Ahmedabad (Gujarat), 13th November 2025: Dev Accelerator Limited, an enterprise focused managed office space provider with a strong Tier-2 footprint, today announced its unaudited financial results for the quarter and half-year ended September 30, 2025
Performance Overview and Key Business Updates :
- 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 a 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, achieves 95% occupancy level even before being operational. This single centre of 3.15 lakhs Sq. ft. would increase monthly revenue by INR 2.50 crores and seats by 3990, 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.
- We have utilized the IPO proceeds for refinancing and repayment of existing borrowings, leading to a reduction of ₹87.67 crore in long-term debt from ₹98.94 crore in FY25 to ₹11.27 crore in H1 FY26 which has lowered the overall cost of borrowings.
Management Commentary:
Mr. 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.”
We are one of the largest managed space operators in Tier-2 markets and see continued outperformance in cities like Ahmedabad, Gandhinagar, Jaipur, Udaipur, Indore, Vadodara and Rajkot, even as we deepen our presence in Tier-1 hubs. This balanced Tier-1/Tier-2 mix, combined with our integrated platform (design & build, facility management, payroll and IT/ITeS), positions us as a one-stop workspace partner for large enterprises and GCCs scaling in India.
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.
We remain committed to building high-quality, ready-to-move workspaces that enhance client productivity, expand formal employment ecosystems in Tier-2 India, and create long-term value for our shareholders.”