Elevate Campuses (ELEVATE) Q1 26/27 earnings summary

Executive summary

• Q1FY27 revenue from operations was ₹2,191.35 Mn, up 31% YoY; total income rose 30% to ₹2,281 Mn, and EBITDA increased 27% to ₹1,736 Mn.

• The ₹21,000 Mn IPO funded acquisitions and debt repayment; post-IPO proforma net debt was ₹24,322 Mn.

Financial highlights

• Revenue from operations was ₹2,191.35 Mn versus ₹1,668.88 Mn in Q1FY26; total income was ₹2,281 Mn, up 30% YoY.

• EBITDA was ₹1,736 Mn, up 27% YoY, with a 76.1% margin versus 77.6%; Normalised EBITDA was ₹1,569 Mn, up 23%, with a 77.0% margin.

• PAT before exceptional items was ₹393 Mn, up 5% YoY; reported PAT was ₹341 Mn versus ₹1,187 Mn. Consolidated PBT was ₹424.23 Mn after a ₹69.27 Mn impairment loss.

• Proforma Cash PAT was ₹778 Mn, including ₹140 Mn potential interest savings from debt repayment using allocated IPO proceeds.

• Standalone revenue was ₹307.98 Mn and net profit was ₹33.36 Mn; Q1FY26 net profit included a ₹1,094.42 Mn gain on sale of a hostel undertaking.

Outlook and guidance

• Development pipeline spans 2,126 student beds across two HEIs, with estimated project cost of ₹6,465 Mn and pending capex of ₹3,700 Mn.

• IIT Madras plans 1,878 beds under a PPP project; pre-construction work was completed and construction was set to commence.

• UPES approved an initial 248-bed development within 750 beds of potential on existing land; K-12 developments total ~383,000 sq. ft.

• Contracted escalations, long-term agreements and institutional minimum guarantees support cash-flow visibility; guarantee/take-or-pay arrangements cover 88% of student accommodation, excluding Woodstock.