Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Equity Bottom-Up

<ul>
<li>Reported revenue misleads, the 3.2% consolidated dip reflects lumpy one-time Needle &amp; Thread design revenue lapping. Core standalone managed office business grew 7.8% with margins and PBT up sharply.</li>
<li>DevX operates 1.13 msf against a 3.63 msf signed portfolio at 92% occupancy. FY27 re-rating depends entirely on disciplined execution of that pipeline</li>
<li>DevX trades at 5.1x EV/EBITDA versus 8-10x for larger rivals. The discount reflects scale and Ahmedabad concentration risk.</li>
</ul>


Reported revenue misleads, the 3.2% consolidated dip reflects lumpy one-time Needle &amp; Thread design revenue lapping. Core standalone managed office business grew 7.8% with margins and PBT up sharply.
DevX operates 1.13 msf against a 3.63 msf signed portfolio at 92% occupancy. FY27 re-rating depends entirely on disciplined execution of that pipeline
DevX trades at 5.1x EV/EBITDA versus 8-10x for larger rivals. The discount reflects scale and Ahmedabad concentration risk.


Dev Accelerator (DEVX IN): Q1 FY27 Headline Weakness Masks a Much Bigger Pipeline

<ul>
<li>DEVX closed FY26 with consolidated revenue up 42.2% to INR225.92cr and PAT of INR8.86cr, its first full year as a listed entity post-September 2025 IPO</li>
<li>The asset-light development-management model, partnering with landowners who fund and own assets, offers a capital-efficient path to manufacturing scarce Grade-A supply in Tier-2 cities.</li>
<li>Post-IPO de-leveraging cut debt-to-equity to 0.78x, but execution timing, two years of margin compression, and 46% Ahmedabad revenue concentration remain the key risks to monitor.</li>
</ul>


DEVX closed FY26 with consolidated revenue up 42.2% to INR225.92cr and PAT of INR8.86cr, its first full year as a listed entity post-September 2025 IPO
The asset-light development-management model, partnering with landowners who fund and own assets, offers a capital-efficient path to manufacturing scarce Grade-A supply in Tier-2 cities.
Post-IPO de-leveraging cut debt-to-equity to 0.78x, but execution timing, two years of margin compression, and 46% Ahmedabad revenue concentration remain the key risks to monitor.


Dev Accelerator (DEVX): Building the Institutional Flex-Space Platform for Bharat's Tier-2 Migration

Thematic (Sector/Industry)

<ul>
<li>H1 2026 flex leasing rose 32% YOY to 8.6 msf, lifting flex to 24% of total office leasing versus 19% a year earlier.</li>
<li>All five listed operators reported Q1 FY27. Enterprise clients and GCCs remain the structural demand engine.</li>
<li>Table Space filed its DRHP in August, signalling a widening listed peer set beyond the current five.</li>
</ul>


H1 2026 flex leasing rose 32% YOY to 8.6 msf, lifting flex to 24% of total office leasing versus 19% a year earlier.
All five listed operators reported Q1 FY27. Enterprise clients and GCCs remain the structural demand engine.
Table Space filed its DRHP in August, signalling a widening listed peer set beyond the current five.


India Flexible Workspace: Enterprise Demand Compounds as Five Listed Operators Report Q1 FY27

Smartworks Coworking Spaces / Equity Bottom-Up

Smartworks Coworking Spaces (SMARTWOR IN)

<ul>
<li>Smartworks delivered its fifth straight sequential step-up: Q1 FY27 revenue INR 546cr (+44% YoY), normalised EBITDA margin 19.6%, normalised PAT INR 39cr, with 87% of FY27 revenue already contracted.</li>
<li>Structural tailwinds remain supportive. Flex is now India's #1 office occupier at 27% of Q2 leasing, consolidating toward scale players, with GCC and AI demand expanding</li>
<li>Two things to monitor. Seat retention fell to 74% (management calls it proactive re-leasing) and FCF turned negative INR 56cr as growth capex stepped up 66% YoY.</li>
</ul>


Smartworks delivered its fifth straight sequential step-up: Q1 FY27 revenue INR 546cr (+44% YoY), normalised EBITDA margin 19.6%, normalised PAT INR 39cr, with 87% of FY27 revenue already contracted.
Structural tailwinds remain supportive. Flex is now India's #1 office occupier at 27% of Q2 leasing, consolidating toward scale players, with GCC and AI demand expanding
Two things to monitor. Seat retention fell to 74% (management calls it proactive re-leasing) and FCF turned negative INR 56cr as growth capex stepped up 66% YoY.


Smartworks Coworking: Q1 FY27 - The Compounding Thesis Continues, but Retention Warrants Scrutiny

India

Dev Accelerator Limited (DevX) is an Indian provider of flexible workspace solutions, including managed offices and co-working spaces. The company also offers startup acceleration programs, corporate innovation services, and university collaborations. DevX was founded in 2017 and is headquartered in Ahmedabad, Gujarat.

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Dev Accelerator (DEVX IN)