Results · Professional & Local Services

DevX Q1 net profit rises but revenue dips

By Startup Enthusiast · 12 August 2026

What they do

DevX provides managed office spaces, coworking, and facility management services

Q1 FY27 net profit was ₹1.5 crore, up from ₹14 lakh YoY but down 81% from ₹8 crore QoQ

Operating revenue fell 3.2% YoY to ₹53.8 crore; board approved raising ₹100 crore via NCDs

DevX reported a consolidated net profit of ₹1.5 crore for Q1 FY27, up from ₹14 lakh in the same quarter last year.
The net profit fell 81% sequentially from ₹8 crore in Q4 FY26.
Operating revenue was ₹53.8 crore, down 3.2% year-on-year and 9.2% quarter-on-quarter.
Total income including other income of ₹3 crore stood at ₹56.7 crore.
Total expenses were ₹55.2 crore, down from ₹56 crore YoY but up 6.8% from ₹51.7 crore QoQ.
Profit from an associate was ₹1.6 lakh and tax expenses were ₹7 lakh.
Total comprehensive income was ₹1.5 crore, up from ₹6 lakh YoY but down 81% from ₹8 crore QoQ.
Shares ended the trading session 1.85% lower at ₹35.02 on BSE.

The board approved raising up to ₹100 crore via listed, secured, rated NCDs (non-convertible debentures, a type of debt instrument) through private placement.
The board also approved modifying the company's memorandum to diversify into co-working, managed office spaces, property management, recruitment, IT-enabled services, and other allied businesses.
Jaimin Shah was reappointed as nominee director on behalf of the promoter firm Dev Information Technology Ltd.

The company rents out furnished office space, coworking desks, and handles office design and upkeep.
Most of its revenue comes from Ahmedabad, with additional locations in Vadodara, Pune, Hyderabad, and Noida.
It competes with Awfis, WeWork, Smartworks, and IndiQube, all of which are listed companies.

The board approved raising up to ₹100 crore via NCDs (non-convertible debentures) through private placement.
The board approved modifying the memorandum to diversify into co-working, managed office spaces, property management, recruitment, IT-enabled services, and other allied businesses.
The board approved changing the company's internal rules so that debenture trustees can appoint nominee directors while debt is unpaid.