Shah, Rushit Shah and Umesh Uttamchandani, following the conversion of previously issued convertible warrants.

The warrants were originally allotted in June 2026, with the promoters initially paying 25% of the subscription amount, or approximately ₹3.75 crore. They subsequently paid the remaining 75%, amounting to around ₹11.25 crore, to complete the conversion.

Following the allotment, the promoters’ combined shareholding increased to 37.29% from 35.09%, according to the company’s disclosure.

The latest results and corporate decisions come as DevX continues to expand its managed workspace network and enterprise offerings. The proposed NCD fundraising could provide additional capital for its business plans, while the promoter warrant conversion increases the promoters’ equity holding in the company.