Elevate Campuses Limited

Elevate Campuses Limited (formerly known as Good Host Spaces Limited) is India’s leading organized student accommodation and educational infrastructure platform. The company operates a fully integrated, institutional-grade business model focused on owning, operating, and managing on-campus student accommodation facilities for Higher Education Institutions (HEIs) as well as acquiring and leasing K-12 school assets. Its core value proposition centres on providing safe, high-quality, tech-enabled, and holistic living-learning environments for students, enabling educational institutions to outsource non-academic infrastructure management and focus on academic excellence. The company operates under long-term master lease agreements and service contracts with partner universities, incorporating minimum occupancy guarantees and annual inflation-indexed fee escalations.

The company’s primary client segments comprise students enrolled in premier private and public higher education institutions and K-12 schools, as well as the institutions themselves. Its portfolio serves partner institutions such as Manipal Academy of Higher Education (MAHE), O.P. Jindal Global University, Shoolini University, Chitkara University, and others. Geographically, Elevate Campuses maintains a wide footprint spanning 22 cities across India—including key educational hubs such as Manipal, Jaipur, Jhajjar, Solan, and Rajkot—alongside an international presence in Dubai, United Arab Emirates.

As a specialized educational infrastructure and student housing owner, operator, and service manager rather than an original equipment manufacturer (OEM), Elevate Campuses Limited does not own or operate any manufacturing infrastructure or factories. Consequently, there are no factory locations or manufacturing capacity utilization figures to report. Instead, operational capacity is measured in terms of operational beds and educational facility square footage. As of March 31, 2026, the company managed a total capacity of over 55,000 beds across its student accommodation portfolio and held long-term master leases for 16 K-12 school assets.

Operationally, the company leverages proprietary technology platforms and digital campus management applications to streamline student onboarding, complaint redressal, dining management, access control, and laundry services. Facilities management, security, housekeeping, and catering are managed through a hybrid model combining in-house operational oversight with specialized third-party service vendors. The company holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications for quality, environmental, and occupational health and safety management, ensuring standardized service delivery across all campus locations.

As per financial performance, Elevate Campuses Limited has posted total income / net profits of Rs 362.61 Cr / Rs 39.69 Cr (FY24), Rs 394.13 Cr / Rs 49.74 Cr (FY25) and Rs 603.39 Cr / Rs 173.76 Cr (FY26). So as per previous financials data, the company has shown strong top-line revenue expansion alongside an increase in net profits aided by an exceptional gain of Rs 109.44 Cr in FY26, while total net debt expanded to Rs 2,712.90 Cr in FY26, of which Rs 611.36 Cr is allocated for debt repayment/prepayment from IPO proceeds. Company has an average EPS of Rs 12.45 and average RoNW of 12.46% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 0.84 as per NAV of Rs 432.62 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.00. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 153.72, 122.66, and 35.11 respectively. As per RHP, a comparison between listed peers shows that there are no listed companies in India whose business portfolio and scale of operations are directly comparable to Elevate Campuses Limited.

On BRLM's front, JM Financial Limited, IIFL Capital Services Limited, and Morgan Stanley India Company Private Limited are associated with this IPO, and JM Financial Limited has handled 28 main-board public issues in the last three fiscal years (data as on current date in document), with KFin Technologies Limited acting as the Registrar to the Issue.

• 1 Genius Bidco Holdings Pte. Ltd.
• 2 Genius Rajkot Investment Holdings Pte. Ltd.