DEV ACCELERATOR LIMITED

Operates flexible and coworking office spaces across India, with 28 centres in 12 cities and approximately 1.2 million sq ft of operational area as of FY26. Earns revenue primarily through built-to-suit enterprise contracts (65% of revenue) with an average client lock-in of 34 months and a 99.7% client retention rate, alongside an asset-light development management model that charges landowners a fee of ₹300-500 per sq ft. The Capital One campus in Ahmedabad (3.15 lakh sq ft on Ambli Bopal Road) went live at 95% pre-leased occupancy, generating a monthly revenue run rate of ₹2.65-2.75 crores from Q1 FY27 onwards. Reported FY26 consolidated revenue of ₹225.92 crores (42% YoY growth) with a standalone EBITDA margin of 60.5% and consolidated EBITDA margin of 48.4%. Plans to scale operational area from 1.2 million sq ft to 3 million sq ft by FY28 through ₹200-225 crores of capex, funded partly by a ₹100 crores NCD issuance at 11-12% interest and ₹110-120 crores expected from subsidiary monetisation in Q1 FY27. Revenue remains concentrated in Ahmedabad at 46% per the credit rating filing, with new expansion into Bengaluru (1.11 lakh sq ft with Prestige Group, adding 1,200+ seats) and Baroda. Costs are dominated by materials (28.7% of revenue) and depreciation (26.1% of revenue), with capex running at 45.8% of revenue, reflecting the capital-heavy nature of the business.