Dev Accelerator Limited — Investor Presentation 2026

Jan 31, 2026

January 31, 2026

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 ended December 31, 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: 2026.01.31 15:07:03 +05'30'

Anjan Trivedi

Company Secretary & Compliance Officer

Encl: As above

Q3 FY26

==> picture [130 x 310] intentionally omitted <==

==> picture [963 x 258] intentionally omitted <==

==> picture [747 x 45] intentionally omitted <==

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

==> picture [143 x 59] intentionally omitted <==

==> picture [239 x 36] intentionally omitted <==

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 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 medium or in 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

Contents of this document including information, statements, designs, graphics including customer logos and proprietary information may be classified as confidential & is for internal reference only, circulation of this document shall be strictly limited with prior written approval of the author

==> picture [143 x 59] intentionally omitted <==

==> picture [169 x 49] intentionally omitted <==

1. Company Overview

2. Business Overview

3. Operational Highlights

4. Financial Highlights

5. Way Forward

==> picture [162 x 149] intentionally omitted <==

==> picture [282 x 184] intentionally omitted <==

==> picture [460 x 285] intentionally omitted <==

==> picture [220 x 137] intentionally omitted <==

==> picture [191 x 185] intentionally omitted <==

==> picture [1440 x 405] intentionally omitted <==

==> picture [506 x 110] intentionally omitted <==

Overview

FINANCIAL PERFORMANCE

==> picture [420 x 48] intentionally omitted <==

Standalone Highlights

==> picture [592 x 168] intentionally omitted <==

----- Start of picture text -----

Revenue EBITDA
₹124 Cr ₹75.7 Cr
+58.9% YoY
+50% YoY
EBITDA Margin: 61.1%
----- End of picture text -----

Cash EBIT ₹26.4 Cr +544% YoY Margin: 21.3%

==> picture [112 x 111] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

==> picture [274 x 184] intentionally omitted <==

----- Start of picture text -----

PBT
₹4.7 Cr
+249% YoY
Normalized PBT as per IGAAP - ₹ 7.8 Cr
PBT positive for the past 2 years
----- End of picture text -----*

Consolidated Highlights

==> picture [493 x 31] intentionally omitted <==

----- Start of picture text -----

₹ 167 Cr ₹ 76.7 Cr
----- End of picture text -----

₹ 76.7 Cr ₹27.4 Cr 46.1% Margin 16.5% Margin

+53% YoY

₹5.2 Cr +174% YoY

Client Economics

Avg Client Tenure Net Churn Rate ~3.5 yrs -0.60%

Enterprise Client

Seat Retention Rate 65% 98.7%

Operational SBA for mature centers 0.58 Mn Sq. Ft Rent to Revenue Ratio

2.62x

Brokerage % Revenue from Operations 2.58%

*Mature Occupancy %

70.36%

PBT includes exceptional items of Rs. ~3Cr; Normalised margins and numbers are as per IGAAP; 100% occupancy has been considered as matured centers.

==> picture [207 x 36] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

India's Leading Tier-2 Flexible Workspace Provider

0.83

13.6K+

28 Centers ▲ 12% YoY

Total Seats ▲ 4% YoY

==> picture [106 x 17] intentionally omitted <==

----- Start of picture text -----

Mn Sq.ft. AUM
----- End of picture text -----

==> picture [983 x 132] intentionally omitted <==

----- Start of picture text -----

88.4% 12 333
Occupancy Cities Clients
Peak Levels Pan-India
----- End of picture text -----

==> picture [329 x 132] intentionally omitted <==

----- Start of picture text -----

12K+
Occupied Seats
----- End of picture text -----

Our Value Proposition

==> picture [233 x 145] intentionally omitted <==

----- Start of picture text -----

Largest Tier-2 Footprint
75% Revenue from Tier 2 Cities
----- End of picture text -----

==> picture [234 x 145] intentionally omitted <==

----- Start of picture text -----

Enterprise Focus
65% Revenue
----- End of picture text -----

==> picture [233 x 145] intentionally omitted <==

----- Start of picture text -----

75-90 Day Delivery
----- End of picture text -----

==> picture [233 x 145] intentionally omitted <==

----- Start of picture text -----

End-to-End Solutions
----- End of picture text -----

==> picture [233 x 145] intentionally omitted <==

----- Start of picture text -----

Asset-Light Expansion
----- End of picture text -----

Our Essence

Founded in 2017 | IPO in 2025 | Serving enterprises, startups & global corporations with collaborative, customizable work environments across India's growth corridors. We enable businesses to scale efficiently with our integrated workspace solutions.

