Dev Accelerator Limited — Investor Presentation 2025

Nov 11, 2025

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: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Investor Presentation

Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended from time to time), please find enclosed the investor presentation on the financial results (standalone and consolidated) of the Company for the quarter and half year ended September 30, 2025.

The above information will also be available on the website of the Company viz. https://www.devx.work/investor-relations

We request you to kindly take the same on record.

Thanking you

Yours faithfully,

For Dev Accelerator Limited

(Formerly Known as Dev Accelerator Private Limited)

ANJAN PARESHKUMAR TRIVEDI Digitally signed by ANJAN PARESHKUMAR TRIVEDI DN: c=IN, postalCode=380054, st=GUJARAT, street=102 VIHARDHAM APPARTMENT JAY AMBE NAGAR THALTEJ AHMEDABADAHMEDABADBH LAVKHUSH TOWER OOP 380054, l=AHMEDABAD, o=Personal, title=2904, serialNumber=f4402c7aabfce0fb45a8248836464bebff12a13df132247b28e9c24123c9b31c, pseudonym=b9a603140314a0c7116cead4335dbf1b, 2.5.4.20=210a9a873710ce0c51eb447039b745a5bd547e0625e5c449514c9ce676f70f29, email=ANJAN.TRIVEDI@DEVX.WORK, cn=ANJAN PARESHKUMAR TRIVEDI Date: 2025.11.11 23:31:09 +05'30'

Anjan Trivedi

Company Secretary & Compliance Officer

Encl: As above

Q2 FY26

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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

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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, any contract or investment decision in relation to any medium or in securities of the Company. This document is strictly confidential and may not be copied, published, distributed or transmitted to any person, in whole or in part, by any any form for any purpose. The information in this document is being provided by the Company and is subject to change without notice. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. This document contains statements about future events and expectations that are forwardlooking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import.

Any statement in this document that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forwardlooking statements. None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the document. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. You acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company

reference only, circulation of this document shall be strictly limited with prior written approval of the author

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1. Company Overview

2. Business Overview

3. Operational Highlights

4. Financial Highlights

5. Way Forward

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Overview

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Essence of Our Identity

• India’s leading provider of flexible workspace and managed office solutions

• • O ne of Tier-2 flex largest footprints by operational

• stock

• • Among fastest homegrown workspace solution providers in the country

• Catering to the evolving needs of enterprises, startups, and global corporations

• • Facilitator & Enabler of collaborative and customizable work environments,

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28 Centers 0.86 Mn Sq.ft. AUM 13.6 K+ Total Seats 88.4% 12 12.02 K+ 10% 12% 4% % Vs 25 centers Q2 FY25 Vs 13.1K in Q2 FY25 Occupancy Cities Occupied Seats

Cities Occupied Seats

Vs 0.81 in Q2 FY25

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2019

2023

Mumbai (21,000 sq. ft.), Ahmedabad (25,509 sq. ft.) 2017 Recognized Start-up by DIPP Founded as LLP. Awarded ‘Co-working Space of the Year’ at the 11th Realty Conclave & Excellence Awards

2025

Indore (19,204 sq. ft.) Co-working Space of the Year’ by eChai Startup Awards

2021

Pune (28,400 sq. ft.) Hyderabad two Centers (25,487 sq. ft.) Surat (24,600 sq. ft.) Successful IPO & Public Listing

Two Ahmedabad Centers (36,002 sq. ft.)

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2018 2020 Ahmedabad (49,035 sq. ft.) Hyderabad (35,564 sq. ft.) Vadodara (30,320 sq. ft.) Converted from LLP to Dev Accelerator Pvt Ltd

2022 2024

Rajkot (22,173 sq. ft.) Udaipur (13,333 sq. ft., 110 seats), Pune (18,682 sq. ft. & 18,987 sq. ft.) Ahmedabad two Centers (23,886 sq. ft., 480 seats) Noida (55,866 sq. ft. & 30,900 sq. ft.) ISO Certified (9001:2015 & 27001:2022) Mumbai (23,470 sq. ft.) Ahmedabad two Centers (179,010 sq. ft.)

