1. Net cash accruals of ₹120-200 cr over medium term - sufficient to meet debt repayments below ₹110 cr Pending - At the announcement dated 17th July 2026, the company stated it expects to generate net cash accruals of approximately Rs.120-200 crore over the medium term, sufficient to meet scheduled debt repayment obligations of less than Rs.110 crore. \~₹55 cr of existing debt has been repaid with ₹100 cr NCD to reflect from Q2 onwards, and Q1 FY27 net debt/EBITDA stands at 1.04x, with no disclosure yet on medium-term cash accruals.
2. ₹35 cr preferential equity issuance in FY27 to support capacity additions Delivered - At the announcement dated 17th July 2026, the company initiated a Rs.35 crore preferential equity issuance in FY27 to support planned capacity additions. The board approved the issuance on March 24, 2026, shareholders cleared it via Postal Ballot on April 23, 2026, and warrants were allotted in June 2026.
3. 8 new centres (\~7.99 lakh sq ft) under straight lease model - 95% pre-leased before operational On track - At the Q4 FY26 PPT, management stated 8 new centres totalling \~7.99 lakh sq ft under the straight lease model, 95% pre-leased before going operational; this was revised at the Q1 FY27 PPT to 10 new centers of \~0.24 crore sq ft with the same 95% pre-leasing. Q1 FY27 shows a signed pipeline of 0.23 crore sq ft plus 0.02 crore sq ft under fit-out, and Capital One achieved 95% pre-leasing.
4. Promoter shareholding - increase from 36.81% to \~37.29% upon warrant conversion On track - At the Q1 FY27 PPT, promoter shareholding was expected to increase from 36.81% to approximately 37.29% upon conversion of recently issued preferential warrants. The exchanges gave in-principle approval for 33,33,330 equity shares via promoter preferential warrants, and warrants were allotted in June 2026.
5. ROCE and ROE improvement in coming quarter Pending - At the Q1 FY27 call, management said ROCE and ROE will improve in the coming quarter as IPO funds are deployed into centers under construction. Q1 FY27 ROCE was reported at 14% and ROE at 7%, versus FY26 ROCE of 14% and ROE of 7.35%, with no later quarter disclosed yet.
6. Tokenization platform outside India - process commenced On track - At the Q1 FY27 call, management stated the process for building a tokenization platform outside India has commenced, with law firms onboarded under signed engagement letters and entity incorporation underway. The Q1 FY27 PPT confirms law firm and consultants onboarded and incorporation started, and the Chairman said building tokenisation initiatives are progressing.
7. Needle & Thread - delivery of client offices from day one to entry within 75 to 90 days Delivered - At the Q4 FY26 call, the company committed delivery of client offices via Needle & Thread from day one to entry within 75 to 90 days. FY26 average delivery time was 75-90 days, maintained in Q1 FY27, with projects "often transforming visions into fully furnished offices within 75 to 90 days".
8. Milestones to track over next two years - cash EBIT 20-22%, rent-to-revenue above 2.2x, debt-to-equity less than one On track - At the Q4 FY26 call, management set milestones for the next two years: supply additions toward 0.3 crore sq ft, contracted demand, leadership build-out, cash EBIT of 20-22%, rent-to-revenue above 2.2x and debt-to-equity below one; the FY26 annual report restated these as ongoing disciplines. FY26 standalone cash EBIT margin was 21.38%, Q1 FY27 rent ratios were 2.63x/2.36x and gross debt/equity 0.66x, with the operational portfolio at 0.11 crore sq ft.
9. Priority FY27 - senior leadership team at multiple city level On track - At the Q4 FY26 call, management set a FY27 priority to bring in a senior leadership team at multiple city level to drive autonomous city-level growth. A senior leader has been onboarded at the Scalex Advisory JV with GTM strategy just formed and operations starting, with no broader city-level hires disclosed yet.
10. Priority FY27 - become completely AI native within next one year On track - At the Q4 FY26 call, management set a FY27 priority to become completely AI native within the next one year by building scalable processes. In Q1 FY27 the company launched an AI infrastructure launchpad and partnered with a reputed pan-India media organization to scout AI/PropTech startups, with the Chairman confirming the launchpad is progressing.
