This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Elevate Campuses Limited is an education infrastructure and student accommodation platform operating across India and the GCC region. Its core offerings comprise Student Accommodation—divided into an Owned Portfolio (leasing student housing under long-term contracts with higher education institutions) and a Managed Portfolio (providing asset-light facility management, dining, laundry, and administrative services)—and K-12 Assets (owning school campus infrastructure leased to operators). The company serves academic institutions and students, catering to 17 HEIs and multiple K-12 schools, including prominent clients like Manipal University Jaipur, O.P. Jindal Global University, and Shoolini University. Geographically, operations span 22 cities in India—concentrated in northern states (Haryana, Himachal Pradesh, Uttarakhand) and southern states (Karnataka, Tamil Nadu)—and internationally in Dubai, UAE (Hartland International School and North London Collegiate School). As of March 31, 2026, its scale includes 20,368 Owned Beds, 55,487 Managed Beds, and 18 K-12 Assets, generating ₹ 568.63 crore in restated consolidated revenue from operations in Fiscal 2026. Supply chain arrangements rely on long-term campus master leases, EPC agreements for greenfield and brownfield facility expansion, and vendor partnerships for third-party housekeeping, security, and catering services.
Market leadership as India's largest Purpose-Built Student Accommodation (PMSA) operator, long-term contracts with HEIs featuring contractual inflation escalation and occupancy guarantees, integrated multi-asset education infrastructure presence across student housing and K-12 schools, and a derisked revenue model.
Elevate Campuses Limited (formerly Good Host Spaces Limited) is an Indian education infrastructure company engaged in owning, operating, and managing on-campus student accommodation and K-12 school assets. As of March 31, 2026, its portfolio encompasses 20,368 Owned Beds, 55,487 Managed Beds, and 18 K-12 Assets across India and the UAE.
Source: p.33, p.313, p.314
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Student Accommodation (Owned Portfolio) | 65.74 | p.33 |
| K-12 Assets | 29.34 | p.37 |
| Student Accommodation (Managed Portfolio) | 4.92 | p.34 |
The Indian Purpose-Built Student Accommodation (PMSA) and K-12 education infrastructure sectors are expanding rapidly, driven by rising higher education enrollments, urban migration, and institutional adoption of asset-light school operating models. According to the CBRE Report, the Indian PMSA market is projected to reach an investible real estate opportunity of 412 million square feet with an annual revenue potential of USD 4.36 billion (CAGR of 17%) by Academic Year 2028-29. Concurrently, the Target Addressable Market for K-12 private unaided school tuition fee revenue is expected to grow at a CAGR of 18.6% to USD 28.4 billion by Academic Year 2028-29. As the largest PMSA operator in India with a growing international K-12 footprint, Elevate Campuses Limited is positioned to capture demand across student lifecycles.
Sector slug: education-infrastructure-and-student-accommodation
Source: p.154, p.203
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| consolidated | FY26 | 5.15 | 173.76 | 30.56% | 568.63 | yes | 2679.49 |
| consolidated | FY25 | 0.05 | 49.74 | 13.45% | 369.81 | yes | 114.63 |
| consolidated | FY24 | 0 | 39.69 | 11.44% | 347 | yes | -151.36 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
Why is over 52% of the fresh issue proceeds being paid to promoter-affiliated entities for acquiring K-12 assets?
The ₹ 1,100.00 crore payment consolidates 14 school properties previously acquired by promoter entities in 2023 under the listed parent company, establishing a single integrated education real estate platform based on independent valuation reports.
p.28, p.133, p.135
How does management plan to reduce revenue concentration among top partner universities?
While top 3 HEIs contributed 61.46% of FY26 revenue, the acquisition of 18 K-12 Assets and expansion of the Managed Portfolio through ScholarZ will reduce top-3 HEI concentration to ~43% on a pro forma basis.
p.27, p.29, p.165
What is the sustainable recurring net profit level after excluding one-off asset sale gains?
