DevX reports profit increase to ₹5.5 Cr in fiscal second quarter
Flexible workspace provider DevX posted a 55% increase in quarterly revenue, while its board approved a capital raise of ₹300 crore through debt instruments.
DevX, an Indian provider of flexible office spaces, reported a consolidated net profit of ₹5.5 crore for the second quarter of fiscal year 2026-27, up from ₹1.7 crore in the same period last year. Operating revenue for the quarter reached ₹80.2 crore, representing a 54.8% increase compared to ₹51.8 crore in Q2 of the previous fiscal year.
Despite the rise in top-line growth, the company faced significant cost pressures, with expenses surging nearly 43% to ₹75.6 crore. Additional financial factors included a ₹55.4 lakh loss from an associate company and tax obligations.
The company’s board has authorized a proposal to raise ₹300 crore through the private placement of non-convertible debentures. Furthermore, the board approved an allotment of 33.3 lakh shares to founders Parth Shah, Rushit Shah, and Umesh Uttamchandani for approximately ₹15 crore, which will increase their total shareholding to 37.29%.
Founded in 2017, DevX provides managed office and coworking solutions across various Indian cities. It operates in a competitive sector alongside listed rivals such as Awfis, WeWork, and Smartworks.