Slide 1: Regulation 30 disclosure cover letter
Date: November 11, 2025 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: 544513 Trading Symbol: DEVX Dear Sir/ Madam, Sub: Disclosur
Slide 2: Q2 FY26 Investor Presentation - Accelerating Innovation
Q2 FY26 Accelerating Innovation Dev Accelerator Ltd. I n v e s t o r P r e s e n t a t i o n | N o v e m b e r 2 0 2 5
Slide 3: 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
Slide 4: Agenda
Agenda 1. Company Overview 2. Business Overview 3. Operational Highlights 4. Financial Highlights 5. Way Forward
Slide 5: Company Overview
Company Overview
Slide 6: About Us
About Us Essence of Our Identity • India’s leading provider of flexible workspace and managed office solutions • One of largest Tier-2 footprints by operational flex stock • Among fastest homegrown workspace solution providers in the country • Catering to the evolving needs of enterprises, startups,
Slide 7: Key Milestones
Key Milestones 2019 Mumbai (21,000 sq. ft.), 2023 Ahmedabad (25,509 sq. ft.) Indore (19,204 sq. ft.) 2025 2017 Recognized Start-up by DIPP 2021 Co-working Space of the Year’ by Pune (28,400 sq. ft.) Founded as LLP. Awarded ‘Co-working Space of the Two Ahmedabad Centers eChai Startup Awards Hyderabad
Slide 8: Leadership
Leadership Parth Shah Umesh Uttamchandani Rushit Shah Chairman and Whole-Time Director Managing Director Whole-time Director • 10+ years of overall experience in the flexible • 10+ years of overall experience in the flexible • 10+ years of overall experience in the workspace sector workspace sector
Slide 9: Core Competencies
Core Competencies Design with Purpose Creating workspaces that blend aesthetics, functionality, and brand identity. Innovation in Every Detail Reimagining workspaces to suit evolving business needs. Better > Unique Ensuring precision, reliability, and consistency across every project.. Build Beyond
Slide 10: Business Overview
Business Overview
Slide 11: Workspace Solutions
Workspace Solutions We are a one-stop integrated platform providing flexible workspace solutions through three key verticals Managed Office Co-working Solutions Design and Execution Solutions Solutions Tailored build-to-suit workspaces for large Ready-to-move flexible workspaces designed for Compreh
Slide 12: Workspace Solutions - Platform Network
Workspace Solutions Our Platform connects Landlords, Clients and Vendor Partners – Creating a Powerful Network Effect for All. Who we partner with…. Who we serve…. Non-institutional Enterprise Clients Landlords Flexible, Hassle-free offices One stop solution with in just 75-90 days guaranteed result
Slide 13: Asset Procurement Strategy
Asset Procurement Strategy We leverage our presence across key markets to build a strong network of space owners and developers, supported by an in-house team that identifies suitable locations and engages landlords through multiple asset procurement models. Procurement Models Straight Lease Model R
Slide 14: Structured Onboarding Approach
Structured Onboarding Approach Serving 314 clients*, including domestic corporations and MNCs Identification of Cities & Submarkets • Comprehensive research and analysis to assess the viability of new centres • Dedicated team conducts on-ground site inspections and evaluations Key Clients • Office s
Slide 15: Pan-India Presence with Peak Occupancy
Pan-India Presence with Peak Occupancy Present across 11 cities, with an average overall occupancy levels of 88%+ in all fiscals ₹ Our Presence Tier & City wise % of Total Revenue – Q2 FY26 13,333 sq. ft. Udaipur 196 seats Noida 92,814 sq. ft. Location % of Revenue Revenue 1553 seats Total Tier 1 25
Slide 16: Operational Presence & Signed Pipeline - Q2FY26