==> picture [220 x 36] intentionally omitted <==

==> picture [121 x 35] intentionally omitted <==

==> picture [125 x 47] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

where growth, margins, cash flows and ROCE improve together

==> picture [612 x 346] intentionally omitted <==

Enterprise-led demand creates revenue durability

Capital discipline translates scale into rising ROCE

Operating cash flow improving, ROCE expanding, and a strengthening balance sheet . enables growth

Focuses on long-term contracts (5–9 year leases) with large corporate clients to ensure stable, predictable income. 9MFY26 Negative net churn rate (-0.60%).

Integrated platform de-risks expansion

Tier-2 focus structurally differentiates DevX

A structural "moat" where 75% of revenue comes from Tier-2 cities benefiting from lower competition and higher rent to revenue ratio. Our Rent to Revenue Ratio is 2.62x

In-house design capability (Neddle & Thread) reduces fit-out costs and time, while tech and talent solutions (SaasJoy) deepen client relationships, reduce overall costs and offer single platform solution

Portfolio maturity unlocks operating leverage

As a higher share of centres reaches maturity (>18 months), incremental revenue converts disproportionately to EBITDA and operating cash flow.

COMPANY OVERVIEW

==> picture [340 x 48] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

Ahmedabad (49,035 sq. ft.) Ahmedabad (49,035 sq. ft.) Vadodara (30,320 sq. ft.) Vadodara (30,320 sq. ft.)

Hyderabad (35,564 sq. ft.) Converted from LLP to Dev Accelerator Pvt Ltd

Rajkot (22,173 sq. ft.) Pune (18,682 sq. ft. & 18,987 sq. ft.) Noida (55,866 sq. ft. &

30,900 sq. ft.) Mumbai (23,470 sq. ft.) Ahmedabad two Centers (179,010 sq. ft.)

ISO Certified

• Udaipur (13,333 sq. ft)

• • Ahmedabad two Centers (23,886 sq. ft., 480 seats)

• • ISO Certified (9001:2015 & 27001:2022)

==> picture [1246 x 147] intentionally omitted <==

----- Start of picture text -----

2017 2018 2019 2020 2021 2022 2023 2024 2025
----- End of picture text -----

Founded as LLP

Started journey in flexible workspace sector

Start-up Recognition

• Mumbai (21,000 sq. ft.),

• Ahmedabad (25,509 sq. ft.)

• Recognized Start-up by DIPP

• Awarded ‘Co-working Space of the Year’ at the 11th Realty Conclave & Excellence Awards

New Centers

Two Ahmedabad Centers

(36,002 sq. ft.)

Recognition

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

IPO & Public Listing

• Pune (28,400 sq. ft.)

• • Hyderabad two Centers (25,487 sq. ft.)

• • Surat (24,600 sq. ft.)

• • Successful IPO & Public Listing

• India’s largest Managed office campus in Ahmedabad – 3.15 lakh sqft. ~3,990 seats

Leadership

==> picture [202 x 202] intentionally omitted <==

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

==> picture [202 x 202] intentionally omitted <==

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

==> picture [202 x 202] intentionally omitted <==

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

==> picture [423 x 47] intentionally omitted <==

Design with Purpose Creating workspaces that blend aesthetics, functionality, and brand identit . y

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.

==> picture [465 x 686] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

==> picture [1440 x 405] intentionally omitted <==

==> picture [459 x 84] intentionally omitted <==

Overview

==> picture [540 x 49] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

==> picture [79 x 79] intentionally omitted <==

DEVX – CORE WORKSPACE

Managed office solutions for enterprises, GCCs & MNCs

==> picture [78 x 79] intentionally omitted <==

NEDDLE & THREAD

End-to-end interior fit-out for DevX & external clients

₹123.9Cr ~61.1% 3.5-5 yrs 333+ Revenue EBITDA % Avg Lease Clients 0.83Mn 13,604 12,023 28 AUM (sf) Total Seats Occupied Centers

₹38.8 Cr 16.8% 19+ 7 Lacs Sq.ft. Revenue EBITDA % Projects Area built 28+ ~4500 Sq.ft. ₹1.25Cr 75days Active Project Avg Size Avg Value Avg Time

SAASJOY SOLUTIONS

₹1.73 Cr ~9.6% 10+ ₹0.25 Cr Revenue EBITDA Margin Active Clients Avg Project Value

Workspace is the core revenue engine.