Leadership

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Parth Shah

Chairman and Whole-Time Director

• 10+ years of overall experience in the flexible workspace sector

• MBA from Acharya Molibhai Patel Institute of Computer Studies, Ganpat University & BBA from V.M. Patel College of Management Studies, Ganpat University

• Previously associated with Talentnow Solution Services Private Limited

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Umesh Uttamchandani

Managing Director

• 10+ years of overall experience in the flexible workspace sector

• MBA from Sheffield Hallam University & B.Com from Som-Lalit College of Commerce

• Recipient of “Ecosystem Stakeholders Recognition” award by Gujarat University Startup & Entrepreneurship Council

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Rushit Shah Whole-time Director

• 10+ years of overall experience in the flexible workspace sector

• Bachelors’ in Information Technology from U.V. Patel College of Engineering

• Previously associated with The Gujarat State Co-operative Bank Limited

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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 Delivering scalable, customized solutions for enterprises across India.

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Overview

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We are a one-stop integrated platform providing flexible workspace solutions through three key verticals

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Managed Office

Tailored build-to-suit workspaces for large enterprises and MNCs, offering end-to-end services — design, fit-outs, and management.

• Delivered as private managed offices or sharedfloor offices.

• Lease tenures: 5–9 years with 3.5–5 years lock-in, ensuring stable revenue.

• Offered across Premium and Standard Grade Centers.

• Includes facility management, IT setup, and customization support.

• Clients acquired via business development, RFPs, and consultants.

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Co-working Solutions

Ready-to-move flexible workspaces designed for freelancers, startups, SMEs, and corporates across diverse sectors.

• Available by day, week, month, or year as per client needs.

• Multiple formats: Private Cabins, Dedicated Desks, Individual Desks, Manager Cabins, and Meeting Rooms.

• Equipped with WiFi, pantry, meeting areas, event zones, crèche, and gym facilities.

• Revenue generated through per-seat pricing and amenity rentals.

• Bookings managed via sales teams, partners, and digital platforms.

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Design and Execution Solutions

Comprehensive design, build, and fit-out services offered through subsidiaries for both internal Centers and external client offices.

• Develops custom commercial offices typically ranging from 7,000–8,000 sq. ft.

• Utilizes technology-driven tools for customized, sustainable, and user-centric workspace design.

• Provides end-to-end project management — from concept to completion.

• Includes software development, cloud, data analytics, and digital marketing services via tech subsidiary.

• Projects secured through marketing initiatives and RFPs from property consultants.

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Our Platform connects Landlords, Clients and Vendor Partners – Creating a Powerful Network Effect for All.

Who we partner with….

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Non-institutional
Landlords
One stop solution with
guaranteed results
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Vendor
Partners
Access to assured
footfalls and Projects
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Who we serve….

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Enterprise Clients
Flexible, Hassle-free offices
in just 75-90 days
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Client
Employees
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Access to world class
amenities
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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~~

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Straight Lease Model

Revenue Share Model

Furnished by Landlord

OpCo – PropCo Model

• Traditional lease with fixed rental and market-standard terms.

• Lease tenure : 5–9 years; capital expenditure for fit-outs borne entirely by us.

• Revenue linked to performance of the Center, including F&B and digital products.

• 75% of Centers operate under this model.

• Landlord and operator share both risks and rewards.

• Rent is a percentage of generated revenue; landlords may require minimum-guarantee payments.

• Currently, 1 Center (GIFT City) operates under this model; we pay 60% of revenue.

• Landlord provides fully furnished and equipped spaces.

• Costs recovered via fixed rent or revenue/profit share.

• 21.43% of Centers operate under this model.

• :

• OpCo Manages day-to-day operations, memberships, services, and community engagement.

• PropCo : Owns the physical property and leases to revenue OpCo; generates

• through rent.

• Separates operational management from property ownership, enabling scalable and efficient operations.

