DevX slipped into the red in Q3 FY26, posting a consolidated net loss of INR 1 Cr as against a profit of INR 69.5 Lakh in the same quarter last year
Including other income of INR 1.5 Cr, total revenue for the quarter stood at INR 60.7 Cr
The company had posted a profit of INR 1.8 Cr in the preceding September quarter of 2025
Coworking space provider DevX slipped into the red in the third quarter of the ongoing fiscal year (Q3 FY26), posting a consolidated net loss of INR 1 Cr as against a profit of INR 69.5 Lakh in the same quarter last year.
The company had posted a profit of INR 1.8 Cr in the preceding September quarter of 2025.
DevX’s revenue from operations increased 19% to INR 59.2 Cr in Q3 FY26 from INR 49.7 Cr in the corresponding quarter of the previous year. Sequentially, it rose 14.3% from INR 51.8 Cr in Q2 FY26
Including other income of INR 1.5 Cr, total revenue for the quarter stood at INR 60.7 Cr.
Meanwhile, total expenses rose 16.2% to INR 59.4 Cr from INR 51.1 Cr in the year-ago quarter.
Notably, DevX reported an exceptional item gain of INR 1.3 Cr during the quarter as it ceased operations at one of its centres.
“The holding company has accounted for gains and losses on account of lease termination through the consolidated profit and loss account. The same has been disclosed as exceptional items in the results. The company has considered such income as an exceptional item and disclosed separately in the consolidated statements of profit and loss,” DevX said.
The company’s EBITDA remained flat YoY at INR 24 Cr. EBITDA margin contracted to 40.4% from 48.5% in the year-ago quarter.
DevX said its board also approved divestment of 38% of its equity investment in its associate company, Scaleax Advisory Private Limited (Scaleax), to its corporate promoter Dev Information Technology and Aaryan Jaxay Shahin for INR 3.8 Lakh.
Founded by Parth Shah, Rushit Shah and Umesh Uttamchandani in 2017, DevX provides workspace solutions to large businesses across 11 Indian cities including Mumbai, Pune, Noida and Rajkot. Besides managed office spaces, DevX also offers individual coworking spaces, office designing solutions, facility management services, among others.
- Managed Space Services: Under this category, DevX offers managed office space services to enterprises, MNCs, and GCCs. This segment generated a revenue of INR 102.9 Cr in the first nine months of FY26 (9M FY26), up 34% YoY. The offering accounted for 62.1% of the company’s total income
- Needle & Thread: DevX provides end-to-end interior fit-out solutions under this. It generated a revenue of INR 38.8 Cr during the first nine months of FY26, contributing 31.1% to the total income
- SaaSjoy Solutions: DevX offers software, cloud, payroll, and back-office services to its clients under this segment. It generated a revenue of INR 1.7 Cr in 9M FY26. The company has a client base of 10 enterprises under this service.
Geographically, DevX earns majority of its revenue from Ahmedabad, followed by Vadodara, Pune, Hyderabad, and Noida.
The company said it signed a contract for 8 Lakh square feet (sq ft) in Ahmedabad in Q3 FY26. It will invest INR 100 Cr to build 8,500 seats there. Besides, DevX’s 3.15 Lakh sq ft Ahmedabad campus went operational with 95% pre-leasing during the quarter, the company added.
Shares of DevX ended yesterday’s trading session 4.9% lower at INR 38.17 on the BSE.
Curated by James Chen