11. Priority FY27 - identify at least 5 to 7 lakh sq ft of DM projects in next 12 months On track - At the Q4 FY26 call, management set a FY27 priority to identify at least 5 to 7 lakh square feet of projects under the development management model in the next 12 months. An 8.6 lakh sq ft DM project has already been signed in Ahmedabad, with no additional identification disclosed yet.
12. Development management partnerships in Indore, Jaipur, Surat, Baroda - announced in FY27 Pending - At the Q4 FY26 call, management stated a few development management partnerships in Indore, Jaipur, Surat and Baroda would be announced in FY27; the FY26 annual report expects 5 to 7 lakh sq ft added under the DM platform across these cities during FY 2026-27. No announcements confirming such partnerships appear in the record yet.
13. NCD debentures - ₹100 cr at 11-12% interest rate Delivered - At the Q4 FY26 call, management intended to issue NCD debentures at an 11 to 12 percentage interest rate, with the total issue earmarked at INR100 crores, to be issued as and when ready with the properties. DevX raised ₹100 cr after Q1 FY27 at an 11.75% coupon with 36-month tenure, with Acuite assigning 'ACUITE BBB'/Stable to the proposed NCDs.
14. At least four to five assets going live over coming three quarters On track - At the Q4 FY26 call, management guided at least four to five assets going live over the coming three quarters, including Million Minds on Vaishnodevi (84,000 sq ft) and \~40,000 sq ft in Pune, with two to four more demand-backed assets in signing stage. Million Minds is operational and DevX LakeShore & Featherlite at Outer Ring Road, Bengaluru went operational in August 2026, with the operational portfolio at 0.11 crore sq ft across 27 centers.
15. 0.05 crore sq ft going live in last quarter of FY27 in Ahmedabad On track - At the Q4 FY26 call, management guided 0.05 crore square feet going live in the last quarter of FY27 in Ahmedabad. The FY26 annual report confirms the DevX 102 Ahmedabad DM project of 5 lakh sq ft is targeted to go live in Q4 FY 2026-27, with no go-live confirmation yet.
16. 2,00,000 sq ft Pune - possession September or October, revenue in January On track - At the Q4 FY26 call, management guided 2,00,000 square feet coming up in Pune with possession expected in September or October and revenue hitting the books in January. The FY26 annual report shows Pune expansion of 42,000 sq ft followed by 2,04,000 sq ft scheduled for January 2027, with possession and revenue start not yet confirmed.
17. Winston (4.5 lakh sq ft) Prestige Bangalore - fit-outs start 1st June, revenue mid or end of August Delivered - At the Q4 FY26 call, management guided the Winston (4.5 lakh sq ft) and 1,10,000 sq ft Prestige Bangalore signed space, with fit-outs starting 1st June and revenue expected mid or end of August. DevX LakeShore & Featherlite at Outer Ring Road, Bengaluru (Prestige) - 1.1 lakh sq ft - are operational from August 2026 under the Prestige partnership.
18. Revenue recognition cadence FY27 - first two quarters from Capital One, Million Minds and Pune; Q4 pumped by half million sq ft Ahmedabad delivery On track - At the Q4 FY26 call, management guided FY27 revenue recognition with the first two quarters from Capital One, Million Minds and one Pune asset, a slightly slower Q3, and the last quarter "pumped up" by delivery of half a million square feet in Ahmedabad. Q1 FY27 shows Capital One revenue reflecting in results and Million Minds operational, with the Ahmedabad Q4 delivery not yet disclosed.
19. Invest ₹200-225 cr over FY27-FY28 to grow from 0.12 to 0.3 crore sq ft operational area by FY28 On track - At the Q4 FY26 call, management planned to invest roughly INR200-225 crores over FY27-FY28 to grow from 0.12 crore square feet to 0.3 crore square feet of operational area by FY28; subsequent disclosures shifted to \~30 lakh sq ft by FY28 and 0.36 crore sq ft by FY29. Q1 FY27 operational portfolio stands at 0.11 crore sq ft with a signed pipeline of 0.23 crore sq ft plus 0.02 crore sq ft under fit-out.
