Dev Accelerator Limited · NSE:DEVX
Dev Accelerator — H1 FY27 Earnings Presentation
37 slides from Dev Accelerator's earnings presentation, Nov 4, 2026
Slide 1: Stock exchange covering letter under Regulation 30
November 04, 2026 To, To BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C/1, G Block, Dalal Street Bandra Kurla Complex, Bandra (East) Mumbai 400 001 Mumbai 400 051 Script Code: Trading Symbol: DEVX (Equity: 544513, Debt: 978033) Dear Sir/ Mad
Slide 2: Q2 and H1 FY27 Earnings Presentation
(BSE: 544513 | NSE: DEVX) Q2 and H1 FY27 Earnings Presentation November 2026
Slide 3: DevX: DRIVE
i) pe. ey ™ 4 ; i) Deliver the i Integrity Voice with Elevate Outcome. : Always. Clarity. Others.
Slide 4: DevX: Business Overview
DevX: Business Overview Our Platform Connects Landlords, Clients and Vendor Partners – Creating a Powerful Network Effect for All 12 8 Who We Partner With Udaipur Noida 1.16 Mn Sq. ft. SBA Non-institutional Landlords Vendor Partners 2 7 28 Gandhinagar Jaipur One stop solution with Access to assured
Slide 5: Consolidated Financial Metrics (IND AS)
Consolidated Financial Metrics (IND AS) Rs Cr Revenue EBITDA and Margin % 51.0% 56.3% 50.8% 49.2% 53.0% +54.8% +24.7% +54.3% +34.5% 134.0 71.1 107.5 52.8 80.2 40.8 51.8 53.8 26.4 30.3 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 EBIT and Margin % PBT and Margin % 2
Slide 6: Consolidated Financial Metrics (IGAAP)
Consolidated Financial Metrics (IGAAP) Rs Cr Revenue EBITDA and Margin % 17.5% 23.2% 23.8% 17.9% 23.5% +54.8% +24.7% +109.9% +64.3% 134.0 31.5 107.5 80.2 19.1 19.2 51.8 53.8 12.5 9.1 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 EBIT and Margin % PBT and Margin % 17
Slide 7: Chairman's Message
Chairman’s Message “DevX’s highest ever quarterly revenue marks another step towards building an integrated platform for India’s next phase of enterprise growth. Revenue increased by 54.8% to Rs. 80.2 crore in Q2 FY27, while profit after tax more than tripled to Rs. 5.5 crore. For H1 FY27, revenue r
Slide 8: Operating KPIs: Q2FY27 and H1FY27
Operating KPIs: Q2FY27 and H1FY27 Operating KPIs Units Q2 FY27 Q2 FY26 Q1FY27 H1 FY27 Total Super Built up Area (SBA) Mn Sq. ft. 1.16 0.89 1.13 1.16 Mature Centers1 SBA Mn Sq. ft. 0.94 0.55 0.79 0.94 Cities No. 12 12 12 12 Managed Office Centers No. 28 28 27 28 Operational Seats No. 17,412 13,604 17
Slide 9: Historical Key Operating KPIs
Historical Key Operating KPIs Operating KPIs Units FY26 FY25 FY24 Total Super Built up Area (SBA) Mn Sq. ft. 0.83 0.86 0.81 Mature Centers1 SBA Mn Sq. ft. 0.58 0.55 0.52 Cities No. 12 11 11 Managed Office Centers No. 28 28 25 Operational Seats No. 13,304 13,759 12,543 Occupied Seats No. 12,019 12,05
Slide 10: Consolidated Capital Structure
Consolidated Capital Structure (Rs Cr) FY25 FY26 H1 FY27 Gross Debt / Equity (x) Long Term Debt 99 81 131 2.39 0.78 1.03 Short Term Debt 32 64 91 Gross Debt 131 145 222 FY 25 FY26 Q2 FY27 Less: Cash and Cash Equivalents 3 55 37 Net Debt / Equity (x) Net Debt / (Cash) 127 89 185 2.32 ROCE 17.1% 9.9%
Slide 11: Q2 FY27 Revenue Contribution
Q2 FY27 Revenue Contribution By Segment By State By Tier 1% 1% 1% 5% 5% 4%3% 10% 5% 9% Q2 FY27 Q2 FY27 Q2 FY27 51% Rs. 80.2 Cr Rs. 80.2 Cr Rs. 80.2 Cr 29% 85% 90% Managed Space Gujarat Design & Build Maharashtra Facility Management Services Telangana Tier 1 Tier 2 IT-ITes Services Rajasthan Co-Worki
