Dev Accelerator Limited (DEVX)

About

Dev Accelerator Limited is a mid-cap diversified commercial services business with a market cap of ₹311.04 Cr, operating within the Commercial Services & Supplies segment of the Industrials sector. The company operates with an OPM of 48.38%, though recent quarters have shown earnings volatility from losses in Dec 2025 to significant profit in Mar 2026. It trades at a PE of 30.61x, reflecting a premium valuation.

Face value: ₹2

Market cap

₹343 Cr

P/E

33.8×

P/B

1.8×

Dividend yield

0%

ROE

7.3%

ROCE

13.6%

Debt / equity

0.78

OPM

48.4%

EPS (TTM)

₹1.1

Book value

₹19.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatility: Dec 2025 saw losses (net profit -₹0.89–1.01 Cr) after profitable quarters; verify what drove this swing and whether it reflects operational weakness or one-off items.
Low return on equity: ROE of 7.32% is weak for a services business; investigate capital efficiency and whether the company is deploying capital productively.
Valuation premium: PE of 30.61x is steep relative to profitability and ROE; assess whether future growth or earnings recovery justifies the multiple.
Margin volatility: OPM ranges from 40.46% to 66.59% across recent quarters; confirm whether this reflects mix shifts, competitive pressure, or execution issues.

Generated analysis · source review pending

Growth drivers

Operating margin of 48.38% indicates operational efficiency; verify whether revenue scaling can compound profits while the company maintains margins, given recent quarterly swings from 40.46% to 66.59%.
Debt capacity: D/E ratio of 0.78 provides financial headroom for acquisitions or expansion; assess whether management has capital deployment plans or M&A targets in Commercial Services.
Earnings recovery potential: Mar 2026 net profit of ₹7.96 Cr and Jun 2026 profit of ₹2 Cr followed Dec 2025's loss; establish whether losses are cyclical or structural before concluding upside.

Generated analysis · source review pending

254 historical price candles were omitted because the exchange source has not been verified.

₹36.3+0.4%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 48.4%
+Revenue CAGR of 47.8% over the last 3 years

Cons

−Low return on equity of 4.8% (3-yr avg)
−Weak interest coverage of 1.3×

Research score

Structured signal from quality, growth, valuation and momentum.

58/100

Business quality: 40
Growth: 69
Valuation: 66

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

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Quess Corp LimitedQUESSQUESS	₹5,023 Cr	₹5,023 Cr	₹15,835 Cr	₹327 Cr	2%	₹253 Cr	1.5%	19.2%	19.7%	19
Indiqube Spaces LimitedINDIQUBEINDIQUBE	₹4,187 Cr	₹4,477 Cr	₹1,564 Cr	₹952 Cr	60.8%	₹-93 Cr	-7.3%	5.7%	-20.7%	-273
Sanghvi Movers LimitedSANGHVIMOVSANGHVIMOV	₹3,719 Cr	₹4,393 Cr	₹1,177 Cr	₹426 Cr	37.4%	₹199 Cr	17.2%	18%	15%	77

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	31	70	108	159	226
COGS	—	—	—	—	65
Gross profit	—	—	—	—	161
	17	40	44	78	52
	14	30	65	81	109
OPM %	45.2%	42.6%	59.8%	50.7%	48.4%
Depreciation	15	30	45	52	59
Interest	7	17	31	45	44
	0	1	3	19	10
Profit before tax	-8	-16	-9	3	16
Tax	-1	-3	-9	1	7
Tax %	-8.6%	-20%	-105.1%	34.4%	43.7%
	-8	-13	0	2	9
PAT margin %	-24.3%	-18.4%	0.4%	1.1%	3.9%
EPS (₹)	-1.7	-2.6	0.1	0.3	1.1
EPS adjusted (₹)	—	—	—	—	0.8

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	4	4	4	17	22
Reserves	-6	-2	25	38	164
Minority interest	—	—	0	0	0
	14	33	101	131	145
	89	248	281	355	314
Total equity & liabilities	101	282	411	540	644
	10	32	61	65	68
CWIP	0	0	0	0	70
Investments	1	1	9	53	231
	90	249	341	422	275
Total assets	101	282	411	540	644

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	14	26	8	94	90
	-7	-24	-41	-38	-121
	-6	-4	33	-53	49
Net cash flow	1	-1	0	3	18
Free cash flow	—	2	-27	82	-14
CFO / Operating profit %	100.7%	88.9%	11.7%	116.5%	82.2%

Compounded sales growth

7 years: —
5 years: —
3 years: 48%
1 year: 42%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: 399%

