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10 Yrs X-Ray 
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Analyst Note 
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About
Dev Information Technology Ltd (DEVIT)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543462 NSE: DEVIT IT - Software | Small Cap | Dev Information Tech Share Price
₹23.63 -0.66 (-2.72%)
As on 15-Sep'26 16:59
Dev Information Technology Ltd (DEVIT)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543462 NSE: DEVIT IT - Software | Small Cap | Dev Information Tech Share Price
₹23.63 -0.66 (-2.72%)
As on 15-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹138 Cr.
Current Price
₹23.6
52-Week Low / High
₹22 / 48
TTM EPS
₹13.3
TTM Sales
₹191 Cr.
Book Value per Share
₹19.6
P/E Ratio
1.83
Lower than its 5-year historical median
Industry PE
20.8
Price to Book (P/B)
1.24
Lower than its 5-year historical median
Price to Sales (P/S)
0.73
Lower than its 5-year historical median
EV/EBITDA
22.45
In line with its 5-year historical median
Dividend Yield
0.42%
Profitability Efficiency
Return on Equity (ROE)
23.89%
Outperforms industry median
Return on Capital Employed (ROCE)
26.64%
Outperforms industry median
Return on Assets (ROA)
13.63%
Operating Profit Margin
6.2%
Net Profit Margin
8.66%
Gross Profit Margin
12.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-4.23%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-23.89%
Net Profit Growth (1 Year)
-
55.91%
Asset Quality
Promoter Holding
41.58%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹100 Cr.
Equity
₹11.4 Cr.
Face Value
₹2
All Time Low / High
₹20.61 / 76.40
Check Before You Invest
Quality
Somewhat GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Weak
Is Dev Information Technology Ltd a good quality company?
Dev Information Technology Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Dev Information Technology Ltd performance compare with that of its Peers?
Revenue growth of Dev Information Technology Ltd vs industry peers?
Dev Information Technology Ltd revenue CAGR is 20.02%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Dev Information Technology Ltd?
Promoters hold 41.58% of the Dev Information Technology Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Dev Information Technology Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of -28.34% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Dev Information Technology Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 26.3% | 27.8% | 22.5% | 21% | 11.5% | 2.9% | 10.8% | 25.9% | 22.1% | 26.5% | - |
| Value Creation Index ⓘ | 0.9 | 1.0 | 0.6 | 0.5 | -0.2 | -0.8 | -0.2 | 0.9 | 0.6 | 0.9 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 44.9 | 56.5 | 67 | 71 | 66.1 | 84.3 | 99 | 122 | 157 | 151 | 159 |
| Sales YoY Gr. | - | 25.8% | 18.5% | 6% | -6.9% | 27.5% | 17.4% | 23.2% | 29% | -4.2% | - |
| Adj EPS ⓘ | 1.3 | 1.8 | 1.6 | 1.4 | 0.9 | 0.3 | 0.8 | 2 | 1.5 | 1.3 | 13 |
| YoY Gr. | - | 36.6% | -15.3% | -12.3% | -33.8% | -64.4% | 143.8% | 159% | -23.8% | -18.2% | - |
| BVPS (₹) ⓘ | 7.2 | 10 | 11.5 | 13.4 | 14.8 | 14.6 | 15.4 | 19.1 | 9.9 | 12.6 | 19.6 |
| Adj Net Profit ⓘ | 2 | 3 | 3.4 | 3 | 2 | 0.7 | 1.7 | 4.5 | 8.7 | 7.1 | 74 |
| Cash Flow from Ops. ⓘ | 1.2 | 2.8 | -2.9 | 4.9 | 7.6 | 5.5 | 4.7 | -0.9 | -0.8 | -9.3 | - |
| Debt/CF from Ops. ⓘ | 6.1 | 2.8 | -3.1 | 2 | 1.4 | 2 | 2 | -7.5 | -14.4 | -1.7 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 14.4% | 17.9% | 15% | -4.2% | ||||
| Adj EPS ⓘ | -0.7% | 7% | 17.3% | -18.2% | ||||
| BVPSⓘ | 6.4% | -3.1% | -6.4% | 27.4% | ||||
| Share Price | - | -28.3% | -24.5% | -45% | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 20.3 | 21.9 | 16.4 | 10.9 | 6.4 | 2.2 | 5.2 | 11.7 | 17.7 | 11.2 | 80.4 |
| Op. Profit Mgn % ⓘ | 10.7 | 11.3 | 11.9 | 9.9 | 6.5 | 4.9 | 5.5 | 5.1 | 8.1 | 6.6 | 0.7 |
| Net Profit Mgn % ⓘ | 4.5 | 5.2 | 5.1 | 4.2 | 3 | 0.8 | 1.7 | 3.7 | 5.5 | 4.7 | 46.4 |
