Elevate Campuses (ELEVATE) Q4 25/26 earnings summary

Executive summary

• Consolidated revenue rose to INR 5,686.33 million from INR 3,698.11 million; profit after tax increased to INR 1,737.59 million from INR 497.38 million, including exceptional gains.

• Growth reflected acquisitions and expansion across student accommodation and K12 school-property leasing; significant investment and financing activity accompanied the enlarged portfolio.

Financial highlights

• Consolidated revenue from operations was INR 5,686.33 million vs INR 3,698.11 million; total expenses were INR 5,045.49 million vs INR 3,038.28 million.

• Consolidated profit before exceptional items and tax was INR 988.43 million vs INR 902.99 million; exceptional gain was INR 1,049.19 million vs an exceptional loss of INR 106.73 million.

• Consolidated profit after tax was INR 1,737.59 million vs INR 497.38 million; total comprehensive income was INR 2,341.09 million vs INR 497.30 million.

• Standalone revenue declined to INR 1,253.88 million from INR 1,569.03 million; PAT rose to INR 891.98 million from INR 483.30 million, including a hostel-sale gain.

• Consolidated operating cash flow was INR 2,970.75 million; investing cash outflow was INR 31,843.18 million and financing cash inflow INR 26,794.94 million; closing cash was INR 1,591.78 million.

Outlook and guidance

• IIT Madras hostel PPP carries a 30-year concession after construction; the authority’s equity support is capped at 56.68% of project cost and INR 2,249.90 million.

• IIIT Bangalore agreements cover academic-block leasing for 4 years and 3 months from April 1, 2026, and student accommodation services for 4 years from July 1, 2026.

• A May 2026 board intention to convert INR 10,500 million of convertible debentures and 6,63,13,116 CCPS into equity is subject to the stated IPO/RHP and long-stop conditions.

• Management assessed Middle East geopolitical developments as not disrupting core operations or liquidity; it will monitor conditions, supply chains and cash flows, and considers going-concern preparation appropriate.