About the Business
Incorporated in 2005, Elevate Campuses Ltd. is an education infrastructure company engaged in owning, operating, and managing on-campus student accommodation for higher education institutions (HEIs) alongside owning K-12 school assets. The company operates its specialized student accommodation business under the established Good Host Spaces and ScholarZ brands.
The company delivers comprehensive operational services covering deal sourcing, site selection, campus development, asset acquisition, asset repositioning, and student community engagement. It also provides campus technology infrastructure and digital community services, including institutional media coverage and event programming.
- Extensive Student Housing Capacity: As of March 31, 2026, the company’s Pre-Acquisition Group maintained an accommodation capacity of 80,255 students across 15 cities in India and one city in the United Arab Emirates.
- Owned and Managed Campus Network: The operating footprint includes seven owned student accommodation campuses with 20,368 beds across six Indian cities, alongside 14 managed campuses offering 55,487 beds.
- High Asset Utilization: Recorded an occupancy rate of 89.37% across its owned student accommodation portfolio for the Academic Year 2025–26 as of March 31, 2026.
- Marquee Institutional Partnerships: Operates on-campus housing in partnership with premier educational institutions including the Manipal Academy of Higher Education, Manipal University Jaipur, and Meraki Education.
- Demonstrated Portfolio Expansion: Expanded its owned student accommodation portfolio from 9,153 beds in Financial Year 2018 to 20,368 beds as of March 31, 2026.
- Dedicated Operational Team: Supported by 460 full-time personnel across its Pre-Acquisition Group as of March 31, 2026.
The company’s corporate promoters are Genius Bidco Holdings Pte. Ltd. and Genius Rajkot Investment Holdings Pte. Ltd.
Company Financials (Restated Consolidated)
Elevate Campuses Ltd.’s revenue increased by 53% and profit after tax (PAT) rose by 249% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 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 |
Amount in ₹ Crore
Key Performance Indicator (KPI)
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 15.72 | 10.31 |
| P/E ratio (x) | 23.03 | 35.11 |
| Market Cap at Offer Price | ₹4,000.82 Cr | ₹6,100.82 Cr |
Calculated on FY26 restated earnings at upper price band of ₹362
IPO Lot Size
Investors can bid for a minimum of 41 shares and in multiples thereof:
| 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 |
| S-HNI (Max) | 67 | 2,747 | ₹9,94,414 |
| B-HNI (Min) | 68 | 2,788 | ₹10,09,256 |
Issue Reservation
| Investor Category | Allocation Limit |
|---|---|
| QIB Shares Offered | Not less than 75% of the Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Issue |
| Retail Shares Offered | Not more than 10% of the Issue |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 100% | 65.58% |
| Public | – | 34.42% |
| Total | 100% | 100% |
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
- Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses ₹1,100.00 Cr
- Repayment and/or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties availed by the Company and key subsidiaries (GHS Shoolini, GHS Sonipat, Souk HIS UAE, and Souk NLCS UAE) ₹750.00 Cr
- Funding inorganic growth through unidentified acquisitions, other strategic initiatives, and general corporate purposes Balance
Elevate Campuses Ltd. represents a specialized institutional play in India’s institutional education infrastructure space, combining purpose-built student housing communities under Good Host Spaces and ScholarZ with direct ownership of K-12 school assets. Long-term partnerships with premier institutions like Manipal Academy of Higher Education deliver consistent, sticky revenue streams, demonstrated by a robust 89.37% occupancy rate.
Financially, the company achieved strong top-line and bottom-line scaling in FY26, with total income rising 53% to ₹603.39 Cr and PAT climbing to ₹173.76 Cr, driven by an exceptional EBITDA margin of 90.32%. However, aggressive infrastructure expansion has created significant balance sheet leverage, with total borrowings reaching ₹4,120.53 Cr (Debt/Equity of 4.98). Positively, the ₹2,100 Cr offering is entirely primary fresh capital, with ₹750 Cr earmarked directly for subsidiary debt reduction and ₹1,100 Cr directed toward income-generating K-12 campus acquisitions. At the upper price band of ₹362, the issue trades at a post-issue P/E of 35.11x against a market capitalization of ₹6,100.82 Cr. Given the institutional-heavy offer structure (75% QIB allocation and only 10% Retail), long-term investors seeking exposure to recurring yield-bearing education assets can track this offering.