Return on equity

7 years: —
5 years: —
3 years: 3%
Last year: 5%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	71.3%
EBITDA margin %	45.2%	42.6%	59.8%	50.7%	48.4%
EBIT margin %	-4.4%	-0.4%	18.1%	17.8%	22.3%
PAT margin %	-24.3%	-18.4%	0.4%	1.1%	3.9%
Working capital
Receivable days	23	19	40	97	44
Inventory days	2	2	0	0	0
Payable days	—	—	—	—	206
NWC days	—	—	—	—	-162
Leverage
Current ratio	0.4	0.31	0.61	0.69	1.26
Debt to EBITDA	0.99	1.11	1.56	1.62	1.32
Debt to equity	-6.55	27.21	3.51	2.39	0.78
Interest coverage	-0.1	0.1	0.7	1.1	1.3
Asset turnover	0.31	0.25	0.26	0.29	0.35
Return ratios
Return on assets %	-7.5%	-4.5%	0.1%	0.3%	1.4%
Return on capital employed %	-1.2%	0.8%	8.7%	13.7%	13.6%
Return on equity %	354.2%	-1,051.6%	1.5%	3.2%	4.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	36.81%	36.81%	36.81%	36.81%	35.09%
	4.44%	3.37%	2.34%	1.43%	1.36%
	12.44%	6.96%	5.56%	4.94%	3.93%
Government	0%	0%	0%	0%	0%
	46.31%	52.86%	55.29%	56.82%	59.62%
No. of shareholders	—	25,216	21,909	19,891	19,078

Promoter holding down 1.72 percentage points since Jun 2025.

10 deals · 17 Sept 2025 – 25 Sept 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
25 Sept 2025	AMIT RANCHHODLAL CHOKSHI	Bulk	NSE	Buy	7,50,000	₹56.03	₹4.20 Cr
22 Sept 2025	MANSI SHARE AND STOCK BROKING PRIVATE LIMITED	Bulk	NSE	Sell	6,09,578	₹56.31	₹3.43 Cr
22 Sept 2025	MANSI SHARE AND STOCK BROKING PRIVATE LIMITED	Bulk	NSE	Buy	20	₹59.98	₹0.00 Cr
18 Sept 2025	NEO APEX VENTURE LLP	Bulk	NSE	Sell	7,00,000	₹60.85	₹4.26 Cr
18 Sept 2025	DEVI TRADERS LLP	Bulk	NSE	Buy	5,00,000	₹60.84	₹3.04 Cr
18 Sept 2025	DEVI TRADERS LLP	Bulk	NSE	Sell	1,40,000	₹61.07	₹0.85 Cr
17 Sept 2025	NEO APEX VENTURE LLP	Bulk	NSE	Buy	10,00,000	₹61.00	₹6.10 Cr
17 Sept 2025	AXIS BANK LIMITED	Bulk	NSE	Sell	6,32,339	₹61.00	₹3.86 Cr
17 Sept 2025	THE SOUTH INDIAN BANK LIMITED	Bulk	NSE	Sell	6,30,800	₹61.00	₹3.85 Cr
17 Sept 2025	AU SMALL FINANCE BANK LIMITED	Bulk	NSE	Sell	5,30,800	₹62.89	₹3.34 Cr

1–10 of 10

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Shah Parth NaimeshbhaiExecutive Director-Chairperson
Mr. Uttamchandani Umesh SatishkumarExecutive Director
Mr. Rushit Shardulkumar ShahExecutive Director
Mr. Jaimin Jagdishbhai ShahNon-Executive - Nominee Director
Mr. Shah Yash HimanshuNon-Executive - Non Independent Director
Mrs. Trivedi GopiNon-Executive - Independent Director
Mr. Praveen KumarNon-Executive - Independent Director
Mr. Pathik Shailesh PatwariNon-Executive - Independent Director
Mr. Anish Alerk PatelNon-Executive - Independent Director
Mr. Anand Anilbhai PatelNon-Executive - Independent Director
Anjan TrivediCompany Secretary & Compliance Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Dev Accelerator Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Offer and rights documents

1

Dev Accelerator Limited — PROSPECTUSListing · 15 Sept 2025

Credit ratings

1

Credit Rating for proposed issue of Non Convertible Debentures17 Jul 2026

Investor Presentation and earnings call

4

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

101 announcementsExport CSV

8 Sept 2026, 10:22 amInsider Trading / SAST

Revised Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.

Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011 PDF

5 Sept 2026, 2:40 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

2 Sept 2026, 12:45 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

1 Sept 2026, 6:26 pmCompany Update

Intimation Under Regulation 36(1)(B) And 58(1)(B) Of The SEBI Listing Regulations

General PDF

1 Sept 2026, 6:04 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

1 Sept 2026, 5:59 pmAGM/EGM

Notice Of The 6Th Annual General Meeting For The Financial Year 2025-26

AGM PDF

29 Aug 2026, 10:51 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

18 Aug 2026, 4:06 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

Date	Category	Subject	Filing
8 Sept 2026, 10:22 am	Insider Trading / SAST Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011	Revised Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.	PDF
5 Sept 2026, 2:40 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

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Dev Accelerator Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Offer and rights documents

Credit ratings

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Ratio timeline

Board meetings1

Not in the F&O segment

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Announcements

Offer and rights documents

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1