Design capability accelerates client acquisition, tech services deepen retention & reduce churn, talent solutions maximize occupancy. Together, they create a self-reinforcing flywheel for scalable, capital-efficient growth.

Data as per– 9M FY26, IndAS measures

BUSINESS VERTICALS

==> picture [354 x 48] intentionally omitted <==

==> picture [114 x 19] intentionally omitted <==

==> picture [76 x 19] intentionally omitted <==

==> picture [207 x 36] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

Enterprise-grade private workspaces with end-to-end services

==> picture [657 x 238] intentionally omitted <==

----- Start of picture text -----

₹102.9 Cr 62.1%
9M Revenue Of Total Revenue
+34% YoY Core Offering
----- End of picture text -----

==> picture [57 x 48] intentionally omitted <==

==> picture [46 x 42] intentionally omitted <==

Format Options

Lease Structure

• Private managed offices (full floor)

• Tenure: 5-9 years

• Shared floor offices (multi-tenant)

• Lock-in: 3-5 years

• Premium & Standard Grade

• Straight Lease Model

==> picture [43 x 33] intentionally omitted <==

Client Acquisition

==> picture [549 x 68] intentionally omitted <==

----- Start of picture text -----

• Business Development • RFPs
• Property Consultants • Direct Enterprise Relationships
----- End of picture text -----

==> picture [569 x 236] intentionally omitted <==

----- Start of picture text -----

₹62.4Cr 88%
EBITDA Occupancy
61.1% Margin
----- End of picture text -----

==> picture [49 x 55] intentionally omitted <==

Services Included

• IT Setup & Support

• Medical room & Creche

• Smart Café & Store

• Housekeeping & Security

• Workspace & Meetings

• Community & Lifestyle

==> picture [47 x 28] intentionally omitted <==

==> picture [117 x 22] intentionally omitted <==

----- Start of picture text -----

Key Clients
----- End of picture text -----

Fortune 500 MNCs & Unicorns & Companies GCCs SMEs

BUSINESS VERTICALS

==> picture [658 x 48] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

Comprehensive build-to-suit services via Phi Designs

==> picture [1314 x 257] intentionally omitted <==

----- Start of picture text -----

₹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
----- End of picture text -----

==> picture [53 x 50] intentionally omitted <==

==> picture [50 x 51] intentionally omitted <==

==> picture [46 x 51] intentionally omitted <==

Design Services

Execution Services

==> picture [143 x 21] intentionally omitted <==

----- Start of picture text -----

Project Types
----- End of picture text -----

==> picture [239 x 77] intentionally omitted <==

==> picture [166 x 77] intentionally omitted <==

==> picture [258 x 114] intentionally omitted <==

==> picture [465 x 48] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

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

Who we partner with….

==> picture [203 x 197] intentionally omitted <==

==> picture [146 x 126] intentionally omitted <==

Non-institutional Landlords One stop solution with guaranteed results

Who we serve….

==> picture [134 x 145] intentionally omitted <==

==> picture [232 x 74] intentionally omitted <==

----- Start of picture text -----

Enterprise Clients
Flexible, Hassle-free
offices in just 75-90 days
----- End of picture text -----

==> picture [46 x 48] intentionally omitted <==

==> picture [50 x 34] intentionally omitted <==

==> picture [40 x 44] intentionally omitted <==

==> picture [50 x 43] intentionally omitted <==

Vendor Partners Access to assured footfalls and Projects

Client Employees Access to world class amenities

==> picture [604 x 47] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

Flexible Models Optimizing Capital Efficiency & Risk Management

We leverage our network across key markets with multiple procurement models to balance growth, capital efficiency, and risk.

==> picture [145 x 145] intentionally omitted <==

Straight Lease

CapEx: High | Risk: Moderate

21 of 28 Centres

• 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.

==> picture [145 x 145] intentionally omitted <==

Furnished by Landlord

CapEx: Low | Risk: Low

6 of 28 Centres

• Landlord provides fully furnished and equipped spaces.

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

• 21.43% of Centers operate under this model.

