Elevate Campuses Q2 Revenue Up 31% YoY

Revenue from Operations: ₹2,361 Mn (compared to ₹1,809 Mn in Q2FY26)
Other Income: ₹114 Mn (compared to ₹129 Mn in Q2FY26)
Total Income: ₹2,474 Mn, up 28% YoY
EBITDA: ₹1,696 Mn with 68.5% margin (compared to ₹1,459 Mn with 75.3% margin in Q2FY26)
Normalized EBITDA: ₹1,584 Mn with 71.6% margin, up 17% YoY
Depreciation: ₹423 Mn
Finance Costs: ₹861 Mn
Profit Before Exceptional Items & Tax: ₹412 Mn (compared to ₹536 Mn in Q2FY26)
Tax: ₹82 Mn
Profit After Tax (Before Exceptional Items): ₹330 Mn with 13.3% margin (compared to ₹432 Mn in Q2FY26)
Proforma Cash PAT: ₹781 Mn

Revenue from Operations: ₹4,552 Mn (compared to ₹3,478 Mn in H1FY26)
Other Income: ₹203 Mn (compared to ₹221 Mn in H1FY26)
Total Income: ₹4,755 Mn, up 29% YoY
EBITDA: ₹3,432 Mn with 72.2% margin (compared to ₹2,826 Mn with 76.4% margin in H1FY26)
Normalized EBITDA: ₹3,153 Mn
Depreciation: ₹836 Mn
Finance Costs: ₹1,691 Mn
Profit Before Exceptional Items & Tax: ₹906 Mn (compared to ₹987 Mn in H1FY26)
Tax: ₹183 Mn
Profit After Tax (Before Exceptional Items): ₹723 Mn (compared to ₹807 Mn in H1FY26)
Profit After Tax (After Exceptional Items): ₹670 Mn (compared to ₹1,619 Mn in H1FY26)
Proforma Cash PAT: ₹1,559 Mn (₹778 Mn in Q1FY27 and ₹781 Mn in Q2FY27)

The company raised ₹21,000 Mn through IPO with the following utilization as of November 11, 2026:

Acquisition of K-12 Entities & Campuses: ₹11,000 Mn (fully utilized)
Repayment/Prepayment of Outstanding Debt: ₹7,500 Mn (fully utilized)
Acquisitions, Strategic Initiatives & General Corporate Purposes: ₹2,500 Mn (₹1,647 Mn utilized, ₹853 Mn balance)
Total Utilized: ₹20,147 Mn
General Corporate purposes includes ₹1,204 Mn of IPO expenses

Company describes itself as "India's largest institutionalized, independent education infrastructure and services company"
Business includes owning, operating and managing on-campus student accommodation across Higher Education Institutions and owning K-12 Campuses in India & Dubai
88% portfolio level minimum guarantee from education institutions as of September 30, 2026
Delivered 23% EBITDA CAGR from FY23 to FY26

Post-Q2FY27 expansion at O.P. Jindal Global University (JGU) adding 2,450 beds
Development pipeline includes:
IIT Madras, Tamil Nadu: 1,878 beds (student accommodation)
UPES, Uttarakhand: 248 beds with development potential of ~750 beds on existing land (student accommodation)
St. Andrews Keesara Expansion: ~60,000 sq. ft. (K-12)
St. Andrews Suchitra High School Block F Development: ~182,000 sq. ft. (K-12)
St. Andrews Suchitra High School Future Development: ~95,000 sq. ft. (K-12)
Billabong High International School Expansion: ~46,000 sq. ft. (K-12)
Total development: 2,126 beds across 2 HEIs + 383,000 sq. ft. for K-12 campuses
Total Estimated Project Cost: ~₹6,465 Mn
Pending Capex: ~₹3,500 Mn

Key institutional shareholders include SBI MF, HDFC MF, 360 ONE Fund, Ashoka WhiteOak Capital, Mirae Asset MF, Bandhan MF, Norges Bank Investment Management, Tata AIG General Insurance, PGIM India MF, Abakkus MF, Edelweiss MF, and Groww MF
Employee Strength: 1,200+ employees
Leadership team includes experienced professionals with backgrounds in facility management, financial services, and real estate investing
Board of Directors includes Joseph Raymond Gagnon, Siddhartha Gupta, and Mukesh Tiwari with extensive real estate investment experience

Infrastructure enhancements including refurbished sports grounds, room repainting, advanced insulation panels, and Building Management System installation
Digital transformation including SAP implementation, unified HR platform, and digitized policy management
Sustainability initiatives with 3 K-12 campuses awarded WELL Health-Safety Rating
Student safety measures including dedicated security staff and resident wellbeing roles

Company serves <1% of its target addressable market enrolments
10+ acquisition opportunities in pipeline across business segments with 4 under diligence