Dev Accelerator Limited Announces Q2 Financial Results, Approves Governance Changes, and Details Strategic Initiatives
Dev Accelerator Limited, formerly known as Dev Accelerator Private Limited, has released its unaudited financial results for the quarter ended June 30, 2026. The company also reported several key corporate decisions, including the re-appointment of a Nominee Director, approval of an Employee Stock Option Plan (ESOP), and the allotment of Non-Convertible Debentures (NCDs).Financial Performance Snapshot
The results for the quarter ended June 30, 2026, were released in both consolidated and standalone formats. The company's business operates primarily within the "Renting and provision of Co-working spaces" segment.Consolidated Results Highlights (Quarter Ended June 30, 2026):
The Group reported Total Income of Rs. 5,673.07 lakhs against Total Expenses of Rs. 5,517.03 lakhs for the quarter. The profit for the period stood at Rs. 150.43 lakhs.
Standalone Results Highlights (Quarter Ended June 30, 2026):
The company recorded Total Income of Rs. 4,705.39 lakhs and Total Expenses of Rs. 4,563.17 lakhs in the standalone segment. The profit for the period was 200.41 lakhs.
A comparison of the financial performance across various periods is presented below:
| Particulars | Q ended June 30, 2026 (Unaudited) | Q ended March 31, 2026 (Audited) | Q ended June 30, 2025 (Unaudited) | Year ended March 31, 2026 (Audited) |
|---|---|---|---|---|
| Total Income | 5,673.07 lakhs | 6,334.85 lakhs | 5,694.14 lakhs | 23,549.08 lakhs |
| Total Expenses | 5,517.03 lakhs | 5,165.35 lakhs | 5,600.44 lakhs | 21,994.54 lakhs |
| Profit for the Period (Lakhs) | 150.43 | 796.20 | 13.99 | 884.21 |
Corporate Governance and Strategic Approvals
The Board of Directors, in its meeting held on August 12, 2026, approved several key corporate actions:Board & Operational Decisions:
- Director Re-appointment: Mr. Jaimin Jagdishbhai Shah was re-appointed as a Nominee Director from Dev Information Technology Limited.
- Constitutional Alteration: The Memorandum and Articles of Association were altered to reflect expanded business opportunities. The new object clause includes carrying on the business of operating and maintaining co-working, managed, and serviced office spaces, offering ancillary services such as payroll management, cleaning services, security services, and facility management in both India and abroad.
- ESOP Plan: The company ratified and modified its 'Dev Accelerator Limited Employee Stock Option Plan - 2023', extending the benefits of the amended plan to eligible employees across its group companies, subsidiaries, and associate companies.
Lending and Financial Commitments:
The Board also approved providing loans or guarantees, or security in connection with a loan availed by Neddle and Thread Designs LLP, which is one of the company’s subsidiaries.
Capital Management and Expansion Initiatives
Dev Accelerator Limited continued its capital market activities during the reporting period:NCD Allotment:
The company allotted 1,00,000 Senior, Secured, Rated, Listed, Redeemable Non-Cumulative, Taxable, Transferable Non-Convertible Debentures (NCDs). These debentures have a face value of Rs. 10,000/- each, aggregating to Rs. 100 Crores.
Preferential Allotment and IPO Utilization:
During the quarter, the company completed preferential allotment of securities. Equity shares totaling 44,44,440 were allotted to Infibeam Projects Management Private Limited for approximately 1999.99 lakhs. Additionally, 33,33,330 convertible warrants were issued to the Promoters, namely Mr. Umesh Uttamchandani, Mr. Parth Shah, and Mr. Rushit Shah, aggregating to approximately 1499.99 lakhs.
The utilization of IPO proceeds (which totaled Rs. 12,737.90 lakhs, net of issue expenses) is detailed below:
| Particulars | Amount as per Prospectus (Lakhs) | Amount Utilized up to June 30, 2026 (Lakhs) | Unutilized amount as at June 30, 2026 (Lakhs) |
|---|---|---|---|
| Capex for fitout in proposed centres | 7,311.60 | 4,437.81 | 2,873.79 |
| Repayment/Prepayment of borrowings | 3,500.00 | 3,500.00 | - |
| General Corporate Purposes | 1,926.30 | 1,926.30 | - |
| TOTAL | 12,737.90 | 9,864.11 | 2,873.79 |
The unutilized IPO proceeds are currently held in a public monitoring account, the public issue account, and fixed deposits from the monitoring account.
The company is also scheduled to hold its 6th Annual General Meeting (AGM) on Friday, September 25, 2026, via Video Conferencing.
DEVX Stock Price Movement
Shares of Dev Accelerator Limited slipped by 2.13% on Wednesday, settling at ₹34.99 after the equity shed ₹0.76 from its previous close. The stock saw 94,481 shares traded during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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