Dev Accelerator Limited, a managed office space provider with a strong presence in India’s Tier-2 cities, has reported a robust performance for the quarter and half year ended 30 September 2025. The company continued its growth trajectory driven by new centre additions, improved utilisation and a sharper mix of enterprise clients. Financial Highlights (Converted to Millions/Billions) Q2 FY26 vs Q2 FY25 (Rs crore converted) Revenue from operations: Rs 51.84 crore ? Rs 518.4 million, up 50.4 per cent EBITDA: Rs 26.43 crore ? Rs 264.3 million, up 45.3 per cent EBITDA margin: 50.9 per cent Cash EBIT: Rs 9.77 crore ? Rs 97.7 million, up 160.2 per cent PBT: Rs 1.70 crore ? Rs 17 million, down 74.4 per cent H1 FY26 vs H1 FY25 Revenue from operations: Rs 107.47 crore ? Rs 1.07 billion, up 80.9 per cent EBITDA: Rs 52.82 crore ? Rs 528.2 million, up 64 per cent EBITDA margin: 49.2 per cent Cash EBIT: Rs 19.81 crore ? Rs 198.1 million, up 531.9 per cent PBT: Rs 2.64 crore ? Rs 26.4 million, up 140.1 per cent Performance Overview and Key Updates Revenue growth in Q2 and H1 FY26 was driven by the addition of new centres and scale-up of existing locations. Mature centres entering full-period revenue contributed to higher utilisation and operating leverage, supporting margin stability. A stronger mix of enterprise clients and premium add-ons—including managed IT, dedicated bays and meeting suites—boosted realisation per seat. With healthy occupancy, revenue per sq. ft. improved and EBITDA margins strengthened as fit-outs ramped. DevX Ahmedabad, India’s largest managed office campus in a Tier-2 city, achieved 95 per cent occupancy even before commencing full operations. The 3.15-lakh sq. ft. centre is expected to add Rs 25 million in monthly revenue and around 3,990 seats, improving ROCE and profitability due to higher-rent enterprise clients and long-tenure contracts. The company continues to benefit from India’s rising demand for flexible workspaces, particularly in Bharat markets where enterprise adoption is accelerating. This includes robust traction from mid-to-large enterprises and GCCs expanding into Tier-2 locations. Dev Accelerator also utilised its IPO proceeds to refinance borrowings. Long-term debt reduced from Rs 988.94 million in FY25 to Rs 876.7 million in H1 FY26, while interest costs declined to Rs 111.27 million, improving overall financial efficiency. With a strong pipeline, improving scale economics, and rising enterprise demand, Dev Accelerator remains well positioned for sustained, margin-accretive growth across Tier-2 India.