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Listed
Other Consumer Services
Elevate Campuses Limited IPO
₹2100 Cr · Fresh Issue · Other Consumer Services
Price Band
₹343 – ₹362
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹2100 Cr
Fresh Issue
Market Cap
₹6100.82 Cr
At upper band
P/E Ratio
29.5x
P/S: 7.6x
Listing Date
30 Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
23 Sep 2026
✓
Closes
25 Sep 2026
✓
Allotment
28 Sep 2026
✓
Refund
29 Sep 2026
✓
Listing
30 Sep 2026
IPO India Hub: Subscribe
Conviction
7/10
The company trades at 1.28× sector midpoint with exceptional 28.8% net margins and 109% PAT CAGR, well within Subscribe thresholds. High debt-to-equity of 2.71× and modest 9.9% ROCE are material headwinds that cap conviction at 7 rather than 8+.
Listing Performance
Issue Price
₹362
Allotment price
Listing Price
₹356.5
-1.52% on listing day
Current Price (CMP)
₹289.75
-20% vs issue
Listed On
30 Sep 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit surged 109.2% over two years (₹39.7 Cr to ₹173.8 Cr), significantly outpacing 29% revenue CAGR. This operating leverage demonstrates strong unit economics in the K-12 education and campus services model.
✓ Strength
Industry-leading net profit margin
NPM of 28.8% and EBITDA margin of 65.06% are exceptional for consumer services, indicating pricing power and operational efficiency. This margin profile justifies the 1.28× sector multiple and supports the Subscribe case.
⚠ Risk
Elevated leverage constrains returns
Debt-to-equity of 2.71× is significantly above the 1.5× comfort threshold and will increase post-IPO as ₹1,100 Cr is deployed for K-12 acquisitions. ROCE of only 9.9% suggests capital deployment may not generate adequate returns on this enlarged debt base.
⚠ Risk
Acquisition execution and integration risk
₹1,100 Cr (52% of net proceeds) is earmarked for K-12 entity acquisitions, a material execution bet. Overpayment, integration delays, or underperformance of acquired assets could materially dilute shareholder value.
₹ Valuation
Fair valuation with margin premium
P/E of 29.5× is 1.28× the niche sector midpoint of 23×, placing it in the Subscribe zone. The 28.8% NPM justifies a modest premium to sector midpoint, though P/S of 7.6× suggests the market is pricing in sustained growth.
👁 Watch
Post-acquisition debt reduction pace
Monitor quarterly debt repayment progress and whether the company achieves stated deleveraging targets. Failure to reduce D/E below 2.0× within 18–24 months would signal capital allocation missteps.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Elevate Campuses Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹806.93 Cr
Net Profit
₹207.00 Cr
Industry
Other Consumer Services
Issue Type
Fresh Issue
Promoters
GENIUS BIDCO HOLDINGS PTE. LTD. AND GENIUS RAJKOT INVESTMENT HOLDINGS PTE. LTD.
Lead Managers
JM Financial, IIFL Capital and Morgan Stanley
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 1.28× sector midpoint with exceptional 28.8% net margins and 109% PAT CAGR, well within Subscribe thresholds. High debt-to-equity of 2.71× and modest 9.9% ROCE are material headwinds that cap conviction at 7 rather than 8+.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹343 – ₹362.
The IPO opens on 23 Sep 2026. It closes on 25 Sep 2026. Allotment is expected on 28 Sep 2026. Refunds initiate on 29 Sep 2026. Listing on BSE and NSE is on 30 Sep 2026.
The lead managers for the IPO are JM Financial, IIFL Capital and Morgan Stanley. Check the SEBI filing for the registrar details.
The IPO listed on 30 Sep 2026 at ₹356.5 against an issue price of ₹362 (-1.52% on listing day). The current market price (CMP) is approximately ₹289.75 (-20% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 25 Sep 2026. The company trades at 1.28× sector midpoint with exceptional 28.8% net margins and 109% PAT CAGR, well within Subscribe thresholds. High debt-to-equity of 2.71× and modest 9.9% ROCE are material headwinds that cap conviction at 7 rather than 8+.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 25 Sep 2026. The IPO is priced at a P/E of 29.5x. Market cap at issue price is ₹6100.82 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 25 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Elevate Campuses Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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