Elevate Campuses
Elevate Campuses(ECL) is an education infrastructure company owning, operating and managing on-campus student accommodation for higher education institutions (HEIs) and owning K-12 school assets. The company operates its student accommodation business under the ?Good Host Spaces? and ?ScholarZ? brands.
As of March 31, 2026, the company?s pre-acquisition group had a student accommodation capacity of 80,255 students across 15 cities in India and one city in the United Arab Emirates. Its portfolio included seven owned student accommodation campuses with 20,368 beds across six Indian cities and two K-12 assets in Dubai (UAE)(total student capacity of 4400). Its managed portfolio comprised 14 studentaccommodation campuses,totalling 55,487 beds under management.It also delivers community and campus technology services for its managed portfolio such as media coverage of HEIs and organizing community events at the HEIs (Community and Campus Technology Services).
ECL provides operational services covering deal sourcing, site selection, development, asset acquisition, asset repositioning and community engagement. It also provides community and campus technology services, including media coverage of HEIs and community events.
ECL works with educational institutions including Manipal Academy of Higher Education, Manipal University, Jaipur and Meraki Education. As of March 31, 2026, its owned student accommodation portfolio recorded an occupancy rate of 89.37% for the Academic Year 2025-26.
Since commencing operations as an independent owner and operator of student accommodation in FY2018, the company has expanded its owned student accommodation portfolio from 9,153 beds to 20,368 beds as of March 31, 2026.
In FY24, ECLwas acquired by Rava Partners, real asset strategy affiliate of Hillhouse Investment through Genius Bidco and Genius Rajkot from earlier ultimate sponsors namely Goldman Sachs and Warburg Pincus.With nearly 20 years of expertise, Hillhouse Investment has emerged as one of the largest alternative asset managers, employing a diverse array of investment strategies that include public equities, private equity (encompassing buyouts, venture capital, and growth strategies), private credit, and real assets. Rava Partners is the real estate division of Singapore?s Hillhouse Investments. A total of 2,21,04,372 equity shares were transferred to current promoters Genius Bidco and Genius Rajkot at Rs 591.67 per equity share at a total consideration of around Rs 1307.85 crore.
Object of the offer
The IPO is entirely a fresh issue of shares worth Rs 2100.0 crore at upper price band of Rs 362. There is no OFS component. At the upper end of the price band, the company is expected to be valued at Rs 6100.82 crore post listing.
The funds raised to the tune of Rs 1100.0 crore will be used for the payment of the purchase consideration for the acquisition of the K-12 entities and campuses from the fellow subsidiaries of itspromoters. The company proposes to acquire 6 special purpose vehicles (SPVs) which are the subsidiaries of promoters which have investments(through compulsory convertible debentures and equity) in 16 K-12 assets with beds/student capacity of 24086. The six SPVs together had revenues of Rs 238.29 crore for FY2026 and as on March 31,2026 had total assets of around Rs 1604.12 crore and networth of 695.67 crore. The proposed acquisition of 16 K-12 entities and campuses in India is intended to broadens ECL?s presence beyond student accommodation and expand its education infrastructure portfolio.
Rs 750 crore will be utilised towards repaying certain borrowingsand the balance is towards general corporate purposes.
Strengths
ECL is an institutionalised and independent platform engaged in owning, operating and managing on-campus student accommodation across HEIs in India and owning K-12 assets in India and Dubai, with the trust of leading education groups.
ECL has established strong operating capabilities across the value chain, including pipeline sourcing, development, acquisition, asset repositioning, infrastructure management, and student experience management.
The company is committed to providing a quality, student-centric experience across its student accommodations and K-12 assets. Is student accommodations and K-12 assets are designed to create a ?home away from home?, witha focus on student satisfaction, well-being and a quality learning environment. This commitment is reflected inthe modern amenities and the support systems it provides. At HEIs, its engagement with students begins at on-boarding and continues throughout their campus life.
Strategically located, quality modern portfolio.
De-risked business model with clear cash flow visibility and consistent growth and profitability.
Weaknesses
Revenue remains concentrated among a relatively small group of higher education institutions. OP Jindal Global University, Manipal University Jaipur and Shoolini University together accounted for 61.46% of FY2026 revenues.
Delays in payment of lease rentals by the operators of K-12 assets or monthly management fees by HEIs in their managed portfolio for student accommodation may adversely affect the company?s financial condition.
