DADev Accelerator544513Quarterly results

Board clears NCD raise of up to Rs. 300 crore and allots 33,33,330 shares on warrant conversion

September quarter: revenue from operations Rs. 8,022.50 lakh (a year ago Rs. 5,183.66 lakh); profit for the period Rs. 549.64 lakh (Rs.

By ScoutQuest · Tue 3 Nov 2026, 7:16 PM IST · 4 min read

Revenue from operations (Sep quarter)

Rs. 8,022.50 lakh (a year ago Rs. 5,183.66 lakh)

Profit for the period (Sep quarter)

Rs. 549.64 lakh (Rs. 175.32 lakh)

Promoter stake after warrant conversion

moves from 35.09% to 37.29%

Quarterly and half-year results

• The board approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026, along with the limited review report and security cover certificate from the statutory auditors.
• Consolidated revenue from operations was Rs. 8,022.50 lakh for the September 2026 quarter, against Rs. 5,183.66 lakh in the September 2025 quarter. For the half year it was Rs. 13,399.81 lakh, against Rs. 10,746.37 lakh.
• Total income was Rs. 8,242.96 lakh for the quarter (Rs. 5,448.34 lakh a year earlier) and Rs. 13,916.03 lakh for the half year.
• Profit for the period was Rs. 549.64 lakh for the quarter, against Rs. 175.32 lakh in the September 2025 quarter, and Rs. 700.08 lakh for the half year, against Rs. 189.29 lakh.
• Basic and diluted earnings per share were Rs. 0.60 for the quarter (Rs. 0.26 a year earlier) and Rs. 0.76 for the half year (Rs. 0.28).
• Net profit margin was 6.85% for the quarter and 5.22% for the half year; operating margin was 50.87% and 53.06% respectively.
• Depreciation and amortisation was Rs. 2,039.29 lakh for the quarter and finance costs Rs. 1,629.61 lakh, both higher than the year-ago quarter.
• The group reports a single segment: renting and provision of co-working spaces.

Ratio snapshot

• Debt equity ratio (total debt to total equity) was 1.03 for the quarter, against 0.90 in the June 2026 quarter and 0.37 in the September 2025 quarter.
• Interest service coverage ratio was 2.64 for the quarter, against 2.38 in June 2026 and 2.30 a year earlier.
• Debt service coverage ratio was 0.84 for the quarter, against 0.56 and 0.37 in the same comparison periods.
• Current ratio was 1.28; total debt to total assets was 0.25.

Fund raising: proposed Non-Convertible Debentures

• The board considered and approved a proposal to raise funds by issuing Non-Convertible Debentures in dematerialised form, in one or more series or tranches, on a private placement basis, for an aggregate amount up to Rs. 300 [(Indian Rupees Three Hundred Crores Only)].
• The investors covered are eligible investors, including individuals, body corporate, corporate entities and other qualified institutional buyers, at such price and on such terms and conditions.
• The Executive Committee has been empowered to complete the issue and allotment.
• The price, coupon, tenure and timing are to be decided as part of the issue terms; the board approval covers the fund-raising proposal.

Warrant conversion and share allotment

• In continuation of the intimation dated June 16, 2026, the board approved allotment of 33,33,330 equity shares of face value Rs. 2 each, at a premium of Rs. 43 per share, on exercise and conversion of 33,33,330 convertible warrants.
• The shares were issued at Rs. 45 per share to Mr. Shah Parth Naimeshbhai, Mr. Uttamchandani Umesh Satishkumar and Mr. Rushit Shardulkumar Shah, promoters of the company.
• The warrant issue had aggregated up to ~Rs. 15 crore, of which ~Rs. 3.75 crore (25%) was received as the initial subscription amount at the time of warrant allotment.
• The balance subscription amount of Rs. 11,24,99,887.50 (75%) was received against this conversion.
• The new shares rank pari-passu with the existing equity shares; listing and trading approval applications will be made in due course.

Capital and shareholding

• Issued, subscribed and paid-up capital rose from 9,46,31,955 shares (value Rs. 18,92,63,910) to 9,79,65,285 shares (value Rs. 19,59,30,570).
• Promoter holding moved from 3,32,01,850 shares, or 35.09%, to 3,65,35,180 shares, or 37.29% of the total issued capital.

Other disclosures in the results notes

• The company allotted 1,00,000 senior, secured, rated, listed, redeemable, non-cumulative, taxable, transferable NCDs of face value Rs. 10,000 each, aggregating Rs. 1,00,00,00,000, on a private placement basis, approved by the Executive Committee on August 04, 2026.
• Security cover available as on September 30, 2026 for the secured non-convertible debentures is 1.00 times, backed by a first ranking pari passu charge on property, plant and equipment and capital work in progress of the holding company.
• IPO proceeds: of Rs. 12,737.90 lakh from the fresh issue, Rs. 9,969.67 lakh was utilised up to September 30, 2026 and Rs. 2,768.23 lakh was unutilised, parked in the public monitoring account, public issue account and fixed deposit from the monitoring account.
• The IPO was of 2,35,00,000 equity shares at Rs. 61 per share, listed on NSE and BSE on September 17, 2025.

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