Dev Accelerator Ltd

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.

Business Overview

• Core business: managed office spaces for enterprises; 27 centers in 12 cities.
• AI Launchpad and tokenization to improve efficiency and data-driven decisions.
• Asset-light OpCo/PropCo model; Eezily investment for market intelligence.
• Promoter stake expected to rise to 37.29% on warrant conversion.
• Occupancy at 91.9% across 1.13 Mn SBA; mature centers 0.79 Mn SBA.
• Pipeline of 3.62 Mn sq ft by FY29; 10 new centers; 95% pre-leased.

Key Operational Highlights

• Q1 FY27 revenue 53.8 Cr; EBITDA 30.3 Cr; PAT 1.5 Cr.
• Total income 56.7 Cr; occupancy 91.9%.
• 27 centers; 1.13 Mn SBA; 17,294 operational seats; 15,899 occupied.
• Enterprise clients contribute ~70% of revenue.
• Rs 100 Cr debt raised for expansion; 800k sq ft Ahmedabad contract.

Financial Performance

• YoY revenue -3.3% to 53.8 Cr; EBITDA +14.7% to 30.3 Cr.
• EBITDA margin 56.3%; EBIT margin 27.4%; PAT margin 2.7%.
• Net debt (IGAAP) 81 Cr; cash 54 Cr; gross debt 135 Cr.
• Standalone revenue 42.0 Cr; YoY growth 7.8%.

Capital Structure & Liquidity

• Long-term debt 88 Cr; short-term debt 46 Cr; gross debt 135 Cr.
• Cash and cash equivalents 54 Cr; net debt 81 Cr.
• Promoter stake 36.81%; post-conversion ~37.29%.

Strategic Priorities & Outlook

• Pipeline of 3.62 Mn sq ft by FY29; 2.38 Mn new plus 0.11 Mn fit-out.
• 10 new centers under straight lease; ~95% pre-leased.
• GCC expansion: 34% of Grade-A stock; 2,350 units; 300+ Mn sq ft in 3 years.
• Tokenization underway; law firm onboarded; OpCo/PropCo asset-light model.
• Ahmedabad: 800k sq ft contract; Rs 100 Cr capex; 8,500 seats; Rs 120 Cr annual revenue target.

Governance & Leadership

• Chairman: Parth Shah; Independent Directors include Trivedi, Kumar, Patwari, and others.
• Joint CFOs: Parin Shah and Parthiv Panchal; Company Secretary: Anjan Trivedi.
• Promoter stake 36.81%; conversion of warrants to raise to ~37.29%.

Issue Overview

• Type of issue: preferential issue of equity shares and convertible warrants.
• Total issue size disclosed; net proceeds not disclosed.
• Main objective: funding the interest-free refundable security deposit for proposed lease in Ahmedabad.

Utilisation of Proceeds

• Utilisation as per offer document; no material deviations observed.
• Means of finance unchanged; no reallocation among objects.
• Statutory approvals obtained.
• Unutilised funds: nil; funds deployed to IFRSD deposit.
• Object status: IFRSD deposit ongoing with no delay.
• Cost for IFRSD object remains as disclosed; no revision.

Governance and Compliance

• All required statutory approvals obtained.
• No material events or information affecting viability reported.
• Deviations from objects: Nil.

GCP

• GCP not applicable.

Issue Overview

• Public IPO of equity shares.
• Net proceeds revised downward due to issue-related expenses; no undersubscription.
• Objects: capex for fit-outs; debt repayment; general corporate purposes; issue-related expenses.

Utilisation of Proceeds

• Utilisation aligned with offer document; no material deviations.
• Deviations: Nil; means of finance unchanged.
• Capex for fit-outs: partially utilised; remaining funds idle.
• Repayment of borrowings: fully utilised.
• General Corporate Purposes: fully utilised.
• Issue-related expenses: largely utilised; small unutilised balance.
• Unutilised funds: parked in fixed deposits and monitoring accounts.

Governance and Compliance

• All statutory approvals secured.
• Material events or information: Nil.
• No material conflicts of interest reported by Monitoring Agency.

GCP

• GCP utilised in full during the second quarter.
• Board approval for allocation not explicitly stated.

Financial performance

• Consolidated Q1 FY2027: Revenue from operations Rs 5,377.31 lakh; Total Income Rs 5,673.07 lakh.
• Consolidated PAT Rs 150.43 lakh; EPS Rs 0.16.
• Standalone Q1 FY2027: Revenue from operations Rs 4,198.42 lakh; Total Income Rs 4,705.39 lakh.
• Standalone PAT Rs 200.41 lakh; EPS Rs 0.22.

IPO proceeds & capex

• IPO proceeds Rs 12,737.90 lakh; utilised Rs 9,864.11 lakh; unutilised Rs 2,873.79 lakh.
• Capex for fitouts Rs 7,311.60 lakh; utilised Rs 4,437.81 lakh; unutilised Rs 2,873.79 lakh.
• June 16, 2026: 44,44,440 equity shares allotted to Infibeam Projects; warrants 33,33,330 to promoters.
• Share capital increased to Rs 1,892.64 lakh as of June 30, 2026.
• NCDs: Rs 100 crore debentures approved May 19, 2026; allotment approved Aug 4, 2026.
• NCD proceeds treated as non-adjusting event; accounted in quarter ending Sep 30, 2026.
• IPO proceeds unutilised parked in Public Monitoring, Public Issue accounts and fixed deposits.

Corporate actions & governance

• Re-appointment of Jaimin Jagdishbhai Shah as Nominee Director for Dev IT Ltd; subject to member approval.
• AGM scheduled Sept 25, 2026, 01:00 PM via VC/OAVM.
• Ratification of pre-IPO ESOP Scheme 2023; modifications and extension to group.

Diversification & corporate structure

• Alteration of Object Clause to enable diversification into co-working spaces and related services.
• Alteration of Articles to permit debenture trustee to appoint nominee directors.

Operations & structure

• Group operates in a single segment: Renting and provision of co-working spaces.

Loans to subsidiaries

• Giving loans/guarantees or security for loan to Neddle and Thread Designs LLP; subject to member approval.

Meeting Details

• Date and time: August 13, 2026 at 4:00 PM IST.
• Type and mode: Earnings conference call, virtual.
• Event: Q1 FY27 Earnings Conference Call hosted by Dev Accelerator Limited.

Participants

• Management: Managing Director, Joint Chief Financial Officers, Company Secretary & Compliance Officer.
• Board: Non-Executive and Non-Independent Director.

Purpose

• Purpose: Discuss Q1 FY27 earnings results.

Additional Notes

• Registration in advance via Diamond Pass to join the call.

IR advisory appointment

• Dev Accelerator appointed Churchgate Advisory Private Limited for Investor Relations advisory services, effective 07 Aug 2026.
• Annexure I confirms no related party involvement, no share issuance, and no termination amendments tied to the agreement.