==> picture [146 x 145] intentionally omitted <==

Revenue Share

CapEx: Low | Risk: Shared

1 Centre (GIFT City)

• 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.

==> picture [145 x 145] intentionally omitted <==

OpCo–PropCo

CapEx: Variable | Risk: Optimized

OpCo: Operations PropCo: Ownership

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

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

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

==> picture [739 x 48] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

==> picture [88 x 43] intentionally omitted <==

Identification of Cities & Submarkets

• 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

==> picture [62 x 62] intentionally omitted <==

Search for Suitable Space Owners

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

• In 9M FY2026, ~93% of seats sold through direct channels, with the balance via brokers

• Agreements typically structured under the straight lease model

==> picture [62 x 60] intentionally omitted <==

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

Serving 333 clients including domestic corporations and MNCs

==> picture [1046 x 137] intentionally omitted <==

----- Start of picture text -----

Key Clients
Paperchase
ǪX Global Services
Accountancy India Pvt Eternal Limited Horizontal Limited
Private Limited
Ltd.
----- End of picture text -----

==> picture [247 x 85] intentionally omitted <==

----- Start of picture text -----

Manubhai & Shah
LLP
----- End of picture text -----

₹

==> picture [80 x 35] intentionally omitted <==

==> picture [17 x 6] intentionally omitted <==

==> picture [807 x 48] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

Present across 12 cities, with an average overall occupancy levels of 88%+ in all fiscals

==> picture [58 x 21] intentionally omitted <==

==> picture [752 x 595] intentionally omitted <==

----- Start of picture text -----

Our Presence
13,333 sq. ft.
Udaipur
196 seats
36,948 sq. ft.
Noida
753 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
----- End of picture text -----

==> picture [569 x 36] intentionally omitted <==

----- Start of picture text -----

Tier & City wise % of Total Revenue – 9M FY26
----- End of picture text -----

Location	% of Revenue	Revenue
Total Tier 1	28.06%	35.06
Pune, Maharashtra	8.78%	10.97
Hyderabad, Telangana	7.22%	9.01
Noida, Uttar Pradesh	6.46%	8.07
Mumbai, Maharashtra	5.61%	7.00
Total Tier 2	71.94%	89.86
Ahmedabad, Gujarat	44.51%	55.60
Vadodara, Gujarat	11.40%	14.25
Jaipur, Rajasthan	6.20%	7.74
Gandhinagar, Gujarat	5.10%	6.37
Surat, Gujarat	1.46%	1.82
Indore, Madhya Pradesh	1.64%	2.05
Rajkot, Gujarat	1.10%	1.38
Udaipur, Rajasthan	0.53%	0.66

• As at Q2 FY26

1 Includes 28 centres operational as at September 2025

==> picture [880 x 49] intentionally omitted <==

==> picture [22 x 6] intentionally omitted <==

==> picture [169 x 43] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

2.56 Mn sq.ft

==> picture [291 x 288] intentionally omitted <==

----- Start of picture text -----

0.83
1.33
0.4
----- End of picture text -----

34 Centres

==> picture [274 x 273] intentionally omitted <==

----- Start of picture text -----

4
2
28
----- End of picture text -----

32,884 Seats

==> picture [284 x 271] intentionally omitted <==

----- Start of picture text -----

13,604
13,290
5,990
----- End of picture text -----

Operational Centres Under fit-out Signed Pipeline

Operational Centres Under fit-out Signed Pipeline

Operational Centres Under fit-out

==> picture [1440 x 277] intentionally omitted <==

----- Start of picture text -----

DevX Group | Q1 EY26
----- End of picture text -----

==> picture [1440 x 444] intentionally omitted <==

==> picture [625 x 113] intentionally omitted <==

Highlights

==> picture [324 x 48] intentionally omitted <==

==> picture [104 x 34] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

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	11,774
Occupancy %	88.35%	89.60%
Rent to Revenue Ratio	2.62	1.86
Operational SBA for Mature Centers(Mn Sq.ft.)	0.58	0.58
Mature Occupancy %	70.36%	97.01%
Brokerage % Revenue from Operations	2.58%	1.79%

*100% occupancy has been considered as matured centers for 9MFY26.

