IPO closes on 25 Sep'26
Elevate Campuses Limited
Minimum Investment
₹ 14,842 / 41 shares
Our Verdict:
Neutral
- Elevate Campuses runs an exceptionally high-margin model — FY26 EBITDA margin of 90.32% and PAT margin of 28.80% — with PAT nearly quadrupling from ₹39.69cr (FY24) to ₹173.76cr (FY26) as revenue grew from ₹362.61cr to ₹603.39cr.
- That growth has been funded with significant debt: borrowings of ₹4,120.53 crore against a debt-to-equity ratio of 4.98x, while RoCE is a modest 6.42% — a large gap between the P&L-level margins and the capital efficiency of the underlying asset-heavy real estate business.
- The business combines owned (20,368 beds) and managed (55,487 beds) student housing capacity across 15 Indian cities plus one UAE location, with FY26 occupancy of 89.37% in owned accommodation — a scale advantage, but one built on continued high occupancy and access to leveraged capital to keep expanding.
About the company
Founded in
8 Apr'05
Managing director
Key Managerial Personnel
- Elevate Campuses Limited (formerly Good Host Spaces Limited) owns, operates and manages on-campus and near-campus student accommodation, and also owns K-12 educational real estate assets, under the Good Host Spaces and ScholarZ brands.
- As of the RHP, total capacity served approximately 80,255 students across 15 cities in India plus one location in the UAE, split between an owned portfolio of 20,368 beds and a managed portfolio of 55,487 beds.
- Key institutional relationships include Manipal Academy of Higher Education and Manipal University Jaipur, among other higher-education institutions.
- Promoters: Genius Bidco Holdings Pte. Ltd. and Genius Rajkot Investment Holdings Pte. Ltd.
STRENGTHS
- Large, Diversified Capacity Base: Serves approximately 80,255 students across 15 Indian cities and one UAE location, combining owned and managed student-housing formats.
- High Operating Margins: FY26 EBITDA margin of 90.32% and PAT margin of 28.80% reflect an asset-heavy but operationally efficient rental-income model.
- Strong Occupancy in Owned Portfolio: FY26 occupancy of 89.37% across the owned student-accommodation portfolio indicates healthy underlying demand for its properties.
- Established Institutional Relationships: Serves recognized higher-education institutions such as Manipal Academy of Higher Education and Manipal University Jaipur.
- Strong Revenue and Profit Growth: Revenue grew from ₹362.61 crore (FY24) to ₹603.39 crore (FY26), while PAT grew from ₹39.69 crore to ₹173.76 crore over the same period.
RISK FACTORS
- High Leverage: Borrowings stood at ₹4,120.53 crore with a debt-to-equity ratio of 4.98x as of FY26, a significant leverage level for a business with RoCE of only 6.42%.
- Occupancy-Dependent Revenue Model: Revenue is directly tied to maintaining high occupancy across owned and managed beds; any sustained decline in student enrolment or demand for organized housing would directly hit revenue.
- Capital-Intensive Expansion: Growth in owned capacity requires continued access to capital, and the current leverage profile suggests further expansion may depend on additional debt or equity funding.
- Managed-Portfolio Dependency: A majority of total capacity (55,487 of 80,255 beds) is under managed arrangements rather than owned assets, which can carry different economics and less direct control than owned properties.
- First Public Issue — No Prior Trading History: This is the company's first public issue, so there is no existing market for the shares and no trading history to gauge post-listing price behavior.
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ 2,100 crore
Fresh Issue
₹ 2,100 crore
OFS
₹ -
Price range
₹ 343 - 362
Lot size
41 shares
Issue Objective
- Net proceeds from the Fresh Issue of ₹2,100 crore are proposed to be used per the Objects of the Issue set out in the RHP, which include funding growth in the company's student-accommodation portfolio and general corporate purposes; this is entirely a Fresh Issue with no Offer for Sale component.
Dates
Bidding open
23 Sep'26
Bidding close
25 Sep'26
Allotment date
28 Sep'26
Refund date
29 Sep'26
Listing
30 Sep'26
IPO Reservations
Qualified institutional buyers
>75%
Non-institutional investors
<15%
Retail individual investors
<10%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
This document has been issued by Liquide Solutions Private Limited for information purposes only. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment or investment strategies that may have been discussed or referred herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and / or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information / opinion herein.