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Swing Capital

Dev Accelerator Ltd

NSE: DEVX BSE: 544513

Established in 2017, Dev Accelerator Limited, commonly known as DevX, provides flexible office spaces, including coworking environments[1]

₹39.3
52W: ₹30 — ₹64.4
PE 198 · Book ₹20.2 · +95% vs book
Market Cap₹354 Cr
Stock P/E198Price to Earnings
ROCE14.3%Return on Capital
ROE3.57%Return on Equity
Div. Yield0%Face Value ₹2

Strengths

  • +Company has reduced debt.

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −Promoter holding is low: 36.8%
  • −Company's cost of borrowing seems high

Shareholding Pattern

Promoters36.81%
FIIs1.43%
DIIs4.94%
Public56.82%
CategorySep 2025Dec 2025Mar 2026
Promoters36.81%36.81%36.81%
FIIs3.37%2.34%▼1.01.43%▼0.9
DIIs6.96%5.56%▼1.44.94%▼0.6
Public52.85%55.28%▲2.456.82%▲1.5

Financial Statements

MetricJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales24.2531.4427.1644.4138.9441.5243.5
Expenses10.313.3611.5216.0213.5813.8720.75
Operating Profit13.9518.0815.6428.3925.3627.6522.75
OPM %57.53%57.51%57.58%63.93%65.13%66.59%52.3%
Net Profit-6.096.470.710.40.41.35-0.89
EPS ₹-4381.290.970.110.060.060.15-0.1

AI Insights

Revenue Trend

TTM revenue at ₹168Cr, up 32.3% YoY. OPM at 62%.

Debt Position

Borrowings at ₹143Cr. Debt-to-equity ratio: 0.89x. Moderate leverage.

Capex Cycle

CWIP at ₹14Cr (5% of fixed assets). Moderate ongoing capital expenditure.

Margin & Efficiency

ROCE improving from 0% (Mar 2021) to 14% (Mar 2025). Working capital days: -154.

Valuation

PE 198x with 14.3% ROCE. Price is 95% above book value of ₹20.2. Dividend yield: 0%.

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