₹

==> picture [669 x 49] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

==> picture [64 x 22] intentionally omitted <==

Particulars	FY25	FY24	FY23
AUM in SBA(Mn Sq.ft.)	0.86	0.81	0.63
Number of Cities byAUM	11	11	9
Number of Centers byAUM	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 (Mn Sq.ft.)	0.55	0.52	0.51
Mature Occupancy%	93.08%	95.87%	92.91%
Brokerage % Revenue from Operations	1.47%	1.70%	2.11%

==> picture [338 x 48] intentionally omitted <==

==> picture [138 x 34] intentionally omitted <==

==> picture [385 x 49] intentionally omitted <==

==> picture [451 x 49] intentionally omitted <==

==> picture [17 x 6] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

==> picture [667 x 487] intentionally omitted <==

----- Start of picture text -----

Cost of Borrowing
425+ bps reduction
14% 9.75%
Dec'24 Dec'25
----- End of picture text -----*

Working with Leading Banks & Financial Institutions

==> picture [543 x 315] intentionally omitted <==

----- Start of picture text -----

Leading Private Banks
HDFC Bank Axis Bank
Leading NBFCs
Tata Capital
Gross Debt Net Debt
₹94.41Cr ₹63.89Cr
----- End of picture text -----

Note: All data as on Dec 31 of respective year. Cost of borrowing is average rate of interest

==> picture [405 x 36] intentionally omitted <==

==> picture [61 x 43] intentionally omitted <==

==> picture [23 x 6] intentionally omitted <==

==> picture [456 x 579] intentionally omitted <==

==> picture [104 x 34] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

Total Lease vs Client Lock-in

==> picture [710 x 531] intentionally omitted <==

----- Start of picture text -----

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
----- End of picture text -----

==> picture [415 x 49] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

India Flexible Office Space Market – A $11.4 Bn Opportunity by 2030

India Flexible Office Space Market ~13.7% CAGR $5.99 Bn

~13.7% CAGR $11.39 Bn

==> picture [49 x 12] intentionally omitted <==

----- Start of picture text -----

5 Years
----- End of picture text -----

2025

==> picture [45 x 14] intentionally omitted <==

----- Start of picture text -----

2030
----- End of picture text -----

==> picture [105 x 105] intentionally omitted <==

==> picture [105 x 105] intentionally omitted <==

==> picture [105 x 105] intentionally omitted <==

Enterprise Demand

Hybrid Work

Cost Advantage 25-30% cost reduction per employee

GCCs driving 72% of flex seat absorption; projected 40% of total flex demand by 2030

Post-pandemic adoption driving demand

Competitive Landscape – India

Geography Snapshot

Fragmented market: Top 10 hold major share, but 60%+ remains with regional/unorganized players

Tier-1 Hubs

• Bengaluru: 24.8% market share, 600+ GCCs

• MMR & NCR: Premium yields; suburbs offer 3040% cost advantage

==> picture [51 x 50] intentionally omitted <==

==> picture [43 x 58] intentionally omitted <==

Pricing shift: Desk-based pricing → bundled valueadded services + enterprise contracts

Emerging Growth Corridors

GCC-driven premiumization: Enterprise clients demanding higher specs, longer tenures, better margins

• Tier-2/3: 16.15% CAGR, led by Jaipur & Coimbatore

• SEZ denotification unlocking new Grade-A supply

• • GCCs expanding beyond Tier-1; seeking cost arbitrage plus untapped talent pools

Growth hotspots: GCC corridors, life-sciences clusters & legal hubs

==> picture [350 x 49] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

How Tier-2 Cities Are Reshaping India's Growth Map

"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 cities (2025) Expansion FY19 to FY25 Digitally skilled & available vs. metro operations

Tier-2 Growth Corridors

Backed by National Programs

Smart Cities Mission investments PM Gati Shakti infrastructure push Industrial corridors development Metro network expansion Logistics parks & IT SEZs

==> picture [239 x 19] intentionally omitted <==

----- Start of picture text -----

Rent to Revenue Ratio (x)
----- End of picture text -----

==> picture [392 x 155] intentionally omitted <==

----- Start of picture text -----

2.56
2.1
Tier 1 DevX
Tier 1 DevX
----- End of picture text -----

==> picture [465 x 401] intentionally omitted <==

The DevX Advantage

The Bharat shift is a strategic advantage we're driving expansion through flexible workspaces across Tier-2 corridors.

As India's growth turns multi-polar, DevX stands at the intersection of infrastructure, innovation, and inclusion .

