Dev Accelerator Limited — Q3 FY26
Dev Accelerator reported Q3 FY26 revenue of 59.2 crore, up 19% YoY, while 9M revenue reached 166.7 crore (+53% YoY).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
100%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Sourcing strategy, top 10 client revenue share, order visibility, and seat size in new Ahmedabad deal.
Asked by Samit, Amit Capital
Management provided specific numbers and strategy details for all sub-questions.
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Question
what is your sourcing strategy? ... what would your top 10 client contribute to your revenues ... what kind of order visibility you have in hand ... what is the average seat size in that center.
Management (CEO/CFO not specified)
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.
Answered
Medium priority
Rental escalations from landlords and tenants.
Asked by Samit, Amit Capital
Management gave specific percentages and an illustrative example.
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Question
what kind of escalations in terms of rentals are you witnessing currently from both the landlord and tenant?
Management
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%.
Answered
High priority
Progress on center under fit-out and expected operational date.
Asked by Individual Investor
Management provided specific dates and timeline.
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Question
what progress has been made on the center currently under the fit out during the quarter and when are they expected to become operational?
Management
Received occupancy certificate on 27th December. Expected to deliver in 15-20 days, full revenue by end of February/first week of March.
Answered
High priority
Current occupancy level, comparison to previous quarter and last year, and outlook.
Asked by Individual Investor
Management gave current occupancy number and historical context.
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Question
what is the current occupancy level here and how does it compare to the previous quarter and last year and what is your outlook for the occupancy in the coming quarter?
Management
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.
Answered
High priority
Time to reach steady state returns for new GCC projects.
Asked by Individual Investor
Management provided specific ROC timelines and explained drivers.
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Question
how quickly do a new center particularly GCC project become the ROC attraction and what is the typical timeline to reach steady state return?
Management
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%).
Answered
High priority
Strategic rationale for tier 2 cities focus and addressable opportunity.
Asked by Rohit Mea, SK Securities
Management gave multiple reasons and specific cost comparisons.
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Question
what is the strategic rational for focus on tier 2 cities and how large addressable opportunity there?
Management
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.
Answered
High priority
How is the Ahmedabad mega campus and similar large GCC projects funded?
Asked by Rohit Mea, SK Securities
Management explained the funding model clearly.
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Question
how is the Ahmedabad mega campus and similar large DCC projects are funded?
Management
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.
Answered
High priority
Operational timeline and expected margins for four new centers.
Asked by Raj Sha, Digital Analytics
Management provided specific timelines and margin estimates for each center.
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Question
when are we expecting these four new centers to get operational and what a bit margins can we expect from these centers?
Management
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.
Answered
High priority
Will the four centers contribute to FY27 revenue guidance of 350 cr?
Asked by Raj Sha, Digital Analytics
Management confirmed the centers contribute to the guidance.
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Question
the revenue guidance that you have provided for FI27 for 350 cr. So can I expect these four centers to contribute majorly towards that revenue.
Management
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.
Answered
Medium priority
Reason for >100% increase in other expenses this quarter.
Asked by Raj Sha, Digital Analytics
Management gave a clear reason for the increase.
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Question
in this quarter other expenses have increased by more than 100% for the standalone business. So any specific corporate expenses that has contributed to this increase?
Management
These are one-time expenditures incurred post IPO processes, approved this quarter.
Answered
Medium priority
How GCC demand evolved and rationale for tier 2 market focus.
Asked by Anik Rakar
Management provided historical context and strategic rationale.
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Question
how this GCC demand evolve on a Y basis and what basically the rational behind this GCC across tier 2 market.
Management
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.
Answered
High priority
Market opportunity for managed office space and current market share.
Asked by Anik Rakar
Management gave specific market size numbers and market share.
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Question
how much is the market opportunity for us and how much we already targeted?
Management
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.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue grew from 12 cr in 2022 to 32 cr, on track for 50 cr this year | ₹50 cr | ₹59.2 cr | Understated vs filing |
| December closed 38 crores of revenue | ₹38 cr | ₹59.2 cr | Understated vs filing |
| FY27 revenue guidance of 350 crores | ₹350 cr | ₹59.2 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.