Elevate Campuses

Institutionalized and Independent Platform with Market-Leading Scale

The company operates a student accommodation portfolio of 78,542 beds as of June 15, 2026, representing approximately 2.1 times the capacity of the next largest PMSA player and approximately 6.2 times that of the third largest, while serving only ~0.85% of the TAM of 12.66 million total student enrollment in India, indicating significant future growth opportunities.

Strong Operational Capabilities and Superior Asset Management Expertise

The company has established strong operating capabilities across the value chain, growing its student accommodation portfolio to 75,855 Owned and Managed Beds as of March 31, 2026, from 53,717 in Academic Year 2023-2024; asset enhancement initiatives such as renovation at Shoolini University generated a 20% return on investment on capital expenditure incurred.

Commitment to Superior Student Experience and Well-Being

The company facilitates over 50,000 meals daily across HEIs in its Owned Portfolio and manages over 1,562 service requests daily across Good Host Spaces campuses; three of its K-12 Assets are among only five schools in India awarded the prestigious WELL Health-Safety Rating as of Academic Year 2024-2025.

Strategically Located, Quality Modern Portfolio

The company's Owned Portfolio achieved 89.37% occupancy for Academic Year 2025-2026 (till March 31, 2026), compared to the estimated national average of 85-90% for its TAM; its K-12 Asset HIS Dubai is rated 'Outstanding' by BSO as of April 2025 and 'Very Good' by KHDA for Academic Year 2023-2024.

Derisked Business Model with Clear Cash Flow Visibility and Consistent Growth and Profitability

The company's contracts with HEIs for student accommodation in its Owned Portfolio generally range from 50 to 60 years with minimum occupancy guarantees (blended ~87.55% for Owned Portfolio under HEI), and its Pre-Acquisition Group revenue from operations grew at a CAGR of 28.01% to ₹5,686.33 million in Financial Year 2026 from ₹3,470.01 million in Financial Year 2024, with restated profit for the year increasing to ₹1,737.59 million from ₹396.89 million over the same period.

Highly Experienced Senior Management Team

The company's leadership team comprises three Key Managerial Personnel and six Senior Managerial Personnel (excluding KMPs) with in-depth experience in education, real estate investment, operations, facility management, project management, deal financing, governance, risk and compliance, and financial control.

High Revenue Concentration from a Few HEIs

The Pre-Acquisition Group derived 61.46%, 89.00%, and 88.60% of its revenue from operations in FY2026, FY2025, and FY2024, respectively, from just three HEIs (O.P. Jindal Global University, Manipal University Jaipur, and Shoolini University). Any adverse developments affecting these institutions or deterioration in relationships with them could materially impact the company's financial performance and results of operations.

Dependency on Occupancy Rates in Student Accommodation (Owned Portfolio)

The Pre-Acquisition Group derived 65.74%, 99.24%, and 99.72% of its revenue from operations in FY2026, FY2025, and FY2024, respectively, from student accommodation in its Owned Portfolio, with occupancy rates declining from 99.92% in AY2024 to 89.37% in AY2026. Any failure to maintain high occupancy rates — due to competition, regulatory changes, or reputational events — could significantly reduce revenues and adversely affect cash flows.

Risks Associated with Proposed Acquisition of K-12 Assets (52.38% of Gross Proceeds)

The company proposes to utilize approximately 52.38% of Gross Proceeds (₹11,000 million) to acquire K-12 Entities and Campuses from fellow subsidiaries of its Promoters, with ongoing operational issues including notices from K-12 Operators regarding rent adjustments, structural rectifications, and statutory approval discrepancies. Failure to realize anticipated benefits, inability to identify associated liabilities, or integration challenges could adversely affect business operations and the value of Equity Shares post-acquisition.

High Indebtedness and Floating Interest Rate Exposure

The Pre-Acquisition Group's total borrowings stood at ₹41,205.34 million as of March 31, 2026 (up from ₹9,847.11 million in FY2024), with 66.61% at floating rates, leaving the company exposed to interest rate volatility without any hedging arrangements in place. Failure to meet debt obligations or restrictive covenants could result in lenders enforcing security over assets, adversely affecting operations and shareholder returns.

Early Termination, Non-Renewal, and Renegotiation of HEI and K-12 Operator Agreements

The company operates under long-term contractual arrangements with HEIs and K-12 Operators that contain provisions for early termination, non-renewal, and renegotiation upon service deficiencies, regulatory non-compliance, or reputational harm. Any termination or unfavorable renegotiation of these agreements could result in significant revenue loss, reduced occupancy, and adverse financial consequences.

Delays in Payment of Lease Rentals and Management Fees

There have been instances of delays of one to six months in payment of lease rentals by K-12 Operators, and the Post-Acquisition Group's pro forma revenue from K-12 Assets represents 45.29% of total pro forma revenue from operations in FY2026. Prolonged or frequent payment delays could create cash flow mismatches, impair operational expenditure planning, and adversely affect overall financial performance.

Limited Operating History in K-12 Assets Business

The Post-Acquisition Group will have limited operating history in the K-12 Assets business, having only entered the segment internationally in September 2025 with two Dubai acquisitions and proposing significant domestic expansion through the Proposed Acquisitions. The different asset profile, contractual framework, and regulatory environment compared to student accommodation increases execution risk and makes future performance difficult to evaluate.