Slides
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ELEVATE CAMPUSES LTD. INVESTOR PRESENTATION - Q1FY27 India’s Largest Independent Education Infrastructure and Services Company
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This Presentation and the accompanying slides (the “Presentation”) have been prepared by Elevate Campuses Ltd . (the “Company”) solely for information purposes . This Presentation does not constitute an offer, recommendation or invitation to purchase, subscribe for, sell or otherwise deal in any securities of the Company, and shall not form the basis of, or be relied upon in connection with, any contract or binding commitment whatsoever . This Presentation has been prepared based on information and data that the Company considers reliable . However, the Company makes no representation or warranty, express or implied, as to the truth, accuracy, completeness, fairness or reasonableness of the contents of this Presentation . The Presentation may not contain all information that an investor may consider material, and no reliance should be placed on the information contained herein . Certain statements in this Presentation relating to the Company’s business, market opportunity, prospects, plans and future performance may be forward - looking in nature and are based on assumptions, expectations and estimates subject to various risks and uncertainties . Actual results, performance or achievements may differ materially from those expressed or implied . Any projections or estimates are based on assumptions as of the date of this Presentation and may change as circumstances evolve . The Company assumes no obligation to update or revise such information, except as may be required by applicable law . Neither the Company nor its affiliates, directors, officers, employees, advisers or agents shall be liable for any loss or damage arising from or in connection with any use of, or reliance upon, the information contained in this Presentation . While the Company has taken reasonable care in preparing this Presentation, it does not warrant the accuracy, completeness or reliability of the information provided and disclaims liability for any errors, omissions or inaccuracies, to the extent permitted by applicable law . This Presentation should not be construed as investment, legal, tax, accounting or other professional advice . Investors are advised to make their own independent assessment and seek appropriate professional advice before making any investment decision . Disclaimer 2 Disclaimer .iELEVATE This Presentation and the accompanying slides (the "Presentation") have been prepared by Elevate Campuses Ltd. (the "Company") solely for information purposes. This Presentation does not constitute an offer, recommendation or invitation to purchase, subscribe for, sell or otherwise deal in any securities of the Company, and shall not form the basis of, or be relied upon in connection with, any contract or binding commitment whatsoever. This Presentation has been prepared based on information and data that the Company considers reliable. However, the Company makes no representation or warranty, express or implied, as to the truth, accuracy, completeness, fairness or reasonableness of the contents of this Presentation. The Presentation may not contain all information that an investor may consider material, and no reliance should be placed on the information contained herein. Certain statements in this Presentation relating to the Company's business, market opportunity, prospects, plans and future performance may be forward-looking in nature and are based on assumptions, expectations and estimates subject to various risks and uncertainties. Actual results, performance or achievements may differ materially from those expressed or implied. Any projections or estimates are based on assumptions as of the date of this Presentation and may change as circumstances evolve. The Company assumes no obligation to update or revise such information, except as may be required by applicable law. Neither the Company nor its affiliates, directors, officers, employees, advisers or agents shall be liable for any loss or damage arising from or in connection with any use of, or reliance upon, the information contained in this Presentation. While the Company has taken reasonable care in preparing this Presentation, it does not warrant the accuracy, completeness or reliability of the information provided and disclaims liability for any errors, omissions or inaccuracies, to the extent permitted by applicable law. This Presentation should not be construed as investment, legal, tax, accounting or other professional advice. Investors are advised to make their own independent assessment and seek appropriate professional advice before making any investment decision.
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Index 02 Q1FY27 Financials 03 Q1FY27 Business Updates 01 Company Overview 04 Annexures Page 04 Page 04 Page 12 Page 12 Page 16 Page 16 Page 20 Page 20 3 Index 01 Company Overview Page 04 02 Q1FY27 Financials Page 12 03 Q1FY27 Business Updates Page 16 i:]ELEVATE 04 Annexures Page 20 3
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COMPANY OVERVIEW 01 Image to be Updated O.P. Jindal Global University, Haryana 4 i:)ELEVATE