DevX Presence 12 Cities Strategically positioned across growth corridors

==> picture [1440 x 406] intentionally omitted <==

==> picture [478 x 86] intentionally omitted <==

Highlights

==> picture [516 x 47] intentionally omitted <==

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% . Consolidated revenue for 9MFY26 reached ₹166.7 crore, up 53% YoY , while Standalone EBITDA margin expanded to 61.1% , reflecting strong operating leverage and the structural advantage of our Tier-2 focused model.

The quarter saw two significant milestones. First, we signed India's largest single managed office contract 8 Lakh sq. ft. in Ahmedabad under our innovative Development Management Model. This ₹100 crore investment will create 8,500 seats. Second, our 3.15 Lakh sq. ft. Ahmedabad campus went operational with 95% pre-leasing , adding ~₹2.75 crore monthly revenue and validating our demand-led approach.

Our Rent to Revenue Ratio improved to 2.62x well above the industry average of 2.1x demonstrating the unit economics advantage of Tier-2 markets. With 65% revenue from enterprise clients , 98.7% seat retention , and negative 0.60% net churn , we continue to build a sticky, cash-generative business.

With 75% of revenue from Tier-2 cities, a proven Development Management blueprint for asset-light growth, and a strong demand pipeline, we remain confident of delivering sustained growth and long-term value for our shareholders.

==> picture [170 x 68] intentionally omitted <==

==> picture [171 x 63] intentionally omitted <==

==> picture [171 x 61] intentionally omitted <==

==> picture [404 x 810] intentionally omitted <==

₹

Q3FY26

==> picture [245 x 35] intentionally omitted <==

==> picture [377 x 35] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

==> picture [65 x 23] intentionally omitted <==

Revenue

EBITDA* & EBITDA Margin

Cash EBIT & Margin

PBT & PBT Margin

==> picture [339 x 260] intentionally omitted <==

----- Start of picture text -----

₹ 44
60.2%
₹ 27
Q3 FY25 Q3 FY26
----- End of picture text -----

==> picture [711 x 260] intentionally omitted <==

----- Start of picture text -----

₹ 6
₹ 23
₹ 16
45%
572%
14.8%
52.3%
57.6%
₹ 1
3.5%
Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26
----- End of picture text -----

==> picture [382 x 260] intentionally omitted <==

----- Start of picture text -----

₹ 2
773% 5.1%
₹ 0.25
0.9%
Q3 FY25 Q3 FY26
----- End of picture text -----

==> picture [188 x 26] intentionally omitted <==

----- Start of picture text -----

9M FY26
Revenue
----- End of picture text -----

EBITDA* & EBITDA Margin

Cash EBIT & Margin

PBT & PBT Margin

==> picture [684 x 260] intentionally omitted <==

----- Start of picture text -----

₹ 76
₹ 124
49.2%
₹ 83 ₹ 48 59%
61.1%
57.5%
9M FY25 9M FY26 9M FY25 9M FY26
----- End of picture text -----

==> picture [367 x 260] intentionally omitted <==

----- Start of picture text -----

₹ 26
21.3%
544%
₹ 4
5.0%
9M FY25 9M FY26
----- End of picture text -----

==> picture [382 x 260] intentionally omitted <==

----- Start of picture text -----

₹ 5
249%
3.8%
₹ 1
1.6%
9M FY25 9M FY26
----- End of picture text -----

• EBITDA, excluding Other Income; PBT includes exceptional income

₹

Q3FY26

==> picture [286 x 35] intentionally omitted <==

==> picture [377 x 35] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

==> picture [65 x 23] intentionally omitted <==

Revenue

EBITDA* & EBITDA Margin

Cash EBIT & Margin

PBT & PBT Margin

==> picture [684 x 260] intentionally omitted <==

----- Start of picture text -----

₹ 59
₹ 24
19%
(0.86%)
66.6%
₹ 50
48.5% ₹ 24
40.4%
Q3 FY25 Q3 FY26
Q3 FY25 Q3 FY26
----- End of picture text -----

==> picture [367 x 260] intentionally omitted <==

----- Start of picture text -----

₹ 9
(20%) ₹ 7
12.9%
19%
Q3 FY25 Q3 FY26
----- End of picture text -----

==> picture [382 x 260] intentionally omitted <==

----- Start of picture text -----

₹ 3
220% 4.3%
₹ 1
1.6%
Q3 FY25 Q3 FY26
----- End of picture text -----

9M FY26 Revenue

EBITDA* & EBITDA Margin

Cash EBIT & Margin

PBT & PBT Margin

==> picture [684 x 260] intentionally omitted <==

----- Start of picture text -----

₹ 167
₹ 77
52.7%
36.2%
₹ 56
₹ 109
46.1%
51.6%
9M FY25 9M FY26 9M FY25 9M FY26
----- End of picture text -----

