DevX Q1 Profit Jumps To ₹1.5 Cr Despite A 3.3% YoY Dip In Revenue

DevX (Dev Accelerator), a flexible workspace provider, reported a consolidated net profit of ₹1.50 Cr in Q1 FY27, more than 10x the ₹14 Lakh profit it recorded in the same quarter a year earlier, per Inc42. On a sequential basis, however, net profit fell sharply — down 81% from ₹8 Cr in Q4 FY26.

Operating revenue for the quarter declined 3.2% year-on-year and 9.2% quarter-on-quarter to ₹53.8 Cr, according to Inc42. Including other income of ₹3.0 Cr, total income stood at ₹56.7 Cr. Total expenses came in at ₹55.2 Cr, a marginal decrease from ₹56 Cr in the year-ago period but 6.8% higher than the ₹51.7 Cr recorded in Q4 FY26. The company also reported a ₹1.6 Lakh profit from an associate and tax expenses of ₹7 Lakh. Total comprehensive income reached ₹1.5 Cr, up from ₹6 Lakh a year ago, though down more than 81% from the prior quarter's ₹8 Cr.

Alongside its financial results, DevX's board approved several measures subject to stakeholder approval, per Inc42. These include reappointing Jaimin Shah as a nominee director on behalf of promoter firm Dev Information Technology Ltd., and amending the memorandum of association to formally expand into co-working, managed and serviced office spaces, property and facilities management, workplace services, recruitment, and IT-enabled services. The board also approved raising up to ₹100 Cr through listed, secured, rated non-convertible debentures (NCDs) via private placement, and plans to amend its Articles of Association to allow debenture trustees to appoint nominee directors for the duration of any outstanding debt.

Founded in 2017 by Parth Shah, Rushit Shah, and Umesh Uttamchandani, DevX offers managed office spaces, individual coworking desks, office design solutions, and facility management services. The company generates the majority of its revenue from Ahmedabad, its home base, with additional contributions from Vadodara, Pune, Hyderabad, and Noida, per Inc42.

DevX competes in India's listed flexible workspace segment alongside Awfis, WeWork, Smartworks, and IndiQube. Shares of DevX closed 1.85% lower at ₹35.02 on the BSE on the day of the results, according to Inc42. The planned NCD raise and the board's push to broaden its stated business scope suggest the company is positioning for a wider footprint, though specific expansion timelines were not disclosed.