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India’s largest institutionalized, independent education infrastructure and services company, engaged in owning, operating and managing on - campus student accommodation across Higher Education Institutions (HEIs) 1 & owning K - 12 Campuses in India & Dubai 18 K - 12 Campuses 20,368 Owned Beds 2 95% Occupancy (Owned Beds) 3 21 Student Accommodation in HEI Campuses 58,174 Managed Beds 1,07,028 Student Capacity Elevate Campuses at a Glance Student Accommodation (Managed) Dubai, UAE K - 12 Campuses Student Accommodation (Owned & Managed) Data as of June 30, 2026 unless otherwise stated 1. HEIs includes universities, colleges, standalone institutes, etc. 2. Number of owned beds excludes: 1,878 beds under construction at IIT Madras and development potential of ~750 beds at UPES, Ut tar akhand on existing land 3. Occupancy reflected as on July 01, 2026; ~5% vacancy is on account of our student accommodation facility - Woodstock in Karnatak a which contributed revenue of ~Rs 41 Mn in FY26 5 Pan - India Operator Presence across 13 States in India (Map for visual representation only) Key Metrics Elevate Campuses at a Glance .iELEVATE India's largest institutionalized, independent education infrastructure and services company, engaged in owning, operating and managing on-campus student accommodation across Higher Education Institutions (HEls) 1 & owning K-12 Campuses in India & Dubai Key Metrics Dubai, UAE 18 K-12 Campuses 20,368 Owned Beds 2 Pan-India Operator • Student Accommodation (Owned & Managed) 95% Presence across ~,., Student Accommodation (Managed) ♦ 13 States in India ~-+t+ Occupancy (Owned Beds) 3 • K-12 Campuses (Map for visual representation only) ♦+ Data as of June 30, 2026 unless otherwise stated 1. HEls includes universities, colleges, standalone institutes, etc. 2. Number of owned beds excludes: 1,878 beds under construction at IIT Madras and development potential of ~750 beds at UPES, Uttarakhand on existing land 3. Occupancy reflected as on July 01, 2026; ~5% vacancy is on account of our student accommodation facility - Woodstock in Karnataka which contributed revenue of ~Rs 41 Mn in FY26 21 Student Accommodation in HEI Campuses 58,174 Managed Beds 1,07,028 Student Capacity
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6 Q1FY27 Executive Summary Strong overall performance, disciplined capital deployment and robust balance sheet to support portfolio expansion 1. Normalised EBITDA primarily excludes Ind AS adjustments on account of lease equalization, finance lease and security deposits 2. Proforma Cash PAT = Normalised EBITDA - Finance Cost + Potential Interest Saving from Debt Repayment using allocated IPO proceed s - Tax Total Income Rs 2,281 Mn Total Income 30 % Total Income Growth YoY EBITDA Rs 1,736 Mn / 76.1% EBITDA / Margin 27 % EBITDA Growth YoY Normalised EBITDA 1 Rs 1,569 Mn / 77.0% Normalised EBITDA / Margin 23% Normalised EBITDA Growth YoY Net Block & Net Debt Position Rs 64,114 Mn Net Block Rs 24,322 Mn Proforma Net Debt (Post IPO) Reported PAT & Proforma Cash PAT Rs 341 Mn / 14.9% Reported PAT / Margin Rs 778 Mn Proforma Cash PAT 2 PAT (Before Exceptional Items) & Margin Rs 393 Mn / 17.2% PAT (Before Exceptional Items) / Margin 5% PAT (Before Exceptional Items) Growth YoY Q1FY27 Executive Summary .iELEVATE Strong overall performance, disciplined capital deployment and robust balance sheet to support portfolio expansion Rs 2,281 Mn Total Income 30°/o Total Income Growth YoY Rs 393 Mn/ 17.2°/0 PAT {Before Exceptional Items}/ Margin PAT {Before Exceptional Items} Growth YoY PAT (Before Exceptional Items) & Margin Rs 1,736 Mn/ 76.1% EBITDA / Margin EBITDA Growth YoY Rs 341 Mn / 14.9°/0 Reported PAT/ Margin Rs 778 Mn Proforma Cash PAT2 Reported PAT & Proforma Cash PAT 1. Normalised EBITDA primarily excludes Ind AS adjustments on account of lease equalization, finance lease and security deposits 2. Proforma Cash PAT= Normalised EBITDA - Finance Cost+ Potential Interest Saving from Debt Repayment using allocated IPO proceeds - Tax Rs 1,569 Mn / 77 .0% Normalised EBITDA / Margin Normalised EBITDA Growth YoY Rs 64,114 Mn Net Block Rs 24,322 Mn Proforma Net Debt (Post IPO}
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IPO Raise & Use of Proceeds Listed : September 30, 2026 Ticker NSE : ELEVATE | BSE : 544945 Elevate Campuses Ltd Objects of the IPO As per Prospectus ( Rs Mn) Utilised ( Rs Mn) Balance ( Rs Mn) 1 Acquisition of K - 12 Entities & Campuses 11,000 10, 837 163 2 Repayment / Prepayment of Outstanding Debt 7,500 7,115 385 Acquisitions, Strategic Initiatives & General Corporate Purposes 3 2,500 346 2,154 Total 21,000 18,298 2,702 IPO Size Rs 21,000 Mn 45% 30% 25% Anchor QIB (Ex- Anchor) NII + Retail Rs 9,450 Mn Rs 6,300 Mn Rs 5,250 Mn Key Institutional Shareholders 7 1. Balance IPO Proceeds as of October 19, 2026 2. Balance on account of withholding tax, to be deposited by November 07, 2026 3. General Corporate Purposes includes Rs 1,204 Mn of IPO expenses SBI MF 360 ONE Fund HDFC MF Bandhan MF Mirae Asset MF Ashoka WhiteOak Capital Tata AIG General Insurance PGIM India MF Norges Bank Investment Management Successful listing, strong institutional participation and strategic deployment of IPO proceeds Abakkus MF Edelweiss MF Grow w MF Issue Allocation Structure IPO Raise & Use of Proceeds Successful listing, strong institutional participation and strategic deployment of IPO proceeds .:J ELEVATE Elevate Campuses Ltd Listed : September 30, 2026 Ticker NSE:ELEVATEIBSE:544945 IPO Size Rs 21,000 Mn Issue Allocation Structure 45% ■ Anchor ■ QIB (Ex- Anchor) ■ NII + Retail 1. Balance IPO Proceeds as of October 19, 2026 25% Rs 9,450 Mn Rs 6,300 Mn Rs 5,250 Mn 2. Balance on account of withholding tax , to be deposited by November 07, 2026 3. General Corporate Purposes includes Rs 1,204 Mn of IPO expenses Objects of the IPO Acquisition of K-12 Entities & Campuses Repayment/ Prepayment of Outstanding Debt Acquisitions, Strategic Initiatives & General Corporate Purposes 3 Total As per Prospectus (Rs Mn) 11,000 7,500 2,500 21,000 Key Institutional Shareholders • SBI MF • • Ashoka WhiteOak Capital Norges Bank Investment Management Abakkus MF • HDFC MF • • • Mirae Asset MF Tata AIG General Insurance Edelweiss MF Utilised (Rs Mn) 10,837 7,115 346 18,298 .iELEVATE Balance (Rs Mn) 1 163 2 385 2,154 2,702 • 360 ONE Fund • • • Bandhan MF PGIM India MF Groww MF