==> picture [367 x 260] intentionally omitted <==

----- Start of picture text -----

₹ 27
114.2%
11.7%
₹ 13
16.4%
9M FY25 9M FY26
----- End of picture text -----

==> picture [382 x 260] intentionally omitted <==

----- Start of picture text -----

₹ 5
173%
3.1%
₹ 2
1.7%
9M FY25 9M FY26
----- End of picture text -----

• EBITDA, excluding Other Income; PBT includes exceptional income

==> picture [615 x 37] intentionally omitted <==

==> picture [190 x 47] intentionally omitted <==

==> picture [17 x 6] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

==> picture [287 x 22] intentionally omitted <==

----- Start of picture text -----

Q3 FY26 Revenue - mix %
----- End of picture text -----

==> picture [471 x 365] intentionally omitted <==

----- Start of picture text -----

4.00%
1.47%
36.95%
50.63%
1.16%
5.79%
----- End of picture text -----

Managed Space Services Co-working Space Payroll Management Service Designing & Execution Facility Management & Other Services IT/ ITes Services

==> picture [571 x 524] intentionally omitted <==

----- Start of picture text -----

9M FY26 Revenue - mix %
2.80%
2.80%
31.10%
56.20%
1.10%
5.90%
Managed Space Services Co-working Space
Payroll Management Service Designing & Execution
Facility Management & Other Services IT/ ITes Services
----- End of picture text -----

₹

==> picture [701 x 36] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

==> picture [64 x 22] intentionally omitted <==

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 benefit expenses	5.17	3.65		5.15	14.95	9.54
Finance costs	9.25	12.21		12.64	34.15	32.35
Depreciation and amortisation	14.94	13.32		14.80	44.24	38.89
Other Expense	11.52	6.74		8.18	27.49	16.89
Total expenses	59.45	51.13	16.26%	52.85	168.28	124.02	35.69%
Profit/ (loss) before exceptional items and tax	1.28	0.88		1.64	3.85	1.86
Less: Exceptional items	-1.33	0.00		0.00	-1.33	0.00
Profit before share of profit/(Loss) from Associate and Joint Venture and tax	2.60	0.88		1.64	5.18	1.86
Share of Profit/(Loss) of Associates	-0.03	-0.08		0.06	0.04	0.05
Profit before tax	2.57	0.80	220.02%	1.70	5.22	1.91	173.50%

₹

==> picture [143 x 59] intentionally omitted <==

==> picture [244 x 36] intentionally omitted <==

==> picture [395 x 35] intentionally omitted <==

==> picture [64 x 22] intentionally omitted <==

Particulars	9MFY26	9MFY26	9MFY26	9MFY25	9MFY25	9MFY25	Q3FY26	Q3FY26	Q3FY26
	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 Benefits Expenses	7.69	-	7.69	7.48	-	7.48	2.66	-	2.66
Other expenses	33.74	-	33.74	14.50	-	14.50	12.11	-	12.11
EBITDA*	75.75	-	75.75	47.66	-	47.66	22.75	-	22.75
EBITDA Margin %	61.4%		61.4%	57.5%		57.5%	52.3%		52.3%
Finance Cost
Interest on Borrowings	12.92	-	12.92	11.45	-	11.45	2.49	-	2.49
Interest on Lease Liabilities	20.81	20.81	0.00	17.88	17.88	0.00	6.66	6.66	0.00
Depreciation & Amortization
PPE & Intangible asset	6.38	-	6.38	5.06	-	5.06	2.25	-	2.25
Right of use asset	37.80	37.80	0.00	30.61	30.61	0.00	12.66	12.66	0.00
Total Expenses	126.12	58.61	67.51	100.19	48.49	51.70	44.82	19.32	25.50
Profit/(Loss) before tax*	4.69		12.65	1.35		6.28	2.21		4.56
Lease Liabilities (Rent Out Flow)	49.33		49.33	43.56		43.56	16.32		16.32
Cash EBIT	26.42		26.42	4.10		4.10	6.43		6.43

