Dev Accelerator Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Dev Accelerator Ltd filed with BSE on 18 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Dev Accelerator reported consolidated revenue of INR 53.8 crores for Q1 FY27, with standalone revenue up 7.8% year-on-year to INR 42 crores. Consolidated EBITDA under Ind AS rose 14.7% to INR 30.3 crores with margin at 56.3%, while operational portfolio expanded to 1.13 million square feet across 27 centers with occupancy at 91.93%. Management also detailed a recent INR 100 crore NCD raise, a reduction in net debt to INR 81 crores, and progress on signed pipeline of 2.31 million square feet for future development.
Numbers mentioned
Consolidated revenue: INR 53.8 crores (Q1 FY27)
p. 3
“For Q1 FY27, our consolidated revenue was INR 53.8 crores.”
Umesh Uttamchandani, page 3 of the filed PDF · View the filing
Standalone revenue: INR 42 crores (Q1 FY27)
p. 3
“the revenue increased by 7.8% on a year-on-year basis to INR 42 crores from INR 38.9 crores in Q1 last year”
Umesh Uttamchandani, page 3 of the filed PDF · View the filing
Consolidated EBITDA (Ind AS): INR 30.3 crores, margin 56.3% (Q1 FY27)
p. 3
“our consolidated EBITDA under Ind AS increased by 14.7% on a year-on-year basis to INR 30.3 crores, with EBITDA margin improving to 56.3% from 47.4% in Q1 FY26”
Umesh Uttamchandani, page 3 of the filed PDF · View the filing
Consolidated EBITDA (IGAAP): INR 12.5 crores, margin 23.2% (Q1 FY27)
p. 3
“At an IGAAP level, our consolidated EBITDA increased by 24% to INR 12.5 crores, with an EBITDA margin of 23.2% compared to 18.1% in the corresponding quarter last year.”
Umesh Uttamchandani, page 3 of the filed PDF · View the filing
Consolidated PBT (IGAAP): INR 7.1 crores (Q1 FY27)
p. 3
“The consolidated profit before tax under IGAAP increased by 64.9% to INR 7.1 crores, which earlier was INR 4.3 crores in the previous quarter.”
Umesh Uttamchandani, page 3 of the filed PDF · View the filing
Standalone EBITDA (Ind AS): INR 27.7 crores, margin 66% (Q1 FY27)
p. 3
“On a standalone basis, EBITDA under Ind AS was INR 27.7 crores with a margin of 66%.”
Umesh Uttamchandani, page 3 of the filed PDF · View the filing
Operational portfolio: 1.13 million square feet (Q1 FY27)
p. 4
“At the end of Q1, our operational portfolio was 1.13 million square feet compared to 0.86 million square feet in quarter one last year.”
Umesh Uttamchandani, page 4 of the filed PDF · View the filing
Occupancy: 91.93% (Q1 FY27)
p. 4
“overall occupancy also improved to 91.93% from 88.6%”
Umesh Uttamchandani, page 4 of the filed PDF · View the filing
Enterprise revenue contribution: approximately 70% (Q1 FY27)
p. 4
“The enterprise clients contributed approximately 70% of our revenue from operations duringQ1 , compared to 52% in the corresponding quarter last year.”
Umesh Uttamchandani, page 4 of the filed PDF · View the filing
Revenue to rent ratio: 2.63x (Q1 FY27)
p. 4
“the performance in our revenue to rent ratio was 2.63x”
Umesh Uttamchandani, page 4 of the filed PDF · View the filing
Gross debt: INR 135 crores (Q1 FY27)
p. 6
“At the end of quarter one FY27, our gross debt was INR 135 crores compared to INR 145 crores at the end of FY26.”
Umesh Uttamchandani, page 6 of the filed PDF · View the filing
Net debt: INR 81 crores (Q1 FY27)
p. 6
“With cash and cash equivalents of INR 54 crores, our net debt was INR 81 crores compared to INR 89 crores at the end of FY26.”
Umesh Uttamchandani, page 6 of the filed PDF · View the filing
Net debt to equity: 0.4x (Q1 FY27)
p. 6
“Our net debt to equity improved to 0.4x from 0.48x, while net debt to EBITDA on an IGAAP basis was 1.04x compared to 2.10x at the end of FY26.”
Umesh Uttamchandani, page 6 of the filed PDF · View the filing
NCD raise: INR 100 crores at 11.75% coupon, 36 months tenure (post Q1 FY27)
p. 5
“Subsequent to Q1 ,DevX raised INR 100 crores through senior, listed, secured, redeemable, and non-convertible debt, carrying a coupon of 11.75% per annum with a tenure of 36 months.”
Umesh Uttamchandani, page 5 of the filed PDF · View the filing
Current promoter shareholding: 36.81% (as of call date)
p. 6
“Against this requirement, the current promoter shareholding is 36.81%, which is significantly above the prescribed minimum requirement.”
Umesh Uttamchandani, page 6 of the filed PDF · View the filing
ROCE: 14% (FY26)
p. 12
“So that happens like because of my ROCE is 14% and ROE is 7%.”
Parin Shah, page 12 of the filed PDF · View the filing
Needle & Thread one-time revenue: INR 57 crores (FY26)
p. 10
“So one-time revenue is our Needle & Thread business. Last year we closed INR 57 crores of one-time revenue, which is our Needle & Thread.”
Umesh Uttamchandani, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capital One fit-out capex and revenue potential — INR 100 odd crores capex; revenue potential of roughly INR 120 odd crores
stated conditionally by Umesh Uttamchandani
p. 4
“Once the building is ready and handed over to us, we will do investments into the capital towards fit-outs, which would be roughly around INR 100 odd crores, following which our property operations would commence with approximately 8,500 seats and it has a potential to generate revenue of roughly INR 120 odd crores.”
