Slide 1: Q3 FY26 Accelerating Innovation Investor Presentation
Q3 FY26 Accelerating Innovation I n v e s t o r P r e s e n t a t i o n | J a n u a r y 2 0 2 6
Slide 2: 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 connection with, a
Slide 3: Contents
1. Company Overview 2. Business Overview 3. Operational Highlights 4. Financial Highlights 5. Way Forward
Slide 4: Company Overview
Overview
Slide 5: Financial Performance Highlights
FINA NC IA L PERFO RM A NC E Standalone Highlights Revenue EBITDA Cash EBIT PBT* ₹124 Cr ₹75.7 Cr ₹26.4 Cr ₹4.7 Cr +50% YoY +58.9% YoY +544% YoY +249% YoY EBITDA Margin: 61.1% Margin: 21.3% Normalized PBT as per IGAAP - ₹ 7.8 Cr PBT positive for the past 2 years Consolidated Highlights ₹ 167 Cr ₹ 76
Slide 6: India's Leading Tier-2 Flexible Workspace Provider
Ind ia's Lead ing T ier- 2 Fl e xib l e W o rk sp a c e Pro vid e r 0.83 28 13.6K+ Mn Sq.ft. AUM Centers ▲12% YoY Total Seats ▲4% YoY 88.4% 12 333 12K+ Occupancy Cities Clients Occupied Seats Peak Levels Pan-India Our Value Proposition Largest Tier-2 Footprint Enterprise Focus 65% Revenue 75-90 Day
Slide 7: Growth, margins, cash flows and ROCE improving together
where growth, margins, cash flows and ROCE improve together Enterprise-led demand creates Capital discipline translates revenue durability scale into rising ROCE Focuses on long-term contracts (5–9 year Operating cash flow improving, ROCE leases) with large corporate clients to expanding, and a stre
Slide 8: Company Overview and Journey
C O M PA NY O VERVIEW Rajkot (22,173 sq. ft.) Pune (18,682 sq. ft. & ISO Certified 18,987 sq. ft.) Noida (55,866 sq. ft. & • Udaipur (13,333 sq. ft) 30,900 sq. ft.) Hyderabad (35,564 sq. ft.) • Ahmedabad two Centers Ahmedabad Ahmedabad (49,035 (49,035 sq.sq. ft.)ft.) Mumbai (23,470 sq. ft.) Converte
Slide 9: 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 10: Design with Purpose
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 Boundaries Deliver
Slide 11: Business Overview
Business Overview
Slide 12: DevX Core Workspace, Neddle & Thread, SaasJoy
DEVX – CORE WORKSPACE NEDDLE & THREAD Managed office solutions for enterprises, GCCs & MNCs End-to-end interior fit-out for DevX & external clients ₹123.9Cr ~61.1% 3.5-5 yrs 333+ ₹38.8 Cr 16.8% 19+ 7 Lacs Sq.ft. Revenue EBITDA % Avg Lease Clients Revenue EBITDA % Projects Area built 0.83Mn 13,604 12
Slide 13: Business Verticals: Core Workspace
BU SINESS VERT IC A LS Enterp rise - g ra d e p riva te wo rk sp a c e s with e nd - to - e nd se rvic e s ₹102.9 Cr 62.1% ₹62.4Cr 88% 9M Revenue Of Total Revenue EBITDA Occupancy +34% YoY Core Offering 61.1% Margin Format Options Lease Structure Services Included • Private managed offices (full flo
Slide 14: Business Verticals: Build-to-Suit via Phi Designs
BU SINESS VERT IC A LS C o mp re he nsive b uil d - to - suit servic es via Phi D esig ns ₹51.6 Cr 31.1% ₹8.7 Cr 7 lacs+ sq ft 9M Revenue EBITDA (27 projects) Designed Of Total Revenue +70.8% YoY 16.8% Margin and delivered till date Design Services Execution Services Project Types
Slide 15: Platform connecting landlords, clients and vendors
O ur Pl atf o rm c o nnec ts Land l o rd s, C l ients and Vend o r Partners – C reating a Po werf ul Netwo rk Ef f ec t f o r A l l . Who we partner with…. Non-institutional Vendor Partners Landlords Access to assured footfalls One stop solution with and Projects guaranteed results Who we serve…. En
Slide 16: Flexible Models Optimizing Capital Efficiency & Risk
