Dev Accelerator Reports Surge In Q1 FY27 Profitability Amid Enterprise Demand Growth
Ahmedabad, August 19, 2026: Flexible workspace provider Dev Accelerator Limited (DevX) reported a sharp increase in profitability for the first quarter of FY27, backed by operating efficiency and portfolio expansion. The company recorded a profit after tax (PAT) of Rs 1.5 crore for the quarter, marking a fifteen-fold increase compared to Q1 FY26, while its EBITDA margin expanded to 56.3 percent, it said in a press release.
The financial performance coincides with commercial growth in DevX’s primary market of Ahmedabad and the broader GIFT City-Gandhinagar corridor. A joint industry report by DevX and ANAROCK estimates that the regional corridor could attract between 40 and 50 new Global Capability Centres (GCCs), generating demand for 4 to 6 million square feet of Grade A office space. According to the company, enterprise demand for scalable workplaces supported occupancy rates and operating leverage during the period.
DevX’s total managed portfolio expanded by 31.4 percent year-on-year to 1.13 million square feet across 27 operational centers in 12 cities. The portfolio maintained an overall occupancy rate of 91.9 percent, representing 15,899 occupied seats. Quarterly revenue reached Rs 53.8 crore, yielding an EBITDA of Rs 30.3 crore. The EBITDA margin expanded by 886 basis points year-on-year and 141 basis points quarter-on-quarter, driven by cost efficiencies and the stabilization of newly opened facilities.
Commenting on the quarterly performance, Umesh Uttamchandani, Managing Director, Dev Accelerator Limited, said, “Our Q1 performance reflects the progress we are making towards a more profitable and scalable business, with stronger margins alongside continued portfolio growth. At the same time, our joint report with Anarock points to a significant opportunity ahead in Ahmedabad, with 40–50 new GCCs expected to enter the Ahmedabad–GIFT City–Gandhinagar corridor and drive substantial demand for Grade A office space. We are seeing this demand translate into a growing requirement for flexible, enterprise-ready workplaces. As we look ahead, our focus will be on scaling our portfolio in the right markets, improving utilisation and using technology to build greater efficiency across the business.”
To fund ongoing capital requirements, DevX raised Rs 100 crore through non-convertible debentures (NCDs) during the quarter. The company maintains a development pipeline comprising 0.19 million square feet under fit-out and an additional 2.31 million square feet in planning, progressing toward its long-term target of reaching 3.63 million square feet of managed space by FY29.
In addition to portfolio expansion, the firm is developing proprietary PropTech tools under its AI Infrastructure Launchpad initiative to automate facility management and optimize space utilization. The company is also leveraging its strategic investment in property platform Eezily to gain access to real estate market intelligence, demand analytics, and broker networks.
