Dev Accelerator Limited

Real Estate — Real Estate Services · NSE

₹42.51−₹0.16 (−0.37%)

DalalBaazaar Score

51 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:49 pm

Understanding the Business

Company site ↗

The 60-second version of Dev Accelerator Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Dev Accelerator Limited develops and licenses fully serviced office space and allied services in India and internationally.

IndustryReal Estate Services

SectorReal Estate

Employees210

Annual revenue₹226 Cr

How does it make money?

Turns over ₹226 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹52 left at the operating level before interest, tax and depreciation. Each of its 210 employees supports ₹1.08 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.08 Cr

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 12.1% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE10.3%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +223% while net margin moved -121% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+223%

Margin effect-121%

DalalBaazaar Score

51/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

52/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

72/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

34.0x

1.3Y Median

195.0x

15 monthly readings · mean 161.7x · range 30.6x–266.4x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 83% below its 1.3y median of 195.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟡Against its sector it is priced broadly in line with the peer median of 30.2x.

vs. its own history

Cheap

195.0x median over 15 months · -83%

vs. sector peers

Fair

30.2x median of 3 peers · +13%

vs. generic bands

Fair

15x–35x

EV/EBITDA

6.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 44.1% to 52.1% over 3 years.
Return on equity is rising
ROE has improved from -1049.9% to 4.7%.
Return on capital is rising
ROCE has improved from 0.3% to 12.1%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

5 items require attention · 4 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 58% over 3 years, from ₹235 Cr to ₹370 Cr.
🔴High leverageFinancial
Debt/Equity of 2.00x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.4x — little room if earnings dip.
🔴Receivables growing faster than salesFinancial
Receivables up 648% against revenue up 223% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹14 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 44.1% to 52.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 83% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 3.1x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 648% against revenue up 223%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
4 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 36% a year✓ 47.8% CAGR
Latest reported year was -3.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 50%✓ 52.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 3.1x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹14 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 1.4x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

5 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 5 neutral · 4 weak

Market Cap

₹402 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

34.0x

Fair

Fairly valued against the generic band

P/B Ratio

2.48x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.25

Profitable

Profitable on a per-share basis

ROE

4.7%

Weak

Weak capital efficiency

ROCE

12.1%

Moderate

Moderate return on the capital in the business

Debt/Equity

2.00x

High

High leverage

Revenue Growth (YoY)

-3.3%

Shrinking

Sales are contracting

Profit Growth (YoY)

700.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹14 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

23.4%

Good

Healthy core-business profitability

Net Margin

4.5%

Average

Average bottom-line conversion

Current Ratio

1.26

Comfortable

Healthy short-term liquidity

52W Range Position

62%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

38.1 / 35.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

83.8

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹70 Cr	₹108 Cr	₹159 Cr	₹226 Cr	+47.8%
EBITDA	₹31 Cr	₹67 Cr	₹86 Cr	₹118 Cr	+56.3%
EBITDA Margin	44.1%	62.3%	54.0%	52.1%	—
PAT (Net Profit)	-₹13 Cr	₹0 Cr	₹2 Cr	₹9 Cr	—
EPS	₹-1.42	₹0.05	₹0.19	₹1.11	—
ROE	-1049.9%	1.5%	3.2%	4.7%	—
ROCE	0.3%	7.4%	12.0%	12.1%	—
Total Debt	₹235 Cr	₹325 Cr	₹386 Cr	₹370 Cr	+16.4%
Free Cash Flow	₹2 Cr	-₹27 Cr	₹82 Cr	-₹14 Cr	—

🟢 Revenue has grown at 47.8% a year over 3 years.

🟢 EBITDA has grown at 56.3% a year over 3 years.

🟢 EBITDA Margin has risen from 44.1% to 52.1% over 3 years (+8.0 pts).

🟢 PAT (Net Profit) has turned positive, from -₹13 Cr to ₹9 Cr.

🟢 EPS has turned positive, from ₹-1.42 to ₹1.11.

🟢 ROE has risen from -1049.9% to 4.7% over 3 years (+1054.7 pts).

🟢 ROCE has risen from 0.3% to 12.1% over 3 years (+11.7 pts).

🔴 Total Debt has grown at 16.4% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹2 Cr to -₹14 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹644 Cr

Total Liabilities

₹458 Cr

Cash & Equivalents

₹20 Cr

Operating Cash Flow

₹90 Cr

Capex

-₹103 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

72.4%

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 mixed5 general

DEV ACCELERATOR LIMITED Share Price - Live NSE: DEVX Stock Price & Chart

Upstox, 16 Oct

Dev Accelerator Ltd | Stock Share Price Live

MarketSmith India, 10 Sept

Dev Accelerator Limited's (NSE:DEVX) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?

Simply Wall Street, 31 Dec

DevX Completes Postal Ballot Notice Dispatch for ₹35 Crore Fundraising Initiative

scanx.trade, 24 Mar

Dev Accelerator Share Price Target 2026: Rs 43.8 Analyst Forecast

Univest, 18 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Dev Accelerator shares hit 5% upper circuit after flat market debut

Moneycontrol.com, 17 Sept

Watch Items

Revenue growth is negative (-3.3%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongBusiness Quality · Growth

MiddlingProfitability · Valuation

WeakFinancial Health · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 4 high-severity red flags sit above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