Slide 12: H1 FY27 Revenue Contribution
H1 FY27 Revenue Contribution By Segment By State By Tier 6% 1% 1% 5%2% 17% 5% 6% 6% 9% H1 FY27 H1 FY27 H1 FY27 Rs. 134.0 Cr Rs. 134.0 Cr Rs. 134.0 Cr 57% 24% 77% 83% Managed Space Services Gujarat Designing & Execution Maharashtra Co-Working Space Telangana Tier 1 Tier 2 IT/ ITES Services Rajasthan
Slide 13: Q2 FY27 Core Workspace Customer Profiles
Q2 FY27 Core Workspace Customer Profiles By Industry By Geography By Usage 9% 1% 1% 2% 5% 7% By No. of Customers 23% 11% 12% 376 376 376 Customers 49% Customers Customers 77% 25% 78% IT and ITES Consulting Services Gujarat Maharashtra Real Estate Manufacturing Rajasthan Uttar Pradesh Co-working Spac
Slide 14: Industry Overview – Tier II Cities
Industry Overview – Tier II Cities ~2x 25–50% 5% → 7% Tier II/III flex stock growth: 8–12 msf (2026E) to Lower real estate, talent and operating costs in Tier II/III share of India's GCCs, FY2019 to 20–25 msf by 20301 Tier II vs Tier I cities2 FY2024; 220+ units today3 Flex operators are scaling acr
Slide 15: Single Delivery Platform for GCC (1/2)
Single Delivery Platform for GCC (1/2) Managed Office Space + Design & Build (29%) Development Management (66%) End to End Interior Fit-Out Solutions Managed Office Solutions for Enterprises, GCCs & MNCs Services Offered: Format Options: Design and build solutions Including: • Private Managed Office
Slide 16: Single Delivery Platform for GCC (2/2)
Single Delivery Platform for GCC (2/2) Managed Office Solutions = Managed Space + Co-working Space Rs. 104.98 Cr 68.2% 39 Months 376 H1 FY27 Revenue H1 FY27 EBITDA Margin Avg. Lease Clients 1.16 Mn 17,412 15,872 28 AUM (Sq. ft.) Total Seats Occupied Centers Neddle & Thread SaaSJoy Solutions Rs. 30.0
Slide 17: Strategy and Growth Outlook
Strategy and Growth Outlook 1. Enhancing Client Offerings 3. Leveraging the GCC Opportunity • One-stop solution for businesses setting up operations in India: Infrastructure, • GCCs occupy ~34% of Grade-A office stock (~245 Mn Sq. ft.) Interiors, Technology Enablement & Staffing • Expected to exceed
Slide 18: Structured Onboarding Approach
Structured Onboarding Approach Identification of Cities and Submarkets Search for Suitable Space Owners Signing of Definitive Agreements • Market research and financial analysis to assess viability and growth potential • Combination of direct sourcing from space • Negotiation of key commercial terms
Slide 19: Asset Procurement Strategy
Asset Procurement Strategy Flexible Business Models Optimizing Capital Efficiency and Risk Management Straight Lease Furnished by Landlord OpCo / PropCo Development Management OpCo: Operations Additional Revenue 21 of 28 Centers (75%) 7 of 28 Centers (25%) PropCo: Ownership • Traditional lease with
Slide 20: Gujarat: Growth Story
Gujarat: Growth Story Ahmedabad: GCC Demand GIFT City: Operating Today • GCCs are evaluating Ahmedabad for • Only flex operators allowed to lease talent and cost arbitrage over tier 1 cities. space inside the SEZ, under a tripartite arrangement. • DevX is in the running for a 2,000-seat GCC mandate.
