Disclosure Context

Dev Accelerator Limited (Scrip Code: 544513, NSE: DEVX) submitted an investor presentation on its Q1 FY27 financial results to BSE Limited and National Stock Exchange of India Limited under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The disclosure was made on August 13, 2026, by Anjan Trivedi, Company Secretary & Compliance Officer.

Financial Performance (Consolidated - IND AS)

Q1 FY27 Results:

  • Revenue from Operations: Rs 53.8 crore (compared to Rs 55.6 crore in Q1 FY26, -3.3% YoY)
  • EBITDA: Rs 30.3 crore (14.7% YoY growth from Rs 26.4 crore in Q1 FY26)
  • EBITDA Margin: 56.3% (886 bps improvement from 47.4% in Q1 FY26)
  • Profit Before Tax: Rs 1.6 crore (66.5% YoY growth from Rs 0.9 crore)
  • Profit After Tax: Rs 1.5 crore (15x growth compared to same period last year)
  • EPS: Rs 0.2

Quarter-over-Quarter Comparison (Q1 FY27 vs Q4 FY26):

  • Revenue decreased from Rs 59.3 crore to Rs 53.8 crore (-9.3% QoQ)
  • EBITDA decreased from Rs 32.5 crore to Rs 30.3 crore (-6.9% QoQ)
  • PAT decreased from Rs 8.0 crore to Rs 1.5 crore (-81.1% QoQ)

Operational Metrics

Portfolio Overview:

  • 27 centers across 12 tier 1 and tier 2 cities in India
  • Total managed office space: 1.13 Mn sq. ft. (31.4% YoY growth)
  • Overall occupancy: 91.9%
  • Mature Center occupancy: 69.8%
  • Operational Seats: 17,294
  • Occupied Seats: 15,899
  • Revenue to Rent Ratio: 2.36x

Revenue Composition:

  • Enterprise Client contribution: 70% of Revenue from Operations
  • Brokerage contribution: 1.8% of Revenue from Operations

Business Segments

Managed Office Space + Development Management (80% of revenue):

  • Offers private managed offices and shared floor offices
  • Lease tenure: 5-9 years with 3-5 year lock-in periods
  • Straight lease model
  • Services include IT setup, medical room, creche, housekeeping, security, smart café, and community services

Design & Build (18% of revenue):

  • End-to-end interior fit-out solutions
  • Includes interior design, architecture, 3D structuring, and procurement

GCC (2% of revenue):

  • Customized software solutions including software development, cloud services, data analytics, and digital marketing

Strategic Initiatives

Technology Development:

  • AI Infrastructure Launchpad for PropTech innovators
  • Focus on operational efficiency, automation, customer experience, and data-driven decision making
  • Building tokenization initiatives underway with law firm and consultants onboarded
  • Partnership with pan-India media organization for innovation network access

Expansion Plans:

  • Pipeline of 2.38 Mn sq. ft. additional space
  • 0.11 Mn sq. ft. currently under fit-out
  • Target total managed space: 3.62 Mn sq. ft. by FY29
  • New centers in Bangalore, Pune, Gurgaon, and Ahmedabad
  • India's largest single managed office contract: 800,000 sq. ft. in Ahmedabad

Capital Initiatives:

  • Raised Rs 100 crore through non-convertible debt
  • Upon conversion of preferential warrants, promoter shareholding expected to increase from 36.81% to 37.29%
  • Rs 100 Cr fit-out furniture capex over 4 years for 8,500 seats, targeting Rs 120 Cr annual revenue

Capital Structure

Debt Position (Consolidated):

  • Long Term Debt: Rs 88 crore (Q1 FY27) vs Rs 81 crore (FY26) vs Rs 99 crore (FY25)
  • Short Term Debt: Rs 46 crore (Q1 FY27) vs Rs 64 crore (FY26) vs Rs 32 crore (FY25)
  • Gross Debt: Rs 135 crore (Q1 FY27) vs Rs 145 crore (FY26) vs Rs 131 crore (FY25)
  • Cash and Cash Equivalents: Rs 54 crore (Q1 FY27) vs Rs 55 crore (FY26) vs Rs 3 crore (FY25)
  • Net Debt: Rs 81 crore (Q1 FY27) vs Rs 89 crore (FY26) vs Rs 127 crore (FY25)

Credit Rating:

  • ACUITE BBB with Stable Outlook for Long Term Borrowings

Business Models

Straight Lease (78% of centers - 21 of 27 centers):

  • Traditional lease with fixed rental terms
  • Lease tenure: 5-9 years
  • Capital expenditure for fit-outs borne by DevX

Furnished by Landlord (22% of centers - 6 of 27 centers):

  • Landlord provides fully furnished and equipped spaces
  • Costs recovered via fixed rent or revenue/profit share

OpCo/PropCo Model:

  • Commenced operations as lessee of JUPL/AEPL property
  • Continues to manage office space under OpCo-PropCo model
  • Separates operational management from property ownership

Development Management:

  • Advising non-institutional landlords on building structures
  • Asset-light expansion strategy across 860,000 sq. ft. of workspace

Management Commentary

Chairman and Wholetime Director Mr. Parth Shah stated that the company delivered a steady performance supported by continued demand for managed office spaces from enterprise clients. The company is focused on expanding presence across Tier 1 and Tier 2 cities, improving occupancy rates, and maintaining disciplined execution of expansion plans. With sustained demand from corporates and Global Capability Centers, the company remains focused on its growth targets.

Forward-Looking Statements

The document contains forward-looking statements about future events and expectations, including words such as "expects" and "anticipates." These statements involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from any future results expressed or implied.