Fl e xib l e M o d e l s O p timiz ing C a p ita l Ef f ic ie nc y & Risk M a na g e me nt We leverage our network across key markets with multiple procurement models to balance growth, capital efficiency, and risk. Straight Lease Furnished by Landlord Revenue Share OpCo–PropCo CapEx: High | Risk: M
Slide 17: Centre Sourcing and Onboarding Process
Identification of Cities & Submarkets Search for Suitable Space Owners Signing of Definitive Agreements • Comprehensive research and analysis to assess the • Combination of direct sourcing and broker network • Negotiations focus on key commercial terms such viability of new centres for identifying s
Slide 18: Presence and Revenue by City
Present across 12 cities, with an average overall occupancy levels of 88%+ in all fiscals ₹ Our Presence Tier & City wise % of Total Revenue – 9M FY26 13,333 sq. ft. Udaipur 196 seats 36,948 sq. ft. Location % of Revenue Revenue Noida 753 seats Total Tier 1 28.06% 35.06 Gandhinagar 90,000 sq. ft. Pu
Slide 19: Operational, Under Fit-out and Signed Pipeline
2.56 Mn sq.ft 34 Centres 32,884 Seats 4 0.83 2 13,604 13,290 1.33 28 0.4 5,990 Operational Centres Under fit-out Signed Pipeline Operational Centres Under fit-out Signed Pipeline Operational Centres Under fit-out Signed Pipeline DevX Group | Q1 EY26
Slide 20: Operational Highlights
Operational Highlights
Slide 21: Operating Metrics 9M FY26
Particulars 9M FY26 9M FY25 AUM in SBA (Mn Sq.ft.) 0.83 0.81 Number of Cities by AUM 12 11 Number of Centers by AUM 28 25 Active stock (Mn Sq.ft.) 0.83 0.81 Number of seats (under active stock) 13,604 13,104 Centres (under active stock) 28 25 Cities (under active stock) 12 11 Occupied seats 12,019 1
Slide 22: Operating Metrics FY23-FY25
₹ 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 Cities (under active stock) 11
Slide 23: Cost of Borrowing and Debt
Cost of Borrowing* 425+ bps reduction Working with Leading Banks & Financial Institutions Leading Private Banks HDFC Bank Axis Bank Leading NBFCs Tata Capital 14% 9.75% Gross Debt Net Debt Dec'24 Dec'25 ₹94.41Cr ₹63.89Cr Note: All data as on Dec 31 of respective year. Cost of borrowing is average ra
Slide 24: Total Lease vs Client Lock-in
Total Lease vs Client Lock-in 74.08 59.06 50.20% 57.09% 53.59% 37.73 37.19 31.65 21.54 Upto 100 Seats 100-300 Seats 300+ Seats Client Lease Client Lock-In Months
Slide 25: India Flexible Office Space Market
Ind ia Fl e xib l e O f f ic e Sp a c e M a rk e t – A $1 1 . 4 Bn O p p o rtunity b y 2 0 3 0 India Flexible Office Space Market $5.99 Bn ~13.7% CAGR $11.39 Bn 2025 5 Years 2030 Hybrid Work Cost Advantage Enterprise Demand GCCs driving 72% of flex seat absorption; projected Post-pandemic adoption d
Slide 26: How Tier-2 Cities Are Reshaping India's Growth Map
Ho w T ier- 2 C ities A re Reshap ing Ind ia's Gro wth M ap "India's growth is shifting beyond metros Tier-2 cities like Ahmedabad, Indore, Jaipur, Kochi, and Lucknow are emerging as new economic engines." 21% 5% → 20% 800K+ 10-35% Hiring Growth YoY GCC Share Skilled Professionals Lower Costs Tier-2
Slide 27: Financial Highlights
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Slide 28: Management commentary on 9MFY26 performance
We are pleased to report a strong performance in 9MFY26, marked by robust revenue growth, margin expansion, and a landmark transaction that strengthens our leadership in Tier-2 markets. Our operational footprint stands at 28 centers across 12 cities, covering 0.83 Mn sq. ft. with occupancy at 88.4%.