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Elevate Campuses Serves the Entire Student Life Cycle from KG to PG K - 12 Schools (Owns & Leases K - 12 Campuses) Long - term Lease Agreement Rent Payments HEI (University / College) Students Management Agreement Management / Service Fees (Manages Student Accommodation) Tuition, Hostel & Service Fees HEI (University / College) Students Long - term Contracts (Owns & Manages Student Accommodation) Tuition Fees Hostel & Service Fees Student Accommodation (Owned & Managed Portfolio) 8 Delivering predictable, long - term cash flows with contracted revenue escalations & downside protection Student Accommodation (Managed Portfolio) K - 12 Campuses Tuition Fees Students Platform Strengths Ownership of assets backed by long - term contracts providing cash flow visibility 1 Guarantee / Take - or - pay Arrangements with Education Institutions (88% - portfolio level minimum guarantee 1 ) 3 Minimum revenue escalation embedded in the contracts 2 Negative Working Capital Cycle 4 Exclusivity of Operations on the Campuses 5 (50 - 60 Years) (15 - 30 Years) 1. As on July 01, 2026 for student accommodation business (Owned & Managed) excluding Woodstock Elevate Campuses Serves the Entire Student Life Cycle from KG to PG Delivering predictable, long-term cash flows with contracted revenue escalations & downside protection Student Accommodation (Owned & Managed Portfolio) m a Long-term GHS Good I lo81 Sparrs ~ Student Accommodation (Managed Portfolio) m a Management SCHOLAR Z K-12 Campuses by ELEVATE ~ ~ aJ .iELEVATE Long-term ~ HEI Contracts ELEVATE HEI Agreement ELEVATE K-12 Lease Agreement ELEVATE (University/ (50-60 Years) College) l Tuition Fees • ~ Students Ownership of assets backed by long-term contracts providing cash flow visibility (University/ (Owns & College) Manages Student Accommodation) l l Hostel & Tuition, Hostel & Service Fees Service Fees • Minimum revenue escalation embedded in the contracts (Manages Student Management/ Accommodation) Service Fees ~ Students Platform Strengths • Guarantee I Take-or-pay Arrangements with Education Institutions (88% - portfolio level minimum guarantee 1) 1. As on July 01, 2026 for student accommodation business (Owned & Managed) excluding Woodstock • Schools l Tuition Fees Negative Working Capital Cycle (15-30 Years) Rent Payments ~ Students • (Owns & Leases K-12 Campuses) Exclusivity of Operations on the Campuses
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9 Our Value Proposition An integrated platform combining operational scale, institutional trust and long - term contracts Track - record of managing operationally intensive campuses at scale 78,000+ Beds Under Management across 21 HEIs We are committed to creating a “home away from home” experience for students residing at our campuses Room Inventory Management Onboarding & Offboarding Laundry Food Services / Mess Housekeeping & Facility Management Community Events Retail Management Concierge Services Strategically located high - quality portfolio backed by a de - risked business model Long - term visibility of escalating cash flows Ability to provide solutions to Education Institutions across the value chain Pan - India operations; currently operating in 13 states Kinder - Garten (KG) Post - Graduation (PG) Brownfield Acquisitions Greenfield Development Asset Light Asset Heavy Schools Universities & Colleges Student Accommodation (Owned & Managed) and K - 12 Campuses Student Accommodation (Managed) Our Value Proposition An integrated platform combining operational scale, institutional trust and long-term contracts Track-record of managing operationally intensive campuses at scale Room Inventory Management Onboarding & Offboarding cl Laundry Food Services I Mess Housekeeping & Facility Management ~ Community Events .iELEVATE Retail Management Concierge Services 78,000+ Beds Under Management across 21 HEls We are committed to creating a "home away from home" experience for students residing at our campuses Ability to provide solutions to Education Institutions across the value chain Pan-India operations; currently operating in 13 states Strategically located high-quality portfolio backed by a de-risked business model Long-term visibility of escalating cash flows Schools t Kinder-Garten (KG) ® MA!S!fa~ "'i,.,_.~,n1,'I '\'"-.. (lus-litutfr·.w of Em-Mlmi:1: Dtt.1ud to 1K Uw.wt1SJt,J Universities & Colleges t Post-Graduation (PG) a IllI t Brownfield Acquisitions ~.:ai•J OP JINDAL GLOBAL --·•H UNIVERS ITY it t Greenfield Development ~ t shoolini ~ University Student Accommodation (Owned & Managed) and K-12 Campuses t Asset Heavy .1111. ••1b Ill • .·. Student Aecom modation (Managed) t Asset Light U?CS UNIVE RS ITY O F TOMORROW .,..,_ ___________________________________________________________________________ ~J
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Indian Education Infrastructure Market: Massive, Highly Resilient and Under - served (1/2) 10 Elevate is operating in the world's largest education market with strong GDP growth and accelerating student enrolments 02. India’s Gross Enrolment Ratio (GER) 2 is ~58% 01. India has World’s Largest Education - Seeking Population 296 Mn out of 513 Mn people are enrolled in Education Institutions Note: AY: Academic Year; TAM: Target Addressable Market Sources: CBRE Report, UDISE Annual Report, AISHE Annual Report 1. As of AY 2024 - 25, ~18% of global population in this age group is in India 2. Gross Enrolment Ratio (GER) measures enrolment at an education level as a percentage of the population in the official age gr oup for that level 361 Mn (AY 2024 - 25) K - 12 Students (Age 3 to 17) K - 12 Enrolments 247 Mn (AY 2024 - 25) 340 Mn Target by 2030 GER Target: From 68% → 100% 1 in 5 Students globally is Indian 1 513 Mn People in the age group of 3 - 23 152 Mn (AY 2024 - 25) HEI Students (Age 