- NEGATIVE
Annual Revenue Elevate Campuses Mar-2026 Annual Revenue is Rs 176 Cr which is growth of -6.2% YoY.
- POSITIVE
Annual Net Profit Elevate Campuses Mar-2026 Annual Net Profit is Rs 89 Cr which is growth of 84.6% YoY.
Elevate Campuses Ltd. IPO Details
Elevate Campuses was incorporated on April 8, 2005. The company owns and operates on-campus student accommodations across HEIs and K-12 assets, with a capacity for 94,758 students across 20 Indian cities and one in the UAE (CBRE Report, Aug 31, 2025). Operating under the “Good Host Spaces” and “ScholarZ” brands, it provides modern learning environments that support student wellbeing and holistic development
| Bidding Dates |
|---|
| 23 Sep 2026 - 25 Sep 2026 |
| Subscription |
|---|
| 1.79x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,063 | 1 | 13 | 41 | 58.0 M | ₹343 - ₹362 | 65.58 % | ₹19,897.8 M - ₹21,000.0 M | RHP DOC |
Elevate Campuses IPO SUBSCRIPTION STATUS
25 Sep '26Total1.79x
Retail Individual Investor1.01x
HNI (NII) Investors0.84x
Qualified Institutional Buyers2.52x
Elevate Campuses IPO overall subscription rate was 1.79 times the total available shares
Elevate Campuses IPO retail subscription rate was 1.01 times in the retail segment
Elevate Campuses IPO non-institutional investor subscription rate was 0.84 times in the non-institutional investor category
Elevate Campuses IPO Qualified Institutional Bidder subscription rate was 2.52 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 10% | 15% | 75% |
25 Sep 2026 (Day 3) | 1.01x | 0.84x | 2.52x |
24 Sep 2026 (Day 2) | 0.23x | 0.33x | 0.18x |
23 Sep 2026 (Day 1) | 0.13x | 0.3x | 0.18x |
Elevate Campuses FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 568.6 | 173.8 | 297.1 | -1,929.5 | 90.3% |
| FY25 | 369.8 | 49.7 | 218.7 | 248.0 | 65.1% |
| FY24 | 347.0 | 39.7 | 264.5 | 266.2 | 60.7% |
Elevate Campuses IPO SUBSCRIPTION STATUS DETAILS
Elevate Campuses has 58.0 M shares on offer
Elevate Campuses IPO offer price is in the range ₹343 - ₹362
Elevate Campuses IPO minimum Investment is ₹14063
Elevate Campuses IPO issue size is ₹ 19,897.8 M - ₹ 21,000.0 M
Elevate Campuses has a minimum lot size of 41 Shares per application
Elevate Campuses NUMBER OF SHARES ON OFFER
Total58.0 M
Fresh Issue58.0 M
Offer for Sale0
Post Issue Promoter Holding %65.58 %
Elevate Campuses IPO IMPORTANT DATES
| Issue Open Date | 23 Sep 2026 |
| Issue close Date | 25 Sep 2026 |
| Allotment Date | 28 Sep 2026 |
| Refund Date | 29 Sep 2026 |
| Demat Account Credit Date | 29 Sep 2026 |
| Listing Date | 30 Sep 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Elevate Campuses Allotment Status | Exchange/ Registrar |
Elevate Campuses IPO subscription opens on 23 Sep 2026, and closes on 25 Sep 2026
IPO allotment for Elevate Campuses is expected to be finalized on Monday, 28 Sep 2026
IPO listing for Elevate Campuses will be on NSE and BSE on Wednesday, 30 Sep 2026
Elevate Campuses IPO LISTING GAINS
| Issue Price (adjusted) | 362.0 |
| Listing Open Price | 355.1 |
| Listing Close Price | 322.9 |
| Listing Gain% | -1.9% |
| Current Gain% | -10.8% |
Elevate Campuses Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Elevate Campuses Ltd. | 323 | 5442.7 | 31.3 | 0.1 | 9 | 18.3 | 3 | 603.4 | 53.1 | 173.8 | 249.3 | 10.3 | 249.3 |
| DLF Ltd. | 674 | 166836 | 37.5 | -43.4 | 24.7 | 9.7 | 5.9 | 9816 | 9.1 | 4414.7 | 1.1 | 18 | -0.9 |
| Lodha Developers Ltd. | 1135 | 113430.3 | 27.5 | 0.7 | 6.2 | 14.7 | 5.8 | 17119.5 | 20.8 | 3428.2 | 24 | 41.3 | 39.2 |
| Phoenix Mills Ltd. | 1935 | 69210.7 | 54.1 | 1.9 | 15.2 | 11.1 | 5.4 | 4593.6 | 15.9 | 1223.8 | 24.3 | 35.8 | 29 |
| Oberoi Realty Ltd. | 1765.7 | 64201.2 | 24.4 | 0.9 | 10.2 | 14 | 9.9 | 6304.3 | 15.2 | 2507.4 | 12.7 | 72.3 | 27.5 |
| Prestige Estates Projects Ltd. | 1481.9 | 63829.9 | 56 | 0.5 | 4.9 | 7.3 | 1.6 | 13195.5 | 70.6 | 1195.5 | 155.7 | 26.4 | 115.9 |
Annual
Balance Sheet
Ratios
Cash Flow
Elevate Campuses annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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| Indicator | Graph | Mar '26 | Mar '25 |
|---|---|---|---|
| 176.2 | 187.7 | ||
Operating Exp. Ann. | 75.2 | 58.6 | |
Operating Profit Ann. | 50.2 | 98.3 | |
OPM Ann. % | 28.50% | 52.37% | |
| 160.4 | 114.7 | ||
EBITDA Ann. | 101 | 129.2 | |
EBITDA Ann. margin % | 57.33% | 68.79% | |
Interest Ann. | 74.2 | 44.9 | |
Depr. | 11.1 | 11.2 | |
PBT Ann. | 125 | 64.8 | |
Tax Ann. | 35.8 | 16.5 | |
| 89.2 | 48.3 | ||
Net Profit Ann. | 89.2 | 48.3 | |
NPM Ann. % | 71.13% | 30.80% | |
EPS Adj. latest Ann. | 5.3 | 2.9 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
-6.1%
Net Profit Ann.
