Dev Accelerator Limited September profit rises to Rs 5.50 crore

Dev Accelerator Limited reported consolidated profit after tax of Rs 5.4964 crore for the quarter ended September 30, 2026, up from Rs 1.7532 crore a year earlier, as revenue from operations reached Rs 80.225 crore. Revenue increased from Rs 51.8366 crore in the September 2025 quarter despite higher finance and depreciation charges.

What did Dev Accelerator report for the September 2026 quarter?

Dev Accelerator reported total income of Rs 82.4296 crore for the quarter ended September 30, 2026, compared with Rs 54.4834 crore a year earlier and Rs 56.7307 crore in the quarter ended June 30, 2026. Revenue from operations contributed Rs 80.225 crore, while other income was Rs 2.2046 crore.

Profit before tax was Rs 6.323 crore, against Rs 1.6978 crore in the September 2025 quarter and Rs 1.5765 crore in the June 2026 quarter. After a total tax expense of Rs 0.8266 crore, Dev Accelerator recorded profit after tax of Rs 5.4964 crore, compared with Rs 1.5044 crore sequentially and Rs 1.7532 crore year on year.

Dev Accelerator reported basic and diluted earnings per share, or EPS, of Rs 0.60 for the September 2026 quarter. The corresponding EPS was Rs 0.26 in the September 2025 quarter and Rs 0.16 in the preceding June 2026 quarter, based on shares with a face value of Rs 2 each.

How did Dev Accelerator’s costs change in the September quarter?

Dev Accelerator’s total expenses rose to Rs 75.5531 crore in the September 2026 quarter from Rs 52.8468 crore a year earlier and Rs 55.1703 crore in the June 2026 quarter. The increase was led by operating expenses of Rs 29.128 crore, compared with Rs 16.0994 crore in September 2025 and Rs 13.5166 crore in June 2026.

Finance costs were Rs 16.2961 crore, up from Rs 12.6415 crore a year earlier and Rs 13.9975 crore sequentially. Depreciation and amortisation rose to Rs 20.3929 crore from Rs 14.7952 crore in September 2025 and Rs 17.6784 crore in June 2026, taking the combined finance and depreciation charge to Rs 36.689 crore.

Employee-benefit expense declined to Rs 3.8023 crore from Rs 5.1497 crore a year earlier, while other expenses increased to Rs 5.9338 crore from Rs 4.161 crore. Dev Accelerator reported net profit margin of 6.85% for the September 2026 quarter, compared with 2.84% in the year-earlier quarter and 2.80% in the June 2026 quarter; the filing says quarterly and half-year ratios were annualised where necessary.

What were Dev Accelerator’s half-year results and cash flows?

Dev Accelerator reported revenue from operations of Rs 133.9981 crore for the half year ended September 30, 2026, up from Rs 107.4637 crore in the corresponding 2025 period. Total income rose to Rs 139.1603 crore from Rs 111.417 crore, while profit after tax increased to Rs 7.0008 crore from Rs 1.8929 crore.

Half-year profit before tax was Rs 7.8995 crore, compared with Rs 2.6444 crore a year earlier. Finance costs increased to Rs 30.2936 crore from Rs 24.9042 crore and depreciation and amortisation rose to Rs 38.0713 crore from Rs 29.3027 crore; Dev Accelerator also recorded a Rs 0.5374 crore share of loss from associates, against a Rs 0.0709 crore share of profit in the prior-year period.

Net cash used in operating activities was Rs 22.4798 crore in the half year ended September 30, 2026, compared with net operating cash generation of Rs 47.8118 crore a year earlier. Net working-capital changes were an outflow of Rs 85.8116 crore, versus an outflow of Rs 6.9239 crore in the corresponding period, while cash and cash equivalents fell to Rs 14.7985 crore from Rs 21.0758 crore at March 31, 2026.

What changed in Dev Accelerator’s balance sheet at September 2026?

Dev Accelerator reported total assets of Rs 875.5819 crore at September 30, 2026, compared with Rs 643.9842 crore at March 31, 2026. Non-current assets increased to Rs 598.0072 crore from Rs 447.4079 crore, including right-of-use assets of Rs 284.0942 crore and property, plant and equipment of Rs 116.2717 crore.

Total equity was Rs 216.3763 crore at September 30, 2026, against Rs 185.6654 crore at the March 2026 year-end. Non-current borrowings increased to Rs 131.4545 crore from Rs 81.0946 crore, non-current lease liabilities rose to Rs 263.3983 crore from Rs 179.2022 crore, and current borrowings increased to Rs 90.7149 crore from Rs 63.622 crore.

The filing 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. The current ratio was 1.28 at September 30, 2026, versus 1.26 at March 31, 2026 and 1.12 a year earlier.

How is Dev Accelerator deploying IPO proceeds and debt funding?

Dev Accelerator had utilised Rs 99.6967 crore of Rs 127.379 crore in net fresh-issue proceeds from its initial public offering, or IPO, by September 30, 2026. The remaining Rs 27.6823 crore was earmarked for capital expenditure on fit-outs in proposed centres and parked in public monitoring and issue accounts and fixed deposits.

The company had used Rs 45.4337 crore for proposed-centre fit-outs against a Rs 73.116 crore allocation, while it had fully used Rs 35 crore for repayment or prepayment of certain borrowings and Rs 19.263 crore for general corporate purposes. The IPO comprised 2.35 crore equity shares at Rs 61 each, and Dev Accelerator’s shares were listed on September 17, 2025.

Dev Accelerator also allotted 1 lakh 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 Executive Committee approved the allotment on August 4, 2026, and the filing says the NCDs are secured by a first-ranking pari passu charge on specified property, plant and equipment and capital work in progress.

Conclusion

Dev Accelerator’s September-quarter result showed revenue growth from Rs 51.8366 crore to Rs 80.225 crore and a rise in profit after tax from Rs 1.7532 crore to Rs 5.4964 crore. The higher income was accompanied by increased operating expenses, finance costs of Rs 16.2961 crore and depreciation and amortisation of Rs 20.3929 crore, while the half-year operating cash flow moved to an outflow of Rs 22.4798 crore.

The disclosed item to watch next is deployment of the remaining Rs 27.6823 crore of IPO proceeds for proposed-centre fit-outs. Subsequent results will also show the effect of the Rs 100 crore NCD allotment on borrowings, lease liabilities and cash flow, following total assets of Rs 875.5819 crore at September 30, 2026.