18 to 23) HEI Enrolments 49 Mn (AY 2024 - 25) 90 Mn Target by 2035 GER Target: From 32% → 50% Indian Education Infrastructure Market Massive, Highly Resilient and Under-served (1/2) iJ ELEVATE Elevate is operating in the world's largest education market with strong GDP growth and accelerating student enrolments 01. India has World's Largest Education-Seeking Population 1 in 5 Students globally is lndian 1 513 Mn People in the age group of 3-23 361 Mn 152 Mn K-12 Students HEI Students (Age 3 to 17} (Age 18 to 23} (AY 2024-25) (AY 2024-25) Note: AY: Academic Year; TAM: Target Addressable Market Sources: CBRE Report, UDISE Annual Report, AISHE Annual Report 1. As of AY 2024-25, ~ 18% of global population in this age group is in India 02. India's Gross Enrolment Ratio (GER)2 is ~58°/o 296 Mn out of 513 Mn people are enrolled in Education Institutions K-12 Enrolments 247 Mn GER Target: 340 Mn (AY 2024-25) From 68% 100% Target by 2030 HEI Enrolments 90 Mn 49 Mn GER Target: (AY 2024-25) From 32% 50% Target by 2035 2. Gross Enrolment Ratio (GER) measures enrolment at an education level as a percentage of the population in the official age group for that level
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Indian Education Infrastructure Market: Massive, Highly Resilient and Under - served (2/2) 11 Despite being the largest institutionalized player, Elevate Campuses currently serves < 1 % of its TAM enrolments Note: AY: Academic Year; TAM: Target Addressable Market Sources: CBRE Report, UDISE Annual Report, AISHE Annual Report 1. Private enrolment as a share of total enrolment (%) 2. Projected revenue potential for AY 2028 - 29 04. Education Infrastructure is a $9 Bn 2 Market Opportunity 03. Enrolments in Private Education Institutions have climbed sharply Private Unaided K - 12 Enrolments $5 Bn K - 12 Campuses TAM comprises of ~13,000 private schools campuses out of ~1.5 Mn schools in India $4 Bn Student Accommodation at HEI Campuses TAM comprises of ~2.9 Mn beds across private HEIs with scaled student accommodation facilities out of ~9.3 Mn hostel beds in India 34 96 AY 2001-02 AY 2024-25 Private Unaided HEIs Enrolments 11 22 AY 2011-12 AY 2021-22 51% 1 39 % 1 Indian Education Infrastructure Market Massive, Highly Resilient and Under-served (2/2) iJ ELEVATE Despite being the largest institutionalized player, Elevate Campuses currently serves <1 °/o of its TAM enrolments 03. Enrolments in Private Education Institutions have climbed sharply Private Unaided K-12 Enrolments 39% 1 to+ ,.,~· 96 AY 2001-02 AY 2024-25 Note: AY: Academic Year; TAM: Target Addressable Market Private Unaided HEls Enrolments 51% 1 ,., 1,-+- 22 AY 2011-12 AY 2021-22 Sources: CBRE Report, UDISE Annual Report, AISHE Annual Report 1. Private enrolment as a share of total enrolment (%) 2. Projected revenue potential for AY 2028-29 04. Education Infrastructure is a $9 Bn2 Market Opportunity $5 Bn K-12 Campuses TAM comprises of -13,000 private schools campuses out of ,_1.5 Mn schools in India ii $4Bn Student Accommodation at HEI Campuses □ TAM comprises of -2.9 Mn beds across private HEls with scaled student accommodation facilities out of -9.3 Mn hostel beds in India
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Q1FY27 FINANCIALS 02 Shoolini University, Himachal Pradesh 12 iii • I I I 1lli 11 . . . . i i:lli iilli I I
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Q1FY27 P&L Statement Particulars (Rs Mn) Q1FY27 Q1FY26 YoY (%) Revenue from Operations 2,192 1,669 31% Other Income 89 92 Total Income 2,281 1,761 30% Employee Expenses 165 100 Other Expenses 380 295 EBITDA 1,736 1,366 27% EBITDA Margin (%) 76.1% 77.6% Depreciation 412 262 Finance Costs 830 654 Profit Before Exceptional Items & Tax for the Period/Year 494 450 10% Tax on the above 101 75 Profit after Tax (Before Exceptional Items) 393 375 5% Profit after Tax (After Exceptional Items) 1 341 1,187 - 71% 13 Rs 1,569 Mn Normalised EBITDA 2 Rs 778 Mn Proforma Cash PAT 3 Note: Financial information is presented for analytical purposes and may differ from the format of Company’s statutory financ ial statements 1. Q1FY27 includes non - cash impairment and accelerated depreciation on terminated contracts, while Q1FY26 includes a gain on the sa le of TAPMI (owned student accommodation) 2. Normalised EBITDA primarily excludes Ind AS adjustments on account of lease equalization, finance lease and security deposits 3. Proforma Cash PAT = Normalised EBITDA - Finance Cost + Potential Interest Saving from Debt Repayment using allocated IPO proceed s - Tax Q1FY27 P&L Statement .iELEVATE Particulars (Rs Mn) Q1FY27 Q1FY26 YoY (%) Revenue from Operations 2,192 1,669 31% Other Income 89 92 Rs 1,569 Mn Total Income 2,281 1,761 30% Employee Expenses 165 100 Normalised EBITDA2 Other Expenses 380 295 EBITDA 1,736 1,366 27% EB/TOA Margin (%) 76.1% 77.6% Depreciation 412 262 Finance Costs 830 654 Rs 778 Mn Profit Before Exceptional Items & Tax for the Period/Year 494 450 10% Tax on the above 101 75 Proforma Cash PAT3 Profit after Tax (Before Exceptional Items) 393 375 5% Profit after Tax (After Exceptional ltems) 1 341 1,187 -71% Note: Financial information is presented for analytical purposes and may differ from the format of Company's statutory financial statements 1. Q1FY27 includes non-cash impairment and accelerated depreciation on terminated contracts, while Q1FY26 includes a gain on the sale of TAPMI (owned student accommodation) 2. Normalised EBITDA primarily excludes Ind AS adjustments on account of lease equalization, finance lease and security deposits 3. Proforma Cash PAT= Normalised EBITDA - Finance Cost+ Potential Interest Saving from Debt Repayment using allocated IPO proceeds - Tax
