Elevate Campuses
What they do: The company is involved in providing student accommodation services, likely generating revenue through rental income from properties.
By IPO Milega Research · Published · Updated
The company shows strong revenue growth with a 3-year CAGR of 25.6%, but its profitability is moderate with a net profit margin of 10.5%.
- GMP (unofficial)
- +1.8%
- ₹7 a share
- Subscribed
- 1.85x
- Total
- Retail odds
- 100%
- 1 in 1
GMP is an unofficial grey market indication.
- Price band
- ₹343-362
- Lot size
- 41 shares
- Min. investment
- ₹14,842
- Issue size
- 2,100 Cr.
- Open23 Sept 2026
- Close25 Sept 2026
- Allotment28 Sept 2026
- Listing30 Sept 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 2.66x
- NII
- 0.87x
- Retail
- 0.9x
₹369 (+1.80%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials6.0
- Performance7.0
- Flexibility8.0
- Timing6.0
- Risk4.0
The Grey Market Premium (GMP) indicates a modest expected gain of 4.42% on listing. This is supported by the company's strong revenue growth and strategic acquisitions, although high debt levels and market risks may temper potential gains.
Strengths3
- Acquisition of Souk HIS UAE and Souk NLCS UAE, expanding geographical presence.
- Successful integration of ScholarZ, enhancing management capabilities.
- Expansion into the K-12 education sector with planned acquisitions.
Concerns5
- High dependency on student accommodation revenue
- Integration challenges with K-12 acquisitions
- Delays in lease payments affecting cash flow
- Property ownership and title issues
- Employee attrition affecting operations
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum14,8421 lots, 41 shares
- Retail Maximum1,92,94613 lots, 533 shares
- S-HNI Minimum2,07,78814 lots, 574 shares
- S-HNI Maximum9,94,41467 lots, 2747 shares
- B-HNI Minimum10,09,25668 lots, 2788 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 41 | 14,842 |
| Retail Maximum | 13 | 533 | 1,92,946 |
| S-HNI Minimum | 14 | 574 | 2,07,788 |
| S-HNI Maximum | 67 | 2747 | 9,94,414 |
| B-HNI Minimum | 68 | 2788 | 10,09,256 |
Timing
6.0/10The timing of the IPO is moderately favorable. While there are concerns about potential surveillance measures and tax implications, the company's strategic decision to go public now suggests a calculated risk to leverage current market conditions. However, the potential for market volatility and regulatory changes could pose challenges.
- Time to market
- The IPO is being launched amidst a complex regulatory environment with potential surveillance measures and tax changes. This timing could be seen as a strategic move to capitalize on current market conditions, but it also carries risks of market volatility and investor uncertainty.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 5.0
- Listing on
- BSE, NSE
Key milestones
- 23 Sept 2026IPO Opens
- 25 Sept 2026IPO Closes
- 28 Sept 2026Basis of Allotment
- 29 Sept 2026Refunds Initiated
- 29 Sept 2026Credit to Demat Account
- 30 Sept 2026Listing Date
Financials
6.0/10- Revenue
- ₹603 Cr
- +53.1%
- Profit after tax
- ₹174 Cr
- +249.3%
- Net margin
- 28.8%
- +16.2 pts
- Assets
- ₹5,773 Cr
- +138.4%
- Return on equity
- -%
- Debt to equity
- 4.29
- Revenue CAGR
- 25.6%
- ROCE
- -%
- Return on net worth
- 18.17%
- NAV per share (₹)
- 432.62
Financial performance trend
Amount ₹ in croresThe company shows strong revenue growth with a 3-year CAGR of 25.6%, but its profitability is moderate with a net profit margin of 10.5%. The debt-to-equity ratio is high at 4.29, indicating significant leverage. Current and quick ratios are not available, limiting liquidity analysis. The company's market position is not detailed, but it operates in the student accommodation sector, which may offer stable demand. Overall, the fundamentals are mixed with strong revenue growth but high leverage and moderate profitability.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Market risks1
- Operational risks2
- Regulatory risks1
High dependency on student accommodation, integration challenges, and financial instability pose significant risks.
How the company offsets these
Diversifying revenue streams and improving operational efficiencies can mitigate risks.
Financial risks3
- Delays in lease payments affecting cash flow
- Outstanding borrowings and financial covenants
- Potential financial strain from increased GST rates
Market risks1
- High dependency on student accommodation revenue
Operational risks2
- Integration challenges with K-12 acquisitions
- Employee attrition affecting operations
Regulatory risks1
- Property ownership and title issues
Performance
7.0/10The company has shown significant growth in revenue and profitability over the past three years, driven by strategic acquisitions and expansion in the education sector. However, high debt levels and reliance on acquisitions pose risks.
- Historical growth
- The company has experienced substantial revenue growth, with a 53.76% increase in revenue from operations in FY 2026 compared to FY 2025., High
- Market comparison
- The company operates in a competitive market with significant growth potential in the education sector, but faces competition from both organized and unorganized sectors.
- Future potential
- The company is expected to continue growing through strategic acquisitions and expansion in the K-12 sector.
- Operational consistency
- The company has shown consistent revenue growth, but high debt levels and reliance on acquisitions introduce volatility.
- Experience
- The management team has demonstrated experience in strategic acquisitions and expansion in the education sector.
- Track record
- The management has a track record of successful acquisitions and integration, contributing to revenue growth.
Key achievements
- 01Acquisition of Souk HIS UAE and Souk NLCS UAE, expanding geographical presence.
- 02Successful integration of ScholarZ, enhancing management capabilities.
- 03Expansion into the K-12 education sector with planned acquisitions.
Flexibility
8.0/10The company has shown strong market adaptability by expanding its operations across multiple cities in India and the UAE. It has strategically acquired K-12 assets and student accommodation facilities, aligning with market demands and trends in the education sector.
The company has a growing revenue stream and a strong EBITDA margin, indicating financial stability. However, it has a significant amount of debt, which slightly offsets its financial stability score.
The company has demonstrated operational agility by rapidly expanding its student accommodation and K-12 assets portfolio. It has also adopted an asset-light model for its managed portfolio, enhancing its operational flexibility.
The company demonstrates strong flexibility and adaptability through strategic acquisitions, diversified operations, and robust financial growth. It has expanded its portfolio significantly, both organically and through acquisitions, indicating a high level of operational agility and market adaptability.
- Product diversification
- The company is diversified across student accommodation and K-12 educational assets, providing a range of services from accommodation to educational infrastructure support.
- Future adaptability
- The company is well-positioned for future adaptability with its strategic focus on expanding its portfolio through acquisitions and enhancing its service offerings. Its strong relationships with educational institutions and focus on technology investment further support its adaptability potential.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.