Dev Accelerator Reports 80% YoY Growth in Revenue from Operations

Ahmedabad, November 13, 2025: Dev Accelerator Limited, an enterprise focused managed office space provider with a strong Tier II footprint, has announced its unaudited financial results for the quarter and half-year ended September 30, 2025.

Highlights

• Revenue from Operations for the period Q2FY26 stood at Rs. 51.84 crores showcasing a 50.4% growth on a YoY basis, and Rs. 107.47 crores in the H1FY26 period showcasing 80.9% growth on a YoY basis.
• EBITDA Margins % for the period Q2FY26 & H1FY26 stood at 50.9% & 49.2%.
• PBT grew by 140.1% in the H1FY26 period and de-growth of 74.4% in the Q2FY26 period.
• The growth was mainly on account of new centres and incremental seating across locations has expanded the revenue while centres launched in earlier quarters reached maturity, delivering full-period revenue recognition and higher utilization. This combination drove YoY topline growth and improved operating leverage as fixed costs were absorbed over a larger seat base and has contributed to margin stability.
• A sharper mix of enterprise clients and premium add-ons (managed IT, dedicated bays, meeting suites) raised realization per seat. With healthy occupancy, revenue per sq. ft. increased and EBITDA margins strengthened even as fit-outs ramped.
• India’s single largest Managed Office Space Campus in Tier II cities, launched by DevX in Ahmedabad, achieved 95% occupancy level even before being operational. This single centre of 3.15 lakh sq ft would increase monthly revenue by INR 2.50 crore and seats by 3,990, further giving a boost to margins and ROCE. This is primarily because of our strong supply strategy and onboarding larger assets with longer rent free period.
• This also showcases a strong rising story of BHARAT and a rising adoption of flex workspaces by Mid to Large sized Enterprise Clients and GCCs in Tier II cities.
• IPO proceeds utilized for refinancing and repayment of existing borrowings, leading to a reduction of INR 87.67 crore in long-term debt from INR 98.94 crore in FY25 to INR 11.27 crore in H1 FY26 which has lowered the overall cost of borrowings.

Umesh Uttamchandani, Managing Director, Dev Accelerator Limited, said, “We delivered a strong quarter, reflecting steady execution and healthy demand across our managed office and coworking platform. The DevX playbook, design-build-operate with long-tenure, lock-in backed contracts continues to deliver predictable cash flows while keeping us nimble on capex and speed to market. Our portfolio today spans 28 centres across 12 cities with ~13,604 seats and ~8.6 lakh sq. ft. under management, operating at high ~88% occupancy testament to the resilience of our model and the depth of enterprise demand we serve.

“Near term visibility is strong. With 4.4 lakh sq. ft., 5,990 Seats under fit-out and a strong demand pipeline, we remain confident of delivering sustained growth and creating long-term value for our shareholders.”