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Proforma Cash PAT Bridge 14 (Rs Mn) Proforma Cash PAT of Rs 778 Mn highlights strong underlying cash earnings 140 Normalised EBITDA (830) Finance Cost Potential Interest Saving from Debt Repayment (101) Tax Proforma Cash PAT 1,569 778 Proforma Cash PAT Bridge Proforma Cash PAT of Rs 778 Mn highlights strong underlying cash earnings (830) Normalised EBITDA Finance Cost ~---- ~ --------------------- ----------------- ------- ----- - 140 Potential Interest Saving from Debt Repayment .iELEVATE (Rs Mn) (101) Tax Proforma Cash PAT
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Debt Overview Key Metrics 9.2% Avg. Interest Rate on INR Debt 6.1% Avg. Interest Rate on AED Debt 3.50x Proforma Net Debt to EBITDA 2 A / Stable Credit Rating / Outlook ( CareEdge Ratings) 3 Rs 26,242 Mn INR Denominated Debt Rs 13,140 Mn AED Denominated Debt (@25.76 INR / AED) Rs 5,960 Mn Cash Position 29% Proforma Net Debt to Enterprise Value (EV computed at IPO price) 1. Net debt reduction comprises Rs 7,500 Mn of IPO - funded debt repayment and Rs 1,600 Mn of IPO proceeds for general corporate purp oses (after adjusting for IPO related expenses) 2. Proforma Net Debt to EBITDA based on annualized Q1FY27 EBITDA 3. Pre - IPO; pre - debt repayment 33,422 24,322 Net Debt (Pre-IPO) Proforma Net Debt (Post IPO) Rs 9,100 Mn 1 15 9 Years Wtd Avg. Tenure of Loans IPO - led deleveraging reduces net debt, strengthening the balance sheet Net Debt (Rs Mn) Rs 64,114 Mn Net Block Debt Overview .iELEVATE IPO-led deleveraging reduces net debt, strengthening the balance sheet Net Debt (Rs Mn) Key Metrics 33,422 Net Debt (Pre-I PO) 24,322 Proforma Net Debt (Post IPO) Rs 26,242 Mn INR Denominated Debt Rs 13,140 Mn AED Denominated Debt (@25.76 INR / AED) Rs 5,960 Mn Cash Position 29o/o Proforma Net Debt to Enterprise Value (EV computed at I PO price) 9 Years Wtd Avg. Tenure of Loans Avg. Interest Rate on INR Debt 6.1°/o Avg. Interest Rate on AED Debt Rs 64,114 Mn Net Block 3.50x Proforma Net Debt to EBITDA 2 A/ Stable Credit Rating/ Outlook (CareEdge Ratings) 3 1. Net debt reduction comprises Rs 7,500 Mn of I PO-funded debt repayment and Rs 1,600 Mn of IPO proceeds for general corporate purposes (after adjusting for IPO related expenses) 2. Proforma Net Debt to EBITDA based on annualized Q1FY27 EBITDA 3. Pre-I PO; pre-debt repayment
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Q1FY27 BUSINESS UPDATES 03 Manipal University Jaipur, Rajasthan 16 I --- -
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Business Updates (1/2) 17 County, Karnataka Successfully re - leased to a marquee HEI • Refurbished and contracted to International Institute of Information Technology, Bangalore (IIIT - B) • Achieved 100% occupancy following relaunch • This is a campus style freehold development comprising an academic block and 2 student accommodation blocks (1,000+ beds) Woodstock, Karnataka Relaunched as ‘For Women, By Women’ student accommodation • Repositioned and relaunched on July 15, 2026, introducing a differentiated women - centric student accommodation experience with 1000+ beds • Focused on safety, community and quality living Business Updates (1/2) II I I I Iii -1 • I T _ ll T I I • • ~ -------------====== -- ----------~!!!!!!!!!!!!! ... ~ -- ~~-/~.-" -; , ..... .--. ••1b·. Ill· Refurbished and contracted to International Institute of Information Technology, Bangalore (IIIT-8) Achieved 100% occupancy following relaunch This is a campus style freehold development comprising an academic block and 2 student accommodation blocks (1,000+ beds) .iELEVATE Woodstock, Karnataka Relaunched as 'For Women, By Women' student accommodation Repositioned and relaunched on July 15, 2026, introducing a differentiated women-centric student accommodation experience with 1000+ beds Focused on safety, community and quality living
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Business Updates (2/2) 18 Manav Rachna, Haryana Campus acquisition with value enhancement UPES, Uttarakhand Campus acquisition with expansion potential • Campus acquired and integrated into our portfolio; operating at 100% occupancy • We own land with development potential of 750 beds ; building - plan approved for developing first tranche of 248 beds • Student accommodation facilities consisting of 832 beds acquired at a top - tier HEI (NAAC A++) and integrated into our portfolio • Premiumized the inventory offering & upgraded common areas ahead of the onboarding season IIT Madras, Tamil Nadu Greenfield Development under PPP mode • Planned state - of - the - art student accommodation development of 1,878 beds • Completed pre - construction activities and integrated sustainability measures, paving the way for commencement of construction Business Updates (2/2) UPES, Uttarakhand Campus acquisition with expansion potential Campus acquired and integrated into our portfolio; operating at 100°/4 occupancy We own land with development potential of 750 beds; building-plan approved for developing first tranche of 248 beds Manav Rachna, Haryana Campus acquisition with value enhancement Student accommodation facilities consisting of 832 beds acquired at a top-tier HEI (NAAC A++} and integrated into our portfolio Premiumized the inventory offering & upgraded common areas ahead of the onboarding season .iELEVATE IIT Madras, Tamil Nadu Greenfield Development under PPP mode Planned state-of-the-art student accommodation development of 1,878 beds Completed pre-construction activities and integrated sustainability measures, paving the way for commencement of construction
