Dev Accelerator Limited Reports 80% Revenue Growth in H1, Plans Major Expansion

1 min read Updated on 18 Nov 2025, 12:10 PM

Reviewed by

Radhika SScanX News Team

Overview

Dev Accelerator Limited, a managed workspace provider, reported an 80% year-on-year revenue growth to INR 107.47 crores in H1. EBITDA increased by 64% to INR 52.82 crores, maintaining a 50% margin. The company plans to launch India's largest single managed office campus in Ahmedabad, adding 3,990 seats with 95% pre-occupancy. Dev Accelerator aims to expand its total seats from 13,604 to 17,594 and increase its asset under management from 8.90 lakh sq ft to 13.50 lakh sq ft. Future plans include adding 14,000-15,000 seats in 12-18 months and expanding to Pune and Chennai, targeting consolidated revenue of INR 330-350 crores.

*this image is generated using AI for illustrative purposes only.

Dev Accelerator Limited, a leading enterprise-focused managed workspace provider, has reported significant growth in its financial performance for the first half of the fiscal year. The company achieved a revenue of INR 107.47 crores, representing an impressive 80% year-on-year growth.

Financial Highlights

Revenue: INR 107.47 crores in H1, up 80% from INR 59.38 crores in H1 of the previous year
EBITDA: INR 52.82 crores, a 64% increase from the previous year
EBITDA Margin: Maintained around 50%
Cash EBIT: INR 19.80 crores, with an 18.5% margin

Expansion Plans

Dev Accelerator Limited plans to launch India's largest single managed office campus in a tier-2 city:

Location: Ahmedabad
Size: 3.15 lakh square feet
Capacity: 3,990 seats
Pre-occupancy: 95%
Expected Monthly Revenue: INR 2.50 crores (starting January)

Operational Metrics

Metric	Current	Post-Expansion (Expected)
Asset Under Management	8.90 lakh sq ft	13.50 lakh sq ft
Total Seats	13,604	17,594
Occupancy Rate	88%	95% (for new campus)

Future Outlook

The company aims to add 14,000 to 15,000 seats in the next 12 to 18 months.
Expansion plans include new centers in Pune, Chennai, and additional capacity in Ahmedabad.
Dev Accelerator Limited targets consolidated revenue of INR 330-350 crores by a specific future date.

Management Commentary

Umesh Uttamchandani, Managing Director of Dev Accelerator Limited, stated, "The first half reflects a strong disciplined execution by our team and a sharper mix of enterprise-grade managed office spaces. Our focus on Tier 2 cities aligns with the rising Bharat story, and we're seeing strong demand from mid to large-size enterprises and Global Capability Centers."

The company's strategy of maintaining a 70-30 split between tier-2 and tier-1 cities is expected to continue, capitalizing on the growing demand for flexible workspace solutions in emerging urban centers.

Dev Accelerator Limited's robust performance and ambitious expansion plans underscore the growing trend of flexible office spaces in India, particularly in tier-2 cities. As businesses seek agile workspace solutions, the company is well-positioned to benefit from this shift in corporate real estate preferences.

Financial Highlights

Dev Accelerator's revenue from operations for Q2 stood at ₹51.84 crore, marking a substantial 50.4% increase compared to ₹34.47 crore in the same quarter of the previous year. The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the quarter reached ₹26.43 crore, up 45.3% year-on-year, with an EBITDA margin of 50.9%.

Operational Performance

The company has expanded its operational footprint to 28 centers across 12 cities, covering 0.89 lakh sq. ft. Key operational metrics include:

Overall occupancy rate: 88%
Committed occupancy rate: 90%
Enterprise clients now constitute 65% of rental revenue

Strategic Expansion and Client Base

Dev Accelerator's Managing Director, Umesh Uttamchandani, highlighted the company's strategic focus: "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."

The company reports a strong presence in Tier-2 markets, including Ahmedabad, Gandhinagar, Jaipur, Udaipur, Indore, Vadodara, and Rajkot, while also deepening its presence in Tier-1 hubs.

Future Outlook

Dev Accelerator has a robust pipeline for future growth:

0.44 lakh sq. ft. under fit-out
Plans to set up 8 new centers covering approximately 799,179 sq. ft. under the straight lease model, funded from IPO proceeds
Expansion focused on Tier-II cities

IPO Utilization

The company recently completed its Initial Public Offering (IPO) and has utilized the proceeds as follows:

Particulars	Amount Utilized (₹ in lakhs)	Amount Unutilized (₹ in lakhs)
Capex for fit-out in proposed centres	770.70	6,541.30
Repayment/Prepayment of certain borrowings	2,858.46	641.54
General Corporate Purposes	1,926.00	0.00
Total	5,555.16	7,182.84

Management Commentary

Umesh Uttamchandani expressed confidence in the company's growth trajectory: "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."

Dev Accelerator's Q2 results demonstrate the company's strong market position in the flexible workspace sector, particularly in Tier-2 cities. The significant revenue growth, high occupancy rates, and strategic expansion plans indicate a positive outlook for the company in the evolving Indian office space market.