Credit Rating- New

July 17, 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: Intimation of Credit Rating pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Pursuant to Regulation 30 read with Clause 3 of Para A of Part A of Schedule III of SEBI Listing Regulations, it is hereby informed that Acuite Ratings & Research Limited vide their letter dated July 16, 2026, has affirmed the Company’s ratings w.r.t. proposed issue of Non Convertible Debentures. A copy of aforesaid credit rating issued by Acuite Ratings & Research Limited is enclosed herewith for your reference. The above information will also be available on the website of the Company at https://www.devx.work/investor- relations This is for your information and records. Thanking you Yours faithfully, For Dev Accelerator Limited (Formerly Known as Dev Accelerator Private Limited) Anjan Trivedi Company Secretary & Compliance Officer Encl: As above Press Release July 16, 2026 DEV ACCELERATOR LIMITED Rating Assigned Quantum (Rs. Quantum (Rs. Cr) Short Term Regulated Product Long Term Rating Cr) (SEBI) (Other FSR) Rating By Non Convertible ACUITE BBB | 100.00 0.00 - SEBI Debentures (NCD) Stable | Assigned Total Outstanding 100.00 0.00 - - - Total Withdrawn 0.00 0.00 - - - Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. Rating Rationale Acuité has assigned the long-term rating of ‘ACUITE BBB’ (read as ACUITE triple B) on the Rs.100.00 crore proposed Non Convertible Debentures of Dev Accelerator Limited (DevX). The Outlook is 'Stable'. Rationale for Rating assigned The rating draws comfort from DevX's established presence in the managed workspace segment with a focus on Tier- 2 cities, its improving operating performance, sizeable growth pipeline, and demonstrated ability to mobilize resources through equity and debt funding. The company has expanded its operational footprint across 28 centres in 12 cities and reported growth in revenue and profitability during FY26, supported by healthy occupancy levels and an enterprise-focused client base. Further, the company has visibility over future growth through its planned capacity additions and has demonstrated financial flexibility through its IPO, proposed equity raise and expected monetization of investments. However, the rating remains constrained by the company's leveraged capital structure, geographic concentration of revenues in Ahmedabad and surrounding markets, and execution risks associated with the planned expansion pipeline. The company's performance also remains exposed to occupancy retention, demand conditions in the managed workspace segment and competitive pressures in the commercial real estate market. About the Company Dev Accelerator Limited (DevX), established in 2017, operates in the managed workspace segment and provides managed office spaces, coworking solutions, interior fit-out services and technology-enabled business solutions. The company offers workspace solutions encompassing office design, fit-outs, facility management and allied support services through its operating platforms and subsidiaries. The current directors of the company are Mr. Parth Naimeshbhai Shah, Mr. Jaiminbhai Jagdishbhai Shah, Mr. Umesh Satishkumar Uttamchandani, Mr. Rushit Shardulkumar Shah, Mr. Yash Himanshu Shah, Mr. Gopi Trivedi, Mr. Anand Anilbhai Patel, Mr. Anish Alerk Patel, Mr. Pathik Shailesh Patwari and Mr. Praveen Kumar. About the Group Needle and Thread Designs LLP Needle and Thread Designs LLP was incorporated in 2019 & is based in Mumbai. Needle and Thread Designs LLP is a full-service corporate interior design and build firm. Despite its textile-sounding name, it operates in the real estate, corporate infrastructure, and workspace design sector, doing business under the commercial brand name PhiDesigns. Mr. Lalit Nagrani & Mr. Parth Naimeshbhai Shah are the partners of the firm. Saasjoy Solutions Private Limited Saasjoy Solutions Private Limited was incorporated in 2023 & based in Gujarat. It is engaged in building fully managed remote engineering, design, and development squads, setting up and managing physical/digital office infrastructure for distributed teams etc. Mr. Parth Naimeshbhai Shah, Mr. Umesh Satishkumar Uttamchandani & Mr. Yash Himanshu Shah are the current directors of the company Unsupported Rating Not Applicable Analytical Approach Extent of Consolidation •Full Consolidation Rationale for Consolidation or Parent / Group / Govt. Support The rating is based on a consolidated approach, considering the strategic integration among the group entities, shareholding linkages and presence of common management. Key Rating Drivers Strengths Established Presence in Tier-2 Markets DevX has been operating in the managed workspace segment since 2017 and has established a presence across 28 centres in 12 cities, with an area under management of 0.83 million sq. ft. and a seating capacity of 13,304 seats as on March 31, 2026. The company's operations are largely concentrated in Tier-2 cities, including Ahmedabad, Vadodara, Gandhinagar, Jaipur and Indore, which together accounted for the majority of its revenue in FY26. The company serves a client base of over 335 customers, with enterprise clients contributing approximately 65% of total revenue. The business is led by its promoters, Mr. Parth Shah, Mr. Umesh Uttamchandani, Mr. Rushit Shah and Mr. Jaimin Shah, who have been associated with the company since inception. Improvement in operating performance The company reported growth in its operating scale over the past three years, with consolidated revenue increasing to Rs. 225.93 crore in FY26 from Rs. 158.88 crore in FY25 and Rs. 109.14 crore in FY24. EBITDA improved to Rs. 109.31 crore in FY26 compared to Rs. 80.52 crore in FY25, supported by higher occupancy levels and increased contribution from its managed workspace portfolio. The company's profitability also improved, with profit after tax increasing to Rs.8.84 crore in FY26 from Rs.1.78 crore in FY25. However, it remain impacted by higher depreciation on Right-of-Use (RoU) assets and interest expenses related to lease liabilities arising from the company's lease-based operating model. Strong expansion pipeline The company has a sizeable expansion pipeline over the next 2 years across multiple locations. Of these, few properties are currently under fit-out and some have signed LOI. As of FY26, the total portfolio, including the operational portfolio and signed pipeline, stood at approximately 3.04 million sq. ft. with a seating capacity of more than 50,000, compared to the current operational portfolio of 0.83 million sq. ft. and 13,304 seats. The planned expansion is supported through a mix of asset procurement models, including straight lease, development management and OpCo–PropCo arrangements, which provide flexibility in scaling operations. Demonstrated resource mobilization ability The company has demonstrated its ability to raise funds through multiple sources, including equity and debt. During FY26, the company raised approximately Rs.143.35 crore through its IPO, the proceeds of which were utilized towards expansion and debt reduction. Further, the company has initiated a Rs.35 crore preferential equity issuance in FY27 to support the planned capacity additions. Further it expects to realize approximately Rs.110 crore through the monetization of its investment in associate company Janak Urja Private Limited (JUPL). Weaknesses Leveraged capital structure The company's capital structure remained leveraged as [Showing first 8,000 characters — download PDF for full document]