Dev Accelerator Ltd

AGM details

• Date and mode: 25-09-2026, via VC/OAVM; 1:00 PM–1:21 PM.
• Record date: 18-09-2026; on-record shareholders: 18,596.
• Attendance: 2 promoters and 48 public via VC/OAVM.
• Total resolutions: 10.
• Duration: about 21 minutes.

Resolutions and outcomes

• Resolution 1: Ordinary: Adoption of standalone and consolidated financial statements; passed.
• Resolution 2: Ordinary: Re-appointment of Yash Himanshu Shah by rotation; passed.
• Resolution 3: Special: Re-appoint Jaimin Shah as Nominee Director; passed.
• Resolution 4: Ordinary: Appoint Murtuza Mandorwala & Associates as Secretarial Auditors; passed.
• Resolution 5: Special: Alter Objects Clause of MOA; passed.
• Resolution 6: Special: Alter Articles of Association; passed.
• Resolution 7: Special: Approve loans, guarantees, or security under Section 185; passed.
• Resolution 8: Special: Ratify Pre-IPO ESOP Scheme 2023; passed.
• Resolution 9: Special: Modify ESOP Plan 2023; passed.
• Resolution 10: Special: Extend ESOP 2023 benefits to group companies; passed.

Key appointments

• Director: Yash Himanshu Shah re-appointed by rotation.
• Director: Jaimin Shah re-appointed as Nominee Director for Dev Information Technology Limited.
• Secretarial Auditor: Murtuza Mandorwala & Associates appointed as Secretarial Auditors.

AGM Details

• Date and time: 25 September 2026, 01:00–01:21 IST.
• Mode: VC/OAVM.

Key Resolutions

• Ordinary: Adopt standalone and consolidated financial statements.
• Ordinary: Re-appointment of Yash Himanshu Shah by rotation.
• Special: Re-appoint Jaimin Shah as Nominee Director for Dev Information Technology Limited.
• Ordinary: Appoint Murtuza Mandorwala & Associates as Secretarial Auditors.
• Special: Alter Object Clause of the Memorandum of Association.
• Special: Alter Articles of Association.
• Special: Approve Loans, Guaranties, or Security under Section 185.
• Special: Ratify Pre-IPO ESOP Scheme 2023.
• Special: Approve modifications in ESOP Plan 2023.
• Special: Extend ESOP 2023 benefits to group company employees.

Voting Results

• All resolutions passed with requisite majority.
• No significant dissent or failures reported.

Directors & Auditors

• Re-appointment by rotation: Yash Himanshu Shah.
• Re-appointment: Jaimin Shah as Nominee Director.
• Secretarial Auditor appointment: Murtuza Mandorwala & Associates.

Meeting Details

• Date and time: September 30, 2026; time not disclosed.
• Type/Mode: Analyst/investor meet; conference; mode not disclosed.
• Organizer: Arihant Capital Bharat Connect Conference: Rising Stars 2026 – September Edition.
• Purpose: Investor/analyst interaction.

Participants

• Key participants: Company management.

Additional Notes

• Event information will be available on the company's investor relations website.

AGM and report communications

• AGM: Sixth Annual General Meeting scheduled for 25 September 2026 at 01:00 PM IST via video conferencing.
• Web-links to Integrated Annual Report will be emailed to members/debenture holders without registered addresses.
• Integrated Annual Report for FY2025-26 is available on the company site and stock exchange portals.
• Members are requested to register their email addresses with the Company/Registrar to receive communications.

Overview & business model

• DevX operates an asset-light Development Management platform with landowner partnerships.
• Focus on Tier-II markets; 12 cities, 28 centres, 0.83 million sq ft footprint.
• Occupancy 90.31%; seat retention 99.7%; net churn 0.0% FY26.
• Integrated ecosystem: DevX Spaces, D&B, GCC, Terra, and Fund.
• Enterprise demand drives growth; enterprise revenue approx. 65% of FY25-26 revenue.

Financial performance

• Consolidated revenue ₹226 Cr; up 42.2% YoY.
• Standalone revenue ₹171 Cr; up 34.65% YoY.
• Consolidated EBITDA 48.4% margin; Standalone 60.5% margin.
• Cash EBIT margins: Consolidated 18.8%; Standalone 21.4%.
• Net profit: Consolidated ₹884.21 Lakh; Standalone ₹263.78 Lakh.
• EPS: Consolidated ₹1.11; Standalone ₹0.34.
• Debt-to-Equity 0.78x; Gearing 39.98%; Current ratio 1.26.

IPO, capital structure & liquidity

• IPO completed Sep 17, 2025; listed on NSE and BSE.
• Net IPO proceeds ₹127.38 Cr; utilised ₹92.63 Cr; unutilised ₹34.75 Cr.
• Capex funded ₹38.36 Cr; debt repayment ₹35 Cr; general corporate ₹19.26 Cr.
• Debt reduced post-IPO; improved gearing and liquidity metrics.

Operational footprint & growth pipeline

• 28 centres across 12 cities; 0.83 million sq ft; 13,604 seats.
• 75% FY26 revenue from Tier-II markets; 78% seats sourced directly.
• Capital One Ahmedabad: 3.15 Lakh sq ft; ~95% pre-lease; ₹133 Cr contracted.
• DevX 052: 8.60 Lakh sq ft; ₹120 Cr annual revenue on stabilisation.
• Bengaluru: LakeShore/Featherlite, 1.1 Lakh sq ft; Aug 2026 operations.
• Pune: 42k sq ft added; 204k sq ft planned for Jan 2027.
• FY27-28 roadmap: expand to ~12 Lakh sq ft; guidance ₹280-₹300 Cr revenue.

