DEVX / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Dev Accelerator · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ3-FY26 · 2026-01-28Back to quarter ↗

Questions audited

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Question ledger

What was answered, and how?

Samit · Amit Capital

direct

Sourcing strategy, top 10 client revenue share, order visibility, and seat size in new Ahmedabad deal.

We take up 25 to 40,000 ft² in new cities... top 10 clients contribute roughly 40% of revenue... average desk size 60 to 65 per sq ft... 8,500 seats expected.

Samit · Amit Capital

direct

Rental escalations from landlords and tenants.

On supply side, escalations are 4% to 5% annualized. Rent to revenue ratio is 2.62. Example: rentals 40 rupees, revenue 110 rupees. Client escalations 5% to 6%.

Individual Investor · Research desk

direct

Progress on center under fit-out and expected operational date.

Received occupancy certificate on 27th December. Expected to deliver in 15-20 days, full revenue by end of February/first week of March.

Individual Investor · Research desk

direct

Current occupancy level, comparison to previous quarter and last year, and outlook.

Occupancy has always been north of 85%. This quarter we achieved 88.4%. Historically also north of 85%. Out of 8.83 million sq ft, 70% centers are 100% occupied.

Individual Investor · Research desk

direct

Time to reach steady state returns for new GCC projects.

For centers <50,000 sq ft, ROC is 36 months. For larger centers like 3.15 lakh sq ft, ROC around 27 months due to longer re-entry period (8-12 months vs 3-4 months) and lower common area (16% vs 22-25%).

Rohit Mea · SK Securities

direct

Strategic rationale for tier 2 cities focus and addressable opportunity.

Tier 2 cities will pave next wave of growth. Talent cost arbitrage 25-30% lower. Real estate cost significantly lower (e.g., Mumbai 120 Rs/sq ft vs Jaipur 60-65 Rs/sq ft). 70% of our revenue comes from tier 2 cities.

Rohit Mea · SK Securities

direct

How is the Ahmedabad mega campus and similar large GCC projects funded?

Under development management model, capital investment from land to development is done by land owner. Our investment is in security deposit and fit outs. We also earn fees for monitoring development.

Raj Sha · Digital Analytics

direct

Operational timeline and expected margins for four new centers.

Capital One: revenue from end Feb/early March, margin 60-65% initially. Pune: go live April end/May first week, margin 35-40%. Million Miles: operational April/May, margin 40-45%. GMDC: operational Dec/Jan 26-27.

Raj Sha · Digital Analytics

direct

Will the four centers contribute to FY27 revenue guidance of 350 cr?

Yes, the revenue forecast for 27 was done based on current centers and supply on hand. It comprises managed office, design & build, and technology unit.

Raj Sha · Digital Analytics

direct

Reason for >100% increase in other expenses this quarter.

These are one-time expenditures incurred post IPO processes, approved this quarter.

Anik Rakar · Research desk

direct

How GCC demand evolved and rationale for tier 2 market focus.

India evolved from BPO to KPO to R&D. 18-15 GCCs operate in India. Tier 2 cities are next wave due to infrastructure investment and talent availability.

Anik Rakar · Research desk

direct

Market opportunity for managed office space and current market share.

Flexible office market is $5 billion, expected to reach $11 billion. 60% is by GCCs. 21% contributed by flexible office. We hold 13% market share in tier 2 cities.