Dev Accelerator Limited has filed its quarterly monitoring agency report with stock exchanges, providing detailed insights into the utilization of proceeds from its Initial Public Offering (IPO) during the quarter ended December 31, 2025.

IPO Proceeds Overview

The company raised Rs. 143.35 crore through its public issue in September 2025, issuing 235,00,000 equity shares at Rs. 61.00 per share. After deducting issue-related expenses of Rs. 15.97 crore, the net proceeds available for utilization stood at Rs. 127.38 crore.

Q3FY26 Utilization Details

During Q3FY26, Dev Accelerator Limited utilized Rs. 31.89 crore from the IPO proceeds across its stated objectives. The primary allocation was towards capital expenditure for fit-outs in proposed centers, which received Rs. 25.47 crore during the quarter.

Capital Expenditure Activities

The company's capital expenditure of Rs. 25.47 crore during Q3FY26 was primarily directed towards furniture, civil work, and fit-out activities. Major payments totaling Rs. 18.90 crore were made to three key vendors:

• PHA Enterprise Private Limited
• Aditi Air Conditioning
• Jaliyan Enterprises

These expenditures were related to Capital One and Ahmedabad Center 10 site development, with some invoices pertaining to periods prior to the IPO issue.

Debt Repayment Progress

The company completed its objective of repaying non-convertible debentures (NCDs) during Q3FY26. Out of the total repayment of Rs. 6.91 crore towards NCD redemption, Rs. 6.42 crore was funded from IPO proceeds, completing the Rs. 35.00 crore allocation for this purpose.

Deployment of Unutilized Funds

As of December 31, 2025, the remaining Rs. 39.94 crore of unutilized IPO proceeds were strategically deployed across various instruments to optimize returns:

Monitoring Agency Assessment

Infomerics Valuation and Rating Limited, serving as the monitoring agency, certified that the utilization of IPO proceeds was in compliance with the prescribed purposes mentioned in the offer document. The agency reported no material deviations from the objects disclosed in the offer document and confirmed that all utilization aligned with stated objectives.

The monitoring was supported by a CA certificate dated January 28, 2026, issued by Nisarg J Shah & Co., Chartered Accountants, which also serves as the company's statutory auditor. The certificate verified that IPO proceeds utilization during Q3FY26 complied with prescribed purposes as outlined in the offer document.

Dev Accelerator Limited announced its revised Q3 & 9M FY26 earnings release on February 2, 2026, showcasing strong standalone performance with 60.20% revenue growth despite consolidated quarterly losses. The co-working space provider reported significant operational milestones including India's largest managed office contract while maintaining regulatory compliance under SEBI disclosure requirements.

Regulatory Compliance and Revised Disclosure

The company submitted its revised earnings release to BSE Limited and National Stock Exchange of India Limited on February 2, 2026, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The unaudited financial results were reviewed by statutory auditors.

Standalone Financial Performance Highlights

The revised earnings release highlighted exceptional standalone performance with significant growth across key metrics for both quarterly and nine-month periods:

Consolidated Performance Overview

Consolidated revenue from operations reached ₹59.20 crores for Q3FY26 (+19.00% YoY) and ₹166.70 crores for 9MFY26 (+53.00% YoY), driven by new centre additions and improved realizations from enterprise clients. The consolidated EBITDA margin for 9MFY26 stood at 46.10%, reflecting operating leverage as mature centres delivered higher utilization.

Major Business Developments and Strategic Contracts

Dev Accelerator signed India's largest single managed office contract of 8 lakh sq. ft. at Ambli Bopal Road, Ahmedabad, executed under the company's innovative Development Management Model. This landmark deal involves partnering with landowners to develop Grade A+ green buildings for GCC requirements without land acquisition costs.

The company's 3.15 lakh sq. ft. Ahmedabad Mega Campus commenced operations with 95.00% pre-leasing achieved before going live, adding approximately 3,200 seats and locking in approximately ₹2.75 crore monthly revenue. Marquee clients include Suzlon, Walter P Moore, Openxcell, Tatvic, and Manubhai & Shah.

Management Commentary and Strategic Outlook

Mr. Umesh Uttamchandani, Managing Director, highlighted the company's strong performance in 9MFY26 marked by robust revenue growth, margin expansion, and landmark transactions strengthening leadership in Tier-2 markets. The company maintains 65.00% revenue from enterprise clients with 98.70% seat retention and negative 0.60% net churn, demonstrating a sticky, cash-generative business model.

With 75.00% of revenue from Tier-2 cities and a proven Development Management blueprint for asset-light growth, the company remains confident of delivering sustained growth and long-term value for shareholders. The revised earnings release demonstrates Dev Accelerator's resilience and strategic positioning in the managed office space segment despite quarterly consolidated challenges.