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Development Pipeline 19 Strategic development pipeline across student accommodation and K - 12 campuses S. No. Name of Institution Business Vertical No. of Beds / Built - up Area 1 IIT Madras, Tamil Nadu Student Accommodation at HEI Campuses 1,878 beds 2 UPES, Uttarakhand Student Accommodation at HEI Campuses 248 beds 1 3 St. Andrews Keesara – Expansion K - 12 Campuses ~60,000 sq. ft. 4 St. Andrews Suchitra High School – Block F Development K - 12 Campuses ~1,82,000 sq. ft. 5 St. Andrews Suchitra High School – Future Development K - 12 Campuses ~95,000 sq. ft. 6 Billabong High International School – Expansion K - 12 Campuses ~46,000 sq. ft. Data as of June 30, 2026 1. Development potential of ~750 beds on existing land ~ Rs 6,465 Mn / Rs 3,700 Mn Total Estimated Project Cost / Pending Capex 3,83,000 sq. ft. K - 12 Campuses 2,126 Beds across 2 HEIs Student Accommodation Development Pipeline .iELEVATE Strategic development pipeline across student accommodation and K-12 campuses 2,126 Beds across 2 HEls Student Accommodation S. No. Name of Institution 1 IIT Madras, Tamil Nadu 2 UPES, Uttarakhand 3 St. Andrews Keesara - Expansion 3,83,000 sq. ft. K-12 Campuses 4 St. Andrews Suchitra High School- Block F Development 5 St. Andrews Suchitra High School- Future Development 6 Billabong High International School - Expansion Data as of June 30, 2026 1. Development potential of~ 750 beds on existing land ~ Rs 6,465 Mn / Rs 3,700 Mn Total Estimated Project Cost/ Pending Capex Business Vertical No. of Beds/ Built-up Area Student Accommodation at HEI Campuses 1,878 beds Student Accommodation at HEI Campuses 248 beds 1 K-12 Campuses -60,000 sq. ft. K-12 Campuses --1,82,000 sq. ft. K-12 Campuses --95,000 sq. ft. K-12 Campuses -46,000 sq. ft.
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ANNEXURES 04 UPES, Uttarakhand 20 iJELEVATE
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Experienced Leadership Team 700+ Employee Strength 10 / 200+ Years Leadership Roles / Cumulative Experience 26+ Years of Experience in Strategic Direction & Vision Ex - Greaves Cotton & Brainly India Narasimha Jayakumar Chief Executive Officer 29+ Years of Experience in Business Finance, Financial Control and Audit Ex - Indus Towers & bp India Vinod Raja Rao Chief Financial Officer 26+ Years of Experience in Facility Management Ex - ISS India Stanislos Simon D’Britto Chief Operating Officer 18+ Years of Experience in Financial Services Ex - Investcorp India & Indiabulls Asset Management Ajay Kumar Chief Investment Officer 16+ Years of Experience Ex - Investcorp India & IDFC Alternatives Kunal Arvind Patwa Chief Investment Officer (K - 12 Schools) Data as of June 30, 2026 21 MBA, London Business School, PGDM, IIM Bangalore Chartered Accountant (CA) PGDBA, Welingkar , Mumbai PGDCAM, IIM Calcutta MMS, JBIMS, Mumbai Proven leadership in scaling operations, managing complex infrastructure and driving strategic growth Dedicated in - house projects team covering design, approvals, procurement and construction management Experienced Leadership Team Proven leadership in scaling operations, managing complex infrastructure and driving strategic growth Narasimha Jayakumar Chief Executive Officer MBA, London Business School, PGDM, IIM Bangalore *** 26+ Years of ~ Experience in Strategic Direction & Vision ~ Ex-Greaves Cotton & Brainly India Data as of June 30, 2026 Vinod Raja Rao Chief Financial Officer Chartered Accountant (CA) *** 29+ Years of ~ Experience in Business Finance, Financial Control and Audit ~ Ex-Indus Towers & bp India Stanislas Simon D'Britto Chief Operating Officer PGDBA, Welingkar, Mumbai *** 26+ Years of ~ Experience in Facility Management Ex-lSS India Ajay Kumar Chief Investment Officer PGDCAM, IIM Calcutta *** 18+ Years of ~ Experience in Financial Services Ex-lnvestcorp India & lndiabulls Asset Management .iELEVATE Kunal Arvind Patwa Chief Investment Officer (K-12 Schools) MMS, JBIMS, Mumbai *** 16+ Years of ~ Experience ~ Ex-lnvestcorp India & IDFC Alternatives
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Board of Directors 22 25+ Years of Experience Across Functions Ex - Veedol , bp India Recognised as CFO of year 2018 by Financial Express Independent Director at Bharat Forge, Orkla India Rashmi Satish Joshi Independent Director Chartered Accountant (CA) 29+ Years of Experience in Business Finance, Financial Control & Audit Ex - Indus Towers & bp India Vinod Raja Rao Whole - Time Director & Chief Financial Officer Chartered Accountant (CA) Co - Founder of Real Assets, Rava Partners 24+ Years of Experience in Real Estate Ex - Warburg Pincus & GE Capital Real Estate Joseph Raymond Gagnon Non - Executive Director Bachelor's in Mathematical Economics, Wake Forest University, USA 21+ years of Real Estate investing Ex - Goldman Sachs Alternative Investments, Actis Advisors Mukesh Tiwari Non - Executive Director PGDM, IIM Lucknow Board combines real estate investment, financial acumen, governance and public administration expertise Ex - Directorate General of Police and Police Commissioner of Mumbai 38+ years of IPS Experience Independent Director at Bajaj Finserv, Siemens Anami Narayan Roy Chairman and Independent Director Indian Police Service (IPS) Founder, Alta Capital 21+ Years of Experience in Real Estate Investing Ex - Blackstone & Bofa Securities Siddhartha Gupta Non - Executive Director PGDM, IIM Lucknow Board of Directors .iELEVATE Board combines real estate investment, financial acumen, governance and public administration expertise Anami Narayan Roy Rashmi Satish Joshi Vinod Raja Rao Joseph Raymond Siddhartha Gupta Mukesh Tiwari Gagnon Chairman and Independent Director Whole-Time Director & Non- Executive Non-Executive Non-Executive Independent Director Chief Financial Officer Director Director Director Indian Police Service (IPS) Chartered Accountant (CA) Chartered Accountant (CA) Bachelor's in Mathematical PGDM, IIM Lucknow PGDM, IIM Lucknow Economics, Wake Forest University, USA ~ Ex-Directorate *** 25+ Years of *** 29+ Years of ~ Co-Founder of & Founder, Alta *** 21+ years of Real ~ ~ ~ General of Police Experience Across Experience in Real Assets , Capital Estate invest ing and Police Functions Business Finance, Rava Partners *** 21+ Years of ~ ~ Ex-Goldman Sachs Commissioner of ~ Financial Control & *** Ex-Veedol, bp India ~ 24+ Years of Experience in Real Alternative Mumbai Audit i Experience in Real Estate Investing Investments, *** 38+ years of IPS Recognised as CFO ~ Ex-Indus Towers & Estate ~ ~ Ex-Blackstone & Actis Advisors of year 2018 by Experience bp India ~ Ex-Warburg Pincus Bofa Securities Financial Express o0o Independent & GE Capital Real q:Jt? Director at Bajaj o0o Independent q:Jt? Estate Finserv, Siemens Director at Bharat Forge, Orkla India
