Results · Professional & Local Services

DevX posts Q3 net loss of INR 1 crore

By Startup Enthusiast · 31 January 2026

What they do

DevX provides managed office spaces and coworking solutions across 11 Indian cities

Q3 FY26 net loss INR 1 Cr vs profit INR 69.5 Lakh YoY; revenue up 19% to INR 59.2 Cr

EBITDA margin fell to 40.4% from 48.5% YoY; board approved divestment of a 38% stake in Scaleax Advisory

DevX reported a consolidated net loss of INR 1 crore for Q3 FY26, compared to a profit of INR 69.5 lakh in the same quarter last year.
Revenue from operations grew 19% year-on-year to INR 59.2 crore, and rose 14.3% sequentially from INR 51.8 crore in Q2 FY26.
Total revenue including other income of INR 1.5 crore stood at INR 60.7 crore.
Total expenses increased 16.2% year-on-year to INR 59.4 crore.
An exceptional gain of INR 1.3 crore came from ceasing operations at one centre.
EBITDA was INR 24 crore, flat year-on-year, while EBITDA margin dropped to 40.4% from 48.5%.
The board approved divestment of 38% equity in associate Scaleax Advisory to Dev Information Technology and Aaryan Jaxay Shah for INR 3.8 lakh.

The company swung to a net loss despite strong revenue growth, indicating higher expenses and lower margins.
EBITDA margin compression from 48.5% to 40.4% signals rising operational costs.
The divestment of Scaleax Advisory suggests a focus on core workspace business.

DevX provides workspace solutions for large businesses across 11 Indian cities including Mumbai, Pune, Noida, Rajkot, Ahmedabad, Vadodara, and Hyderabad.
Services include managed office spaces, individual coworking spaces, office designing solutions, and facility management.
The Managed Space Services segment generated INR 102.9 crore in 9M FY26, up 34% year-on-year, contributing 62.1% of total income.
The Needle & Thread segment (interior fit-out) contributed INR 38.8 crore in 9M FY26, or 31.1% of total income.
The SaaSjoy Solutions segment (software, cloud, payroll, back-office) contributed INR 1.7 crore in 9M FY26 with 10 enterprise clients.
Majority of revenue comes from Ahmedabad, followed by Vadodara, Pune, Hyderabad, and Noida.

DevX will invest INR 100 crore to build 8,500 seats in Ahmedabad.
A 3.15 lakh sq ft Ahmedabad campus went operational with 95% pre-leasing in Q3 FY26.
The company signed a contract for 8 lakh sq ft in Ahmedabad in Q3 FY26.