Dev Accelerator assets grow as debt and leases increase

Dev Accelerator Limited reported total assets of Rs 875.5819 crore at September 30, 2026, compared with Rs 643.9842 crore at March 31, as right-of-use assets increased Rs 91.8416 crore and combined borrowings and lease liabilities rose Rs 173.5363 crore.

How did Dev Accelerator’s asset base change by September 2026?

Dev Accelerator’s total assets increased Rs 231.5977 crore, or 36.0%, in the six months ended September 30, 2026. Non-current assets were Rs 598.0072 crore, up from Rs 447.4079 crore at March 31, while current assets rose to Rs 277.5747 crore from Rs 196.5763 crore. The non-current asset base therefore accounted for Rs 150.5993 crore of the overall increase.

Right-of-use assets were the largest individual asset category at Rs 284.0942 crore, compared with Rs 192.2526 crore at March 31. Property, plant and equipment increased to Rs 116.2717 crore from Rs 64.9406 crore, while capital work-in-progress declined to Rs 34.1613 crore from Rs 69.7689 crore. The filing does not provide a project-level reconciliation for the movement between work-in-progress and completed property assets.

Other non-current assets increased to Rs 44.8770 crore from Rs 28.4741 crore, and other financial assets rose to Rs 63.0742 crore from Rs 39.8164 crore. In current assets, trade receivables reached Rs 53.8143 crore from Rs 27.2934 crore, while cash and cash equivalents fell to Rs 14.7985 crore from Rs 21.0758 crore during the same six-month period.

How much did Dev Accelerator’s borrowings and lease liabilities rise?

Dev Accelerator’s total borrowings rose to Rs 222.1694 crore at September 30, 2026 from Rs 144.7166 crore at March 31, an increase of Rs 77.4528 crore. Non-current borrowings were Rs 131.4545 crore, up from Rs 81.0946 crore, while current borrowings were Rs 90.7149 crore compared with Rs 63.6220 crore. Both the current and non-current debt balances increased.

Total lease liabilities increased Rs 96.0835 crore to Rs 321.7754 crore at September 30 from Rs 225.6919 crore at March 31. Non-current lease liabilities rose to Rs 263.3983 crore from Rs 179.2022 crore, and current lease liabilities increased to Rs 58.3771 crore from Rs 46.4897 crore. The increase in lease liabilities was close to, but not identical with, the Rs 91.8416 crore increase in right-of-use assets because lease accounting also reflects depreciation, payments and other adjustments.

Combined borrowings and lease liabilities stood at Rs 543.9448 crore at September 30, compared with Rs 370.4085 crore six months earlier. Total equity increased Rs 30.7109 crore to Rs 216.3763 crore, comprising Rs 193.8110 crore of other equity and Rs 22.5039 crore of equity share capital. The increase in combined borrowings and lease liabilities was therefore larger than the increase in equity in absolute terms.

What do Dev Accelerator’s reported leverage and liquidity ratios show?

Dev Accelerator reported a debt-equity ratio of 1.03 at September 30, 2026, compared with 0.78 at March 31, 2026 and 0.37 at September 30, 2025. Its total-debt-to-total-assets ratio was 0.25, versus 0.22 at March 31 and 0.10 a year earlier. The company stated that ratios for the quarter and half year were annualised where necessary.

The current ratio was 1.28 at September 30, compared with 1.26 at March 31 and 1.12 at September 30, 2025. Interest service coverage, defined by the filing as earnings before interest, depreciation and tax divided by finance cost, was 2.52 for the half year ended September 30, 2026, against 2.28 in the prior-year half. Debt service coverage was 0.69 for the 2026 half year, compared with 0.60 a year earlier.

Finance costs rose to Rs 30.2936 crore for the half year ended September 30, 2026 from Rs 24.9042 crore in the corresponding period of 2025. Depreciation and amortisation increased to Rs 38.0713 crore from Rs 29.3027 crore. Those expense movements coincided with the higher borrowings, lease liabilities, property assets and right-of-use assets.

What financing activity occurred during the September half year?

Dev Accelerator recorded Rs 179.5964 crore of borrowing proceeds and Rs 102.1436 crore of borrowing repayments in the half year ended September 30, 2026. It also paid Rs 24.1894 crore towards the principal portion of lease liabilities and Rs 17.2735 crore of interest on lease liabilities. Net cash flow from financing activities was Rs 46.7076 crore, compared with Rs 38.2661 crore in the corresponding 2025 half year.

Dev Accelerator allotted 100,000 senior secured, rated, listed, redeemable, non-cumulative, taxable and transferable non-convertible debentures, or NCDs, with a face value of Rs 10,000 each, aggregating Rs 100 crore. The Board approval was dated May 19, 2026, and the Executive Committee approved the allotment on August 4, 2026. The filing says the NCDs are secured by a first-ranking pari passu charge on property, plant and equipment and capital work-in-progress, to the extent stated in the information memorandum.

Operating cash flow was an outflow of Rs 22.4798 crore in the 2026 half year, compared with an inflow of Rs 47.8118 crore a year earlier. Net working-capital changes were an outflow of Rs 85.8116 crore, including Rs 55.5562 crore in other current assets and Rs 25.8044 crore in trade and other receivables. Investing cash outflow was Rs 30.5051 crore, including Rs 29.2528 crore spent on property, plant and equipment, intangible assets and capital work-in-progress.

How does Dev Accelerator’s balance sheet connect to disclosed expansion funding?

Dev Accelerator operates in one reportable segment: renting and providing coworking spaces. Its initial public offering, or IPO, included Rs 73.1160 crore earmarked for capital expenditure on fit-outs in proposed centres. By September 30, 2026, Dev Accelerator had used Rs 45.4337 crore of that allocation, leaving Rs 27.6823 crore unutilised in public monitoring, public issue and fixed-deposit accounts.

The IPO generated net fresh-issue proceeds of Rs 127.3790 crore, of which Rs 99.6967 crore had been used by September 30, 2026. Alongside fit-outs, Dev Accelerator reported Rs 35 crore used to repay or prepay certain borrowings and Rs 19.2630 crore for general corporate purposes. The funding disclosure provides context for the higher expansion-related assets, but the filing does not attribute individual balance-sheet movements to specific proposed centres.

Conclusion

Dev Accelerator’s September 2026 balance sheet records expansion in right-of-use assets, which increased Rs 91.8416 crore, and property, plant and equipment, which increased Rs 51.3311 crore. At the same time, borrowings rose Rs 77.4528 crore and lease liabilities rose Rs 96.0835 crore, taking their combined balance to Rs 543.9448 crore.

The next disclosed marker is the Rs 27.6823 crore of unutilised IPO proceeds allocated to proposed-centre fit-outs at September 30, 2026. Subsequent filings can show how that planned spending, the Rs 100 crore NCD allotment approved on August 4, 2026, and cash flow from operations affect the company’s asset mix, debt and lease obligations.