Intimation of Analyst/Investor Meet

Dev Accelerator Limited

Dev Accelerator Limited conducted an earnings conference call on November 04, 2026, to discuss the unaudited financial results for the quarter and half year ended September 30, 2026 (Q2 and H1 FY27). The call was led by Mr. Umesh Uttamchandani, Managing Director of the company.

The transcript of this earnings conference call was formally submitted to BSE Limited and National Stock Exchange of India Limited on November 06, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company has made the transcript available on its investor relations website at: https://www.devx.work/investor-relations/financials

Financial Highlights Disclosed:

  • Q2 FY27 Consolidated Revenue: ₹80.2 crores (up 54.8% YoY from ₹51.8 crores in Q2 FY26)
  • Q2 FY27 Consolidated PAT: ₹5.5 crores (tripled from ₹1.8 crores in Q2 FY26)
  • Q2 FY27 Consolidated EBITDA: ₹40.8 crores with margin of 50.8% (up 54.3% YoY)
  • H1 FY27 Consolidated Revenue: ₹134 crores (up 24.7% YoY)
  • H1 FY27 Consolidated PAT: ₹7 crores (up from ₹1.9 crores in H1 FY26)
  • H1 FY27 Consolidated EBITDA: ₹71.1 crores with margin of 53% (up 34.4% YoY)
  • Consolidated Cash EBIT (EBITDA less lease rental): ₹19.1 crores in Q2 (margin 23.8%)

Operational Metrics:

  • Operational portfolio: 1.16 million square feet (up from 0.89 million sq ft year ago)
  • 17,400 operational seats across 28 centers in 12 cities and 6 states
  • Occupied seats: 15,800 (up from 12,019 in Q2 FY26)
  • Enterprise client contribution: 75% of revenue (up from 65% YoY)
  • Revenue-to-rent ratio: Improved significantly from 2.4x in previous quarter
  • Brokerage expense: Reduced to 1.13% of revenue (from 1.6%)
  • 78% of operational area in Tier 2 states

Expansion Pipeline:

  • 17 new centers in pipeline covering approximately 2.8 million square feet
  • Expected to expand platform to approximately 4.16 million square feet across 49 centers
  • Ahmedabad Capital One asset (3.15 lakh sq ft) became operational with 95% pre-leased
  • Signed development management project of 8.6 lakh sq ft in Ahmedabad (India's largest managed office space asset)
  • Intending to invest approximately ₹100 crores in fit-out, furniture, and security deposit for this project
  • Project planned for 8,500 seats with expected revenue of approximately ₹120 crores

Business Strategy Updates:

  • Focus on development management model where landowners retain asset ownership
  • DevX provides expertise in design, technical specifications, execution capabilities, and workspace management
  • No investment in land acquisition or construction funding under this model
  • Building full-spectrum infrastructure solution provider including office infrastructure, interiors, recruitment, payroll, and facility management
  • Targeting mid to large-size organizations ($250-750 million revenue) for GCC services

Subsidiary Performance:

  • Neddle and Thread (design and build business): ₹30 crores revenue in H1 FY27 (external clients only)
  • SaaSJoy Solutions (technology subsidiary): ₹2.8 crores revenue in H1 FY27

Capital Structure:

  • Raised ₹100 crores through secured, rated, listed non-convertible debentures in August 2026
  • Consolidated gross debt: ₹222 crores as of September end
  • Cash and cash equivalents: ₹37 crores
  • Net debt: ₹185 crores (compared to ₹89 crores at end of last year)

H2 FY27 Priorities:

  • Execution and bringing new centers into operation
  • Deepening enterprise relationships
  • Growing GCC services offering
  • Improving cash conversion through faster billing and collection

Additional Notes Section

The document contains the complete transcript of the earnings conference call, including management presentation and Q&A session (though no questions were asked by participants). The company has explicitly stated that the transcript is being disclosed in compliance with SEBI Listing Regulations.