DEVX managed offices supplied Rs. 104.98 crore in H1 FY27

DEVX supplied Rs. 104.98 crore of revenue through managed office solutions in H1 FY27, making it the largest of the three delivery platforms disclosed, versus Rs. 30.04 crore for Neddle & Thread and Rs. 2.79 crore for SaaSJoy Solutions.

How is DEVX's GCC delivery platform structured?

DEVX structures its global capability centre (GCC) delivery platform around three offerings: managed office space and development management, Design & Build, and GCC technology services. In the Q2 FY27 revenue split shown on the platform page, managed office space plus development management accounted for 66%, Design & Build for 29%, and GCC services for 5%.

The workspace offer covers private full-floor managed offices and shared-floor multi-tenant offices in premium and standard grades. DEVX says its straight leases generally have five-to-nine-year tenures and three-to-five-year lock-ins, while its service set includes information technology setup and support, housekeeping, security, meeting space, smart cafés, medical rooms and creches.

Design & Build is delivered through Neddle & Thread and includes interior design, architecture, three-dimensional structuring and procurement. SaaSJoy Solutions provides the technology component, including software development, cloud services, data analytics, digital marketing, product development, and mobile and web applications; DEVX says these design and technology capabilities are intended to support client acquisition, retention and occupancy.

How much revenue did DEVX's managed office solutions generate?

DEVX reported Rs. 104.98 crore of H1 FY27 revenue from managed office solutions, defined on page 16 as managed space plus co-working space. The unit reported a 68.2% H1 FY27 earnings before interest, tax, depreciation and amortisation (EBITDA) margin, an average lease term of 39 months, and 376 clients as of 30 September 2026.

The operating base attached to that revenue was 1.16 million square feet of assets under management, 17,412 total seats, 15,872 occupied seats and 28 centres. Reported occupied seats were therefore 1,540 below total seats at the disclosed date; the presentation does not state a separate occupancy percentage in this section.

The H1 FY27 segment-contribution chart presents a different view of the revenue mix. It lists total H1 FY27 revenue of Rs. 134 crore, with managed space services at 57% and co-working space at 6%, while facility management and other services represent 6% and payroll management services 1%. The Rs. 104.98 crore managed-office-solutions figure therefore does not directly reconcile with the two 63% workspace labels in that chart, and DEVX does not explain the difference in the supplied pages.

What do DEVX's client and seat data show?

DEVX's core-workspace customer base comprised 376 customers in Q2 FY27, of which 77% used co-working space and 23% used managed space. By customer count, information technology and information technology-enabled services accounted for 49%, consulting services 25%, real estate 12%, manufacturing 5%, and other industries 9%.

The seat mix differed from the customer mix. Of 15,872 occupied seats, 88% were in co-working space and 12% in managed space, while information technology and information technology-enabled services accounted for 54% of seats and consulting for 32%. Real estate represented 4% of occupied seats, compared with 12% of customers, showing that the source's customer and seat distributions were not identical.

Gujarat was the largest disclosed geography in both measures, representing 78% of the 376 customers and 72% of occupied seats. Maharashtra accounted for 11% in both measures, while Telangana represented 1% of customers but 6% of seats; the presentation does not identify individual clients or explain these geographic differences.

The H1 FY27 revenue chart also places 83% of DEVX revenue in Tier 2 cities and 17% in Tier 1 cities. Its geographic revenue split assigns 77% to Gujarat, followed by Maharashtra at 9%, Telangana at 6%, Rajasthan at 5%, Uttar Pradesh at 2% and Madhya Pradesh at 1%, indicating that reported revenue was concentrated in Gujarat and Tier 2 markets.

What role do Neddle & Thread and SaaSJoy Solutions play?

Neddle & Thread reported Rs. 30.04 crore in H1 FY27 revenue and a stated EBITDA margin range of 15% to 19%. The Design & Build business had 35 active projects, with average project sizes of 4,000 to 7,000 square feet, according to operational data as of 30 September 2026.

DEVX reported that Neddle & Thread had completed 48 projects covering 10 million square feet. Its average project value was Rs. 2.2 crore and its average project time was 75 to 90 days, measures that distinguish the project-based design business from the longer lease-linked managed-office offer.

SaaSJoy Solutions generated Rs. 2.79 crore in H1 FY27 revenue, with a stated 13.5% EBITDA margin. It had more than 15 active clients and Rs. 1.25 crore of total contract value as of 30 September 2026; DEVX does not state the duration of those contracts or provide a revenue-recognition schedule.

Together, the three displayed H1 FY27 revenue figures total Rs. 137.81 crore, exceeding the Rs. 134 crore shown in the segment-contribution chart by Rs. 3.81 crore. Because the presentation uses different labels and does not supply a reconciliation, the figures establish the reported scale of each platform but do not establish a directly comparable consolidated segment bridge.

What expansion plans has DEVX disclosed for its workspace platform?

DEVX disclosed 17 signed-pipeline centres covering about 2.81 million square feet, with 95% pre-leased before operations, alongside four centres under fit-out spanning 0.19 million square feet. Combined with 28 operational centres covering 1.16 million square feet, the disclosed footprint totals 49 centres and 4.16 million square feet.

The seat pipeline is also larger than the operating base: 36,985 seats in signed pipeline and 3,029 under fit-out, compared with 17,412 operational seats. DEVX's plan includes additional centres in Bangalore, Pune, Gurgaon and Ahmedabad, and it says it is using a straight-lease model for the new-centre pipeline.

Management also disclosed an 800,000-square-foot managed-office contract in Ahmedabad and a Rs. 100 crore fit-out furniture capital-expenditure plan over four years for 8,500 seats. DEVX targets Rs. 120 crore of annual revenue from that plan, but the presentation provides no completion date, commencement date or forecast margin for the project.

Conclusion

DEVX's presentation positions managed office solutions as the principal reported revenue platform, at Rs. 104.98 crore in H1 FY27, supported by 28 centres and 15,872 occupied seats. Neddle & Thread's Rs. 30.04 crore and SaaSJoy Solutions' Rs. 2.79 crore show that DEVX is pairing workspace delivery with fit-outs and technology, although the disclosed revenue displays do not reconcile to the Rs. 134 crore segment chart.

The next operational markers are delivery of the 17-centre, 2.81-million-square-foot signed pipeline, the four centres under fit-out, and progress on the Ahmedabad 800,000-square-foot contract. Investors can also watch whether the disclosed Rs. 100 crore furniture investment produces the Rs. 120 crore annual-revenue target stated by management, as no timeline or margin target was provided.