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Serving 314 clients*, including domestic corporations and MNCs

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Identification of Cities & Submarkets

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• Comprehensive research and analysis to assess the viability of new centres

• Dedicated team conducts on-ground site inspections and evaluations

• Office spaces assessed to ensure alignment with Dev Accelerator’s quality and design standards

~~ers~~ Search for Suitable Space Own

• Combination of direct sourcing and broker network for identifying suitable properties

• In 6M FY2026, ~93% of seats sold through direct channels, with the balance via brokers

Key Clients

ǪX Global Services Private Limited

Paperchase Accountancy India Pvt Ltd.

• Agreements typically structured under the straight lease model

Eternal Limited

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Signing of Definitive Agreements

• Negotiations focus on key commercial terms such as rent-free periods, lease duration, lock-in, rent/license fees, and renewal conditions

• Following due diligence, site visits, and layout finalization, definitive agreements are signed — generally for a term of 5–9 years

Horizontal Limited

Manubhai & Shah LLP

₹

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Present across 11 cities, with an average overall occupancy levels of 88%+ in all fiscals

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Our Presence
13,333 sq. ft.
Udaipur
196 seats
92,814 sq. ft.
Noida
1553 seats
90,000 sq. ft.
Gandhinagar
840 seats
44,090 sq. ft.
Jaipur
742 seats
Ahmedabad [3,13,442 sq. ft.]
5,079 seats
22,173 sq. ft.
Rajkot
280 seats
Vadodara [80,145 sq. ft.]
19,204 sq. ft.
1900 seats Indore
255 seats
25000 sq. ft.
Surat 74.782 sq. ft.
300 seats Hyderabad
1280 seats
44,740 sq. ft.
Mumbai
900 seats Pune 66,069 sq. ft.
1,119 seats
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Tier & City wise % of Total Revenue – Q2 FY26
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Location	% of Revenue	Revenue
Total Tier 1	25.11%	₹10.70
Pune, Maharashtra	8.33%	₹ 3.55
Hyderabad, Telangana	6.64%	₹2.83
Noida, Uttar Pradesh	5.24%	₹2.23
Mumbai, Maharashtra	4.90%	₹2.09
Total Tier 2	74.89%	₹31.90
Ahmedabad, Gujarat	46.65%	₹19.87
Vadodara, Gujarat	13.33%	₹5.68
Jaipur, Rajasthan	5.84%	₹2.49
Gandhinagar, Gujarat	3.77%	₹1.61
Surat, Gujarat	2.14%	₹0.91
Indore, Madhya Pradesh	1.61%	₹0.68
Rajkot, Gujarat	1.08%	₹0.46
Udaipur, Rajasthan	0.48%	₹0.20

• As at Q2 FY26

1 Includes 28 centres operational as at September 2025

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Area of 13,21,122 sqft.
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436,000 885,122 Operational Centres Under fit-out

31 Centres

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3
28
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Operational Centres Under fit-out

19,594 Seats

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5,990
13,604
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Under fit-out

Operational Centres

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DevX Group | Q1 EY26
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Large Multicity enterprise clients
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Large Multicity enterprise clients High Rental Visibility
65%
88% | 90%
Rental Revenue Overall Occupancy Rate |
(Enterprise Clients) Committed Occupancy Rate
65% 98.7%
– Rental Revenue Seats Retention Rate
(for 300+ seats)
33% ~3.5 years
Rental Revenue Average Client Tenure
(Multi-city clients) (for 300+ seats)
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Diverse Industry Mix
1.84% [1.31%] 0.43%
17.31%
52.04%
27.07%
Information Technology Consulting services
Real estate & Others Education Services
Manufacturing Others
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Highlights

₹

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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	13,604
Centres (under active stock)	28	25	28	28
Cities (under active stock)	12	11	11	12
Occupied seats	12,019	11,234	12,534	12,019
Occupancy %	88.35%	85.49%	88.62%	88.35%
Rent to Revenue Ratio	2.56	1.93	2.38	2.47
Operational SBA for Mature Centers	0.55	0.57	0.58	0.55
Mature Occupancy %	97.01%	95.12%	95.60%	97.01%
Brokerage % Revenue from Operations	1.63%	1.89%	1.10%	1.37%

