Dev Accelerator has announced its Q2 FY26 and H1 FY26 financial results, showcasing robust growth momentum and continued operational resilience. The company — a leading provider of flexible workspace and managed office solutions — reported a 50.4% year-on-year increase in revenue during Q2 FY26, supported by strong enterprise demand and expanding presence in Tier-II cities.
With an 88% occupancy rate, a diversified portfolio across 12 cities and 28 centers, and a rising share of enterprise clients (65% of rental revenue), Dev Accelerator Q2 FY26 performance highlights the company’s strategic focus on scalability, profitability, and its positioning as one of India’s fastest-growing homegrown workspace operators.
Dev Accelerator Q2 FY26: Financial Highlights
Dev Accelerator delivered a 50.4% year-on-year increase in revenue, backed by enterprise-led demand and consistent occupancy across centers.
| Particulars | Q2 FY26 | Q2 FY25 | YoY Change | Q1 FY26 | QoQ Change |
|---|---|---|---|---|---|
| Revenue from Operations | 51.84 | 34.47 | +50.4% | 55.63 | -6.8% |
| Total Expenses | 52.85 | 42.09 | +25.5% | 56.00 | -5.6% |
| PAT | 1.75 | 6.24 | -72.0% | 0.14 | >1000%↑ |
| EBITDA Margin (%) | 51 | 51 | — | 50 | +1 pt |
| Occupancy (%) | 88.35 | 85.49 | +2.9 pts | 88.62 | -0.3 pts |
Despite profit compression due to expansion-led depreciation and finance costs, the company maintained robust margins, demonstrating operational efficiency amid scaling.
Dev Accelerator H1 FY26: Financial Performance
For the half year ended September 2025, the company’s revenue surged 81% YoY to INR 107.47 crore, with EBITDA margins holding strong at ~49%. Net profit stood at INR 1.89 crore, marking a 383% jump from the previous year’s first half.
| Particulars | H1 FY26 | H1 FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 107.47 | 59.38 | +81.0% |
| Total Expenses | 108.85 | 72.89 | +49.3% |
| PAT | 1.89 | 0.39 | +382.8% |
| EBITDA Margin (%) | 49 | 54 | -5 pts |
| Occupancy (%) | 88.35 | 85.49 | +2.9 pts |
Revenue nearly doubled, driven by continued demand from enterprise clients, while profitability remained stable despite elevated lease and expansion costs.
Dev Accelerator: Operational Snapshot
- AUM: 0.89 million sq. ft. across 12 cities
- Centers: 28 operational
- Total Seats: 13,604
- Occupied Seats: 12,019 (88.4% occupancy)
- Enterprise Clients: 65% of rental revenue
- Client Retention: 98.7%
- Net Churn: 1.28%
Dev Accelerator now serves 314 active clients, including global and domestic enterprises such as OX Global Services, Eternal, Paperchase Accountancy India, and Manubhai & Shah. Notably, 95% of clients were sourced directly, indicating a strong internal sales engine and reduced broker dependency.
Dev Accelerator: Financial Performance
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | 69.91 | 108.09 | 158.88 |
| Other Expenses | 9.62 | 15.74 | 23.63 |
| Profit After Tax (PAT) | -12.82 | 0.44 | 1.77 |
| EBITDA Margin (%) | 60 | 51 | 51 |
| Occupancy (%) | 80.85 | 83.09 | 87.61 |
| Debt/Equity | 3.51 | 2.39 | 2.17 |
| ROCE (%) | 3.65 | 17.31 | 25.95 |
Tier-II Expansion & Future Strategy
Dev Accelerator continues to focus on Tier-II markets, which contributed nearly 75% of total revenue in Q2 FY26. The company recently launched India’s largest managed office campus in Ahmedabad, spanning 3.15 lakh sq. ft. with 3,990 seats, already 95% pre-leased before operations begin — expected to generate INR 2.5 crore monthly revenue.
The company is also leveraging the OpCo–PropCo model to optimize asset-light operations while participating in property-linked upside through subsidiaries JUPL and AEPL. Additionally, it is tapping into the Global Capability Center (GCC) ecosystem, offering integrated services such as facility management, payroll, staffing, and AI-enabled tools to multinational clients.
Management Commentary
“We are pleased to report steady growth in Dev Accelerator Q2 FY26, supported by sustained enterprise demand and stable occupancy levels,” said Anjan Trivedi, Company Secretary and Compliance Officer of Dev Accelerator Ltd.
“Our operational footprint has expanded to 28 centers across 12 cities, and with a strong demand pipeline and disciplined execution, we remain confident of delivering sustained growth and creating long-term shareholder value.”
Analyst View
Dev Accelerator’s latest results underline a consistent growth trajectory, robust client base, and deep penetration in Tier-II cities, positioning it as a key player in India’s evolving flexible workspace sector. Despite near-term pressure from depreciation and financing costs, the company’s steady occupancy, strong EBITDA margins, and pipeline expansion reinforce a positive medium-term outlook.
With increasing enterprise adoption of hybrid models and Tier-II real estate affordability, Dev Accelerator’s “Bharat Flex” strategy is expected to deliver long-term scalability and improved cash yields.
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