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Company Ownership Structure Post IPO PUBLIC ELEVATE CAMPUSES LIMITED 65.6% 23 A diversified education infrastructure platform supported by institutional sponsors 34.4% K - 12 CAMPUSES (INDIA) 16 ASSETS Acquired using IPO Proceeds K - 12 CAMPUSES ( UAE ) 2 ASSETS STUDENT ACCOMMODATION (OWNED) 7 ASSETS (20,368 BEDS) STUDENT ACCOMMODATION ( SCHOLARZ ) 14 ASSETS MANAGED ( 58,174 BEDS) (Managed Funds) 1 1. Our promoters are Genius Bidco Holdings Pte. Ltd. and Genius Rajkot Investment Holdings Pte. Ltd., ultimately owned and contr oll ed by funds of Hillhouse Investment Company Ownership Structure Post IPO A diversified education infrastructure platform supported by institutional sponsors HILLHOUSE (Managed Funds) 1 65.6% STUDENT ACCOMMODATION (OWNED) 7 ASSETS (20,368 BEDS) GHS Good I IORl Spar<'R STUDENT ACCOMMODATION (SCHOLARZ) 14 ASSETS MANAGED (58,174 BEDS) -.. SCHOLAR Z by ~ ELEVATE K-12 CAMPUSES (UAE) 2 ASSETS 1. Our promoters are Genius Bidco Holdings Pte. Ltd. and Genius Rajkot Investment Holdings Pte. Ltd., ultimately owned and controlled by funds of Hillhouse Investment .iELEVATE PUBLIC 34.4% K-12 CAMPUSES (INDIA) 16 ASSETS Acquired using IPO Proceeds
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Sustainability, Safety & Wellbeing Across the Platform ENVIRONMENT Energy Efficiency & Renewable Energy Regular electricity audits, sensor - based LED lighting Water Conservation & Wastewater Management Installed sewage treatment plants across properties Health, Safety & Sustainability Standards 3 K - 12 Campuses awarded the WELL Health - Safety Rating, among only five schools in India with this rating as of AY2024 - 25 SOCIAL Student Safety & Wellbeing Dedicated security staff and access control Inclusive Campuses Resident wellbeing roles, accessible infrastructure & e - rickshaws within properties Employee Wellbeing & Development End - to - end training, leadership development & career advancement GOVERNANCE & EHS Policies & Compliance Adherence to applicable regulatory, zoning & safety requirements EHS Due Diligence Periodic structural audits, fire safety checks & environmental compliance checks Technology - enabled Operations Digital service management, real - time dashboards, amenity booking & student feedback Responsible Governance Regular risk assessments, robust internal reporting & dedicated specialist teams 24 Building safe, sustainable and responsibly managed campuses Sustainability, Safety & Wellbeing Across the Platform Building safe, sustainable and responsibly managed campuses ENVIRONMENT ~ 0 Energy Efficiency & Renewable Energy Regular electricity audits, sensor-based LED lighting Water Conservation & Wastewater Management Installed sewage treatment plants across properties Health, Safety & Sustainability Standards 3 K-12 Campuses awarded the WELL Health-Safety Rating, among only five schools in India with this rating as of AY2024-25 ~,.............. ______ ~J SOCIAL \ I / ' 0 / t?]J Student Safety & Wellbeing Dedicated security staff and access control Inclusive Campuses Resident wellbeing roles, accessible infrastructure & e-rickshaws within properties Employee Wellbeing & Development End-to-end training, leadership development & career advancement ~,.............. ______ ~_) .iELEVATE GOVERNANCE & EHS Policies & Compliance ~ 0 0 o~ Adherence to applicable regulatory, zoning & safety requirements EHS Due Diligence Periodic structural audits, fire safety checks & environmental compliance checks Technology-enabled Operations Digital service management, real-time dashboards, amenity booking & student feedback Responsible Governance Regular risk assessments, robust internal reporting & dedicated specialist teams ~ ............... _____ ............... ~./
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Managing End - to - End Student Experience Across Touchpoints 25 Key Services Student arrival at Campus Ensuring service continuity & operational readiness at the time of commencement of academic session Dedicated team for onboarding – documentation, room selection, fee payment etc. Daily food quality checks Managing ancillary services (gyms, laundry, clinics etc.) Day - to - day on - demand service request management Routine preventive maintenance High - quality student experience powered by technology enabled operations Student Onboarding Food & Mess Laundry Housekeeping & Facility Management Community Events Retail Management Concierge Services Repairs & Maintenance Managing End-to-End Student Experience Across Touchpoints High-quality student experience powered by technology enabled operations Student arrival at Campus Ensuring service ~ continuity & operational readiness at the time of commencement of llt. 1 academic session • I l Student Onboarding Community Events Dedicated team for onboarding - ~ documentation, room selection, fee payment etc. iO~ Food & Mess Daily food quality checks Key Services ~ Retail Management 1□0□1 II ~ Managing ancillary services (gyms, laundry, clinics etc.) Laundry Concierge Services Day-to-day on-demand service request management .iELEVATE Routine preventive maintenance ~ Housekeeping & Facility Management Repairs & Maintenance
