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Elevate Campuses IPO

Published: 18 September 2026 | 6.00 AM
Last Updated: 30 September 2026 | 6.00 AM

Listing – The IPO is listed at Rs. 355.10, 1.91% below the issue price.

IPO Snapshot

Particulars Details
Chanakya View 🟢 Apply – Strong growth-oriented unique business model
Overall Rating ⭐⭐⭐⭐☆ (4/5)
GMP Today Rs. 4 – Updated frequently
Issue Size Rs. 2,100 crore
Fresh Issue Rs. 2,100 crore
Price Band Rs. 343–Rs. 362
Lot Size 41 shares
Minimum Retail Investment Rs. 14,842
IPO Opens 23 September 2026
IPO Closes 25 September 2026
Allotment 28 September 2026
Listing 30 September 2026
Exchange BSE and NSE
Lead Managers JM Financial, IIFL Capital Services and Morgan Stanley India
Registrar KFin Technologies Ltd.

Investor Decision Box

Question Chanakya View
Suitable for Listing Gain? 🟢 Yes, subject to healthy GMP and subscription
Suitable for Long-Term? 🟢 Yes, for growth-oriented investors
Risk Level Medium to High
Business Quality ⭐⭐⭐⭐☆
Financial Growth ⭐⭐⭐⭐⭐
Balance Sheet ⭐⭐☆☆☆
Valuation Comfort ⭐⭐⭐☆☆

👉 | IPO GMP|IPO Reviews |IPO Subscription|IPO Allotment

Chanakya View

Elevate Campuses Limited owns, operates and manages on-campus student accommodation. Its Good Host Spaces and ScholarZ brands provide exposure to expanding higher education, organised student housing and institutional outsourcing.

The company delivered FY26 growth: income increased 53% to Rs. 603.39 crore, while profit after tax surged 249% to Rs. 173.76 crore. Its owned portfolio recorded 89.37% occupancy in Academic Year 2025-26.

The key concern is leverage. Borrowings increased to Rs. 4,120.53 crore and debt-equity reached 4.98. However, Rs. 750 crore is proposed for debt repayment. The post-issue P/E of 35.11 times is demanding, but earnings growth, scalability and a unique model provide support.

Chanakya Recommendation: 🟢 Apply – strong growth-oriented unique business model. Monitor subscription, GMP and demand.

About the Company

Elevate Campuses serves higher education institutions and K-12 schools. Its Pre-Acquisition Group had capacity for 80,255 students across 15 cities and one UAE city.

Its portfolio comprised owned campuses with 20,368 beds and 14 managed campuses with 55,487 beds. Clients include Manipal Academy of Higher Education and Manipal University Jaipur. Services cover sourcing, site selection, development, acquisition, operations, technology and community engagement.

Why This IPO Stands Out

✅ Unique student-accommodation and education-asset platform.

✅ Owned portfolio expanded from 9,153 beds in FY18 to 20,368 beds in FY26.

✅ FY26 revenue increased 53%, while PAT rose 249%.

✅ 89.37% occupancy in owned student accommodation.

✅ Issue is fresh capital, with no offer for sale.

✅ Debt repayment can support the growth phase.

Key Risks

⚠ Borrowings of Rs. 4,120.53 crore create leverage risk.

⚠ Debt-equity rose from 2.71 in FY25 to 4.98 in FY26.

⚠ Post-issue P/E of 35.11 times demands earnings growth.

⚠ Operations depend on occupancy, relationships and education demand.

⚠ Acquisitions create integration and execution risks.

Financial Snapshot (Rs. Crore)

Particulars FY26 FY25 FY24
Total Income 603.39 394.13 362.61
Profit After Tax 173.76 49.74 39.69
EBITDA 545.00 256.40 220.13
Net Worth 956.29 699.78 655.77
Borrowings 4,120.53 1,206.60 984.71

FY26 PAT margin reached 28.80% and EBITDA margin rose to 90.32%. Debt requires allocation and post-IPO deleveraging.

IPO Valuation Analysis

At Rs. 362, Elevate Campuses is valued at approximately Rs. 6,100.82 crore. Based on diluted post-issue EPS of Rs. 10.31, the IPO commands a P/E of 35.11 times. This assumes rapid earnings growth, high occupancy and successful integration.

FY26 NAV was Rs. 432.62 per share, above the offer price. However, investors should not rely on book value because the business is capital-intensive and highly leveraged. Cash generation and deleveraging will determine whether valuation remains justified.

Investors should compare its valuation with listed education-infrastructure and accommodation businesses.

Objects of the Issue

The Rs. 2,100 crore fresh issue will use Rs. 1,100 crore to acquire K-12 entities and campuses. Another Rs. 750 crore will repay or prepay company and subsidiary borrowings.

Remaining proceeds will support acquisitions, strategic initiatives and general corporate purposes. Debt reduction is positive, but execution and asset quality require monitoring.

Key Performance Indicators

IndicatorFY26FY25
ROCE6.42%9.90%
Debt/Equity4.982.71
RoNW18.17%7.11%
PAT Margin28.80%12.62%
EBITDA Margin90.32%65.06%

Margins and return on net worth improved, but ROCE declined despite higher profitability, underlining the need for better capital productivity.

Shareholding Structure

Promoter holding will decline from 100% to 65.58%, while public shareholders will own 34.42%. Promoters retain control, with no offer for sale.

Final Chanakya Verdict

Elevate Campuses combines a differentiated model with strong earnings momentum, high occupancy and expansion potential. Fresh capital should fund acquisitions and reduce debt.

However, leverage, declining ROCE, acquisition integration and a post-issue P/E of 35.11 times remain important risks.

Final Recommendation: 🟢 Apply – strong growth-oriented unique business model. Suitable for investors who accept medium-to-high risk and can remain invested beyond listing.

Frequently Asked Questions

What is the Elevate Campuses IPO price band?

The price band is Rs. 343 to Rs. 362 per share.

What is the Elevate Campuses IPO lot size?

The minimum application is 41 shares, requiring Rs. 14,842 at the upper price.

When will Elevate Campuses list?

The tentative listing date is 30 September 2026.

Is Elevate Campuses IPO entirely fresh issue?

Yes. There is no offer-for-sale component.

Should investors apply for Elevate Campuses IPO?

Growth-oriented investors may apply while tracking GMP, subscription and institutional participation.

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