Dev Accelerator Limited Q2 FY26 Concall Decoded: – 95% occupied before opening doors, because why wait?
1. Opening Hook
Just when office landlords were still arguing over carpet area definitions, DevX quietly pre-leased an entire campus. Yes, before the lights were even switched on.
While everyone debated “WFH vs office,” DevX decided offices aren’t dead—just relocated to Ahmedabad. Tier-2 cities are suddenly cool again, and not because of cheaper chai.
The company’s first earnings call felt less like a debut and more like a victory lap. Management spoke confidently, numbers flowed generously, and optimism was served without dilution.
Debt collapsed, occupancy surged, and expansion plans sounded suspiciously well thought-out. Almost too neat—like a spreadsheet CFOs dream of at night.
Stick around. Because later, things get really interesting—especially when revenue math meets reality. 😏
2. At a Glance
Revenue up 80% (H1 YoY) – Apparently, Tier-2 India didn’t get the slowdown memo.
EBITDA ₹52.8 Cr – Margins hovering near 50%, flexing harder than the office chairs.
Occupancy at 88% – Even unfinished buildings aren’t feeling lonely.
Debt down to ₹11 Cr – IPO money went straight to the gym.
Cash EBIT margin 18.5% – Real cash, not “adjusted imagination.”
3. Management’s Key Commentary
“We operate 28 centers across 12 cities with 8.9 lakh sq. ft.” (Translation: We’re everywhere that matters, quietly.) 😏
“The 3.15 lakh sq. ft. Ahmedabad campus is 95% occupied before launch.” (Translation: Demand arrived faster than paint dried.)
“Revenue will increase ₹2.5 crore per month once it goes live.” (Translation: One building, one revenue engine.)
“Our average client lock-in is 44 months.” (Translation: Clients don’t ghost us.)
“Debt reduced from ₹98 Cr to ₹11 Cr.” (Translation: Interest expense just rage-quit.) 😌
“Tier-2 cities will drive 70% of our growth.” (Translation: Bharat > Bandra.)
“Churn rate is only 1.2%.” (Translation: Once inside, nobody leaves.)
4. Numbers Decoded
Metric
Q2 / H1 FY26
What It Really Means
Revenue (H1)
₹107.47 Cr
Scale arrived early
EBITDA (H1)
₹52.82 Cr
Operating leverage kicking in
EBITDA Margin
~50%
Premium pricing without apology
Occupancy
88%
Empty seats are rare
Debt
₹11.27 Cr
Balance sheet detox complete
One-liner: High utilization + low debt = CFO sleeping peacefully.