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The Evolution of Elevate Campuses Establishment FY18 – FY22 Diversification FY23 – FY25 Expansion & Evolution FY26 – FY27 FY18 • Manipal University Jaipur, Rajasthan (5,920 beds) FY20 • Acquisition of portfolio of 1,604 beds in Shoolini University, Himachal Pradesh • Entry into O.P.Jindal Global University (JGU) through acquisition of 5,575 beds ; JGU was recognised as an “Institute of Eminence” • Derisked business model, demonstrated through contractual protections during COVID - 19 pandemic FY22 • Acquisition of additional 208 beds at JGU • Introduced app - based hostel management platform FY23 • Initiated comprehensive renovation in Shoolini University, Himachal Pradesh FY24 • Foray into asset - light business model within Student Accommodation • Expanded footprint at JGU through acquisition of 1,320 beds FY25 • Executed binding contract for acquisition of student accommodation at Marwadi University, Gujarat FY26 • International expansion into the GCC K - 12 market through acquisition of K - 12 campuses ( Hartland International School and North London Collegiate School) in Dubai • Entered into Concession Agreement with IIT Madras for development of 1,878 beds on a PPP - basis • Addition of ~46,500 beds to the Managed Portfolio through acquisition of ScholarZ • Added two campuses into the portfolio (UPES & Manav Rachna) & expanded further at JGU FY27 • Raised Rs 21,000 Mn through an IPO & listed on NSE & BSE on September 30, 2026 • Acquired 16 K - 12 Campuses using IPO proceeds 26 From campus operations to its IPO, Elevate Campuses has built a diversified education infrastructure platform Note: FY18 represents our first year of operations as an independent owner and operator of student accommodation The Evolution of Elevate Campuses .iELEVATE From campus operations to its IPO, Elevate Campuses has built a diversified education infrastructure platform FY18 Manipal University Jaipur, Rajasthan (5,920 beds) FY20 Acquisition of portfolio of 1,604 beds in Shoolini University, Himachal Pradesh Entry into O.P.Jindal Global University (JGU) through acquisition of 5,575 beds; JGU was recognised as an "Institute of Eminence" Derisked business model, demonstrated through contractual protections during COVID-19 pandemic FY22 Acquisition of additional 208 beds at JGU Introduced app-based hostel management platform FY23 Initiated comprehensive renovation in Shoolini University, Himachal Pradesh FY24 Foray into asset-light business model within Student Accommodation Expanded footprint at JGU through acquisition of 1,320 beds FY25 Executed binding contract for acquisition of student accommodation at Marwadi University, Gujarat Note: FY18 represents our first year of operations as an independent owner and operator of student accommodation Expansion & Evolution FY26- FY27 FY26 International expansion into the GCC K-12 market through acquisition of K-12 campuses (Hartland International School and North London Collegiate School) in Dubai Entered into Concession Agreement with IIT Madras for development of 1,878 beds on a PPP-basis Addition of --46,500 beds to the Managed Portfolio through acquisition of ScholarZ Added two campuses into the portfolio (UPES & Manav Rachna) & expanded further atJGU FY27 Raised Rs 21,000 Mn through an IPO & listed on NSE & BSE on September 30, 2026 Acquired 16 K-12 Campuses using IPO proceeds
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Digital Transformation Strengthens Controls, Cost Visibility and Governance 27 SAP S/4HANA Public Cloud ERP Transformation Went live on April 01, 2026, with DOA and SOD frameworks rolled out to strengthen internal controls, accountability and process governance HRMS Implementation Hire - to - Retire Automation Implemented a unified HR technology platform to streamline workforce management, centralise employee data and improve access to HR services Policy Management Digitised policy communication and employee acknowledgements to improve compliance tracking, policy visibility and governance oversight Project Cost Management SAP PS Implemented the SAP PS module for greenfield projects to improve budget visibility, track actual expenditure against budgets and strengthen project cost control Information Security ISO 27001 Student application software (third - party) used across higher education institutions received ISO 27001 certification, reinforcing information security controls and data protection practices Integrated digital systems strengthen internal controls, project cost tracking and data security Digital Transformation Strengthens Controls, Cost Visibility and Governance .iELEVATE Integrated digital systems strengthen internal controls, project cost tracking and data security SAP S/4HANA Public Cloud ERP Transformation HRMS Implementation Hire-to-Retire Automation Policy Management Project Cost Management SAP PS Information Security ISO 27001 Went live on April 01, 2026, with DOA and SOD frameworks rolled out to strengthen internal controls, accountability and process governance Implemented a unified HR technology platform to streamline workforce management, centralise employee data and improve access to HR services Digitised policy communication and employee acknowledgements to improve compliance tracking, policy visibility and governance oversight Implemented the SAP PS module for greenfield projects to improve budget visibility, track actual expenditure against budgets and strengthen project cost control Student application software (third-party) used across higher education institutions received ISO 27001 certification, reinforcing information security controls and data protection practices
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Thank You Elevate Campuses Ltd. Investor Relations Department www.elevatecampuses.com 022 - 68201600 ir@elevatecampuses.com .iELEVATE Elevate Campuses Ltd. 8 Investor Relations Department • 022-68201600 • ir@elevatecampuses.com www.elevatecampuses.com