Elevate Campuses Limited IPO

Elevate Campuses Limited IPO closed on 25 Sept 2026. Allotment 28 Sept 2026, listing 30 Sept 2026. Price band ₹343–₹362, lot 41 shares, GMP +₹6.5 (1.8%). Track allotment on Allotly.

About Elevate Campuses Limited

Elevate Campuses is an education infrastructure company that owns, operates, and manages on-campus student accommodation across higher education institutions (HEIs) and owns K-12 education assets. Its student accommodation business operates under the “Good Host Spaces” and “ScholarZ” brands. As of March 31, 2026, its owned portfolio comprised seven student accommodation campuses with 20,368 beds across six Indian cities and two K-12 assets in Dubai, UAE. Its managed portfolio comprised 14 student accommodation campuses with 55,487 beds under management. The company also provides community and campus technology services for its managed portfolio, including media coverage of HEIs and organising community events. Overall, its portfolio had the capacity to cater to 80,255 students and was present across 15 cities in India and one city in the UAE as of March 31, 2026. The company’s…

Strengths

• Elevate had a student accommodation portfolio of 78,542 beds as of June 15, 2026. According to the CBRE Report cited in the prospectus, this was approximately 2.1 times the capacity of the next-largest PMSA player and 6.2 times that of the third-largest player.
• The company has expanded its student accommodation portfolio over the past two years. Its Owned Beds and Managed Beds increased to 75,855 as of March 31, 2026, from 53,717 in the academic year 2023-2024. Its portfolio also expanded to 22 cities and 35 institutes on a pro forma basis by March 31, 2026.
• Elevate has long-term contractual arrangements with HEIs for its owned student accommodation assets. These contracts generally range from 50 to 60 years and typically include annual escalations during the guaranteed escalation period, while some contracts also contain occupancy guarantees, exclusivity, non-compete and right of first fill clauses.
• The company reported high occupancy across its owned student accommodation portfolio. Occupancy was 89.37% as of March 31, 2026, compared with 99.47% at the end of Academic Year 2024-2025. The company also states that it received student fees in advance at the start of each academic year or semester, resulting in a negative working capital cycle in its student accommodation business.
• Elevate has expanded beyond its traditionally asset-heavy student accommodation model. In addition to owned and managed accommodation, it provides community and campus technology services, including media coverage of HEIs and organising community events. This business line forms part of its managed portfolio.
• Elevate has expanded into the K-12 education asset segment and the UAE market. Its portfolio includes K-12 assets in Dubai, while its Post-Acquisition Group also includes K-12 assets in cities such as Hyderabad, Chennai and Pune. In September 2025, the company acquired HIS Dubai and entered the GCC region.
• The revenue from operations and profit after tax increased consistently in FY24, FY25, and FY26, respectively. Revenue from operations went from Rs 347.00 crore to Rs 369.81 crore and Rs 568.63 crore during the said period. PAT went from Rs 39.69 crore to Rs 49.74 crore and Rs 173.76 crore during the same period.

Risks

• The student accommodation business in the company’s Owned Portfolio contributed Rs 373.84 crore (65.74%), Rs 367.00 crore (99.24%), and Rs 346.01 crore (99.72%) to revenue from operations in FY26, FY25, and FY24, respectively. Occupancy in the Owned Portfolio declined from 99.92% in Academic Year 2023-2024 to 99.47% in Academic Year 2024-2025 and 89.37% in Academic Year 2025-2026 up to March 31, 2026. Any inability to maintain occupancy rates due to factors such as lower student enrolment, competition from alternative housing, regulatory restrictions or adverse developments affecting HEIs could reduce revenue and adversely affect the company’s business, financial condition, and cash flows.
• Revenue from three of the company’s largest HEIs, O.P. Jindal Global University, Manipal University Jaipur, and Shoolini University, accounted for Rs 349.48 crore, or 61.46% of revenue from operations in FY26, compared with Rs 329.13 crore (89.00%) in FY25 and Rs 307.44 crore (88.60%) in FY24. O.P. Jindal Global University alone contributed 36.97% of FY26 revenue, while Manipal University Jaipur contributed 20.54%. Any adverse developments affecting these institutions or deterioration in the company’s relationships with them could affect its business, financial condition, results of operations and cash flows.
• The company derived 70.13% of its revenue from operations in FY26 from HEIs and student accommodation assets located in the northern and southern regions of India, compared with 100.00% in FY25 and FY24. The northern region, comprising Haryana, Himachal Pradesh, Punjab, Uttarakhand and Rajasthan, contributed Rs 370.98 crore (65.24%) of FY26 revenue, while the southern region contributed Rs 27.79 crore (4.89%). Any adverse regulatory, economic, environmental, infrastructural or institutional developments in these regions could disrupt operations, increase costs or affect contract renewals, thereby adversely affecting the company’s business, financial condition, results of operations and cash flows.
• The company’s revenue depends on the reputation, academic quality, and operating performance of the HEIs and K-12 Operators with which it collaborates. On a pro forma basis, student accommodation and K-12 Assets contributed Rs 806.93 crore to revenue from operations in FY26, comprising 51.24% from the Owned Portfolio, 3.47% from the Managed Portfolio, and 45.29% from K-12 Assets. Negative publicity, regulatory censure, declining academic standards, accreditation issues, operational disruptions, or other adverse developments affecting these institutions could reduce student enrolment and accommodation demand or affect K-12 fee collections and lease rentals, thereby adversely affecting the company’s business, financial condition, results of operations, and cash flows.
• The company has limited operating history in its K-12 Assets business compared with its established student accommodation operations. It entered the international K-12 market through the acquisition of two Dubai assets in September 2025 and proposes to expand its domestic K-12 portfolio through further acquisitions, despite having limited experience with the different regulatory, contractual and operating requirements of this business. If the company is unable to successfully manage, integrate, or scale the K-12 Assets, it could adversely affect the company’s business, financial condition, and cash flows.
• Several group companies and subsidiaries have incurred losses in recent financial years, which may affect the company’s consolidated financial performance. In FY26, Elevate Hostel Management Services Private Limited incurred a loss of Rs 11.11 crore, while Good Host Spaces (West) Private Limited and Good Host Spaces Educational Foundation incurred losses of Rs 2.22 crore and Rs 0.02 crore, respectively; certain other entities also reported losses in FY25 and FY24 due to acquisition-related expenses, finance costs, depreciation, and expansion-related expenditure. Continued losses or higher costs at these entities could hurt the company’s consolidated financial condition, results of operations and cash flows.
• The company and its subsidiaries had contingent liabilities of Rs 37.34 crore relating to GST matters and Rs 0.12 crore relating to income-tax matters as of March 31, 2026. The GST matters include a demand of Rs 9.68 crore against the Holding Company arising from a notice alleging non-payment of GST on goodwill and facility-service rights acquired through a slump sale, and a tax liability of Rs 31.46 crore relating to the classification of services provided by Good Host Spaces (Shoolini) Private Limited, of which Rs 3.92 crore received a favourable order after December 31, 2025. Although the company has not recognised provisions based on management’s assessment and external legal advice, an adverse outcome in these matters could adversely affect its financial condition, and cash flows.
• As of March 31, 2026, the company had aggregate outstanding borrowings of Rs 3,130.10 crore. Failure to service or repay these borrowings, or inability to obtain financing on favourable terms, could adversely affect the company’s business, liquidity and financial condition.

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