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

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

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