Office space provider DevX Ltd reported a consolidated net profit of ₹5.5 crore for the second quarter of fiscal 2026-27, a 213.5% increase from the same period a year earlier.
The surge came alongside a 54.8% rise in operating revenue, which reached ₹80.2 crore compared with ₹51.8 crore in Q2 FY26. On a quarter‑on‑quarter basis, revenue grew nearly 50% to ₹53.8 crore from Q1 FY27.
Total income, which includes other income of ₹2.2 crore, stood at ₹82.4 crore for the quarter ending September 2026. Expenses also rose, reaching ₹75.6 crore, up 43% from ₹52.8 crore a year earlier.
Capital Raising and Share Allotment
The board approved a proposal to raise up to ₹300 crore through the issuance of non‑convertible debentures (NCDs) on a private‑placement basis. The company also approved the allotment of 33.3 lakh shares at ₹45 each to co‑founders Parth Shah, Rushit Shah and Umesh Uttamchandani, amounting to roughly ₹15 crore.
The allotment follows a June issuance of 33.3 lakh convertible warrants to the same promoters, for which they paid ₹3.7 crore as an initial subscription. The remaining ₹11.3 crore will be paid later, after which promoter holding is expected to rise to 37.29% from the current 35.09%.
Operational Context
Founded in 2017, DevX offers flexible workspaces, coworking desks, office design and facility‑management services across Ahmedabad, Vadodara, Pune, Hyderabad and Noida. The firm competes with listed peers such as Awfis, WeWork, Smartworks and IndiQube.
Shares closed 1.83% higher at ₹43.86 on the Bombay Stock Exchange on Tuesday.
Why it matters: The sharp profit and revenue growth signals strong demand for flexible office solutions in India’s major cities, a sector that rivals global brands and could attract further investment from regional investors seeking exposure to the country’s expanding commercial real estate market.