Slide 21: Office Center Portfolio (1/2)
Office Center Portfolio (1/2) Tier 1 Tier 2 Gujarat Tier 2 Other States Key Metrics (22% SBA, 11 centers) (72% SBA, 13 Centers) (7% SBA, 4 Centers) 13,333 sq. ft. 36,948 sq. ft. Udaipur 196 seats Noida 753 seats 6 12 States Cities 90,000 sq. ft. 44,090 sq. ft. Gandhinagar Jaipur 840 seats 742 seats
Slide 22: Office Center Portfolio (2/2)
Office Center Portfolio (2/2) Tier 1 Tier 2 612,556 SBA (Sq ft.) 96,031 90,000 80,145 74,782 44,470 44,090 36,948 24,600 22,173 19,204 13,333 Ahmedabad Pune Gandhinagar Vadodara Hyderabad Mumbai Jaipur Noida Surat Rajkot Indore Udaipur 8769 Seats (No.) 1900 1280 1237 900 840 753 742 280 260 255 196
Slide 23: Board of Directors
Board of Directors Mr. Shah Parth Naimeshbhai Mr. Uttamchandani Umesh Mr. Rushit Shardulkumar Shah Mr. Jaimin Jagdishbhai Shah Mr. Shah Yash Himanshu Satishkumar Chairman and Managing Director Whole time Director Non-Executive - Non-Executive Wholetime Director Nominee Director Non Independent Direc
Slide 24: Key Management Personnel
Key Management Personnel Parin Shah Parthiv Panchal Anjan Trivedi Joint Chief Financial Officer Joint Chief Financial Officer Company Secretary and Compliance Officer • Chartered Accountant ,commerce graduate and MBA (Technology & AI) with 18+ years of financial-sector experience • Commerce graduate
Slide 25: Standalone Financial Metrics (IND AS)
Standalone Financial Metrics (IND AS) Rs Cr Revenue EBITDA and Margin % 66.6% 66.0% 69.7% 65.9% 68.2% +51.7% +30.5% +58.8% +35.1% 105.0 71.6 80.5 53.0 63.0 43.9 41.5 42.0 27.6 27.7 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 EBIT and Margin % PBT and Margin % 32.8
Slide 26: Standalone Financial Metrics (IGAAP)
Standalone Financial Metrics (IGAAP) Rs Cr Revenue EBITDA and Margin % 24.8% 23.6% 35.2% 24.1% 30.6% +51.7% +30.5% +115.2% +65.6% 105.0 32.1 80.5 22.2 63.0 19.4 41.5 42.0 10.3 9.9 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 EBIT and Margin % PBT and Margin % 21.8%
Slide 27: Consolidated Income Statement (IND AS)
Consolidated Income Statement (IND AS) Particulars (Rs Cr) Q2 FY27 Q2 FY26 YoY% Q1 FY27 QoQ% H1 FY27 H1 FY26 YoY% Revenue from Operations 80.2 51.8 54.8% 53.8 49.2% 134.0 107.5 24.7% Other Income 2.2 2.6 (16.7)% 3.0 (25.5)% 5.2 4.0 30.4% Total Income 82.4 54.5 51.3% 56.7 45.3% 139.2 111.4 24.9% Cost
Slide 28: Consolidated Income Statement (IGAAP)
Consolidated Income Statement (IGAAP) Particulars (Rs Cr) Q2 FY27 Q2 FY26 YoY% Q1 FY27 QoQ% H1 FY27 H1 FY26 YoY% Revenue from Operations 80.2 51.8 54.8% 53.8 49.2% 134.0 107.5 24.7% Other Income 2.2 2.6 (16.7)% 3.0 (25.5)% 5.2 4.0 30.4% Total Income 82.4 54.5 51.3% 56.7 45.3% 139.2 111.4 24.9% Cost
Slide 29: Standalone Income Statement (IND AS)
Standalone Income Statement (IND AS) Particulars (Rs Cr) Q2 FY27 Q2 FY26 YoY% Q1 FY27 QoQ% H1 FY27 H1 FY26 YoY% Revenue from Operations 63.0 41.5 51.7% 42.0 50.0% 105.0 80.5 30.5% Other Income 0.0 1.1 (99.9)% 5.1 (100.0)% 5.1 3.3 52.3% Total Income 63.0 42.6 47.8% 47.1 33.9% 110.0 83.8 31.3% Cost of