Excluding the ₹ 109.44 crore exceptional gain on the TAPMI hostel sale, FY26 profit before tax from core operations was ₹ 98.84 crore, which generates a normalized net profit of ~₹ 68.84 crore after tax.
p.84, p.571
What is the status and impact of ongoing lease rental delays from certain K-12 school operators?
Certain K-12 operators have experienced payment delays and raised operational demands (STPs, structural repairs, flooding controls). The company holds security deposits and contractual escalation mechanisms to enforce collections.
p.28, p.29
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2023-10-14 | Genius Bidco Holdings Pte. Ltd. | 22104372 | Private Placement / Rights | p.113, p.120 | |
| 2025-09-19 | Genius Bidco Holdings Pte. Ltd. | 66313116 | 0 | Bonus Allotment (CCPS) | p.119, p.122 |
| 2025-09-24 | Genius Rajkot Investment Holdings Pte. Ltd. | 52500000 | 200 | Private Placement (CDs) | p.119, p.122 |
| 2026-09-07 | Genius Rajkot Investment Holdings Pte. Ltd. | 22102500 | 475.06 | Conversion of CDs | p.112, p.122 |
| 2026-09-08 | Genius Bidco Holdings Pte. Ltd. | 66313098 | 0 | Conversion of CCPS | p.112, p.122 |
Ceo: Jayakumar Narasimha Raghavan
1 indirect tax proceeding against Company (₹ 9.68 crore GST demand); 1 criminal FIR against Directors Joseph Raymond Gagnon and Siddhartha Gupta regarding Tablespace; 16 tax proceedings against K-12 Entities (₹ 10.32 crore); 1 indirect tax proceeding against Subsidiary (₹ 31.46 crore GST demand, partially resolved).
Auditor name: S R B C & CO LLP, Chartered Accountants
Skin in game: Promoters hold 100.00% (110,519,988 Equity Shares) of pre-issue paid-up equity share capital.
None; unmodified audit examination opinion on Restated Consolidated Summary Statements, though CARO Annexure noted audit trail log preservation issues in FY24.
Auditor changed last 3y: No; S R B C & CO LLP has served as statutory auditor throughout the three-year reporting period.
Source: p.2, p.111, p.412, p.583
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Genius Rajkot Investment Holdings Pte. Ltd. | 1050 | Proceeds from issue of Convertible Debentures | Promoter / Member of same group | Funding debt and capital investments prior to IPO | p.93, p.485 |
| Elevate MENA Master Holdings Pte. Ltd. | 1062.28 | Loans/Inter-corporate deposits taken & interest expense | Member of same group | Inter-corporate loans for Middle East expansion | p.92, p.93 |
| Purelearn Eduinfra Chennai Private Limited | 120 | Investment in OCDs / Fair value gain | Member of same group | Optionally convertible debentures funding campus asset acquisition | p.92, p.485 |
| Goldman Sachs (India) Securities Private Limited | 13.09 | Legal and professional advisory fees | Enterprise influenced by key shareholder | Financial advisory services for secondary sale process in FY24 | p.92, p.485 |
Short delays in deposit of undisputed statutory dues disclosed in CARO including PF (₹ 0.12 crore across 5 instances in FY26), Income Tax (₹ 0.85 crore), GST (₹ 0.17 crore), and Professional Tax (₹ 0.05 crore), all subsequently paid.
Defaults disclosed: Yes
Source: p.43, p.300
A change between the two filings is a disclosure in itself.
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
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What this sector is read on: Pre-sales value, Pre-sales area, Collections, Realisation per sq ft, Launches, Net debt, Occupancy, NOI. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the Real estate, REITs and InvITs framework (from the listed sector). Primary valuation lens: NAV for developers; distribution yield and NAV for REITs.
Read more closely in this sector: Pre-sales against collections · Land bought on debt · Joint development share.
The same read, applied to the companies this one competes with.