Analysts/Institutional Investor Meet/Con. Call Updates

November 06, 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: Trading Symbol: DEVX (Equity: 544513, Debt: 978033) Dear Sir/ Madam, Sub: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Transcript of the Earnings Conference call Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended from time to time), we are enclosing herewith the transcript of the earnings conference call, conducted on November 04, 2026, in relation to the unaudited financial results of the Company for the quarter and half year ended September 30, 2026. The above information will also be hosted on the Company’s website viz. https://www.devx.work/investor-relations/financials This is for your information and records. Thanking you Yours faithfully, For Dev Accelerator Limited Anjan Trivedi Company Secretary & Compliance Officer Encl: As above “Dev Accelerator Limited Q2 and H1 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. UMESH UTTAMCHANDANI – MANAGING DIRECTOR Page 1 of 8 Dev Accelerator Limited November 04, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q2 and H1 FY27 Earnings Conference Call hosted by Dev Accelerator Limited. As a reminder, all participant lines will be in the listen- only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Umesh Uttamchandani, Managing Director of Dev Accelerator Limited. Thank you and over to you, sir. Umesh Uttamchandani: Thank you so much for setting this up and very good afternoon to everyone. A warm welcome to Dev Accelerator Limited Q2 and first half ended September 30th, 2026. I hope all of you have gone through the Investor Presentation and the media release that we have uploaded on the Stock Exchanges. Before I run through the company, it has been a brilliant day for us as we woke up to see that India has beaten New Zealand fairly easily in the first ODI that was being played, at the grounds of New Zealand. That was a proud moment for us. Now coming on to the summary of running through our business, I'll first start with how the quarter has been performed for us and then spend some time on the expansion taking place across DevX. Following that, I'll take you through the capability that we are building around our GCC Platform, design and technology, and finally address our capital structure and the priorities for the second half. This quarter, to be very honest, has been very meaningful to us because we have achieved the highest ever quarterly revenue of INR 80.2 crores. The revenue has substantially increased by 54.8% compared to the previous corresponding quarter last year, while profit after tax has tripled to INR 5.5 crores. The capacity that we have been discussing in our previous calls is now contributing to our revenue, and our clients are also taking more services from us. Before I jump onto detailed numbers for the entire quarter, we have been surrounded with strong geopolitical environment. Despite that, we kind of made strong progress in the operating business. Not only us, the entire industry has been scaling and growing. There was a recent report by CBRE which states that the office leasing across India's top 9 cities has reached a staggering 66.4 million square feet up till now, and it has been up by 8% on a year-on-year basis. More strongly is the fact that our global capability centers have taken 28 million square feet out of that, which is roughly 42%. So flexible workspace is now becoming the prime real estate consumer of office spaces, and also the share of the industry is growing in the entire leasing sector. Page 2 of 8 Dev Accelerator Limited November 04, 2026 Colliers, in their report, mentions that the flexible operators leased 12.6 million square feet across top 7 markets in the same period, which is up by 37% and roughly 23% of the overall leasing. And the most important piece to cover here is that top 7 markets has been covered, which does not include the cities wherein we operate, cities like Ahmedabad, Jaipur, Indore, Kochi where we have almost half a million square feet of our operations. So that showcases the tailwinds that this industry has to offer for us. Coming to the numbers, our consolidated revenue from operations for Q2 FY27 was INR 80.2 crores compared to INR 51.8 crores in Q2 FY26. On a sequential basis, our revenue increased by 49.2% from INR 53.8 crores in the previous quarter. On a standalone basis, which largely represents our core functionality of providing office space solutions, the revenue increased by 51.7% on a year-on-year basis to INR 63 crores compared to INR 41.5 crores in the corresponding quarter last year. For the first half, our consolidated revenue has already reached INR 134 crores, that represents a growth of 24.7%. Our standalone revenue has also increased by 30.5% to INR 105 crores in the first half of this year. One of the developments that we referred during our previous call was the revenue contribution from the bigger asset in Ahmedabad, which is Capital One. That asset has become operational today, and its contribution is also visible in our numbers. As more of our as future signed capacity becomes operational, we expect the contribution from these centers to reflect in our performance in the coming quarters. Now coming to profitability, our consolidated EBITDA under Ind-AS increased by 54.3% year- on-year basis to INR 40.8 crores with a margin of 50.8%. Consolidated profit before tax was INR 6.3 crores compared to INR 1.7 crores last year, while our PAT increased to INR 5.5 crores from INR 1.8 crores. The first half of FY27, consolidated EBITDA increased by 34.4% to INR 71.1 crores. EBITDA margin improved to 53% compared to 49.2% in the corresponding period last year. Our profit after tax for the first half reached a staggering INR 7 crores compared to INR 1.9 crores in the previous half. I think one important point to understand here is that our overheads also have not increased at the same pace as our revenues. Our employees cost also remain largely unchanged during the first half. While other expenses decreased from 11% to 1.7% of the entire revenue. So, the revenue base has increased largely, and we have been able to achieve operating leverage across the platform. As I have explained earlier, we also look at performance after rental outflows to understand the underlying economics of our workspace operations. Our consolidated cash EBIT, which we have defined in the press release as EBITDA less lease rental paid more than doubled to INR 19.1 crores during the quarter compared to INR 9.1 crores last year. So, the margin has improved significantly to 23.8% from 17.5%, which is an improvement of 625 basis points. Page 3 of 8 Dev Accelerator Limited November 04, 2026 For the first half, our cash EBIT reached to INR 31.5 crores with a margin of 23.5% compared to 17.9% in the first half of FY26. These numbers help us to understand the operating surplus after paying the lease rentals before the impact of working capital and other cash outflows. On standalone basis, EBITDA under Ind-AS increased by 58.8% to INR 43.9 crores with a margin of 69.7% as compared to 66.6% in Q2 FY26. So, the first half, the standalone EBITDA was 71.6% with margin of 68.2%. So, the core workspace business continues to demonstrate the economics that we have been discussing with all of you, and that gives us the confidence in bringing the additional capacity into operation. Let me now [Showing first 8,000 characters — download PDF for full document]