DevX Swings Back To The Black, Reports ₹8 Cr Profit In Q4

Coworking space provider DevX (Dev Accelerator)’s net profit for the quarter ended March 2025 (Q4 FY26) stood at ₹8 Cr, nearly 4X of ₹2.11 Cr PAT registered in the year-ago period. The company managed to get back into the black after incurring a loss of ₹1 Cr in Q3.

However, its operating revenue fell by about 10% to ₹59.2 Cr from ₹65.4 Cr in the year ago quarter. The company’s top line remained largely flat on a sequential basis. 

DevX’s other income grew by 39% YoY to ₹4 Cr, bringing its total income to ₹63.3 Cr for the quarter. 

The company managed to cut its expenses for the quarter under review by 21% YoY to ₹51.7 Cr. The largest expense, cost of goods and services, amounted to ₹17.5 Cr, down by a third compared to ₹25 Cr in Q4 FY25 and 5% less than the previous quarter’s figure. 

For the full year FY26, DevX’s profit was ₹8.8 Cr, a 4X jump from ₹1.8 Cr in the previous fiscal. Operating revenue zoomed 42% to ₹225.9 Cr from ₹158.9 Cr in FY25. 

Besides disclosing its financials, DevX announced that it would be raising ₹100 Cr through the issuance of up to 1 Lakh non-convertible debentures (NCDs) on a private placement basis. 

Notably, the company’s board earlier approved a ₹35 Cr fundraise via issuance of warrants to promoters and cofounders Parth Shah, Umesh Uttamchandani and Rushit Shah and Infibeam Avenues’ subsidiary Infibeam Projects Management. 

Founded by Parth Shah, Rushit Shah and Umesh Uttamchandani in 2017, DevX provides workspace solutions to large businesses across 11 Indian cities including Mumbai, Pune, Noida and Rajkot. Besides managed office spaces, DevX also offers individual coworking spaces, office designing solutions, facility management services, among others. 

(The story will be updated shortly.)

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