Dev Accelerator Ltd.

•

devx.workBSE: 544513NSE: DEVX

Market Cap₹ 322 Cr.

Current Price

High / Low₹ 64 / 30

Stock P/E75.9

Book Value₹ 21

Price to Book1.63

Dividend Yield0.00 %

ROCE29.1 %

ROE3.9 %

Face Value₹ 2

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ABOUT

AI Sector View

AI GENERATED

Information Technology

Buy

IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.

Confidence

68%

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PROS

Company has a healthy return on capital (ROCE) of 20.7%
Institutional investors have been accumulating - FII+DII up 5.3pp
Company generates healthy free cash flow

CONS

Company has a high debt-to-equity of 2.34x
A large part of profit comes from other income (2187.3% of PBT)
Receivables are growing faster than sales - a possible quality concern
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -12.85x)
Company has a low return on equity of 2.8% over last 3 years
Interest coverage is weak at 1.0x - earnings barely cover interest

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Information TechnologyITIT - Software

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	TCS	2202.00	16.00	796702.87	5.00	13420.00	4.69	72275.00	13.93	66.25	25.67
2.	INFY	1038.20	13.91	421325.69	4.62	7775.00	12.29	48211.00	14.03	42.84	23.66
3.	HCLTECH	1207.00	18.80	327539.38	4.47	4626.00	20.34	34579.00	13.94	31.20	19.87
4.	WIPRO	167.50	12.55	165902.38	6.57	3356.30	0.59	24478.60	10.59	18.49	18.93
5.	TECHM	1539.50	29.38	150891.59	3.31	1486.30	31.67	15711.90	17.68	23.04	17.43
6.	LTM	4301.15	24.39	127581.28	1.74	1468.60	17.06	11608.00	17.96	30.25	17.75
7.	OFSS	11760.00	30.01	102409.76	3.40	1415.50	120.52	3125.20	68.73	45.50	60.04
8.	PERSISTENT	5537.45	45.42	87353.27	0.72	483.04	13.67	4303.23	29.09	35.09	16.19
9.	COFORGE	1847.40	46.58	81835.77	0.86	531.70	49.19	5527.70	49.86	24.70	19.14
10.	MPHASIS	2294.10	22.92	43790.98	2.70	489.51	10.82	4384.05	17.46	23.31	18.15
11.	LTTS	3334.95	26.80	35379.24	1.74	357.10	12.97	2940.10	11.47	27.70	18.65
12.	DEVX	34.00	31.69	321.75	0.00	15.04	10642.86	537.73	866.65	29.97	56.34

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	24	31	27	44	39	42	44	47	42
	10	13	12	16	14	14	21	19	46
Operating Profit	14	18	16	28	25	28	23	28	-4
OPM %	57.48%	57.51%	57.58%	63.93%	65.13%	66.57%	52.30%	59.03%	-8.69%
	0	15	4	3	2	1	4	3	5
Interest	9	11	9	15	12	12	9	10	14
Depreciation	11	14	10	17	14	15	15	15	18
Profit before Tax	-6	7	0	-0	1	2	2	6	1
Tax %	-5.36%	5.82%	-184.00%	214.29%	57.45%	12.34%	140.27%	68.56%	-40.93%
Net Profit	-6	6	1	0	0	1	-1	2	2
	-0.94	1.00	0.11	0.06	0.02	0.24	-0.15	0.23	0.22

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	9	24	61	98	127	174
	4	10	31	36	51	100
Operating Profit	4	14	30	62	76	74
OPM %	48.77%	58.96%	49.39%	63.13%	59.66%	42.80%
	1	0	1	5	22	12
Interest	3	7	17	31	44	46
Depreciation	5	15	30	45	52	62
Profit before Tax	-3	-8	-16	-9	1	11
Tax %	-4.70%	8.93%	20.09%	105.88%	-49.88%	60.80%
Net Profit	-3	-7	-13	1	1	4
EPS	-3063.00	-6871.00	-11434.00	375.29	0.22	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 74%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: 2%
3 Years:: 3%
Last Year:: 4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	0	0	0	0	13
	-3	-6	-2	25	38
	51	79	216	303	364
Trade Payables	4	4	16	21	23
	14	19	47	59	79
Total Liabilities	67	96	277	408	518
	55	79	228	269	293
	0	1	1	10	59
	0	0	0	13	32
Cash & Bank	1	1	0	0	2
	10	15	47	116	131
Total Assets	67	96	277	408	518

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	2	14	29	16	95
Cash from Investing	-0	-8	-24	-41	-40
Cash from Financing	-1	-6	-4	25	-53
	0	0	-1	-0	1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Mar 2013	Sep 2014	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	0.00	0.00	36.81	36.81	36.81	35.09
	0.00	0.00	3.37	2.34	1.43	1.36
	0.00	0.00	6.96	5.56	4.94	3.92
Government	0.00	0.00	0.00	0.00	0.00	0.00
	100.00	100.00	52.86	55.29	56.82	59.63

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-05

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-05 - Dev Accelerator Limited has informed the Exchange about Scheduled of Analyst / Investor Meet held on September 10, 2026

2026-09-02

Copy of Newspaper Publication

2026-09-02 - Dev Accelerator Limited has informed the Exchange about Newspaper Publications - Post Dispatch Notice of Annual General Meeting to be held on Friday, September 25, 2026.

