Financial Performance Q1FY27

  • Revenue from Operations: ₹2,192 Mn (31% YoY growth from ₹1,669 Mn in Q1FY26)
  • Other Income: ₹89 Mn (compared to ₹92 Mn in Q1FY26)
  • Total Income: ₹2,281 Mn (30% YoY growth from ₹1,761 Mn)
  • Employee Expenses: ₹165 Mn (65% increase from ₹100 Mn YoY)
  • Other Expenses: ₹380 Mn (29% increase from ₹295 Mn YoY)
  • EBITDA: ₹1,736 Mn (27% YoY growth from ₹1,366 Mn)
  • EBITDA Margin: 76.1% (compared to 77.6% in Q1FY26)
  • Depreciation: ₹412 Mn (57% increase from ₹262 Mn YoY)
  • Finance Costs: ₹830 Mn (27% increase from ₹654 Mn YoY)
  • Profit Before Exceptional Items & Tax: ₹494 Mn (10% YoY growth from ₹450 Mn)
  • Tax Expense: ₹101 Mn (35% increase from ₹75 Mn YoY)
  • Profit After Tax (Before Exceptional Items): ₹393 Mn (5% YoY growth from ₹375 Mn)
  • Profit After Tax (After Exceptional Items): ₹341 Mn (71% decrease from ₹1,187 Mn YoY, which included gain on sale of TAPMI)

Normalized Financial Metrics

  • Normalized EBITDA: ₹1,569 Mn (primarily excludes Ind AS adjustments on lease equalization, finance lease and security deposits)
  • Normalized EBITDA Margin: 77.0%
  • Proforma Cash PAT: ₹778 Mn (calculated as Normalized EBITDA - Finance Cost + Potential Interest Saving from Debt Repayment using allocated IPO proceeds - Tax)

Balance Sheet Position

  • Net Block: ₹64,114 Mn
  • Proforma Net Debt (Post IPO): ₹24,322 Mn
  • Credit Rating: A/Stable by CareEdge Ratings (pre-IPO, pre-debt repayment)
  • Weighted Average Tenure of Loans: 9 years

IPO Proceeds Utilization (as of October 19, 2026)

The company raised ₹21,000 Mn through IPO with the following utilization:

  • Acquisition of K-12 Entities & Campuses: ₹10,837 Mn utilized of ₹11,000 Mn allocated (₹163 Mn balance to be deposited by November 07, 2026)
  • Repayment/Prepayment of Outstanding Debt: ₹7,115 Mn utilized of ₹7,500 Mn allocated (₹385 Mn balance)
  • Acquisitions, Strategic Initiatives & General Corporate Purposes: ₹346 Mn utilized of ₹2,500 Mn allocated (₹2,154 Mn balance)
  • Total Utilized: ₹18,298 Mn
  • Balance IPO Proceeds: ₹2,702 Mn
  • General Corporate Purposes includes ₹1,204 Mn of IPO expenses

Business Updates

Woodstock, Karnataka

  • Repositioned and relaunched on July 15, 2026 as women-centric student accommodation
  • 1000+ beds capacity with focus on safety, community and quality living

County, Karnataka

  • Successfully re-leased to International Institute of Information Technology, Bangalore (IIIT-B)
  • Refurbished campus-style freehold development with academic block and 2 student accommodation blocks
  • 1000+ beds capacity with 100% occupancy achieved post-relaunch

UPES, Uttarakhand

  • Campus acquired and integrated into portfolio operating at 100% occupancy
  • Own land with development potential of ~750 beds
  • Building-plan approved for developing first tranche of 248 beds

Manav Rachna, Haryana

  • Acquired student accommodation facilities consisting of 832 beds at NAAC A++ rated HEI
  • Premiumized inventory offering and upgraded common areas ahead of onboarding season

IIT Madras, Tamil Nadu

  • Greenfield development under PPP mode for 1,878 beds
  • Completed pre-construction activities with integrated sustainability measures

Development Pipeline (as of June 30, 2026)

  • Student Accommodation: 2,126 beds across 2 HEIs
  • K-12 Campuses: 383,000 sq. ft. expansion
  • Total Estimated Project Cost: ₹6,465 Mn
  • Pending Capex: ₹3,700 Mn

Specific projects include:

1. IIT Madras, Tamil Nadu: 1,878 beds (Student Accommodation)

2. UPES, Uttarakhand: 248 beds (Student Accommodation)

3. St. Andrews Keesara Expansion: ~60,000 sq. ft. (K-12)

4. St. Andrews Suchitra High School Block F Development: ~182,000 sq. ft. (K-12)

5. St. Andrews Suchitra High School Future Development: ~95,000 sq. ft. (K-12)

6. Billabong High International School Expansion: ~46,000 sq. ft. (K-12)

Operational Metrics

  • India's largest institutionalized, independent education infrastructure company
  • Managing on-campus student accommodation across Higher Education Institutions (HEIs) & owning K-12 Campuses in India & Dubai
  • Occupancy: 95% as of July 01, 2026 (~5% vacancy at Woodstock facility which contributed ~₹41 Mn revenue in FY26)

Market Context

  • Operating in world's largest education market with strong GDP growth and accelerating student enrollments
  • Currently serves <1% of Target Addressable Market enrollments
  • Private enrolment share: 25% in K-12, 65% in Higher Education

Leadership Team

  • Stanislos Simon D'Britto: Chief Operating Officer (26+ years facility management experience)
  • Ajay Kumar: Chief Investment Officer (18+ years financial services experience, ex-Investcorp India & Indiabulls Asset Management)
  • Kunal Arvind Patwa: Chief Investment Officer - K-12 Schools (16+ years experience, ex-Investcorp India & IDFC Alternatives)

Board of Directors

  • Anami Narayan Roy: Chairman and Independent Director (ex-Directorate General of Police and Police Commissioner of Mumbai)
  • Rashmi Satish Joshi: Independent Director (Chartered Accountant with 25+ years experience)
  • Vinod Raja Rao: Whole-Time Director & CFO (Chartered Accountant with 29+ years experience)
  • Joseph Raymond Gagnon: Non-Executive Director (Co-Founder of Real Assets, Rava Partners)
  • Siddhartha Gupta: Non-Executive Director (Founder, Alta Capital)
  • Mukesh Tiwari: Non-Executive Director (21+ years real estate investing experience)

Sustainability & Governance

  • 3 K-12 Campuses awarded WELL Health-Safety Rating
  • Digital transformation implemented on April 01, 2026 with DOA and SOD frameworks
  • Unified HR technology platform implemented
  • SAP PS module implemented for greenfield projects
  • Student application software received ISO 27001 certification

Institutional Shareholders

Key institutional shareholders include SBI MF, HDFC MF, 360 ONE Fund, Ashoka WhiteOak Capital, Mirae Asset MF, Norges Bank Investment Management, Tata AIG General Insurance, Bandhan MF, PGIM India MF, Abakkus MF, Edelweiss MF, and Groww MF.

Company Contact

Investor Relations Department: 022-68201600