Transcript of Earnings Conference Call

August 18, 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: 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 August 13, 2026, in relation to the unaudited financial results of the Company for the quarter ended June 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 (Formerly Known as Dev Accelerator Private Limited) Anjan Trivedi Company Secretary & Compliance Officer Encl: As above “Dev Accelerator Limited Q1 FY27 Earnings Conference Call” August 13, 2026 MANAGEMENT: MR. UMESH UTTAMCHANDANI – MANAGING DIRECTOR MR. PARIN SHAH – JOINT CHIEF FINANCIAL OFFICER Page 1 of 13 Dev Accelerator Limited August 13, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Dev Accelerator Limited Q1 FY27 Earnings Conference Call, hosted by Churchgate Partners. 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 this conference, 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. Thank you, and over to you, sir. Umesh Uttamchandani: Thank you so much for setting this up, and good afternoon, everyone, for joining this earnings call. I hope you all had the chance to go through our investor presentation and the media releases that have been uploaded on the stock exchanges. We will share our key reporting operating and financial highlights for the quarter ended June 30th, 2026. I'll first start with this quarter's performance and then spend some time on the expansion that is taking place across DevX. Following that, I'll also take you through some of the initiatives that we are building around our GCC platform, technology, and real estate, and then finally address our recent fundraise and capital structure. For Q1 FY27, our consolidated revenue was INR 53.8 crores. On a standalone basis, which largely represents our core workspace operations, the revenue increased by 7.8% on a year-on- year basis to INR 42 crores from INR 38.9 crores in Q1 last year. One of the important developments during the quarter is the fact that revenue from Capital One, which is one of the larger assets that we have signed up, has become operational towards the end of FY26 and the numbers have started reflecting the revenue that has been generating from Capital One. As more of our signed capacity moves into operations, the revenue contributions from these centers will progressively become visible in our financial performance. Now, coming to our profitability, our consolidated EBITDA under Ind AS increased by 14.7% on a year-on-year basis to INR 30.3 crores, with EBITDA margin improving to 56.3% from 47.4% in Q1 FY26. At an IGAAP level, our consolidated EBITDA increased by 24% to INR 12.5 crores, with an EBITDA margin of 23.2% compared to 18.1% in the corresponding quarter last year. The consolidated profit before tax under IGAAP increased by 64.9% to INR 7.1 crores, which earlier was INR 4.3 crores in the previous quarter. On a standalone basis, EBITDA under Ind AS was INR 27.7 crores with a margin of 66%. At an IGAAP level, the standalone EBITDA increased by 9.8% to INR 9.9 crores, while PBT increased by 59.1% to INR 6.6 crores. As we have explained in our earlier interactions as well, we also look at the numbers of IGAAP just to understand the underlying economics of our workspace operations as our rental outflows are treated as operating expenditure rather than being splitted between depreciation and finance cost under Ind AS. Page 2 of 13 Dev Accelerator Limited August 13, 2026 Let me now come to the operating side of the business because this is where the action is and this is where the scale-up is. The same things that we have referred during our last call, I just want to bring that up because we can see them becoming visible now. At the end of Q1, our operational portfolio was 1.13 million square feet compared to 0.86 million square feet in quarter one last year. We now have 17,294 seats across 27 centers in 12 cities. Our occupied seats increased to 15,899 from 12,534 in quarter one FY26, and overall occupancy also improved to 91.93% from 88.6%. Another important development for us has been the increasing share of enterprise businesses. The enterprise clients contributed approximately 70% of our revenue from operations duringQ1 , compared to 52% in the corresponding quarter last year. One of the significant ratio to understand this industry is revenue to rent. The quarter that we finished, the performance in our revenue to rent ratio was 2.63x. Approximately 80% of our operational SBA today is in Tier 2 cities, and these markets contributed approximately 74% of our stand-alone revenue during the quarter. So our Tier 2 strategy, which we started with DevX continues to remain at the center of our business model. I think one more important number to understand is the fact that 1.13 million square feet, which is operational. Beyond that, we also have secured future growth and we have signed up the capacity. So the operational number although being 1.12 million square feet, there is an additional 0.19 million square feet, which is under fit out. And on top of that, a staggering 2.31 million square feet has been signed for future consumption. This takes our total identified portfolio to approximately 3.63 million square feet across 40 centers and operational seats being more than 52,000. So there's a significant amount of capacity that has already been identified beyond what is currently contributing to our existing revenue. Our core focus in the team is now on converting these signed capacity into operational centers in an extremely disciplined manner. Ahmedabad continues to be the best example of how we intend to build this scale. Capital One with approximately 3.15 lakh square feet became operational with 95% being pre-leased. We have already signed the pipeline with the developer for an approximately 8.6 lakh square feet under our development management project in Ahmedabad on the same stretch of Ambli Bopal Road. Once the building is ready and handed over to us, we will do investments into the capital towards fit-outs, which would be roughly around INR 100 odd crores, following which our property operations would commence with approximately 8,500 seats and it has a potential to generate revenue of roughly INR 120 odd crores. We now intend to take the learnings from this model and replicate them across selected micro markets in different cities across the country, where we understand the demand in and out, our client base, and also the real estate environment. The way we are looking at DevX today is also different from simply being a workspace provider. There are strong tailwinds into this domain and sector. We definitely would want to capitalize on that and not limit ourselves to becoming a single delivery platform, but also become a core workspace solution provider for enterprises and GCC. Our design and build unit, Page 3 of 13 Dev Accelerator Limited August 13, 2026 which is Needle & Thread, would fulfill the design and execution [Showing first 8,000 characters — download PDF for full document]