Elevate Campuses Revenue Rises 54%, Managed Student Beds Drive Asset-Light Growth

Elevate Campuses' student accommodation business is growing with a larger share of properties under management rather than ownership. The company had 75,855 student accommodation beds as of March 31, 2026, of which 55,487 were managed beds and 20,368 were owned.

Managed beds now account for about 73% of the company's total student accommodation capacity. Elevate operates these facilities for educational institutions and provides services such as food, housekeeping, laundry and security.

Revenue from operations rose to ₹568.63 crore in FY26 from ₹369.81 crore a year earlier. Profit after tax increased to ₹173.76 crore from ₹49.74 crore.

Elevate Campuses Financials

The company's reported revenue grew 53.8% year on year in FY26. Profit more than tripled during the year.

Elevate reported EBITDA of ₹545 crore, with an EBITDA margin of 90.3%. On a pro forma basis, which includes certain acquisitions for the full period, revenue stood at ₹806.9 crore and profit at ₹207 crore.

Student accommodation accounts for a large part of the business. The company had 20,368 owned beds across seven campuses and 55,487 managed beds across 14 campuses at the end of FY26.

Elevate's student housing operations cover 15 cities in India and one city in the UAE. Along with accommodation, it provides students with food, laundry, housekeeping, security and other services.

Occupancy in the owned portfolio fell to 89.37% in FY26 from 99.47% in FY25. The company has attributed the decline to vacancies at some properties following lease terminations.

The company also has a K-12 education infrastructure business. The three largest higher education institutions accounted for 61.46% of FY26 revenue, down from 89% a year earlier.

The managed model allows Elevate to operate student accommodation without owning the property. The educational institution or property owner retains the asset, while Elevate runs the accommodation facility and related services.

This has helped the company add a much larger number of managed beds than owned beds. At the end of FY26, managed beds stood at 55,487, compared with 20,368 owned beds.

The model also means Elevate can expand into more campuses without buying every property it operates. Its agreements with educational institutions give it access to existing campuses and their student populations.

At the same time, the company has taken on more debt as the business has expanded. Net debt stood at around ₹2,712.9 crore in FY26, compared with ₹730.3 crore in FY24.

For the business, the numbers to watch are managed-bed additions, occupancy, revenue growth and debt.

Elevate Campuses IPO Details

Elevate Campuses is raising ₹2,100 crore through a fresh issue of 5.80 crore shares. The price band is ₹343-₹362 per share, with no offer-for-sale component.

Of the proceeds, ₹1,100 crore is planned for the acquisition of K-12 entities and campuses from promoter-group entities. Another ₹750 crore will be used to repay or prepay borrowings.

The remaining amount will go towards acquisitions, strategic initiatives and general corporate purposes.

The fundraise will support the company's expansion in K-12 education infrastructure as it continues to add managed student accommodation capacity.

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