Slide 29: Standalone Q3 and 9M FY26 Financials
₹ Q3FY26 Revenue EBITDA* & EBITDA Margin Cash EBIT & Margin PBT & PBT Margin ₹6 ₹ 44 ₹2 ₹ 23 60.2% ₹ 27 ₹ 16 45% 572% 14.8% 773% 5.1% 52.3% 57.6% ₹1 ₹ 0.25 3.5% 0.9% Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 9M FY26 Revenue EBITDA* & EBITDA Margin Cash EBIT & Margin PBT & PBT M
Slide 30: Consolidated Q3 and 9M FY26 Financials
₹ Q3FY26 Revenue EBITDA* & EBITDA Margin Cash EBIT & Margin PBT & PBT Margin ₹ 59 ₹9 ₹3 ₹ 24 (20%) ₹7 19% (0.86%) 220% 4.3% ₹ 50 66.6% 12.9% 19% 48.5% ₹ 24 ₹1 40.4% 1.6% Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 9M FY26 Revenue EBITDA* & EBITDA Margin Cash EBIT & Margin PBT & P
Slide 31: Revenue Mix Q3 and 9M FY26
Q3 FY26 Revenue - mix % 9M FY26 Revenue - mix % 1.47% 4.00% 2.80% 2.80% 31.10% 36.95% 50.63% 56.20% 1.10% 5.90% 1.16% 5.79% Managed Space Services Co-working Space Managed Space Services Co-working Space Payroll Management Service Designing & Execution Payroll Management Service Designing & Executio
Slide 32: Consolidated Profit and Loss
₹ Particulars Q3 FY26 Q3 FY25 YoY % Q2 FY26 9M FY26 9M FY25 YoY % Revenue from operations 59.20 49.75 18.99% 51.84 166.66 109.13 52.72% Other income 1.52 2.26 2.65 5.48 16.75 Total Income 60.72 52.01 16.75% 54.49 172.14 125.88 36.75% Cost of Goods and Services 18.57 15.21 12.08 47.45 26.35 Employee
Slide 33: Standalone IndAS vs IGAAP Profit and Loss
₹ 9MFY26 9MFY25 Q3FY26 Particulars IndAS IndAS Adj IGAAP IndAS Indas Adj IGAAP IndAS IndAS Adj IGAAP Revenue from Operation 123.96 123.96 82.85 82.85 43.50 - 43.50 Other Income 5.53 5.53 18.69 18.69 2.21 - 2.21 Expenses Cost of Goods and Services 16.54 - 16.54 13.21 - 13.21 5.98 - 5.98 Employee Bene
Slide 34: 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 Cash & cash equivalents 41.63
Slide 35: Key Financial Metrics FY23-FY25
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 -4% FY 2023 FY 2024 F
Slide 36: Annual Profit and Loss FY23-FY25
₹ Particulars FY 2025 FY 2024 FY 2023 Revenue from operations 158.87 108.09 69.91 Other income 19.01 2.65 1.46 Total Income 178.88 110.73 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 and amortisation 52.22 45.00 3
Slide 37: Way Forward
Forward
Slide 38: Enhancing Client Offerings and Expansion
Enhancing Client Offerings • One-stop solution for businesses setting up operations in India - Infrastructure, Interiors, Technology Enablement & Staffing Expansion into New & Existing Markets • Bespoke enterprise tech solutions: ERP integration, mobile • India's largest single managed office contra
Slide 39: Ahmedabad Mega Campus
India’s single largest managed office campus in a Tier-II city; a new benchmark Capital One • for enterprise-grade flex. • 95% pre-leased ahead of being operational, validating strong demand and supply-led playbook. • Ahmedabad Mega Campus spans 3.15 lakh sq. ft. with ~3,990 seats. • ~₹2.75 crore/mo
Slide 40: Workspace layout
Manager Cabin Printer Area Work Desk Cabin Working Café Area
Slide 41: Workspace layout
2x Meeting Room Pantry Unit 6x Meeting Room Community Manager
Slide 42: Thank You
Thank You For more information please contact, DEV Accelerator Limited AdfactorsPR www.devx.work . Ms. Ashama Rajawat/ Mr. Shubham Sangle Ashama.Rajawat@adfactorspr.com Shubham.sangle@adfactorspr.com