Dev Accelerator Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Dev Accelerator Ltd filed with BSE on 26 May 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 FY26 consolidated revenue of INR226 crores, up 42% year-on-year, with consolidated EBITDA of INR109 crores at a 48.4% margin. Management highlighted the go-live of the Capital One campus in Ahmedabad, contracted space additions of about 15.75 lakh square feet in the Ambli Bopal micro-market, and outlined plans to expand operational area from 1.2 million to 3 million square feet by FY28. The company also discussed a preferential issue of INR35 crores, a planned NCD issuance, and an expected liquidity event of INR110-120 crores from monetizing a subsidiary stake.
Numbers mentioned
Consolidated revenue: INR226 crores (FY26)
p. 3
“For the full year FY26, our consolidated revenue has reached to a phenomenal outcome of INR226 crores.”
Umesh Uttamchandani, page 3 of the filed PDF · View the filing
Consolidated EBITDA margin: 48.4% (FY26)
p. 3
“Our consolidated EBITDA has come up to INR109 crores, with the margin of 48.4 percentage.”
Umesh Uttamchandani, page 3 of the filed PDF · View the filing
Standalone revenue: INR171 crores (FY26)
p. 3
“The standalone numbers have increased 34 percentage on an annualized basis, and we have achieved a phenomenal number of INR171 crores for FY26.”
Umesh Uttamchandani, page 3 of the filed PDF · View the filing
Standalone EBITDA margin: 60.5% (FY26)
p. 3
“And our margin, EBITDA margin, has been achieved at 60.5 percentage, which last year was 59.8 percentage.”
Umesh Uttamchandani, page 3 of the filed PDF · View the filing
Normalized Cash EBIT margin: 21.38% (FY26)
p. 4
“So normalized Cash EBIT for FY26 is INR36.55 crores, which is 21.38 percentage margin.”
Umesh Uttamchandani, page 4 of the filed PDF · View the filing
Standalone normalized PBT: INR20 crores (FY26)
p. 4
“The Standalone normalized PBT for FY26 has been achieved at a number of INR20 crores .”
Umesh Uttamchandani, page 4 of the filed PDF · View the filing
Consolidated revenue: INR59 crores (Q4 FY26)
p. 4
“For the last quarter, the consolidated revenue stood at INR59 crores.”
Umesh Uttamchandani, page 4 of the filed PDF · View the filing
Needle & Thread revenue: INR52.3 crores (FY26)
p. 6
“On our subsidiaries, which is our design and build, Needle & Thread, we were able to achieve a INR52.3 crores revenue with 7.2 percentage EBITDA margin.”
Umesh Uttamchandani, page 6 of the filed PDF · View the filing
Client retention: 99.7% (FY26)
p. 6
“We have a 99.7 percentage retention this year, almost negligible 0.003 percentage of churn that we achieved last year.”
Umesh Uttamchandani, page 6 of the filed PDF · View the filing
Rent-to-revenue ratio: 2.4x (FY26)
p. 6
“While the cities that we operate in, we have been able to achieve a rent-to-revenue ratio of 2.4x in FY26.”
Umesh Uttamchandani, page 6 of the filed PDF · View the filing
Seats: 13,304 seats in FY26, 17,500 currently (FY26 / current)
p. 12
“So we were 13,304 seats in FY26, wherein 4,000 seats got added in last quarter, that is Q4 FY26, but the revenue would be coming in Q1 2027.”
Umesh Uttamchandani, page 12 of the filed PDF · View the filing
Preferential issue amount: INR35 crores
p. 7
“Sharing thoughts on the capital structure, we recently raised, our board recently approved a preferential issue of INR35 crores, which was largely to fund the growth and take up a 4.5 lakh square feet with Winston as an asset.”
Umesh Uttamchandani, page 7 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.
Operational area — 3 million square feet · FY28
stated firmly by Umesh Uttamchandani
p. 7
“we would be, we are planning to invest roughly INR200 crores to INR225 crores in the next two years of time frame, which practically would empower us to reach from current 1.2 million square feet to 3 million square feet of operational area by FY28.”
Umesh Uttamchandani, page 7 of the filed PDF · View the filing
Liquidity event from subsidiary monetization — INR110 crores to INR120 crores · Q1 FY27
stated conditionally by Umesh Uttamchandani
p. 7
“Q1 FY27, we are anticipating a significant capital event through monetization of our holding in one of our subsidiaries, wherein we are building almost 0.5 million square feet.”
Umesh Uttamchandani, page 7 of the filed PDF · View the filing
Cash EBIT margin — 21 to 22 percentage · FY27
stated firmly by Umesh Uttamchandani
p. 16
“So next year, at a revenue run rate of 330 to 350 Crores, we expect to have a cash EBIT of 21 to 22 percentage.”
Umesh Uttamchandani, page 16 of the filed PDF · View the filing
Development management projects identified — 5 to 7 lakh square feet · next 12 months
stated as an aspiration by Umesh Uttamchandani
p. 17
“third is identify at least 5 to 7 Lakh square feet of projects under development management model in the next 12 months of time frame.”