Operational Presence & Signed Pipeline – Q2FY26 Area of 13,21,122 sqft. 31 Centres 19,594 Seats 3 5,990 436,000 13,604 885,122 28 Operational Centres Under fit-out Operational Centres Under fit-out Operational Centres Under fit-out DevX Group | Q1 EY26
Slide 17: Demand is Enterprise focused, De-risked and diversified
Demand is Enterprise focused, De-risked and diversified across cities and Sectors Large Multicity enterprise clients High Rental Visibility Diverse Industry Mix 1.31% 0.43% 1.84% 65% Rental Revenue 88% | 90% Overall Occupancy Rate | 17.31% (Enterprise Clients) Committed Occupancy Rate 65% 98.7% 52.0
Slide 18: Operational Highlights
Operational Highlights
Slide 19: Key Operating KPIs – Q2 & 1H FY26
Key Operating KPIs – Q2 & 1H FY26 ₹ Particulars Q2 FY26 Q2 FY25 Q1 FY26 H1 FY26 AUM in SBA (Mn Sq.ft.) 0.89 0.81 0.86 0.89 Number of Cities by AUM 12 11 11 12 Number of Centers by AUM 28 25 28 28 Active stock (Mn Sq.ft.) 0.89 0.86 0.86 0.89 Number of seats (under active stock) 13,604 13,140 14,144 1
Slide 20: Historical Key Operating KPIs
Historical Key Operating KPIs ₹ Particulars FY25 FY24 FY23 AUM in SBA (Mn Sq.ft.) 0.86 0.81 0.63 Number of Cities by AUM 11 11 9 Number of Centers by AUM 28 25 17 Active stock (Mn Sq.ft.) 0.86 0.86 0.63 Number of seats (under active stock) 13,759 12,543 10,165 Centres (under active stock) 25 25 17 C
Slide 21: Improving Overall Occupancy – Q2 FY26
Improving Overall Occupancy – Q2 FY26 Total Seats Occupied Seats Occupancy Rate 88.3% 85.5% 88.6% 314 14,144 13,604 13,140 12,534 12,019 11,234 Clients 95% Sourced Directly 1.28 % Net Churn Rate Managed Space Q2 FY26 Q2 FY25 Q1 FY26 Net churn rate – Total clients left subtracted by total new clients
Slide 22: Total Lease Period – Q2 FY26
Total Lease Period – Q2 FY26 Total Lease vs Client Lock-in 77.08 62.06 52.14% 60.25% 55.83% 40.73 40.19 34.65 24.54 Upto 100 Seats 100-300 Seats 300+ Seats Client Lease Client Lock-In Months
Slide 23: Industry Overview
Industry Overview India Flexible Office Space Market Market Size in USD Billion • Growth is driven by hybrid work adoption after the pandemic. 11.39 • Plug-and-play offices offer cost advantages over long-term leases. • Enterprise clients are increasingly seeking nationwide flexible seat supply. • O
Slide 24: How Tier-2 Cities Are Reshaping India's Growth Map
Building Bharat: How Tier-2 Cities Are Reshaping India’s Growth Map • India’s growth is shifting beyond metros — Tier-2 cities like Ahmedabad, Coimbatore, Indore, Jaipur, Kochi, and Lucknow are emerging as new economic engines. • Backed by national programs like Smart Cities Mission and PM Gati Shak
Slide 25: Financial Highlights
Financial Highlights
Slide 26: Management Comment
Management Comment We are pleased to report steady growth in Q2 FY26, supported by sustained enterprise demand and stable occupancy levels. Our operational footprint expanded to 28 centers across 12 cities, covering 0.89 lakh sq. ft. with occupancy at 88%. Revenue for the quarter stood at ₹51.8 cror
Slide 27: Standalone Financial Metrics – Q2 FY26
Standalone Financial Metrics – Q2 FY26 Revenue EBITDA* & EBITDA Margin ₹ ₹ 42 ₹ 28 ₹ 31 32% 53% ₹ 18 66.6% 23% 57.5% Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Cash EBIT & Margin ₹ 11 PBT* & PBT Margin Q2 FY25 Q2 FY26 -₹ 1 202% 21.9% 106% 23% 26.5% ₹4 23% 23% 11.6% 3.7% Q2 FY25 Q2 FY26 -₹ 8 *EBITDA, PBT exclud
Slide 28: Consolidated Financial Metrics – Q2 FY26
Consolidated Financial Metrics – Q2 FY26 Revenue ₹ EBITDA* & EBITDA Margin ₹ 52 ₹ 26 50% 45% ₹ 35 ₹ 18 50.9% 23% 52.8% Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 PBT* Cash EBIT & Margin ₹ 10 Q2 FY25 Q2 FY26 96% ₹ - 0.3 160% 23% 18.8% ₹4 23% 23% 10.9% -₹ 8 2.9% Q2 FY25 Q2 FY26 *EBITDA, PBT excluding Other Incom
