Dev Accelerator Limited has published newspaper advertisements regarding its 6th Annual General Meeting (AGM), confirming the schedule for September 25, 2026. The disclosure follows the earlier provision of a web link for its FY26 Integrated Annual Report, ensuring access for all stakeholders.

The company issued letters to security holders on September 1, 2026, pursuant to Regulation 36(1)(b) and 58(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These regulations mandate that listed entities provide web links to annual reports for stakeholders lacking registered email IDs. Newspaper advertisements were subsequently published in Business Standard (English) and Jai Hind (Gujarati) on September 2, 2026.

Meeting Details

The 6th AGM is scheduled for September 25, 2026, at 1:00 pm. The meeting will be conducted through Video Conferencing or Other Audio-Visual Means (VC/OAVM) from the company's registered office in Ahmedabad, Gujarat.

E-Voting Process

Members are provided with the facility to cast their votes electronically through remote e-voting or during the AGM via services provided by the National Securities Depository Limited (NSDL). Voting rights are determined based on equity shares held as of the cut-off date, Friday, September 18, 2026.

The remote e-voting period commences on Tuesday, September 22, 2026, at 9:00 am and ends on Thursday, September 24, 2026, at 5:00 pm. Members who have cast their votes by remote e-voting prior to the AGM may attend the meeting but are not entitled to vote again.

Shareholder Instructions

The Notice of AGM and Annual Report for FY26 are sent electronically only to members with registered email addresses. For those without registered emails, the documents are available on the company website at devx.work/investor-relations/financials?tab=annual-report. The reports are also accessible on the websites of BSE Limited and National Stock Exchange of India Limited. Members are advised to update their email details with their Depository Participants or the company's compliance officer to receive future communications promptly.

Dev Accelerator Limited reported a 14.7% year-on-year increase in consolidated EBITDA to ₹30.3 crore for the quarter ended June 30, 2026 (Q1FY27), driven by significant margin expansion despite a slight contraction in top-line revenue.

The Ahmedabad-based managed office space provider saw consolidated revenue from operations fall 3.3% YoY to ₹53.8 crore, down from ₹55.6 crore in the corresponding period of FY26. However, the company’s EBITDA margin expanded by 886 basis points to 56.3%, up from 47.4% in Q1FY26. Profit before tax (PBT) rose 66.5% YoY to ₹1.6 crore, while profit after tax (PAT) reached ₹1.5 crore, compared to ₹0.1 crore in the prior year period.

On a standalone basis, which largely represents core workspace operations, revenue increased 7.8% YoY to ₹42 crore from ₹38.9 crore in Q1FY26. At an IGAAP level, consolidated EBITDA increased by 24% to ₹12.5 crore with a margin of 23.2%, compared to 18.1% in the corresponding quarter last year. Consolidated PBT under IGAAP rose 64.9% to ₹7.1 crore from ₹4.3 crore previously.

Operational Expansion and Occupancy

The company continued its aggressive expansion strategy, increasing its total super built-up area (SBA) by 31.4% YoY to 1.13 million sq ft. The portfolio now comprises 27 centers across 12 cities, offering 17,294 seats. Overall occupancy rate improved to 91.9%, up from 88.6% in Q1FY26, with occupied seats rising to 15,899 from 12,534.

Enterprise clients accounted for 70% of revenue from operations, a significant increase from 52% in the same quarter last year. The revenue-to-rent ratio stood at 2.63x, indicating consistent pricing power relative to lease obligations. Approximately 80% of operational SBA is located in Tier 2 cities, which contributed 74% of standalone revenue.

Financial Health and Capital Structure

Dev Accelerator strengthened its balance sheet during the quarter. Consolidated net debt decreased to ₹81 crore from ₹89 crore at the end of FY26, supported by cash and cash equivalents of ₹54 crore against gross debt of ₹135 crore. The net debt-to-EBITDA ratio (IGAAP) improved sharply to 1.04x from 2.10x in FY26. Net debt-to-equity improved to 0.4x from 0.48x.

Subsequent to the quarter, the company raised ₹100 crore through senior, listed, secured, redeemable, and non-convertible debt carrying a coupon of 11.75% per annum with a tenure of 36 months. As part of this financing, roughly 1.85 crore shares (19.65% of equity) were encumbered, though promoter shareholding remains unpledged. The conversion of recently issued preferential warrants is expected to increase promoter shareholding from 36.81% to approximately 37.29%.

Segment and Geographic Performance

Managed Space Services remained the primary revenue driver, contributing 66% of total consolidated revenue. Designing & Execution services accounted for 18%, while Co-Working Space, IT/ITES Services, Payroll Management, and Facility Management each contributed between 2% and 6%. Standalone business is entirely recurring revenue, while Needle & Thread contributes one-time revenue.

Geographically, Gujarat dominated the revenue mix with a 66% share, followed by Maharashtra (15%), Telangana (8%), and Rajasthan (7%). Tier 2 cities contributed 74% of the revenue, underscoring the company’s focus on emerging markets alongside its Tier 1 presence.

What the Numbers Show

A notable divergence exists between the company’s operational scale and its bottom-line profitability metrics under IND AS. While EBITDA grew robustly by 14.7%, PAT growth was nominal in absolute terms (₹1.4 crore increase) due to high depreciation charges. Depreciation and amortization expenses rose 21.9% YoY to ₹17.7 crore, constituting nearly 58% of the EBITDA figure. This heavy capital intensity is characteristic of the managed office model but suggests that future profitability gains will be highly sensitive to occupancy rates and lease cost management as the asset base expands.

Forward Outlook

Management highlighted a pipeline of 2.38 million sq ft under signed agreements, aiming to reach a total portfolio size of 3.62 million sq ft by FY29. An additional 0.19 million sq ft is currently under fit-out. The company is leveraging its investment in Eezily to access broader real estate market intelligence and broker networks, aiming to create synergies between AI-driven data and its operating platform. It has also initiated the process for building a tokenization platform outside India to access global capital pools.