Elevate Campuses IPO

Mainboard • Equity • Fresh capital only

LISTEDMAINBOARDEquity

Elevate Campuses

Price band

₹343 – ₹362

Lot size

41 shares

Min investment

₹14,842

Issue size

₹2,100 Cr

About the company

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.

Elevate Campuses Ltd owns, operates and manages on-campus student accommodation for higher education institutions under the Good Host Spaces and ScholarZ brands, and also owns K-12 school assets. As on 31 March 2026 it had capacity for 80,255 students across 15 Indian cities and one UAE city.

IPO details

Issue price: ₹362
Price band: ₹343 – ₹362
Face value: ₹1
Lot size: 41
Min investment: ₹14,842
Issue size: ₹2,100 Cr
Sale type: Fresh capital only
Listing on: BSE, NSE
BSE scrip code: 7987
NSE symbol: ELEVATE.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	41	₹14,842
Retail (Max)	13	533	₹1,92,946
S-HNI (Min)	14	574	₹2,07,788
B-HNI (Min)	68	2,788	₹10,09,256

Investor reservation

CATEGORY	RESERVED
QIB	Not less than 75% of the Issue
Retail	Not more than 10% of the Issue
NII	Not more than 15% of the Issue

Objects of the issue

1Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses1100.00

2Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable of availed by Company and certain of Subsidiaries, namely GHS Shoolini, GHS Sonipat, Souk HIS UAE and Souk NLCS UAE, through investment in such Subsidiaries750.00

3Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes,

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	5,773.35	2,421.20	2,104.74
Total Income	603.39	394.13	362.61
Profit After Tax	173.76	49.74	39.69
EBITDA	545.00	256.40	220.13
NET Worth	956.29	699.78	655.77
Reserves and Surplus	947.45	697.57	653.56
Total Borrowing	4,120.53	1,206.60	984.71

Key performance indicators

P/E Ratio

35.11

EPS (₹)

10.31

RoCE

6.42%

RoNW

18.17%

PAT Margin

28.80%

EBITDA Margin

90.32%

Debt / Equity

4.98

NAV (₹)

432.62

✓ Strengths

• Profit 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.

• Sales have grown well, from Rs 362.61 crore in FY2024 to Rs 603.39 crore in FY2026.

• The 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.

• The scale is substantial, with capacity for 80,255 students across 15 Indian cities and one city in the UAE.

• Occupancy of 89.37% for the academic year 2025-26 shows the owned beds are being filled.

• It works with established institutions including Manipal Academy of Higher Education and Manipal University Jaipur, which brings a steady flow of students.

• Running both owned and managed campuses lets it grow capacity without funding every bed itself.

• The whole issue is fresh capital with no offer for sale.

⚠ Risks

• Debt 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.

• Return 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.

• The 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.

• Rs 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.

• The 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.

• Fourteen 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.

• Demand depends on higher education enrolment and on the institutions it partners with continuing to grow.

• Total 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.

Promoters & holding

Genius Bidco Holdings Pte.Ltd. and Genius Rajkot Investment Holdings Pte.Ltd

Pre-issue promoter holding

100%

Post-issue promoter holding

65.58%

Data refreshed 07 Nov 2026, 04:52 pm IST. GMP is unofficial market sentiment, not investment advice.