Umesh Uttamchandani, page 17 of the filed PDF · View the filing
Debenture interest rate — 11 to 12 percentage
stated conditionally by Umesh Uttamchandani
p. 21
“We are looking to kind of issue debentures in the range of 11 to 12 percentage.”
Umesh Uttamchandani, page 21 of the filed PDF · View the filing
Debt-to-equity ratio — less than one
stated as an aspiration by Umesh Uttamchandani
p. 19
“am I ensuring that my debt-to-equity ratio is less than one? I think these are some of the hygiene things that I should be, you know, tracked up on.”
Umesh Uttamchandani, page 19 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 explained they raised the internal benchmark for what counts as a mature/fully occupied center from 85% to 100% occupancy, causing the reported percentage to drop even though underlying performance was stable.
Answered by Parin Shah
Asked by Urmish Shah: Why did mature occupancy decline steeply in FY26 compared to prior years' 90%+ range?
p. 9
“So considering the 70% mature centers, like we are saying that out of whatever the area we are managing, like 0.83 million square feet, 70% of all the centers are achieving a 100% occupancy.”
Parin Shah, page 9 of the filed PDF · View the filing
Management said the landlord was not maintaining common areas and services adequately, leading to operational issues and dissatisfaction, prompting closure.
Answered by Umesh Uttamchandani
Asked by Urmish Shah: Why did the Noida asset get shut down?
p. 10
“So, there were instances wherein the elevators were getting stopped on a recurring basis, the AHUs, I mean the systems from where the ACs were being powered, they were not being serviced and maintained in a rightful manner.”
Umesh Uttamchandani, page 10 of the filed PDF · View the filing
Enterprise clients contribute 65% of revenue on built-to-suit contracts with average lock-in of 34 months, while co-working/start-up clients contribute 6%.
Answered by Umesh Uttamchandani
Asked by Aniket Rade: What is the enterprise versus start-up client revenue contribution?
p. 12
“We do have start-ups using our offices, but that is largely on the co-working side, which is contributing 6% of our revenue.”
Umesh Uttamchandani, page 12 of the filed PDF · View the filing
Management listed building senior leadership at the city level, becoming AI native, and identifying 5-7 lakh square feet of development management projects.
Answered by Umesh Uttamchandani
Asked by Vikrant Sahu: What are management's top three priorities for FY27?
p. 16
“So first and foremost priority is to bring in senior leadership team at multiple city level so that we can kind of build autonomous growth at an across the organization but driven from those specific cities.”
Umesh Uttamchandani, page 16 of the filed PDF · View the filing
Management said clients report increased productivity leading to more industries served and faster project delivery, and argued that reduced hiring of non-adaptive talent will be offset by hiring of AI-skilled talent, not a net reduction in office space demand.
Answered by Umesh Uttamchandani
Asked by Arvind Singh: How will AI's impact on IT hiring affect real estate demand from IT/GCC clients?
p. 18
“Since the productivity is increasing, they are bound to add more number of people.”
Umesh Uttamchandani, page 18 of the filed PDF · View the filing
Management said the first two quarters would see revenue from Capital One, Million Minds and a Pune asset, quarter three would be slower, and the last quarter would be boosted by delivery of a half million square feet Ahmedabad asset.
Answered by Umesh Uttamchandani
Asked by Atul Daga: Will FY27 revenue recognition be back-end loaded?
p. 20
“So, for the first two quarters this year, we can expect the revenue to be coming in from couple of assets that were in pipeline, which is Capital One and Million Minds and one asset in Pune.”
Umesh Uttamchandani, page 20 of the filed PDF · View the filing
Management said Capital One would represent only about 20-25% of the future supply, with several other assets in Pune, Vaishnodevi and Ahmedabad also contributing to growth.
Answered by Umesh Uttamchandani
Asked by Vraj Shah: Will most of FY27 revenue growth come from Capital One alone?
p. 21
“Capital One probably I'm assuming would be just like 20-25 percentage of the future supply that's coming up.”
Umesh Uttamchandani, page 21 of the filed PDF · View the filing
Risks flagged
Landlord-related maintenance failures leading to closure of the Noida center
p. 10
“The Noida asset was typically operated by a land owner which was going through a very difficult phase.”
Umesh Uttamchandani, page 10 of the filed PDF · View the filing
Supply chain disruption in construction materials due to gas unavailability
p. 13
“On the supply side, there was certain crunch of critical supply chain or probably value chain product, like for a short period the availability of tiles was not there because of unavailability of gas and our suppliers kind of not operating during that period.”
Umesh Uttamchandani, page 13 of the filed PDF · View the filing
Risk of operational inefficiency or leakages as the company scales and promoters become less hands-on
p. 15
“Either we become way efficient than what we were earlier, or probably we lose out on track and there arises some leakages in the system.”
Umesh Uttamchandani, page 15 of the filed PDF · View the filing
Geopolitical tensions and potential shift back to work-from-home affecting the flexible workspace industry
p. 11
“Geopolitical tensions obviously should curtail down. It is extremely not the right situation for the country and the world to be in.”
Umesh Uttamchandani, page 11 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.