| Debt to Equity ⓘ | 0.7 | 0.5 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | - |
| Working Cap Days ⓘ | 170 | 168 | 184 | 189 | 194 | 157 | 150 | 132 | 119 | 173 | 89 |
| Cash Conv. Cycle ⓘ | 54 | 44 | 54 | 80 | 94 | 78 | 65 | 72 | 84 | 124 | 43 |
Valuation of Dev Information Tech - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 47 | 64 | 70 | 76 | 69 | 85 | 100 | 124 | 164 | 171 |
| Operating Expenses > ⓘ + | 43 | 58 | 61 | 68 | 64 | 82 | 95 | 117 | 150 | 160 |
| Operating Profit > ⓘ | 5 | 6 | 9 | 8 | 5 | 2 | 5 | 7 | 14 | 10 |
| Operating Profit Margin (%) | 9.7% | 9.9% | 12.3% | 10.3% | 7.0% | 2.7% | 4.8% | 5.5% | 8.4% | 6.1% |
| Other Income > ⓘ + | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 7 | 2 | 13 |
| Interest > ⓘ | 1 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 3 |
| Depreciation > ⓘ | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 3 |
| Profit Before Tax > ⓘ | 3 | 4 | 6 | 7 | 4 | 0 | 2 | 11 | 12 | 18 |
| Tax > ⓘ | 1 | 1 | 2 | 2 | -0 | 0 | 2 | 2 | 3 | 3 |
| Profit After Tax | 2 | 3 | 4 | 4 | 4 | -0 | -0 | 9 | 9 | 15 |
| PAT Margin (%) | 4.4% | 4.7% | 5.7% | 5.8% | 5.5% | -0.4% | -0.1% | 7.3% | 5.8% | 8.7% |
| Adjusted EPS (₹) | 0.6 | 0.7 | 0.7 | 0.8 | 0.7 | -0.0 | 0.0 | 1.6 | 1.7 | 2.6 |
| Dividend Payout Ratio (%) | 6.10% | 6.80% | 7.20% | 6.30% | 7.50% | -147.90% | 570.30% | 6.20% | 6.10% | 3.80% |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 11 | 16 | 26 | 30 | 33 | 28 | 33 | 41 | 55 | 69 | |
| Debt + | 7 | 7 | 8 | 11 | 10 | 10 | 9 | 7 | 12 | 18 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 3 | 0 | |
| Trade Payables | 10 | 17 | 17 | 9 | 9 | 13 | 18 | 12 | 10 | 19 | |
| Others Liabilities ⓘ | 3 | 3 | 3 | 6 | 5 | 10 | 7 | 7 | 15 | 16 | |
| Total Liabilities ⓘ | 31 | 43 | 54 | 56 | 58 | 62 | 66 | 68 | 95 | 122 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 4 | 9 | 9 | 14 | 12 | 10 | 10 | 14 | 22 | 23 | |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 3 | 4 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 5 | 4 | 3 | 3 | 3 | 4 | |
| Inventories | 3 | 5 | 7 | 6 | 6 | 9 | 5 | 5 | 6 | 7 | |
| Trade Receivables | 16 | 20 | 26 | 20 | 22 | 22 | 31 | 35 | 51 | 75 | |
| Cash Equivalents | 4 | 5 | 7 | 8 | 6 | 11 | 11 | 5 | 6 | 2 | |
| Others Assets ⓘ | 3 | 4 | 5 | 9 | 7 | 6 | 6 | 4 | 3 | 7 | |
| Total Assets ⓘ | 31 | 43 | 54 | 56 | 58 | 62 | 66 | 68 | 95 | 122 | |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 2 | 6 | -3 | 7 | 5 | 6 | 6 | -2 | -1 | -9 |
| Cash Flow From Investing Activity ⓘ + | -0 | -6 | -1 | -7 | -7 | -0 | -2 | -1 | -2 | 9 |
| Cash Flow From Financing Activity ⓘ + | -1 | -1 | 6 | 0 | 1 | -1 | -3 | -4 | 4 | -2 |
| Net Cash Flow ⓘ | 0 | -1 | 2 | 0 | -2 | 4 | 1 | -7 | 1 | -1 |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 20.72 | 22.05 | 18.81 | 15.69 | 12.01 | -1.23 | -0.23 | 24.34 | 19.62 | 23.89 |
| ROCE (%) | 26.49 | 28.62 | 24.25 | 21.78 | 12.18 | 2.55 | 6.74 | 27.77 | 23.77 | 26.64 |
| Asset Turnover Ratio | 1.64 | 1.72 | 1.43 | 1.37 | 1.2 | 1.41 | 1.55 | 1.85 | 2.01 | 1.57 |
| PAT to CFO Conversion(x) | 1 | 2 | -0.75 | 1.75 | 1.25 | N/A | N/A | -0.22 | -0.11 | -0.6 |
| Working Capital Days | ||||||||||
| Receivable Days | 117.20 | 104.20 | 122.20 | 110.60 | 109.80 | 93.80 | 96.80 | 97.10 | 96.30 | 134.50 |
| Inventory Days | 17.50 | 22.70 | 29.30 | 29.50 | 30.30 | 30.80 | 24.30 | 14.20 | 12.60 | 14.60 |
| Payable Days | 125.20 | 134.20 | 168 | 147.50 | 135.70 | 99 | 128.10 | 90.40 | 58.10 | 81.20 |
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Dev Information Technology Ltd FAQs
The current trading price of Dev Information Tech on 15-Sep-2026 16:59 is ₹23.63.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 14-Sep-2026 the market cap of Dev Information Tech stood at ₹138.4 Cr
The latest P/E ratio of Dev Information Tech as of 14-Sep-2026 is 1.88.