Slide 30: Standalone Income Statement (IGAAP)
Standalone Income Statement (IGAAP) Particulars (Rs Cr) Q2 FY27 Q2 FY26 YoY% Q1 FY27 QoQ% H1 FY27 H1 FY26 YoY% Revenue from Operations 63.0 41.5 51.7% 42.0 50.0% 105.0 80.5 30.5% Other Income 0.0 1.1 (99.9)% 5.1 (100.0)% 5.1 3.3 52.3% Total Income 63.0 42.6 47.8% 47.1 33.9% 110.0 83.8 31.3% Cost of
Slide 31: Standalone Balance Sheet (IGAAP)
Standalone Balance Sheet (IGAAP) As on As on As on As on Rs Cr Rs Cr 30 Sep, 2026 31 Mar, 2026 30 Sep, 2026 31 Mar, 2026 Equity and liabilities Assets Equity Share Capital 22.5 21.6 Non-Current Assets Other Equity 225.4 191.0 Property, Plant and Equipment 116.0 64.5 Total Equity 247.9 212.6 Capital
Slide 32: Standalone Balance Sheet (IND AS)
Standalone Balance Sheet (IND AS) As on As on As on As on Rs Cr Rs Cr 30 Sep, 2026 31 Mar, 2026 30 Sep, 2026 31 Mar, 2026 Equity and liabilities Assets Equity Share Capital 22.5 21.6 Non-Current Assets Other Equity 187.7 157.6 Property, Plant and Equipment 116.0 64.5 Total Equity 210.2 179.2 Capital
Slide 33: Consolidated Balance Sheet (IGAAP)
Consolidated Balance Sheet (IGAAP) As on As on As on As on Rs Cr Rs Cr 30 Sep, 2026 31 Mar, 2026 30 Sep, 2026 31 Mar, 2026 Equity and liabilities Assets Equity Share Capital 22.5 21.6 Non-Current Assets Other Equity 231.5 197.4 Property, Plant and Equipment 116.3 64.9 Non-Controlling Interest 0.1 0.
Slide 34: Consolidated Balance Sheet (IND AS)
Consolidated Balance Sheet (IND AS) As on As on As on As on Rs Cr Rs Cr 30 Sep, 2026 31 Mar, 2026 30 Sep, 2026 31 Mar, 2026 Equity and liabilities Assets Equity Share Capital 22.5 21.6 Non-Current Assets Other Equity 193.8 164.0 Property, Plant and Equipment 116.3 64.9 Non-Controlling Interest 0.1 0
Slide 35: AI - ESG Profile: Factors and Subfactors
AI - ESG Profile: 10 Factors and 151 Subfactors An effort taken voluntarily by the Dev Accelerators team Dev Accelerators Website ESG Disclosure Platform Dev Accelerators ESG Profile Link (Click Here) Company Overview (5) Board of Directors (10) ISO and Certifications (2) ESG Factors (10) Environmen
Slide 36: ESG Quantitative Performance Metrics
ESG Quantitative Performance Metrics FY2027 Social (2) Governance (2) Others (4) 0 50% ISO 9001:2015 Complaints on Sexual Harassment on Workplace Independent Board of Directors Quality Management System 10% 70% ISO 27001: 2022 Board of Directors Gender Composition Non-Executive Board of Directors In
Slide 37: Disclaimer
Disclaimer This document has been prepared for information purposes only and is not an offer or invitation or recommendation to buy or sell any securities of DEV ACCELERATOR LIMITED (“DEV ACCELERATOR”, "Company“), nor shall part, or all, of this document form the basis of, or be relied on in connect