Elevate Campuses IPO

Strengths · 8

• 01Profit has grown more than four times in two years, from Rs 39.69 crore in FY2024 to Rs 49.74 crore in FY2025 and Rs 173.76 crore in FY2026.
• 02Sales have grown well, from Rs 362.61 crore in FY2024 to Rs 603.39 crore in FY2026.
• 03The operating margin is exceptional, with an EBITDA margin of 90.32% and EBITDA rising from Rs 220.13 crore in FY2024 to Rs 545.00 crore in FY2026.
• 04The scale is substantial, with capacity for 80,255 students across 15 Indian cities and one city in the UAE.
• 05Occupancy of 89.37% for the academic year 2025-26 shows the owned beds are being filled.
• 06It works with established institutions including Manipal Academy of Higher Education and Manipal University Jaipur, which brings a steady flow of students.
• 07Running both owned and managed campuses lets it grow capacity without funding every bed itself.
• 08The whole issue is fresh capital with no offer for sale.

Risks · 8

• 01Debt is extremely high. Total borrowing was Rs 4,120.53 crore against a net worth of Rs 956.29 crore, a debt to equity ratio of 4.98, and it more than tripled in one year from Rs 1,206.60 crore.
• 02Return on capital employed is only 6.42% despite the 90% EBITDA margin. That gap shows how much capital is tied up relative to what the business actually earns on it.
• 03The P/E and EPS are not stated in the data available to us, so the issue cannot be compared with peers on earnings from here.
• 04Rs 1,100 crore of the Rs 2,100 crore issue goes to paying for an acquisition of K-12 entities and campuses. That is buying growth rather than building it, and acquisitions of this size carry integration risk.
• 05The promoter details and the pre and post issue promoter holding are not stated in the available data, so the extent of dilution is not clear.
• 06Fourteen of its 21 campuses are managed rather than owned, so a large part of the bed count depends on contracts that come up for renewal.
• 07Demand depends on higher education enrolment and on the institutions it partners with continuing to grow.
• 08Total assets more than doubled in one year to Rs 5,773.35 crore, largely funded by borrowing, and that capital has yet to prove its return.

Elevate Campuses Ltd was started in 2005. It is an education infrastructure company. It owns, runs and manages student accommodation on the campuses of higher education institutions, and it also owns K-12 school assets. Its accommodation business trades under the Good Host Spaces and ScholarZ brands.

As on 31 March 2026 its pre-acquisition group had capacity for 80,255 students across 15 cities in India and one city in the United Arab Emirates. That capacity came in two forms. Seven campuses with 20,368 beds across six Indian cities were owned outright, and a further 14 campuses with 55,487 beds were managed on behalf of others.

Beyond running the hostels it provides operational services covering finding deals, choosing sites, development, acquiring assets, repositioning them and community engagement, along with campus technology and media services. It works with institutions including Manipal Academy of Higher Education, Manipal University Jaipur and Meraki Education. Its owned portfolio recorded an occupancy rate of 89.37% for the academic year 2025-26. It has operated as an independent owner and operator of student accommodation since FY2018.

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