The latest P/B ratio of Dev Information Tech as of 14-Sep-2026 is 1.24.
The 52-week high of Dev Information Tech is ₹48.00 and the 52-week low is ₹22.36.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dev Information Tech is ₹159 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Dev Information Technology Ltd is a average quality company.
The key valuation ratios of Dev Information Technology Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Dev Information Technology Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Dev Information Technology Ltd
Dev Information Technology (DEV IT) stands at the forefront of innovation, delivering comprehensive IT solutions and services under one roof. Founded in 1997, the company is a trusted industry leader offering reliable, scalable, and secure AI-powered IT solutions that empower digital transformation. DEV IT is a one-stop solution for digital transformation; it provides everything from cloud solutions and business applications to managed IT and custom software development, driving organizational agility, efficiency, and future readiness. DEV IT helps mid-market companies modernize operations with Microsoft Dynamics 365, strengthen their security posture, and unlock insights with power BI.
Business area of the company
DEV IT is engaged in the business of providing IT enabled services in the domestic as well as the international market.
Products
- Talligence
- ByteSIGNER
Services
- Cloud Services
- Digital Transformation
- Enterprise Applications
- Managed IT Services
- Application Development
Awards
2019
- GESIA Best SI Managed Services Provider Award by GESIA IT
- GESIA Torch Bearers of Gujarat IT Industry by GESIA IT Association
- Channel World India Premier 100 Awards
- SKOCH Achiever Order-of-Merit Award for being Top 100
- ISODA Best Partner of Business Excellence
- TECHPLUS MEDIA Most Impactful Regional Leader Award
2020
- CRN Excellence Award Channel Leadership Summit
- TechPlus Media Virtual 11th Partner Leadership Summit & Awards
- TechPlus Media 5th ISV Virtual Summit
- ISODA Best Partner of Business Excellence Award
2021
- HR Excellence Awards Best organizational prectices in Employee Realations & Pandemic Responses
- Star Night Awards Best Solution Partner
- SME Channels Super Hero Award
- Microsoft Cloud Champion tech disruptors
- Channel World India Premier 100 Award, Resilient 100
- SME Channels Cloud Evangelists Awards, ISV of India
2022
- SME Channels Award Accelerator in Digital Transformation
- CRN Excellence Award Document Management Solution
- Channel World India Premier 100 awards
- HR Excellence Awards Best practices in Employee Relations and Pandemic Responses
- IAMCP P2P Award for the APAC Region
2023
- CRN Excellence Award Blockchain IP Creation
- Microsoft Cloud Champions 11 Season 3
2024
- The Gavriella Schuster IAMCP D&I Partner of the Year Rising Star (Enterprise)
- SME Channels MSP India Summit and Awards for IT as Service
- Star Night Awards Best MSP Award for IT as Service
Milestones
- 1997: Foundation of the company as a Microsoft ISV partner in the state of Gujarat
- 2000: Got accreditation as a Total Solution Provider with the Government of Gujarat (IN)
- 2010: Expanded into Managed IT Services and Custom Software Solutions by acquiring a local IT company
- 2012: Established Dev Info-Tech NA Ltd in Canada as a fully-owned subsidiary and expanded the geo footprint
- 2016: Strategically acquired a software development business unit of an IT company thus making the Custom Software Solutions arm stronger
- 2017: Got public listed on NSE: EMERGE; a platform that allows SMEs to connect with investors
- 2018: Successfully ventured DevX; a managed co-working business and a start-up accelerator
- 2020: Chartered and established a Cloud Center of Excellence (CCoE) during the COVID year
- 2021: Launched its flagship products, TALLIGENCE and ByteSIGNER
- 2022: Migrated away from NSE: EMERGE to the main boards of NSE and BSE
- 2022: Acquired Minddeft, a specialized Blockchain development company
- 2023: DEV IT’s acquisition of Dhyey Consulting enhances its Microsoft Dynamics 365 offerings, boosting business decision making and efficiency.
- 2023: Lilikoi Technologies – a USA based IoT ecosystem company acquires majority stake in DEV IT
- 2024: DEV IT launches advanced cybersecurity solutions to meet global business demands
- 2024: DEV IT announces interim and final dividend distribution
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