Elevate Campuses (ELEVATE) Q2 26/27 earnings summary

Executive summary

• Q2FY27 total income was Rs 2,474 Mn, up 28% YoY, and EBITDA was Rs 1,696 Mn, up 16%; H1 total income rose 29% to Rs 4,755 Mn and EBITDA rose 21% to Rs 3,432 Mn.

• Consolidated revenue from operations was Rs 2,360.60 Mn in Q2FY27 and Rs 4,551.95 Mn in H1FY27; H1 net profit was Rs 670.43 Mn.

• The platform spans student accommodation and K-12 campuses, with 95% occupancy across owned beds and operations in 13 Indian states and Dubai.

Financial highlights

• Q2FY27 revenue from operations was Rs 2,360.60 Mn versus Rs 1,808.90 Mn in Q2FY26; reported PAT was Rs 330 Mn, down 24% YoY, with a 13.3% margin.

• Q2FY27 normalised EBITDA was Rs 1,584 Mn, up 17% YoY, with a 71.6% margin; proforma cash PAT was Rs 781 Mn.

• H1FY27 normalised EBITDA was Rs 3,153 Mn; PAT before exceptional items was Rs 723 Mn, down 10% YoY, and proforma cash PAT was Rs 1,559 Mn.

• H1FY27 PAT after exceptional items was Rs 670.43 Mn; impairment and accelerated depreciation on terminated contracts affected the period.

• Standalone H1FY27 revenue was Rs 678.78 Mn and net profit was Rs 66.65 Mn; prior-year profit included a gain on sale of a hostel undertaking.

Segment performance

• Student accommodation had 20,427 owned beds and 58,785 managed beds across 23 HEI campuses; more than 78,000 beds were under management.

• Owned-bed occupancy was 95%; the ~5% vacancy related to Woodstock, which generated Rs 41 Mn revenue in FY26.

• The portfolio includes 18 K-12 campuses and total student capacity of 1,07,698 across education segments.

• H1FY27 student accommodation revenue was Rs 2,448.50 Mn; India K-12 revenue was Rs 934.58 Mn and outside-India K-12 revenue was Rs 1,168.87 Mn.

• Six developments comprise 2,126 student accommodation beds across two HEIs and 3,83,000 sq. ft. of K-12 projects, at an estimated cost of ~Rs 6,465 Mn.