Any current/future new fundraising through debt or equity?

The board has approved a preferential issue of INR35 crores, partly subscribed by promoters and non-promoter investors to fund growth and asset acquisition. There is a planned issuance of non-convertible debentures (NCDs) totaling INR100 crores, to be issued as properties become ready. A significant liquidity event is expected in Q1 FY27 via monetization of a subsidiary asset, expected to bring INR110-120 crores. These funds (INR220-230 crores total) will be used over two years to scale operational area from 1.2 million sq. ft. to 3 million sq. ft. Debentures will carry an interest rate in the

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

Dev Accelerator Limited plans a total investment of INR220-230 crores over two years to scale operations from 1.2 million sq ft (FY26) to 3 million sq ft by FY28. INR100 crores approved board-level non-convertible debentures (NCDs) issuance to optimize financing. Preferential issue of INR35 crores raised, including INR15 crores from promoters, to fund growth and acquisition of a 4.5 lakh sq ft asset with Winston. Capital event expected in Q1 FY27 from monetization of subsidiary holding (0.5 million sq ft), generating liquidity of INR110-120 crores. Focus on accelerating growth by developing ne

Future growth expectations in sales/revenue/volumes?

Projected revenue for FY27 is between INR 330 crores to INR 350 crores. Growth will be driven by multiple new assets going live in the next three quarters, beyond just the Capital One center. Capital One center will contribute about 20-25% of the future supply revenue. Four to five new assets including Million Minds (84,000 sq ft), Pune (40,000 sq ft), Ahmedabad (0.5 million sq ft), and others nearing sign-up are expected to add significant revenue. Additional supply includes 110,000 sq ft with Prestige starting fit-outs in June, contributing revenue from August onwards, and 200,000 sq ft in P

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

Projected revenue for FY27 is INR 330 to 350 crores, up from INR 226 crores in FY26. FY27 revenue growth will come from multiple new assets including Capital One (0.3 million sq ft), Million Minds (84,000 sq ft), Pune (40,000 sq ft), Ahmedabad (0.5 million sq ft), and others, not just Capital One. Cash EBIT margin expected to remain stable at 21-22% for FY27 with revenue growth. Standalone EBITDA margin for FY26 was strong at 60.5%, indicating scalable unit economics. Management plans to invest INR 200-225 crores over two years to scale operational area from 1.2 million sq ft to 3 million sq f

Current/ Expected Orderbook/ Pending Orders?

Dev Accelerator Limited has an existing contractual demand pipeline with several assets going live in the coming quarters. Capital One center will contribute about 0.3 million sq. ft., accounting for roughly 20-25% of future supply. Additional assets include: - 84,000 sq. ft. at Vaishnodevi (Million Minds), recently inaugurated. - Around 40,000 sq. ft. in Pune. - 0.5 million sq. ft. in Ahmedabad expected in the last quarter of FY26. - 110,000 sq. ft. signed up with Prestige in Bangalore, fit-outs starting June. - 200,000 sq. ft. coming up in Pune for possession in September or Octobe

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Dev Accelerator LtdQ1 FY26Commercial Services & Supplies

Dev Accelerator Ltd Q1 FY26 Earnings Call Analysis

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

Price: ₹36.5P/E: 109.0Market Cap: ₹384 CrSector: Commercial Services & Supplies

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Projected revenue for FY27 is between INR 330 crores to INR 350 crores.
→Growth will be driven by multiple new assets going live in the next three quarters, beyond just the Capital One center.
→Capital One center will contribute about 20-25% of the future supply revenue.
→Four to five new assets including Million Minds (84,000 sq ft), Pune (40,000 sq ft), Ahmedabad (0.5 million sq ft), and others nearing sign-up are expected to add significant revenue.
→Additional supply includes 110,000 sq ft with Prestige starting fit-outs in June, contributing revenue from August onwards, and 200,000 sq ft in Pune expected by September/October with revenue starting January.
→Management plans to increase operational area from current 1.2 million sq ft to 3 million sq ft by FY28, enabled by INR 200-225 crores investment planned over two years.
→Strong contractual demand exists for the new supply, ensuring revenue visibility and growth.

Margin guidance

Category 3

→Projected revenue for FY27 is INR 330 to 350 crores, up from INR 226 crores in FY26.
→FY27 revenue growth will come from multiple new assets including Capital One (0.3 million sq ft), Million Minds (84,000 sq ft), Pune (40,000 sq ft), Ahmedabad (0.5 million sq ft), and others, not just Capital One.
→Cash EBIT margin expected to remain stable at 21-22% for FY27 with revenue growth.
→Standalone EBITDA margin for FY26 was strong at 60.5%, indicating scalable unit economics.
→Management plans to invest INR 200-225 crores over two years to scale operational area from 1.2 million sq ft to 3 million sq ft by FY28.
→Debentures planned to be issued at 11-12% interest to fund growth.
→Strong pipeline of contracted demand supports confidence in sustained profitability and positive earnings growth.

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Fundraise plans

Yes

→The board has approved a preferential issue of INR35 crores, partly subscribed by promoters and non-promoter investors to fund growth and asset acquisition.
→There is a planned issuance of non-convertible debentures (NCDs) totaling INR100 crores, to be issued as properties become ready.
→A significant liquidity event is expected in Q1 FY27 via monetization of a subsidiary asset, expected to bring INR110-120 crores.
→These funds (INR220-230 crores total) will be used over two years to scale operational area from 1.2 million sq. ft. to 3 million sq. ft.
→Debentures will carry an interest rate in the range of 11-12%.

Order book

Yes

→Dev Accelerator Limited has an existing contractual demand pipeline with several assets going live in the coming quarters.
→Capital One center will contribute about 0.3 million sq. ft., accounting for roughly 20-25% of future supply.
→Additional assets include:
→ - 84,000 sq. ft. at Vaishnodevi (Million Minds), recently inaugurated.
→ - Around 40,000 sq. ft. in Pune.
→ - 0.5 million sq. ft. in Ahmedabad expected in the last quarter of FY26.
→ - 110,000 sq. ft. signed up with Prestige in Bangalore, fit-outs starting June.
→ - 200,000 sq. ft. coming up in Pune for possession in September or October.
→The company plans to add 3 million sq. ft. of new supply over the next two years beyond the current 1.2 million sq. ft.
→Debenture issuance of INR 100 crores planned to fund these expansions as properties get ready.

Capex plans

Yes

→Dev Accelerator Limited plans a total investment of INR220-230 crores over two years to scale operations from 1.2 million sq ft (FY26) to 3 million sq ft by FY28.
→INR100 crores approved board-level non-convertible debentures (NCDs) issuance to optimize financing.
→Preferential issue of INR35 crores raised, including INR15 crores from promoters, to fund growth and acquisition of a 4.5 lakh sq ft asset with Winston.
→Capital event expected in Q1 FY27 from monetization of subsidiary holding (0.5 million sq ft), generating liquidity of INR110-120 crores.
→Focus on accelerating growth by developing new corridors like Ambli Bopal across 4-5 other cities.
→Establishing development management partnerships with landowners in Tier 2 cities to strengthen future supply.
→Expansion in Bangalore through partnership with Prestige, acquiring assets on Outer Ring Road to diversify portfolio.

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