Umesh Uttamchandani, page 4 of the filed PDF · View the filing
Signed pipeline for future consumption — 2.31 million square feet · future consumption
stated firmly by Umesh Uttamchandani
p. 4
“a staggering 2.31 million square feet has been signed for future consumption”
Umesh Uttamchandani, page 4 of the filed PDF · View the filing
FY27 focus — executing signed assets and expanding into multiple territories · FY27
stated as an aspiration by Umesh Uttamchandani
p. 7
“FY26 was about demonstrating that our Tier 2 strategy can work at scale, and now FY27 is about executing the signed assets and expanding into multiple different territories.”
Umesh Uttamchandani, page 7 of the filed PDF · View the filing
Promoter shareholding post warrant conversion — approximately 37.29%
stated conditionally by Umesh Uttamchandani
p. 6
“Upon conversion, promoter shareholding is expected to increase from the current 36.81% to approximately 37.29%.”
Umesh Uttamchandani, page 6 of the filed PDF · View the filing
ROCE and ROE improvement — coming quarters
stated as an aspiration by Parin Shah
p. 12
“So, you can have a same reflection in the coming quarter where we are improving our ROCE and ROE both.”
Parin Shah, page 12 of the filed PDF · View the filing
Development Management model portfolio — approximately 1.4 million square feet
stated firmly by Umesh Uttamchandani
p. 5
“We currently have approximately 1.4 million square feet planned under this Dev Accelerator Limited August 13, 2026 Page 6 of 13 model, spread across Ahmedabad and Jaipur”
Umesh Uttamchandani, page 5 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management clarified the Noida center closure occurred late in the year and explained revenue dynamics without directly addressing Mumbai Central figure comparison.
Answered by Umesh Uttamchandani
Asked by Shubham Padhiyar: Why did Mumbai Central revenue decrease by INR 3 crores despite Noida center closure?
p. 8
“That closed is towards the very end of the year. The full year was operational.”
Umesh Uttamchandani, page 8 of the filed PDF · View the filing
Management explained that rent-free and fit-out periods reduce the effective annualized revenue per square foot in the first year, and that mature Ahmedabad assets earn INR 110-125 per square foot per month.
Answered by Umesh Uttamchandani
Asked by Shubham Padhiyar: What is the per square foot revenue at Capital One versus Ahmedabad portfolio average?
p. 10
“So, let's say if I close one client in April, my revenue for that client would start in July or August. So in a year, if you count that, the number would be lesser because, like out of 12 months, you deduct three or four months, practically we are left off with eight to nine months of actual rental realization.”
Umesh Uttamchandani, page 10 of the filed PDF · View the filing
Management said Needle & Thread contributes one-time revenue while the managed office space business is recurring.
Answered by Umesh Uttamchandani
Asked by Shubham Padhiyar: What percentage of revenue is recurring rental versus one-time?
p. 10
“So out of INR 53.8 crores, INR 42 crores is the managed office space business and the remaining is the operational revenue from the Needle &Thread, which is one-time in nature.”
Umesh Uttamchandani, page 10 of the filed PDF · View the filing
Management explained the timing lag between capital deployment and revenue generation from new centers, and noted IPO funds are still being deployed.
Answered by Parin Shah
Asked by Mukul Bhushan: Would the company disclose debt-to-equity and ROCE including lease liabilities each quarter?
p. 11
“So approximately on the journey and the history-wise, one center will take almost 6-9 months to operation and reach at a mature level.”
Parin Shah, page 11 of the filed PDF · View the filing
Management attributed the decline to one-time expenses and to Needle & Thread's revenue recognition on a milestone basis affecting consolidated EBITDA.
Answered by Parin Shah
Asked by Mukul Bhushan: What drove the quarter-on-quarter drop in standalone EBITDA margin and which figure should be used for FY27 modeling?
p. 12
“But again, like it is not a drop on a margin side, but because of some of the expenses likely a one-time in a nature, so that because of the drivers for falling down the percentage in margin.”
Parin Shah, page 12 of the filed PDF · View the filing
Management explained Scalex Advisory is a joint venture targeting full-spectrum GCC solutions specifically within GIFT City, and does not restrict DevX from doing GCC business elsewhere.
Answered by Umesh Uttamchandani
Asked by Shubham Padhiar: What is the non-compete arrangement with Scalex Advisory regarding GCC business?
p. 14
“Yeah absolutely. We still are, I mean, currently we are doing GCC business. We have a couple of clients who are also paying us for managing their payroll.”
Umesh Uttamchandani, page 14 of the filed PDF · View the filing
Risks flagged
Ind AS accounting rules require full future rental liability recognition, inflating reported liabilities even though it is not borrowed money
p. 6
“Under Ind AS accounting rules require us to recognize the full future rental of our lease years as a liability today. Therefore, every time we sign a new center, our reported liabilities go up.”
Umesh Uttamchandani, page 6 of the filed PDF · View the filing
Noida center closure due to litigation resulted in loss of recurring revenue
p. 8
“that revenue contribution till the December we have received from the Noida, and the center is got wind up and then closed because of the litigation that happened and we closed it down the Noida center.”
Parin Shah, page 8 of the filed PDF · View the filing
Rent-free and fit-out periods delay revenue realization from newly signed clients
p. 10
“from that day when we start the fit-outs typically it takes three to four months of time frame for clients to come in and start paying the rentals.”
Umesh Uttamchandani, page 10 of the filed PDF · View the filing
Needle & Thread revenue recognized on project completion or milestone basis reduces consolidated EBITDA visibility
p. 12
“where we are booking a revenue as per Ind AS on a project completion or milestone based. So that revenue and that person is not 100% or fully come on the revenue side on the P&L.”
Parin Shah, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.