Brokerage houses bullish on Elevate Campuses IPO, highlight market leadership, 100% fresh issue and long-term annuity revenues
Elevate Campuses Limited’s Initial Public Offering (IPO) has received positive coverage from multiple brokerage houses, with BP Equities, Sushil Finance, Anand Rathi, Swastika Securities, Ventura Securities, Kunvarji Wealth Solutions, and Marwadi Financial Services recommending investors to subscribe to the issue. The research reports highlight the company’s position as India’s dominant institutionalised education infrastructure platform, its multi-decadal master lease arrangements with top higher education institutions, expanding K-12 presence, and accelerating financial growth.
Elevate Campuses mobilised ₹945 crore from marquee anchor investors at ₹362 per equity share, the upper end of the price band. The anchor allocation witnessed participation from over 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 international sovereign wealth fund Norges Bank Investment Management.
Brokerages have highlighted Elevate Campuses’ substantial scale moat in the purpose-built student accommodation (PMSA) segment. BP Equities noted that the company’s portfolio of 78,542 beds as of June 2026 is approximately 2.1 times the size of its nearest organized competitor. BP Equities also emphasized the company's strong profitability profile, with EBITDA surging to ₹545 crore in FY26 while operating efficiency expanded significantly.
Sushil Finance highlighted Elevate’s evolution into a dual-engine platform spanning on-campus student accommodation and K-12 assets across India and the UAE. The brokerage noted that total income increased to ₹603.4 crore in FY26, with PAT rising sharply to ₹173.8 crore. It attributed this earnings expansion to long-term master leases carrying 50–60-year tenures with built-in price escalations and occupancy guarantees from premier academic partners.
Anand Rathi Financial Services recommended a "Subscribe – Long Term" rating for the IPO, highlighting Elevate’s integrated education infrastructure platform that manages a portfolio of 20,368 owned beds and 55,487 managed beds across 15 Indian cities, alongside two K-12 assets in Dubai. The brokerage emphasized that long-term master leases (50–60 years) with minimum occupancy guarantees averaging ~87.55% provide strong revenue visibility, while the planned acquisition of 16 K-12 assets from issue proceeds further expands its addressable market across the full student lifecycle. Anand Rathi also noted that at the upper price band of ₹362, the stock is valued at a P/E of 29.5x and EV/EBITDA of 17.28x based on FY26 earnings.
Marwadi Financial Services assigned a "Subscribe" rating to the IPO, underlining Elevate Campuses' dominant market position as India's largest institutional operator of professionally managed student accommodation with an inventory of 78,542 beds. The brokerage highlighted that the business is driven by advance student fee collections, providing strong operational stability and cash flow visibility. It also noted that based on a post-issue FY26 EPS of ₹10.31, the company is set to list at a P/E of ~35x with a post-issue market cap of ₹6,101 crore, while emphasizing that no directly comparable listed peers exist in India or globally.
Kunvarji Wealth Solutions recommended subscribing to the IPO with a long-term view, citing Elevate Campuses' dominant market footprint, high occupancy rates of 89.4% across owned facilities, and clear capital deployment roadmap.
The positive brokerage commentary comes as Elevate Campuses’ IPO comprises an entirely fresh issue of ₹2,100 crore with zero offer for sale (OFS) from existing promoters or investors. The fresh issue proceeds are proposed to be used primarily towards the acquisition of K-12 entities and campuses, repayment of borrowings, and general corporate purposes.
The IPO opened on September 23, 2026 and will close on September 25, 2026, with a price band of ₹343–₹362 per equity share.
