| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 347.00 | 369.81 | 568.63 |
| Expenses | 290.41 | 303.83 | 504.55 |
| Other Income | 15.61 | 24.32 | 34.76 |
| Total Revenue | 362.61 | 394.13 | 603.39 |
| Profit Before Tax | 62.13 | 79.63 | 203.76 |
| Net Profit | 39.69 | 49.74 | 173.76 |
Elevate Campuses
Elevate Campuses IPO
₹14,063
0.22 xOver-subscribedBidding Dates 23 Sept, 26 -25 Sept, 26
Min Investment ₹14,063
Lot Size41
Price Range ₹343 – ₹362
Issue Size ₹2,100.00 Cr.
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IPO Subscription Details
Retail Subscription Details
0.21 x
Non-Institutional Buyers (sHNI)
0.04 x
Non-Institutional Buyers (bHNI)
0.44 x
Qualified Institutional Buyers (QIB)
0.18 x
Total0.22 x
0.22 x IPO Timeline
IPO Offer Start
23 Sept,26
IPO Offer Ends
25 Sept,26
Allotment Finalisation
28 Sept,26
Refund Initiation
29 Sept,26
Listing of Shares
30 Sept,26
IPO Analysis
Strengths
The company operates a student accommodation portfolio of 78,542 beds as of June 15, 2026, representing approximately 2.1 times the capacity of the next largest PMSA player and approximately 6.2 times that of the third largest, while serving only ~0.85% of the TAM of 12.66 million total student enrollment in India, indicating significant future growth opportunities.
The company has established strong operating capabilities across the value chain, growing its student accommodation portfolio to 75,855 Owned and Managed Beds as of March 31, 2026, from 53,717 in Academic Year 2023-2024; asset enhancement initiatives such as renovation at Shoolini University generated a 20% return on investment on capital expenditure incurred.
The company facilitates over 50,000 meals daily across HEIs in its Owned Portfolio and manages over 1,562 service requests daily across Good Host Spaces campuses; three of its K-12 Assets are among only five schools in India awarded the prestigious WELL Health-Safety Rating as of Academic Year 2024-2025.
Risks
The Pre-Acquisition Group derived 61.46%, 89.00%, and 88.60% of its revenue from operations in FY2026, FY2025, and FY2024, respectively, from just three HEIs (O.P. Jindal Global University, Manipal University Jaipur, and Shoolini University). Any adverse developments affecting these institutions or deterioration in relationships with them could materially impact the company's financial performance and results of operations.
The Pre-Acquisition Group derived 65.74%, 99.24%, and 99.72% of its revenue from operations in FY2026, FY2025, and FY2024, respectively, from student accommodation in its Owned Portfolio, with occupancy rates declining from 99.92% in AY2024 to 89.37% in AY2026. Any failure to maintain high occupancy rates — due to competition, regulatory changes, or reputational events — could significantly reduce revenues and adversely affect cash flows.
The company proposes to utilize approximately 52.38% of Gross Proceeds (₹11,000 million) to acquire K-12 Entities and Campuses from fellow subsidiaries of its Promoters, with ongoing operational issues including notices from K-12 Operators regarding rent adjustments, structural rectifications, and statutory approval discrepancies. Failure to realize anticipated benefits, inability to identify associated liabilities, or integration challenges could adversely affect business operations and the value of Equity Shares post-acquisition.
Objectives
The company intends to utilize a portion of the Net Proceeds towards payment of purchase consideration for the acquisition of K-12 Entities and Campuses from the fellow subsidiaries of its Promoters, consolidating them into its existing platform across key metropolitan and emerging urban centers in India.
The company proposes to utilize a portion of the Net Proceeds towards repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by the company and certain wholly-owned Subsidiaries, namely GHS Shoolini, GHS Sonipat, Data Ram Sons Private Limited, Souk HIS UAE, and Souk NLCS UAE, to reduce indebtedness and debt servicing costs.
The company intends to deploy a portion of the Net Proceeds towards funding inorganic growth through unidentified acquisitions and strategic initiatives, targeting opportunities that complement business operations, strengthen market presence, and align with strategic objectives across student accommodation and K-12 school segments.
The company intends to utilize the balance Net Proceeds towards general corporate purposes including marketing and brand building, capital expenditure for student accommodation and K-12 school infrastructure, funding working capital requirements, and meeting ordinary course business expenses, subject to applicable regulatory limits.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 2104.74 | 2421.20 | 5773.35 |
| Current Assets | 259.75 | 522.30 | 484.23 |
| Fixed Assets | 1844.98 | 1800.17 | 5289.12 |
| Total Equity & Liabilities | 2104.74 | 2421.20 | 5773.35 |
| Total Liabilities | 1448.97 | 1721.42 | 4817.06 |
| Current Liabilities | 284.86 | 415.59 | 521.94 |
| Non Current Liabilities | 1164.11 | 1305.84 | 4295.12 |
| Total Equity | 655.77 | 699.78 | 956.29 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -6.39 | 229.34 | -207.75 |
| Investing Activities | -119.48 | -104.01 | -3184.32 |
| Operating Activities | 264.45 | 218.72 | 297.07 |
| Financing Activities | -151.36 | 114.63 | 2679.49 |
About Elevate Campuses
Elevate Campuses Limited is an institutionalized, independent platform engaged in owning, operating, and managing on-campus student accommodation across Higher Educational Institutions (HEIs) in India and Dubai (UAE), while also owning K-12 school assets. As of March 31, 2026, the Pre-Acquisition Group operates 20,368 owned beds and 55,487 managed beds across...more
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