2026-09-01

General Updates

2026-09-01 - Dev Accelerator Limited has informed the Exchange about Intimation Under Regulation 36(1)(b) and 58(1)(b) of SEBI Listing Regulations

2026-09-01

Shareholders meeting

2026-09-01 - Dev Accelerator Limited has informed the Exchange regarding Notice of the 6th Annual General Meeting for the Financial Year 2025-26

2026-08-29

Copy of Newspaper Publication

2026-08-29 - Dev Accelerator Limited has informed the Exchange about Copy of Newspaper Publication - Pre Dispatch Notice of Annual General Meeting to be held on Friday, September 25, 2026.

2026-08-18

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-18 - Dev Accelerator Limited has informed the Exchange about Transcript

2026-08-13

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Dev Accelerator Limited has informed the Exchange about Audio Recording of the Earnings Conference Call in relation to the unaudited financial results of the Company for the quarter ended June 30, 2026.

2026-08-13

Press Release

2026-08-13 - Dev Accelerator Limited has informed the Exchange regarding a press release dated August 13, 2026, titled "Q1 FY27 Press Release".

2026-08-13

Investor Presentation

2026-08-13 - Dev Accelerator Limited has informed the Exchange about Investor Presentation

News

Recent coverage and analyst commentary for DEVX

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AI Stock Analyst

Dev Accelerator Ltd.

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Free 5nance Account

Name

TCS

2202.00

16.00

796702.87

5.00

13420.00

4.69

72275.00

13.93

66.25

25.67

INFY

1038.20

13.91

421325.69

4.62

7775.00

12.29

48211.00

14.03

42.84

23.66

HCLTECH

1207.00

18.80

327539.38

4.47

4626.00

20.34

34579.00

13.94

31.20

19.87

WIPRO

167.50

12.55

165902.38

6.57

3356.30

0.59

24478.60

10.59

18.49

18.93

TECHM

1539.50

29.38

150891.59

3.31

1486.30

31.67

15711.90

17.68

23.04

17.43

LTM

4301.15

24.39

127581.28

1.74

1468.60

17.06

11608.00

17.96

30.25

17.75

OFSS

11760.00

30.01

102409.76

3.40

1415.50

120.52

3125.20

68.73

45.50

60.04

PERSISTENT

5537.45

45.42

87353.27

0.72

483.04

13.67

4303.23

29.09

35.09

16.19

COFORGE

1847.40

46.58

81835.77

0.86

531.70

49.19

5527.70

49.86

24.70

19.14

MPHASIS

2294.10

22.92

43790.98

2.70

489.51

10.82

4384.05

17.46

23.31

18.15

LTTS

3334.95

26.80

35379.24

1.74

357.10

12.97

2940.10

11.47

27.70

18.65

DEVX

34.00

31.69

321.75

0.00

15.04

10642.86

537.73

866.65

29.97

56.34

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

-4

OPM %

57.48%

57.51%

57.58%

63.93%

65.13%

66.57%

52.30%

59.03%

-8.69%

Interest

Depreciation

Profit before Tax

-6

-0

Tax %

-5.36%

5.82%

-184.00%

214.29%

57.45%

12.34%

140.27%

68.56%

-40.93%

Net Profit

-6

-1

-0.94

1.00

0.11

0.06

0.02

0.24

-0.15

0.23

0.22

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

127

174

100

Operating Profit

OPM %

48.77%

58.96%

49.39%

63.13%

59.66%

42.80%

Interest

Depreciation

Profit before Tax

-3

-8

-16

-9

Tax %

-4.70%

8.93%

20.09%

105.88%

-49.88%

60.80%

Net Profit

-3

-7

-13

EPS

-3063.00

-6871.00

-11434.00

375.29

0.22

—

Dividend Payout %

0.00%

—

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-3

-6

-2

216

303

364

Trade Payables

Total Liabilities

277

408

518

228

269

293

Cash & Bank

116

131

Total Assets

277

408

518

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Cash from Investing

-0

-8

-24

-41

-40

Cash from Financing

-1

-6

-4

-53

-1

-0

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2013

Sep 2014

Sep 2025

Dec 2025

Mar 2026

Jun 2026

0.00

36.81

35.09

0.00

3.37

2.34

1.43

1.36

0.00

6.96

5.56

4.94

3.92

Government

0.00

100.00

52.86

55.29

56.82

59.63

Dev Accelerator Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Dev Accelerator Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI