DevX Q2: Profit Declines 71% YoY To INR 1.8 Cr

Listed coworking space provider DevX posted a net profit of INR 1.8 Cr in Q2 FY26, a sharp decline of over 71% from INR 6.2 Cr reported in the year-ago quarter. On a sequential basis, profit jumped multifold from INR 14 Lakh in the previous quarter.

Operating revenue for the September quarter surged 50% to INR 51.8 Cr from INR 34.5 Cr in the year-ago quarter. However, the company’s top line dipped nearly 7% on a sequential basis from INR 55.6 Cr.

Including other income of INR 2.7 Cr, the company’s total income for the quarter stood at INR 54.5 Cr. Notably, the company’s profit was impacted during the quarter under review due to a sharp 81.5% decline in other income from INR 14.32 Cr in the second quarter of FY25.

Meanwhile, total expenses for the quarter stood at INR 52.8 Cr, increasing about 26% YoY from INR 42.1 Cr.

DevX’s EBITDA surged 45% to INR 26.4 Cr during the quarter under review from INR 18.2 Cr in Q2 FY25.

The coworking space provider saw almost a 2X jump in its cost of goods and services to INR 12.1 Cr in the quarter under review from INR 7 Cr in Q2 FY25. 

DevX’s managed office segment raked in a revenue of INR 25.1 Cr during the quarter under review, accounting for 465 of the top line. DevX provides customised, fully managed office spaces for enterprises — from space acquisition to design, build, and daily operations. Unlike coworking, these are exclusive spaces built for a single client. 

Besides, the company also provides coworking space solutions and design and build solutions. 

DevX earns nearly 75% of its revenue from tier II cities, while tier I cities contribute the rest.

Going forward, the company is looking to set up 4 additional centres in Ahmedabad, Pune, Surat and Sydney with 3,199 seat capacity. 

Shares of DevX got listed on the exchanges in September. From its IPO proceeds, DevX plans to deploy INR 73.1 Cr towards fit-outs for new centres and INR 35 Cr for partial repayment or prepayment of borrowings.