1Y CHG
84.7%
Operating Exp. Ann.
1Y CHG
28.3%
Elevate Campuses IPO Reports
Elevate Campuses INFORMATION ON IPO ISSUE
About Elevate Campuses
Elevate Campuses was incorporated on April 8, 2005. The company owns and operates on-campus student accommodations across HEIs and K-12 assets, with a capacity for 94,758 students across 20 Indian cities and one in the UAE (CBRE Report, Aug 31, 2025). Operating under the “Good Host Spaces” and “ScholarZ” brands, it provides modern learning environments that support student wellbeing and holistic development
Object of the Issue
- Payment of the purchase consideration for the acquisition of the K-12 entities and campuses
- Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties
- Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes
Elevate Campuses - PROMOTERS
| Name |
|---|
| Genius Bidco Holdings Pte. Ltd. |
| Genius Rajkot Investment Holdings Pte. Ltd. |
Elevate Campuses - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Anami Narayan Roy | Chairman & Independent Director |
| Vinod Raja Rao | Whole-time Director & Chief Financial Officer |
| Siddhartha Gupta | Non-executive Director |
| Joseph Raymond Gagnon | Non-executive Director |
| Mukesh Tiwari | Non-executive Director |
| Rashmi Satish Joshi | Independent Director |
Elevate Campuses Book Running Lead Manager
JM Financial Limited
elevate.ipo@jmfl.com
IIFL Capital Services Limited
elevatecampuses.ipo@iiflcap.com
Morgan Stanley India Company Private Limited
elevate_ipo@morganstanley.com
Elevate Campuses Registrar to the Offer
KFin Technologies Limited
Elevatecampuses.ipo@kfintech.com
Elevate Campuses Strengths
Operational & asset management expertise
The company has strong operational capabilities across sourcing, development, asset management, and student experience, enabling consistent delivery of quality student accommodations. Its portfolio grew to 66,272 beds as of August 31, 2025, and the company actively optimizes capacity—such as temporary bed increases at MUJ—to meet demand, enhance revenue, and maintain service quality
Strength
De-risked business model
The company uses a mix of owned and asset-light models to optimize capital and enhance returns, demonstrating strong operational capabilities to educational institutions. Long-term contracts with HEIs and K–12 operators provide occupancy guarantees, stable revenue, contractual escalations, and strategic protections like exclusivity and ROFF clauses
Strength
Quality modern portfolio
The company operates in four of the top five K–12 hubs and three of the top six HEI hubs, including cities like Jaipur, Hyderabad, Pune, Bengaluru, Mangalore, Chennai, and Coimbatore. High-quality student accommodation helps maintain strong occupancy, reaching 99.47% in Academic Year 2024–25 versus the national average of 85–90%
Strength
Elevate Campuses Risks
Competition
While overall demand for education in India has grown, enrolment expansion has been faster in private institutions. Private unaided schools’ share of total enrolments rose from 16.6% in 2001–02 to 36.3% in 2023–24, and private higher education enrolments increased from 37.5% in 2011 to 51.4% in 2021, reflecting strong growth in private education driven by rising aspirations, quality gaps in public education, and willingness to pay for better outcomes
Risk
Brand reputation
Any damage to the company’s brand or reputation could negatively impact its business, financial performance, and cash flows. Trust is crucial in the education sector, and negative publicity regarding facilities, safety, health standards, data privacy, or contractual issues could reduce stakeholder confidence, though no such material issues have occurred in the past three financial years
Risk
Operational risks
The company’s international operations, including in the UAE, face risks that could impact business, financials, and cash flows. These include foreign legal and regulatory frameworks, tax and accounting rules, labor laws, cultural differences, currency fluctuations, real estate regulations, local education policies, and political or economic instability
Risk
IPO FAQs
The promoters of the company are Genius Bidco Holdings Pte. Ltd. and Genius Rajkot Investment Holdings Pte. Ltd..
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 343.0 - 362.0.
The IPO application opens on Sep 23, 2026 and closes on Sep 25, 2026.
The minimum lot size for the IPO is 41. The maximum lot size for the IPO is 533.
For all category investors, the minimum application amount for this IPO is Rs. 14,063.0, the maximum value for this IPO is Rs 192,946.0.
This IPO will be allotted on Sep 28, 2026.
The refund will be credited to your account on Sep 29, 2026.
The allotted shares will be credited to your demat on Sep 29, 2026.
Elevate Campuses Ltd.’s shares will list on the stock exchanges on Sep 30, 2026.