1. At a Glance – When EPS Does Gymnastics
Dev Information Technology Ltd is currently sitting at ₹29.3, with a market cap of ₹165 Cr. In the last 3 months, the stock is down 29%, and over 1 year, it has politely declined by 44%. Book value stands at ₹22.9, so the stock trades at about 1.28x book.
Now here’s where the popcorn comes out.
Q3 FY26 (December 2025) sales: ₹44.14 Cr
Q3 PAT: ₹-7.42 Cr
But 9M FY26 net profit: ₹66.64 Cr, thanks to an exceptional gain of roughly ₹92 Cr.
Yes, you read that right.
Operating margin in Q3? -14.43%.
Interest coverage? 0.74 (meaning interest is staring at them with folded arms).
Debt? ₹23.5 Cr.
And yet, trailing EPS is showing ₹12.0, because of one glorious exceptional entry.
So the real question is:
Is this a digital transformation company — or a financial transformation magician?
Let’s decode.
2. Introduction – The IT Company With Plot Twists
Founded in 1997, Dev Information Technology Ltd operates in IT-enabled services. On paper, it’s a digital transformation player riding the Cloud + Automation + Data wave.
Sounds premium.
They are a Microsoft Gold Partner, AWS Consulting Partner, Adobe Certified Partner. That’s like having all the Marvel superhero badges.
They serve government departments like:
- Govt of Gujarat
- Govt of Rajasthan
- GSWAN
- GETCO
- GSFC
And internationally:
- BM Offshore
- Harsha Engineers
- Aurora LED Specialist
- Attom Data Solutions
Revenue mix FY23:
- Services: 89%
- Products: 6%
- Other income: 5%
Geographically:
- India: 79%
- Other countries: 20%
- Europe: 1%
So far, so solid.
But here’s the twist.
In Q2 FY26, they booked an exceptional gain of over ₹9,236 lakh (~₹92 Cr).
In Q3 FY26? Operational losses.
If a company’s profit looks like a roller coaster at Imagica, should we clap or scream?
3. Business Model – WTF Do They Even Do?
Let’s simplify this.
Dev IT is essentially a technology services provider