₹

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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	11	9
Occupied seats	12,054	10,422	8,218
Occupancy %	87.61%	83.09%	80.85%
Rent to Revenue Ratio	2.16	1.65	1.78
Operational SBA for Mature Centers	0.55	0.52	0.51
Mature Occupancy %	93.08%	95.87%	92.91%
Brokerage % Revenue from Operations	1.47%	1.70%	2.11%

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Total Seats Occupied Seats Occupancy Rate
88.3% 85.5% 88.6%
14,144
13,604
13,140
12,534
314
12,019
11,234 Clients
95% Sourced
Directly
1.28%
Net Churn Rate
Managed Space
Q2 FY26 Q2 FY25 Q1 FY26
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Net churn rate – Total clients left subtracted by total new clients added as on September-25

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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
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India Flexible Office Space Market
Market Size in USD Billion
11.39
5.99
2025 2030
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Geography Snapshot – India Flexible Office Space Market

• Bengaluru leads with 24.8% share , backed by 600+ GCCs and strong tech demand.

• Tier-2/3 cities growing at 16.15% CAGR , led by Jaipur and Coimbatore .

• MMR & NCR deliver high yields despite premium rents; hybrid suites in suburbs cut costs by 30–40% .

• Pune, Hyderabad, Chennai offer balanced costs and strong infrastructure.

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• Growth is driven by hybrid work adoption after the pandemic.

• Plug-and-play offices offer cost advantages over long-term leases.

• Enterprise clients are increasingly seeking nationwide flexible seat supply.

• Operators are expanding fast to provide tech-enabled spaces that cut real estate .

• costs by 25–30% per employee

• Rising capital inflows and planned public listings show strong investor confidence in the sector.

• The SEZ denotification policy is unlocking grade-A inventory , easing rent pressures.

• Micro-market oversupply remains a short-term concern.

Competitive Landscape – India Flexible Office Space Market

• Top 10 operators control major share across 1,000+ centres.

• Scale drives cost, network, and tech advantages.

• Shift from desk pricing to value-added services and tech integration .

• Consolidation accelerating (e.g., Incuspaze–Trios ).

• Growth hotspots: life-sciences and legal hubs.

• Backed by institutional capital via REIT-linked platforms.

• SEZ denotification to add grade-A supply , easing rent pressures.

• Winners will combine multi-format models and suburban expansion .

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Map

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• —

• 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 Shakti , these are infrastructure across regions witnessing rapid development .

• industrial corridors, metro networks, logistics parks, and IT SEZs

• Hiring in Tier-2 cities rose 21% YoY in 2025 , with their share in new GCCs .

• expanding from 5% in FY19 to ~20% in FY25

• These hubs now host 800,000+ digitally skilled professionals , offering 10– .

• 35% lower operating costs a powerful mix of talent and cost efficiency

• “ ”

• • Bharat shift is a strategic advantage driving expansion through flexible

• workspaces and managed real-estate solutions across Tier-2 growth corridors.

• As India’s growth turns multi-polar , we stand at the intersection of infrastructure, innovation, and inclusion , shaping world-class workspaces for a self-reliant Bharat

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Highlights

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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 crore , up 50.4% YoY , while EBITDA margin remained healthy at 51% , reflecting strong operating leverage and disciplined execution.

The growing share of enterprise clients at 65% underscores our position as a preferred partner for flexible workspace solutions. Our focus remains on enhancing network depth, operational efficiency, and client experience.

With we 0.44 lakh sq. ft. under fit-out and a strong demand pipeline, remain confident of delivering sustained growth and creating longterm value for our shareholders.

