Brokerages recommend Elevate Campuses IPO, citing scale and revenue visibility

New Delhi: Elevate Campuses Limited’s initial public offering (IPO) has received positive coverage from several brokerage houses, with BP Equities, Sushil Finance, Anand Rathi Financial Services, Swastika Securities, Ventura Securities, Kunvarji Wealth Solutions and Marwadi Financial Services recommending subscription to the issue, a press release said.

The brokerage reports have highlighted Elevate Campuses’ scale in the institutional student accommodation segment, long-term master lease arrangements with leading higher education institutions, growing presence in the K-12 segment and improving financial performance.

Elevate Campuses raised ₹945 crore from anchor investors at ₹362 per equity share, the upper end of the IPO price band. The anchor allocation saw participation from more than 20 institutional investors, including SBI Mutual Fund, HDFC Mutual Fund, Bandhan Mutual Fund, White Oak Mutual Fund, Mirae Asset Management, 360 One, Tata AIG General Insurance and Norges Bank Investment Management.

BP Equities highlighted the company’s scale advantage in the purpose-built student accommodation (PMSA) segment. As of June 2026, Elevate Campuses had a portfolio of 78,542 beds, around 2.1 times the size of its nearest organised competitor, according to the brokerage. It also noted a sharp improvement in profitability, with EBITDA rising to ₹545 crore in FY26.

Sushil Finance said Elevate Campuses has evolved into a dual-engine education infrastructure platform spanning on-campus student accommodation and K-12 assets across India and the UAE. The brokerage noted that total income rose to ₹603.4 crore in FY26, while profit after tax (PAT) increased to ₹173.8 crore. It attributed the growth to long-term master lease agreements of 50–60 years, built-in rental escalations and occupancy guarantees from academic partners.

Anand Rathi Financial Services assigned a “Subscribe – Long Term” rating to the IPO. It highlighted the company’s portfolio of 20,368 owned beds and 55,487 managed beds across 15 Indian cities, along with two K-12 assets in Dubai. The brokerage said master leases of 50–60 years, coupled with minimum occupancy guarantees averaging around 87.55%, provide revenue visibility. The proposed acquisition of 16 K-12 assets through the IPO proceeds is expected to further expand the company’s presence across the student lifecycle.

At the upper price band of ₹362 per share, Anand Rathi estimated the company’s valuation at 29.5 times FY26 earnings on a price-to-earnings basis and 17.28 times on an EV/EBITDA basis.

Marwadi Financial Services also assigned a “Subscribe” rating, citing Elevate Campuses’ position as India’s largest institutional operator of professionally managed student accommodation, with 78,542 beds. It highlighted advance collection of student fees as a factor supporting operational stability and cash-flow visibility. Based on a post-issue FY26 EPS of ₹10.31, Marwadi estimated a listing valuation of around 35 times earnings and a post-issue market capitalisation of ₹6,101 crore.

Kunvarji Wealth Solutions recommended subscribing to the issue with a long-term view, citing the company’s market footprint, 89.4% occupancy across owned facilities and its planned deployment of capital.

The IPO comprises an entirely fresh issue of ₹2,100 crore, with no offer for sale (OFS) by existing promoters or investors. The proceeds are proposed to be used primarily for the acquisition of K-12 entities and campuses, repayment of borrowings and general corporate purposes.

The IPO opened on September 23 and will close on September 25, 2026. The price band has been fixed at ₹343–₹362 per equity share.