Elevate CampusesIPO Review — Financials, Valuation & Peers
A data-only look at the Elevate Campuses IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 362.61 | 39.69 | 220.13 | 655.77 | 2,104.74 | 984.71 | — |
| FY 2025 | 394.13 | 49.74 | 256.4 | 699.78 | 2,421.2 | 1,206.6 | — |
| FY 2026 | 603.39 | 173.76 | 545 | 956.29 | 5,773.35 | 4,120.53 | 15.72 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 23.03x
- P/E (post-issue)
- 35.11x
- RoNW
- 18.17%
- RoCE
- 6.42%
- Debt / Equity
- 4.98
- EPS (pre-issue)
- ₹15.72
- EPS (post-issue)
- ₹10.31
- EBITDA Margin
- 90.32%
- PAT Margin
- 28.8%
- P/BV
- 1.14x
- NAV / share
- ₹432.62
- Market Cap
- ₹6,100.82 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Promoters & Shareholding
Promoters: <p>Genius Bidco Holdings Pte.Ltd., Genius Rajkot Investment Holdings Pte.Ltd.</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 65.58%
- Dilution
- 34.42%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Elevate Campuses IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
The anchor round of the Elevate Campuses IPO drew 40 institutional investors committing a combined ₹944.98 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to SBI MULTI ASSET ALLOCATION FUND (₹100 crore), SBI MULTICAP FUND (₹90 crore) and HDFC BALANCED ADVANTAGE FUND (₹60 crore). Investor categories represented include Other, Insurance and FII/FPI. The lock-in on half the anchor shares ends on 27 Oct 2026, with the remainder locked until 26 Dec 2026.
Analyst view tally
For the Elevate Campuses IPO, we track the published view of 1 reviewer, Capital Market among them. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Elevate Campuses operates at an EBITDA margin of 90.32% and a net (PAT) margin of 28.8% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 6.42%. At the upper band, the post-issue market capitalisation works out to about ₹6,100.82 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward payment of the purchase consideration for the acquisition of the k-12 entities and campuses (₹1,100 crore), alongside repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable of availed by company and certain of subsidiaries, namely ghs shoolini, ghs sonipat, souk his uae and souk nlcs uae, through investment in such subsidiaries (₹750 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Elevate Campuses reported revenue of ₹603.39 crore and a net profit of ₹173.76 crore. Revenue grew from ₹362.61 crore in FY2024 to ₹603.39 crore in FY2026 (+66.0%). Net worth stood at ₹956.29 crore at the end of FY2026. At the upper band, that puts the issue at roughly 23.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 35.11× post-issue earnings and 1.14× book value, against a return on net worth of 18.17% and a debt-to-equity ratio of 4.98. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Genius Bidco Holdings Pte.Ltd., Genius Rajkot Investment Holdings Pte.Ltd.</p>. Promoter holding stands at 100% before the issue and comes down to 65.58% after listing.
Frequently asked questions
- What is the reservation split in the Elevate Campuses IPO?
- Of the total shares offered, retail investors get 10%, QIBs 30% (plus 45% anchor), non-institutional investors 15%.
- Who are the promoters of Elevate Campuses and what is their holding?
- The promoters are <p>Genius Bidco Holdings Pte.Ltd., Genius Rajkot Investment Holdings Pte.Ltd.</p>. Promoter holding is 100% before the issue and 65.58% after listing.
- What is the P/E ratio of the Elevate Campuses IPO?
- At the upper price band, the Elevate Campuses IPO is valued at 23.03× pre-issue earnings and 35.11× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Elevate Campuses IPO?
- The net proceeds go primarily toward payment of the purchase consideration for the acquisition of the k-12 entities and campuses, among 4 disclosed objects.