• EBITDA, excluding Other Income; PBT includes exceptional income

₹

==> picture [602 x 36] intentionally omitted <==

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

==> picture [143 x 59] intentionally omitted <==

==> picture [64 x 22] intentionally omitted <==

==> picture [449 x 36] intentionally omitted <==

==> picture [409 x 283] intentionally omitted <==

----- Start of picture text -----

Revenue from Operations
(Rs. Cr.)
159
108
70
FY 2023 FY 2024 FY 2025
----- End of picture text -----

==> picture [409 x 283] intentionally omitted <==

----- Start of picture text -----

EBITDA Margin %
60%
51%
43%
FY 2023 FY 2024 FY 2025
----- End of picture text -----

==> picture [858 x 283] intentionally omitted <==

----- Start of picture text -----

ROCE % Debt-Equity (X)
17% 27.17
12%
3.51
2.39
FY 2023 FY 2024 FY 2025
FY 2023 FY 2024 FY 2025
-4%
----- End of picture text -----

==> picture [143 x 59] intentionally omitted <==

==> picture [409 x 283] intentionally omitted <==

----- Start of picture text -----

Total Assets (Rs. Cr)
540
411
282
FY 2023 FY 2024 FY 2025
----- End of picture text -----

==> picture [409 x 283] intentionally omitted <==

----- Start of picture text -----

Occupancy Rate %
89%
83%
81%
FY 2023 FY 2024 FY 2025
----- End of picture text -----

₹

==> picture [701 x 36] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

==> picture [64 x 22] intentionally omitted <==

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	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	-0.03	0.15	0.09
Profit before tax	2.71	-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	1.78	0.44	-12.82

==> picture [1440 x 405] intentionally omitted <==

==> picture [237 x 109] intentionally omitted <==

Forward

==> picture [295 x 48] intentionally omitted <==

Enhancing Client Offerings

• One-stop solution for businesses setting up operations in India - Infrastructure, Interiors, Technology Enablement & Staffing

• Bespoke enterprise tech solutions: ERP integration, mobile & web apps tailored for GCC operations

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 &AIbased tools to GCC clients

==> picture [186 x 598] intentionally omitted <==

==> picture [143 x 59] intentionally omitted <==

Expansion into New & Existing Markets

• India's largest single managed office contract - 8 Lakh Sq. Ft. in Ahmedabad

• ₹100 Cr investment (4 years) | 8,500 seats | ₹120 Cr projected annual revenue

• Partnering with landowners to build Grade A+ green buildings,

• zero land acquisition cost

• Scalable blueprint for Tier-II cities with fragmented land ownership

Expansion & Asset Strategy

• 8 new centres (~7.99 Lakh Sq. Ft.) under straight lease model , 3.15sq ft in Ahmedabad, 95% pre-leased before going operational, validates demand-led model

• Additional centres in Ahmedabad, Pune, Surat - deepening Tier-II footprint

• OpCo-PropCo scale via JUPL/AEPL investments; 15% carry + improved unit economics

==> picture [821 x 49] intentionally omitted <==

==> picture [183 x 47] intentionally omitted <==

==> picture [268 x 36] intentionally omitted <==

Capital One

• 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.

• ~₹2.75 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.

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

• .

• emerging hubs.

==> picture [592 x 50] intentionally omitted <==

==> picture [562 x 323] intentionally omitted <==

----- Start of picture text -----

Manager Cabin
----- End of picture text -----

==> picture [562 x 321] intentionally omitted <==

----- Start of picture text -----

Work Desk Cabin
----- End of picture text -----

==> picture [583 x 322] intentionally omitted <==

----- Start of picture text -----

Printer Area
----- End of picture text -----

Working Café Area

==> picture [592 x 50] intentionally omitted <==

==> picture [562 x 322] intentionally omitted <==

----- Start of picture text -----

2x Meeting Room
----- End of picture text -----

==> picture [562 x 321] intentionally omitted <==

----- Start of picture text -----

6x Meeting Room
----- End of picture text -----

==> picture [583 x 322] intentionally omitted <==

----- Start of picture text -----

Pantry Unit
----- End of picture text -----

Community Manager

==> picture [1440 x 466] intentionally omitted <==

T ~~han~~ k You

For more information please contact,

DEV Accelerator Limited www.devx.work .

AdfactorsPR

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