Operating revenue also jumped 54.8% to ₹80.2 Cr in the quarter under review compared to ₹51.8 Cr in Q2 FY26
Nevertheless, expenses continued to bite and surged nearly 43% to ₹75.6 Cr in the quarter ended September 2026 compared to ₹52.8 Cr in Q2 FY26
Separately, the company’s board also approved a proposal to raise ₹300 Cr via issuance of non-convertible debentures to certain investors on a private placement basis
Office space provider DevX’s consolidated net profit zoomed 213.5% to ₹5.5 Cr in the second quarter (Q2) of fiscal year 2026-27 (FY27) as against ₹1.7 Cr in the year-ago quarter. Sequentially, the bottom line also surged 265.4% from ₹1.5 Cr in Q1 FY27.
Meanwhile, operating revenue also jumped 54.8% to ₹80.2 Cr in the quarter under review compared to ₹51.8 Cr in Q2 FY26. On a quarter-on-quarter (QoQ) basis, the top line rose nearly 50% from ₹53.8 Cr in Q1 FY27.
Including other income of ₹2.2 Cr, the listed company’s total income stood at ₹82.4 Cr in Q2 FY27. Nevertheless, expenses continued to bite and surged nearly 43% to ₹75.6 Cr in the quarter ended September 2026 compared to ₹52.8 Cr in Q2 FY26.
DevX
also reported a loss of ₹55.4 Lakh from an associate in the quarter, while its tax expenses stood at ₹82.7 Lakh.
Alongside its Q2 FY27 financial results, the company’s board also approved a proposal to raise ₹300 Cr via issuance of non-convertible debentures (NCDs) to certain investors on a private placement basis.
“The board… approved the proposal for raising funds through Issuance of Non-Convertible Debentures, in dematerialised form, in one or more series or tranches on a private placement basis for an aggregate amount up to ₹300 cr to eligible investors…,” said the company.
The board also approved the allotment of 33.3 Lakh shares at ₹45 apiece to cofounders and promoters Parth Shah, Rushit Shah, and Umesh Uttamchandani for a sum of nearly ₹15 Cr.
This comes five months after the company allotted 33.3 Lakh convertible warrants to the trio in June this year. At the time, the founders had paid ₹3.7 Cr (25% of the total) as initial subscription amount. The remaining 75% of the shares (pursuant to the conversion of the aforementioned warrants) will be allotted once the founders pay the remaining ₹11.3 Cr.
Once the allotment materialises, the promoter shareholding will rise to 37.29% of the total issued capital from 35.09% currently
Founded in 2017 by Parth Shah, Rushit Shah, and Umesh Uttamchandani, DevX is a flexible workspace provider that offers managed office spaces, individual coworking spaces, office designing solutions, and facility management services. It competes with the likes of Awfis, WeWork, Smartworks and IndiQube, which are also listed on the bourses.
DevX operates in cities such as Ahmedabad, Vadodara, Pune, Hyderabad and Noida.
Shares of DevX closed Tuesday’s trading session 1.83% higher at ₹43.86 apiece on BSE.
Source: Inc42
