Dev Accelerator Limited – Investor Presentation Summary

Key Operational Highlights

  • Total Super Built up Area (SBA): 1.16 Mn Sq. ft. in Q2 FY27 (0.89 Mn Sq. ft. in Q2 FY26)
  • Mature Centers SBA: 0.94 Mn Sq. ft. in Q2 FY27 (0.55 Mn Sq. ft. in Q2 FY26)
  • Managed Office Centers: 28 across 12 cities
  • Operational Seats: 17,412 in Q2 FY27 (13,604 in Q2 FY26)
  • Occupied Seats: 15,872 in Q2 FY27 (12,019 in Q2 FY26)
  • Occupancy: 91.2% in Q2 FY27 (88.3% in Q2 FY26)
  • Mature Center Occupancy: 81.0% in Q2 FY27 (61.8% in Q2 FY26)
  • Revenue to Rent Ratio: 2.90x in Q2 FY27 (2.40x in Q2 FY26)
  • Brokerage % Revenue from Operations: 1.13% in Q2 FY27 (1.6% in Q2 FY26)
  • Enterprise Client % Revenue from Operations: 75% in Q2 FY27 (65% in Q2 FY26)

Key drivers of operational performance: Increasing occupancy at centers opened over the past year and greater adoption of integrated services.

Segment-wise Performance

Revenue Contribution Q2 FY27:

  • Managed Office Space + Development Management: 66%
  • Design & Build: 29%
  • GCC: 5%

Explanation of significant changes in segment performance: Growth driven by expanding portfolio and improved utilization across all business verticals.

Financial Highlights

Revenue: Rs. 80.2 Cr (Q2 FY27)

EBITDA: Rs. 40.8 Cr (Q2 FY27 IND AS)

PAT: Rs. 5.5 Cr (Q2 FY27)

EPS: Rs. 0.6 (Q2 FY27)

Margins: EBITDA Margin 50.8% (Q2 FY27 IND AS), PAT Margin 6.7% (Q2 FY27)

YoY/QoQ comparison: Revenue increased 54.8% YoY and 49.2% QoQ; PAT increased 213.5% YoY and 265.4% QoQ

Drivers of financial performance: Higher revenue growth from expanded operations and improved occupancy rates.

Key Risks: Not explicitly disclosed in the presentation.

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not specified in the presentation.

Regional Breakdown: Not specified in the presentation.

Balance Sheet Snapshot

Net Debt/Equity: Net Debt of Rs. 185 Cr (H1 FY27)

Reserves: Other Equity of Rs. 231.5 Cr (Consolidated IGAAP as of 30 Sep 2026)

Current Assets/Liabilities: Current Assets Rs. 278.1 Cr, Current Liabilities Rs. 158.7 Cr (Consolidated IGAAP as of 30 Sep 2026)

Working Capital/Leverage Metrics: ROCE 12.5% (H1 FY27), ROE 7.0% (H1 FY27)

Financial Health Insights: Raised Rs. 100 crore through non-convertible debentures for refinancing and expansion.

Capex & Cash Flow Health

Capital Expenditure: Rs. 100 Cr Fit-out Furniture capex over 4 years for 8,500 seats planned

Free Cash Flow: Not specified

Operating Cash Flow: Not specified

Net Debt Movement: Increased to Rs. 185 Cr in H1 FY27 from Rs. 89 Cr in FY26

Investment Rationale: Focus on capacity expansion and technology upgrades for GCC services.

Strategic & R&D Initiatives

Investments in Innovation: Developing integrated platform encompassing infrastructure, technology enablement and staffing; bespoke enterprise technology solutions including ERP integration, mobile and web apps.

Expected impact on growth: Targeting Rs. 120 Cr annual revenue from fit-out furniture capex; expanding GCC services offering.

Strategic Rationale: Building an integrated platform that supports global businesses establishing and expanding their operations in India; expanding into Tier II/III markets with capital-efficient models.

Industry Trends & Business Environment

Macro/Industry Trends: GCCs occupy ~34% of Grade-A office stock (~245 Mn Sq. ft.) and expected to exceed 2,350 units and 300+ Mn Sq. ft. in 3 years; Tier II/III flex stock growth from 8-12 msf (2026E) to 20-25 msf by 2030; Union Budget 2025-26 set up National GCC Framework to steer expansion into Tier II cities.

Impact on Company: Positioned to capture demand from GCCs evaluating Tier II cities like Ahmedabad for talent and cost arbitrage; developing capabilities in payroll, talent sourcing and IT infrastructure around GCC requirements.

Management Commentary & Growth Outlook

Strategic Outlook: "DevX's highest ever quarterly revenue marks another step towards building an integrated platform for India's next phase of enterprise growth" - Mr. Parth Shah, Chairman and Wholetime Director

FY Guidance: Pipeline of 17 new centers covering approximately 2.81 million sq. ft. with 95% pre-leased before going operational.

Market Share Targets: Not explicitly stated.

Risks and Opportunities: Not explicitly highlighted beyond expansion challenges and market opportunities.

ESG Updates

  • Complaints on Sexual Harassment on Workplace: 0
  • Board of Directors Gender Composition: 10%
  • Independent Board of Directors: 50%
  • Non-Executive Board of Directors: 70%
  • ISO 9001:2015 Quality Management System
  • ISO 27001:2022 Information Security Management