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₹

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Revenue EBITDA & EBITDA Margin
₹ 42 ₹ 28
32%
₹ 31
53%
₹ 18
66.6%
23%
57.5%
Q2 FY25 Q2 FY26
Q2 FY25 Q2 FY26
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Revenue
₹ 42
32%
₹ 31
Q2 FY25 Q2 FY26
₹ 11
Cash EBIT & Margin
202%
26.5%
₹ 4
23%
11.6%
Q2 FY25 Q2 FY26
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PBT & PBT Margin
Q2 FY25 Q2 FY26
-₹ 1
21.9% 23%
106%
23%
3.7%
-₹ 8
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• EBITDA, PBT excluding Other Income

₹

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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%
2.9%
-₹ 8
Q2 FY25 Q2 FY26
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• EBITDA, PBT excluding Other Income

₹

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Revenue

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₹ 80
₹ 56
45%
H1 FY25 H1 FY26
Cash EBIT & Margin
₹ 20
536%
24.9%
₹ 3 23%
5.6%
H1 FY25 H1 FY26
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EBITDA* & EBITDA Margin

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₹ 53
65%
₹ 32
65.8%
23%
57.5%
H1 FY25 H1 FY26
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PBT & PBT Margin
H1 FY25 H1 FY26
₹ -1
94% 3.08%
23%
1.9%
-₹ 14
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• EBITDA, PBT excluding Other Income

₹

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Revenue

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₹ 107
81%
₹ 59
H1 FY25 H1 FY26
Cash EBIT & Margin
₹ 20
496%
18.4%
₹ 3 23%
5.6%
H1 FY25 H1 FY26
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EBITDA & EBITDA Margin
₹ 53
64%
₹ 32
49.2%
23%
54.2%
H1 FY25 H1 FY26
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PBT
H1 FY25 H1 FY26
-₹ 1
90%
2.3%
23%
-₹ 13
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• EBITDA, PBT excluding Other Income

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Q2 FY26 Revenue - mix %
1.91%
3.98%
45.94%
41.90%
0.74% 5.54%
Managed Space Services Co-working Space
Payroll Management Service Designing & Execution
Facility Management & Other Services IT/ ITes Services
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H1 FY26 Revenue - mix %
1.92%
3.76%
35.30%
52.52%
1.01%
5.49%
Managed Space Services Co-working Space
Payroll Management Service Designing & Execution
Facility Management & Other Services IT/ ITes Services
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₹

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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		16.80	28.89	11.13
Employee benefit expenses	5.15	3.45		4.64	9.79	5.90
Finance costs	12.64	11.38		12.26	24.90	20.14
Depreciation and amortisation	14.80	14.44		14.51	29.30	25.57
Other Expense	8.18	5.88		7.79	15.97	10.15
Total expenses	52.85	42.09	25.5%	56.0	108.85	72.89	49.3%
Profit/ (loss) before exceptional items and tax	1.64	6.70		0.93	2.57	0.98
Share of Profit/(Loss)of Associates	0.06	0.06		0.01	0.07	0.12
Profit before tax	1.70	6.64	-74.4%	0.95	2.64	1.10	140.1%
Current tax	-0.24	0.00		0.26	0.02	0.00
Deferred tax	0.18	0.40		0.21	0.39	0.71
Adjustment of Tax for earlier Years				0.34	0.34
Total Tax Expenses	-0.06	0.40		0.81	0.75	0.71
Profit for theperiod	1.75	6.24	-72.0%	0.14	1.89	0.39	382.8%

₹

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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	3.36	0.54
Other current assets	79.32	57.81	54.68
Total Current Assets	169.02	103.45	67.10
Total Assets	637.72	540.38	411.09
2. EQUITY & LIABILITIES
Equity
Equity share capital	21.62	16.92	3.59
Minority interest	0.03	0.03	0.01
Other equity	160.90	37.87	25.2
Total Equity	182.54	54.82	28.80
Non-Current Liabilities
Long term borrowings	11.27	98.94	70.11
Other non-current liabilities	292.37	236.83	202.52
Total Non-Current Liabilities	303.64	335.76	272.63
Current liabilities
Short term borrowings	55.51	31.74	30.94
Trade payables	63.51	39.09	23.14
Other current liabilities	32.51	63.79	55.58
Total Current Liabilities	151.53	15.18	109.66
Total Liabilities	455.18	149.79	382.29
Total Equity and Liabilities	637.72	540.38	411.09