Growth economics & efficiency

• Revenue-to-rent ratio 2.28x in FY26; industry Tier-I avg ~2.2x.
• Top client concentration: top 20 clients ~43% of revenue.
• Average client relationship ~3.5 years; contract lock-ins ~2.5 years.
• Direct relationships reduce acquisitions costs; brokerage % of revenue declined to 1.39%.

Governance, risk & ESG

• Board of 10 directors; 5 independent; MD chairs.
• Auditors: Nisarg J. Shah & Co; Internal: Grant Thornton Bharat; Secretarial: MMA.
• Vigil mechanism in place; whistleblower policy published on website.
• Risk framework covering lease, client concentration, tech trends, competition.
• Management commentary on ESG and responsible growth included in MD&A.

Key near-term targets & milestones

• Target 12 Lakh sq ft operational by FY2027-28; FY26-27 revenue guidance ₹280-₹300 Cr.
• Expand DevX Capital One pipeline; pre-leasing and contracted supply visibility.
• Maintain cash EBIT margin target of 20-22% and debt-to-equity <1x.

Notable achievements & market positioning

• Second consecutive year of positive normalised PBT under IGAAP: ₹20 Cr in MD's message.
• India's growing GCC footprint; enterprise demand driving occupancy and scale.
• Award recognition: Co-working Start-up of the Year 2026; DevX D&B named Most Futuristic Interior Firm 2026.

Financial Performance

• Consolidated revenue for Q1 FY27: INR 53.8 crores; standalone revenue: INR 42.0 crores, up 7.8% YoY
• Consolidated EBITDA (Ind AS): INR 30.3 crores; margin 56.3% vs 47.4% in Q1 FY26
• IGAAP EBITDA (consolidated): INR 12.5 crores; EBITDA margin 23.2%; PBT (IGAAP): INR 7.1 crores
• Standalone EBITDA (Ind AS): INR 27.7 crores; margin 66%; IGAAP standalone EBITDA: INR 9.9 crores; PBT: INR 6.6 crores
• Ind AS lease outflows treated as operating expense; leverage should be viewed via borrowings separately
• Capital One asset became operational end FY26; revenue contributions to flow in as centers start
• Note: rental liabilities under Ind AS are not borrowings; look at borrowings separately

Operating Update

• End-Q1 FY27 portfolio: 1.13 million sq ft operational; 27 centers; 12 cities; 17,294 seats
• Occupancy: 91.93% overall; enterprise clients ~70% of revenue from operations in Q1
• Tier 2 focus: ~80% of SBA in Tier 2; ~74% of standalone revenue from Tier 2
• Total identified portfolio: ~3.63 million sq ft; 52,000+ seats; 2.38 million sq ft signed pipeline
• 19 million sq ft under fit-out; 2.31 million sq ft signed for future consumption
• Capital One: ~3.15 lakh sq ft; 95% pre-committed occupancy; annual revenue ~INR 33 crores

Capital Raise and Leverage

• Promoter stake encumbered ~INR 1.85 crores shares (19.65% of equity); promoters not pledged
• Promoter holding currently ~36.81%; post-conversion of warrants expected ~37.29%
• NCD raise of INR 100 crores; to reflect from Q2; ~55 crores of existing debt repaid
• Gross debt: INR 135 crores; cash: INR 54 crores; net debt: INR 81 crores; net debt/ equity: 0.4x

Capex and Projects

• Capex on fit-outs: ~INR 118 crores; ~75% of space built in by DevX
• DM model: Ahmedabad 8.6 lakh sq ft under development management; ~1.4 million sq ft DM planned
• Ahmedabad portfolio: Capital One ~315k sq ft; 8,500 seats; potential ~INR 120 crores revenue
• Future take-up: ~2.3 million sq ft signed; plan to replicate DM in other micro-markets

Guidance and Outlook

• No formal FY27 guidance disclosed; focus on converting signed pipeline to revenue
• Tier 2 expansion to accelerate; technology, design, and services to deepen client lifestyle coverage
• Tokenization platform outside India under setup; global capital to complement existing funding

Q&A Highlights

• Noida center closed; FY26 Noida revenue around INR 11.5 crores; three centers reduced to two
• Capital One asset: 95% pre-committed; annual revenue ~INR 33 crores; per-sq-ft metrics discussed
• Ahmedabad economics: typical revenue ~INR 110–125 per sq ft per month when fully operational
• Standalone margin note: 60.5% full-year; Q4 margin 59.2%; one-time expenses caused temporary dip
• Scalex Advisory: 12% stake; GCC focus limited to GIFT City; operations underway; GTM strategy defined

Meeting Details

• Date: August 13, 2026; exact time not disclosed.
• Type and mode: earnings conference call; audio-based group call.
• Organizer: Dev Accelerator Limited.
• Key company roles: Company Secretary & Compliance Officer noted; other management names not disclosed.
• Purpose: discuss unaudited quarterly results for quarter ended June 30, 2026.
• Recording: audio recording of the earnings call is available; link provided in the filing.

Key Financial Highlights

• Q1 FY27 revenue from operations Rs 53.8 crore.
• Q1 FY27 EBITDA Rs 30.3 crore; margin 56.3%.
• PBT Rs 1.6 crore; margin 2.8%.
• PAT Rs 1.5 crore; margin 2.7%.

Operational Metrics

• Total managed office space 1.13 million sq ft; occupancy 91.9%.
• Centers operated: 27 across 12 cities.
• Seats under management exceed 17,000.

Capital & Growth Initiatives

• Raised Rs 100 crore via non-convertible debt.
• Promoter shareholding to ~37.29% on warrant conversion.
• Total pipeline sq ft 3.63 million by FY29; includes 2.31 Mn in pipeline and 0.19 Mn under fit-out.