20. GMDC asset - delivery September or October; operational December, January '26 or January '27 Pending - At the Q3 FY26 call, management expected delivery of the GMDC asset in September or October, with an operational perspective of December, January '26 or January '27. No disclosure in the record confirms the asset's delivery or operational status.
21. 8.1 lakh sq ft Ahmedabad mega deal - ₹100 cr investment, 85% occupancy, ₹120 cr revenue On track - At the Q3 FY26 call, management committed an investment of INR100 crores across four years, 85% occupancy and revenue generation of INR120 crores for the 8,10,000 sq ft Ahmedabad mega deal; later revisions targeted ₹120 cr annualized revenue with 80% occupancy and 8,500 seats. India's largest single managed office contract of 8 lakh sq ft at Ambli Bopal Road has been signed and the project is under construction, expected ready in 2.5-3 years.
22. Debt-to-equity - up to 1.3-1.4x considered sustainable Delivered - At the Q2 FY26 call, management stated debt-to-equity of up to 1.3-1.4x is sustainable for the sector; the Q4 FY26 call and FY26 annual report then set a stricter milestone of below 1.0x. Q1 FY27 gross debt/equity is 0.66x and net 0.40x, with FY26 debt-to-equity at 0.78x, down from 2.6x to 0.37 in H1 FY26.
23. Growth split - 70:30 tier-two to tier-one cities Delivered - At the Q2 FY26 call, management targeted a 70:30 growth split between tier-two and tier-one cities. FY26 revenue mix was Tier-1 28.37% / Tier-2 71.63%, and in Q1 FY27 \~80% of operational SBA sat in Tier 2 cities contributing \~74% of standalone revenue.
24. No tax expected for FY2026 and FY2027 Missed - At the Q2 FY26 call, management stated no tax was expected for FY2026 and FY2027, with tax payable after 2027 once profits from the two new assets add up. FY26 closed with a consolidated total tax expense of ₹6.87 cr, against current tax negative in Q2 FY26 from carried-forward losses and some tax paid in H1 FY26.
25. FY26 consolidated revenue guidance - ₹220-250 cr Delivered - At the Q2 FY26 call, management guided FY26 consolidated revenue anywhere between INR220-250 crores. FY26 consolidated revenue reached ₹226 cr, 42% annualized growth over FY25's ₹159 cr, and management noted the ₹225 cr pre-IPO roadshow target was achieved.
26. Technology subsidiary - ₹8-10 cr revenue in March 2027 numbers On track - At the Q2 FY26 call, management expected the technology subsidiary to add INR8-10 crores of revenue in March 2027 numbers. SaaSJoy posted FY26 revenue of ₹7.17 cr with a 9.6% EBITDA margin and 10+ active clients, and IT/ITeS contributed 6% of Q1 FY27's ₹53.8 cr consolidated revenue.
27. Design & build subsidiary (Needle and Thread) - ₹65 cr revenue by March 2026; ₹65-100 cr for FY ending March 2027 Partial - At the Q2 FY26 call, management guided the design & build subsidiary on track for INR65 crores revenue by March 2026 and targeting INR65-100 crores for FY ending March 2027. Needle & Thread achieved ₹52.3 cr revenue in FY26 (one-time revenue closed at ₹57 cr) with a 7.2% EBITDA margin, and contributed 18% of Q1 FY27's ₹53.8 cr consolidated revenue, with the FY27 target still open.
28. March 2027 consolidated revenue - ₹330-350 cr; standalone DevX ₹250-260 cr On track - At the Q2 FY26 call, management guided consolidated revenue of INR330-350 crores and standalone DevX at INR250-260 crores by March 2027; this was reiterated at \~INR350 crores in Q3 FY26 and with cash EBIT of 21-22% on ₹330-350 cr in Q4 FY26, before the FY26 annual report lowered FY27 guidance to ₹280-300 crores. Q1 FY27 consolidated revenue was ₹53.8 cr, down 3.3% YoY.