Slide 29: Standalone Financial Metrics – H1 FY26
Standalone Financial Metrics – H1 FY26 Revenue EBITDA* & EBITDA Margin ₹ ₹ 80 ₹ 53 ₹ 56 45% 65% ₹ 32 65.8% 23% 57.5% H1 FY25 H1 FY26 H1 FY25 H1 FY26 Cash EBIT & Margin PBT & PBT Margin ₹ 20 H1 FY25 H1 FY26 ₹ -1 536% 94% 3.08% 24.9% 23% ₹3 23% 1.9% 5.6% -₹ 14 H1 FY25 H1 FY26 *EBITDA, PBT excluding Ot
Slide 30: Consolidated Financial Metrics – H1 FY26
Consolidated Financial Metrics – H1 FY26 Revenue EBITDA* & EBITDA Margin ₹ ₹ 107 ₹ 53 81% 64% ₹ 32 ₹ 59 49.2% 23% 54.2% H1 FY25 H1 FY26 H1 FY25 H1 FY26 Cash EBIT & Margin PBT* ₹ 20 H1 FY25 H1 FY26 -₹ 1 90% 496% 2.3% 18.4% 23% ₹3 23% -₹ 13 5.6% H1 FY25 H1 FY26 *EBITDA, PBT excluding Other Income
Slide 31: Segment-Wise Revenue Contribution
Segment-Wise Revenue Contribution Q2 FY26 Revenue - mix % H1 FY26 Revenue - mix % 3.98% 1.91% 3.76% 1.92% 35.30% 45.94% 41.90% 52.52% 1.01% 5.49% 0.74% 5.54% Managed Space Services Co-working Space Managed Space Services Co-working Space Payroll Management Service Designing & Execution Payroll Manag
Slide 32: Consolidated Income Statement
Consolidated Income Statement ₹ Particulars Q2 FY26 Q2 FY25 YoY % Q1 FY26 H1 FY26 H1FY25 YoY % Revenue from operations 51.84 34.47 50.4% 55.63 107.47 59.38 81.0% Other income 2.65 14.33 1.31 3.96 14.48 Total Income 54.48 48.80 11.7% 56.94 111.42 73.86 50.9% Cost of Goods and Services 12.08 6.95 16.8
Slide 33: Consolidated Balance Sheet
Consolidated Balance sheet ₹ Particulars H1 FY26 FY 2025 FY 2024 1. ASSET Non-Current Assets Property, plant and equipment 308.99 293.85 269.32 Other non-current assets 159.72 143.09 74.67 Total Non-Current Assets 468.70 436.93 343.99 Current Assets Inventories Trade receivables 48.07 42.27 11.88 Ca
Slide 34: Historical Financials
Historical Financials Revenue from Operations EBITDA Margin % Total Assets (Rs. Cr) (Rs. Cr.) 540 60% 159 51% 411 43% 108 282 70 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 ROCE % Debt-Equity (X) Occupancy Rate % 17% 27.17 89% 12% 83% 81% 3.51 2.39 FY 2023 FY 2024 FY 2025
Slide 35: Consolidated Income Statement
Consolidated Income Statement ₹ Particulars FY 2025 FY 2024 FY 2023 Revenue from operations 158.88 108.09 69.91 Other income 19.01 2.65 1.46 Total Income 178.89 110.73 71.37 Operational expenses 41.56 20.22 23.76 Employee benefit expenses 13.19 7.54 6.74 Finance costs 44.55 31.00 17.28 Depreciation
Slide 36: Way Forward
Way Forward
Slide 37: Way Forward
Way Forward Expansion into New & Existing Markets Enhancing Client Offerings • To set-up 8 centres (~799,179 sq. ft.) under straight lease model, funded from IPO proceeds • One stop solution provider for business setting up office in • 4 additional centres in Ahmedabad, Pune, Surat & Sydney (~276,26
Slide 38: India's single largest Managed Office Space Campus in Ahmedabad
India’s single largest Managed Office Space Campus in Ahmedabad • India’s single largest managed office campus in a Tier-II city; a new benchmark for enterprise-grade flex. • 95% pre-leased ahead of being operational, validating strong demand and supply-led playbook. • Ahmedabad Mega Campus spans 3.
Slide 39: Diverse Portfolio at Glance
Diverse Portfolio at Glance Manager Cabin Printer Area Work Desk Cabin Working Café Area
Slide 40: Diverse Portfolio at Glance
Diverse Portfolio at Glance 2x Meeting Room Pantry Unit 6x Meeting Room Community Manager
Slide 41: Thank You
Thank You For more information please contact, DEV Accelerator Limited AdfactorsPR C-01, The First Commercial Ms. Ashama Rajawat/ Mr. Shubham Sangle Complex, behind Keshavbaug Ashama.Rajawat@adfactorspr.com Party Plot, Vastrapur, Ahmedabad, Shubham.sangle@adfactorspr.com Gujarat 380015, India.