Current/ Expected Orderbook/ Pending Orders?

Dev Accelerator Limited has a strong orderbook with high client commitments, especially for upcoming fit-outs. A key asset of 3.15 lakh square feet in Ahmedabad is coming up as a single managed office space campus with 3,990 seats, and 95% of this space is already committed. This addition will increase their asset under management from 8.9 lakh to around 12.5 lakh square feet, with seats growing from 13.5 thousand to approximately 17.5 thousand. Additionally, about 1.2 lakh square feet spread between two centers (including one in Ahmedabad with Ganesh Housing's integrated IT tech park) are in

Any current/future new fundraising through debt or equity?

No explicit mention of new fundraising through debt or equity in the provided excerpts. The company has significantly reduced its existing debt from INR 98.94 crores to INR 11.10-11.27 crores in the first half of FY26, focusing on debt repayment. IPO proceeds were used primarily for refinancing and repayment of borrowings. The management highlighted a current low debt-to-equity ratio of 0.37, with a sustainable range up to 1.3-1.4. The company plans capex-light growth funded from cash flows, indicating no immediate need for fresh external funding. Future growth plans focus on organic expansion

Any current/future capex/capital investment/strategic investment?

Dev Accelerator Limited committed INR 73.1 crores from IPO proceeds towards growth, specifically for fit-out investments. INR 35 crores allocated from IPO funds toward repayment of borrowings, enhancing financial health. Remaining amount from INR 143 crores IPO proceeds used for general corporate purposes. Investments planned in subsidiaries: - Needel and Thread (design and build solutions) expected to grow from INR 65 crores (Mar 2026 forecast) to INR 65-100 crores revenue. - SASJoy Solutions Pvt. Ltd. (technology subsidiary) targeting INR 7-10 crores revenue by Mar 2027. Focus on expandi

Future growth expectations in sales/revenue/volumes?

For FY 2026, Dev Accelerator expects consolidated revenue between INR 220 crores to INR 250 crores, with standalone numbers around INR 250-260 crores. Design and build subsidiary aims for revenue growth from INR 12.5 crores in 2023 to around INR 30 crores in 2024 and targets INR 65 crores to INR 100 crores by March 2026-27. Technology subsidiary (SASJoy Solutions) targets adding INR 7 crores to 10 crores revenue by March 2027. Monthly recurring revenue from technology segment reached approximately $50,000 (~INR 30 lakhs). Revenue guidance for consolidated FY 2027 is between INR 330 crores to I

Future growth expectations in earnings/operating earnings/profits/EPS?

Revenue guidance for FY 2026: INR 220 crores to INR 250 crores. Revenue guidance for FY 2027 (consolidated): INR 330 crores to INR 350 crores. Design and Build subsidiary expected to grow from INR 65 crores (FY 2026) to INR 65-100 crores by March 2027. Technology subsidiary (SASJoy Solutions) aiming for INR 7-10 crores revenue by March 2027. EBITDA margins strong and improving; standalone EBITDA margin increased from 52% to 65%. Cash EBIT margin expected to improve from current 18.5% upwards. PAT margins may vary due to fluctuations in other income, but core business profitability

Dev Accelerator LtdQ2 FY26Commercial Services & Supplies

Dev Accelerator Ltd Q2 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹40.55P/E: 33.3Market Cap: ₹384 CrSector: Commercial Services & Supplies

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

For FY 2026, Dev Accelerator expects consolidated revenue between INR 220 crores to INR 250 crores, with standalone numbers around INR 250-260 crores.
Design and build subsidiary aims for revenue growth from INR 12.5 crores in 2023 to around INR 30 crores in 2024 and targets INR 65 crores to INR 100 crores by March 2026-27.
Technology subsidiary (SASJoy Solutions) targets adding INR 7 crores to 10 crores revenue by March 2027.
Monthly recurring revenue from technology segment reached approximately $50,000 (~INR 30 lakhs).
Revenue guidance for consolidated FY 2027 is between INR 330 crores to INR 350 crores.
Seat capacity to increase from around 13,600 to potentially 18,000-19,000 seats with new centers and expansions.
Strong client retention and multi-year contracts underpin sustainable growth.

Margin guidance

Category 2

Revenue guidance for FY 2026: INR 220 crores to INR 250 crores.
Revenue guidance for FY 2027 (consolidated): INR 330 crores to INR 350 crores.
Design and Build subsidiary expected to grow from INR 65 crores (FY 2026) to INR 65-100 crores by March 2027.
Technology subsidiary (SASJoy Solutions) aiming for INR 7-10 crores revenue by March 2027.
EBITDA margins strong and improving; standalone EBITDA margin increased from 52% to 65%.
Cash EBIT margin expected to improve from current 18.5% upwards.
PAT margins may vary due to fluctuations in other income, but core business profitability is increasing.
Long-term client contracts and low churn (1.2%) provide revenue stability and growth visibility.
Reduction in debt from INR 98.94 crores to INR 11.27 crores lowers interest costs, boosting margins.
Expansion focused on Tier 2 cities, with strong lease commitments supporting growth.

See what Dev Accelerator Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

No explicit mention of new fundraising through debt or equity in the provided excerpts.
The company has significantly reduced its existing debt from INR 98.94 crores to INR 11.10-11.27 crores in the first half of FY26, focusing on debt repayment.
IPO proceeds were used primarily for refinancing and repayment of borrowings.
The management highlighted a current low debt-to-equity ratio of 0.37, with a sustainable range up to 1.3-1.4.
The company plans capex-light growth funded from cash flows, indicating no immediate need for fresh external funding.
Future growth plans focus on organic expansion and strategic investments in subsidiaries without mention of new fundraising rounds.

Order book

Yes

Dev Accelerator Limited has a strong orderbook with high client commitments, especially for upcoming fit-outs.
A key asset of 3.15 lakh square feet in Ahmedabad is coming up as a single managed office space campus with 3,990 seats, and 95% of this space is already committed.
This addition will increase their asset under management from 8.9 lakh to around 12.5 lakh square feet, with seats growing from 13.5 thousand to approximately 17.5 thousand.
Additionally, about 1.2 lakh square feet spread between two centers (including one in Ahmedabad with Ganesh Housing's integrated IT tech park) are in the pipeline.
For incremental 13,000 seats (beyond the current 6,000 expected by March 2026), around 45% are pre-committed.
Centers adding roughly 10,000 to 11,000 seats are expected to go live by November to December 2026.

See what Dev Accelerator Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Dev Accelerator Limited committed INR 73.1 crores from IPO proceeds towards growth, specifically for fit-out investments.
INR 35 crores allocated from IPO funds toward repayment of borrowings, enhancing financial health.
Remaining amount from INR 143 crores IPO proceeds used for general corporate purposes.
Investments planned in subsidiaries:
- Needel and Thread (design and build solutions) expected to grow from INR 65 crores (Mar 2026 forecast) to INR 65-100 crores revenue.
- SASJoy Solutions Pvt. Ltd. (technology subsidiary) targeting INR 7-10 crores revenue by Mar 2027.
Focus on expanding managed office space portfolio by adding new centers, including a 3.15 lakh sq ft campus in Ahmedabad and other centers in Ahmedabad and Pune, increasing operational area and seat capacity.
Strategic efforts ongoing to improve project delivery timelines from 75-90 days to faster execution.
Emphasis on Tier 2 city expansion and enhancing multi-city enterprise solutions through integration of technology and design-build capabilities.

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Dev Accelerator Ltd Q2 FY26 Earnings Call Analysis

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