29. December 2026 seat count - 28,000 to 30,000 seats On track - At the Q2 FY26 call, management expected the seat count anywhere between 28,000 to 30,000 seats by December 2026. Q1 FY27 operational seats stand at 17,294, with a signed pipeline of 0.23 crore sq ft plus 0.02 crore sq ft under fit-out and a total identified portfolio of over 52,000 operational seats across 40 centers.
30. Average revenue per seat on new centers - \~₹7,000-8,000 Delivered - At the Q2 FY26 call, management confirmed average revenue per seat on new centers of \~INR7,000-8,000. The new Ahmedabad campus achieved ₹7,500-8,000 per seat, while Capital One is expected at ₹2.75 cr monthly, roughly ₹1,044/sq ft/year.
31. Third center (84,000 sq ft, 600 seats, Ahmedabad Ganesh Housing IT park) - 300 seats live January, 300 in June, revenues from April Delivered - At the Q2 FY26 call, management guided the third center - 84,000 sq ft, 600 seats at Ganesh Housing IT park, Ahmedabad - with revenues from April, phased as 300 seats live in January and 300 in June; Q3 FY26 added that revenue would kick start from April or May once the occupancy certificate arrived. DevX Million Minds, Ahmedabad - 84,000 sq ft - is confirmed operational in the FY26 annual report, though the phased seat rollout was not disclosed.
32. Pune center (400 seats) - revenues from mid-to-end of March Pending - At the Q2 FY26 call, management guided the 400-seat Pune center with fit-out just started and revenues expected from mid-to-end of March; this slipped at Q3 FY26 to a go-live in April, end of May, first week with 35-40% margins, and Q4 FY26 cited \~40,000 sq ft in Pune among assets going live over the coming three quarters. No disclosure confirms that center's revenue start; Pune expansion of 42,000 sq ft followed by 2,04,000 sq ft is scheduled for January 2027.
33. Fit-out capex - ₹73.1 cr from IPO proceeds On track - At the Q2 FY26 call, management reiterated the IPO commitment of fit-out capex of INR73.1 crores, INR35 crores for debt repayment and INR143 crores as general corporate purposes. As of March 31, 2026, ₹38.36 cr of the ₹73.12 cr fit-out allocation was utilised, debt repayment and general corporate purposes were fully utilised, and fit-out completion is slated "Till FY 2026-27" with no delay reported.
34. Cash EBIT margin - increase from 18.5% "over a period of time" Delivered - At the Q2 FY26 call, management expected cash EBIT margin to increase from the current 18.5% "over a period of time"; Q4 FY26 set 21-22% cash EBIT on a ₹330-350 cr FY27 revenue run rate, and the FY26 annual report made 20-22% an ongoing discipline. FY26 standalone normalized cash EBIT was ₹36.55 cr, a 21.38% margin, versus FY26 consolidated cash EBIT of ₹42.4 cr at 18.8%.
35. Ahmedabad Zaveri campus (3.15 lakh sq ft) - go live January, ₹2.5 cr month-on-month revenue increase, \~4,000 seats Delivered - At the Q2 FY26 call, management guided the 3.15 lakh sq ft Ahmedabad Zaveri campus to go live in January with revenue up INR2.5 crores month-on-month and almost 4,000 seats added; revisions moved revenue start to end February/early March with Capital One reflecting from Q1 FY27 at ₹2.65-2.75 cr per month. The campus received its occupancy certificate on 27th December 2025 and went live in Q4 FY26 with 4,000 seats, 95% pre-leased, at a corrected ₹2.75 cr monthly run rate.
36. Seat expansion - 6,000 incremental seats, portfolio to \~18,000-19,000 seats by next quarter Partial - At the Q2 FY26 call, management planned to add 6,000 incremental seats with 4.5 lakh sq ft under fit-out, taking the portfolio to 0.13 crore sq ft and seats from \~13,500 to almost 18,000-19,000 once all new centers were live "next quarter"; Q4 FY26 reported 13,304 FY26 seats with \~17,500 currently. Q1 FY27 operational seats stood at 17,294 - below the guided range by \~700-1,700 seats - though occupied seats rose to 15,899 from 12,534 YoY and \~4,000 seats were added with the Ahmedabad campus go-live.