The hostel industry in India has expanded substantially in recent years. The entry of new market participants intensifiescompetitive pressures, prompting hostels to maintain competitive pricing. Increased demand for private hostels, driven by thedesire for independence and enhanced amenities, may impact occupancy rates of university hostels.
The business depends on continuing relationships with higher education institutions. Non renewal, termination or renegotiation of agreements could affect occupancies.
The company has reported some delays from certain K-12 operators during past periods, with some delays ranging between one-six months.
Changes in student enrolments, campus occupancy, education-sector regulations or the expansion plans of partner institutions may influence demand for the company?s infrastructure and services.
Consolidated sales were up by 53.8% to Rs 568.63crore in FY2026.Increase in revenues was primarily due to revenue contribution from operations of K-12 assets which stood at Rs 166.8 crore in FY2026 as against nil in FY2025. Souk NLCS UAE and Souk HIS UAE both K-12 assets were acquired in FY 2026 which led to revenue contribution in FY2026.Operating profit margin (OPM) expanded from 65.64% to 71.28%, leading to a 67%increase in operating profit to Rs 405.32crore. Other income inclined 42.9% to Rs 34.76crore. Interest cost inclined 90.5%to Rs 239.10 crore and depreciationcostinclined by99.4% to Rs 102.14crore. PBT before EO was higher by 9.5% to Rs 98.84 crore as against Rs 90.30crore.PBT after EO was higher by 155.9% to Rs 203.76 crore as against Rs 79.63 crore in FY2025. Exceptional gain in FY2026 stood at Rs 104.92 crore as against exceptional loss of Rs 10.67 crore in FY2025. PAT was higher by 249.3% to Rs 173.76crore as against Rs 49.74 crore in FY2025. Tax expenses wereRs 30.0 crore in FY2026 as against Rs 29.89 crore in FY2025.
At the higher price band of Rs 362, the offer is made at a P/E of 72.38 times FY2026 EPS (of Rs 5.0).
As of March 31, 2026, total consolidated borrowings of the company stood at Rs 4120.53 crore. The company proposes to pay off Rs 750.0 crore of the borrowings from the net proceeds from fresh issue. Repayment of the borrowings will reduce the interest cost. The EPS for FY26 works out to Rs 5.4 if its interest cost is reduced, keeping all other items, including tax rate, same. The re-worked P/E at the upper price band moderates to 67.39 times of its FY26 EPS.
ECL does not have listed peers with similar business-profile
| Elevate Campuses: Issue Highlights | |
| Fresh issue (in Rs crore) | 2100.0 |
| Offer for sale (in Rs crore) | - |
| Offer for sale (in number of shares) |
|
| - in Upper price band | - |
| - in Lower price band | - |
|
|
|
| Price Band (Rs) | 343-362 |
| For Fresh Issue Offer size (in no of shares) |
|
| - in Upper price band | 58011050 |
| - in Lower price band | 61224490 |
| Post issue capital (Rs crore) |
|
| - in Upper price band | 16.85 |
| - in Lower price band | 17.17 |
|
|
|
| Post issue Promoter and Promoter Group shareholding |
|
| -On higher price band (%) | 65.58% |
| -On lower price band (%) | 64.35% |
| Bid Size (in No. of shares) | 41 |
| Issue open date | 23/09/2026 |
| Issue close date | 25/09/2026 |
| Listing | BSE, NSE |
| Rating | 44/100 |
| Elevate Campuses : Consolidated Financials | |||
|
| 2403 (12) | 2503 (12) | 2603 (12) |
| Sales | 347.00 | 369.81 | 568.63 |
| OPM (%) | 61.84 | 65.64 | 71.28 |
| OP | 214.59 | 242.76 | 405.32 |
| Other inc. | 15.61 | 24.32 | 34.76 |
| PBIDT | 230.20 | 267.08 | 440.08 |
| Interest | 109.23 | 125.54 | 239.10 |
| PBDT | 120.96 | 141.53 | 200.98 |
| Dep. | 48.76 | 51.24 | 102.14 |
| PBT Before EO | 72.20 | 90.30 | 98.84 |
| Exceptional items | -10.07 | -10.67 | 104.92 |
| PBT after EO | 62.13 | 79.63 | 203.76 |
| Total Tax | 22.44 | 29.89 | 30.00 |
| PAT | 39.69 | 49.74 | 173.76 |
| EPS (Rs)* | 2.7 | 3.3 | 5.00 |
| EPS is on post issue equity capital of Rs 16.85 crore of face value of Rs 1 each | |||
| Figures in Rs crore | |||
| Source: Elevate Campuses Issue Prospectus | |||
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