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Revenue from Operations
(Rs. Cr.)
159
108
70
FY 2023 FY 2024 FY 2025
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EBITDA Margin %
60%
51%
43%
FY 2023 FY 2024 FY 2025
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ROCE % Debt-Equity (X)
27.17
17%
12%
3.51
2.39
FY 2023 FY 2024 FY 2025
FY 2023 FY 2024 FY 2025
-4%
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Total Assets (Rs. Cr)
540
411
282
FY 2023 FY 2024 FY 2025
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Occupancy Rate %
89%
83%
81%
FY 2023 FY 2024 FY 2025
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₹

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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 and amortisation	52.22	45.00	30.10
Other Expense	23.63	15.74	9.62
Total expenses	175.15	119.50	87.50
Profit/ (loss) before exceptional items and tax	2.74	-8.77	-16.13
Share of Profit/(Loss) of Associates	-0.04	0.15	0.09
Profit before tax	2.70	-8.62	-16.05
Current tax*	1.38	0.13
Deferred tax*	-0.79	-9.19	-3.22
Adjustment of Tax for earlier Years	0.34	-	-
Total Tax Expenses	0.93	-9.06	-3.22
Profit for theperiod	1.77	0.44	-12.82

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Forward

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Enhancing Client Offerings

• One stop solution provider for business setting up office in India (Infrastructure development, Furniture & Interiors, Technology Enablement, Staffing & Peoples Relation)

• • Introduced bespoke tech solutions including enterprise software, mobile & web apps

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Expansion into New & Existing Markets

• To set-up 8 centres (~799,179 sq. ft.) under straight lease model, funded from IPO proceeds

• 4 additional centres in Ahmedabad, Pune, Surat & Sydney (~276,269 sq. ft., 3,199 seats) Expanding presence in Tier II cities to capture untapped demand

Leveraging GCC Opportunity

• GCCs occupy ~34% of Grade-A office stock (~245 mn sq. ft.)

• • Expected to exceed 2,350 units & 300+ mn sq. ft. in 3 years

• • Offering facility management, payroll, talent sourcing & AI-based tools to GCC clients

Strengthening Asset Procurement

• Scale OpCo–PropCo via investments in JUPL/AEPL to secure strategic sites; benefit from fund-management fees (15% of carry) and improved unit economics. New GIFT City centre launched under revenue-share model (60% of revenue)

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• 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 3.15 lakh sq. ft. with ~3,990 seats.

• ~₹2.5 crore/month incremental revenue locked in before being operational; margin & ROCE accretive from day one.

• Faster and realisations via and ramp-up superior large-asset on-boarding

• extended rent-free periods.

• Strengthening multi-city pipeline with repeatable large-format conversions.

• Deeper enterprise wallet share and longer average tenure; improved cash conversion and yield quality.

• Tier-II cities emerging as core enterprise corridors; proximity to talent lowers total cost of occupancy.

• Rapid flex adoption by mid-to-large enterprises and GCCs in Tier-II markets.

Capital One

• Ahmedabad as a bellwether to scale the BHARAT flex model across blueprint

• .

• emerging hubs.

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Manager Cabin
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Work Desk Cabin
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Printer Area
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Working Café Area

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2x Meeting Room
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6x Meeting Room
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Pantry Unit
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Community Manager

Thank You

For more information please contact,

DEV Accelerator Limited C-01, The First Commercial Complex, behind Keshavbaug Party Plot, Vastrapur, Ahmedabad, Gujarat 380015, India.

AdfactorsPR

Ms. Ashama Rajawat/ Mr. Shubham Sangle Ashama.Rajawat@adfactorspr.com Shubham.sangle@adfactorspr.com