• Financial performance: Over the past three years, revenue grew at a 20% CAGR and EBITDA grew at 26–27% CAGR, leading to a blended FY26 EBITDA margin of around 77%. The student housing vertical yields a 70% EBITDA margin, while the K-12 school segment delivers a 95% margin under a sale-and-leaseback model.
• Segment revenue contribution: Student housing serves as the primary business, generating 55% of total revenue, while the remaining 45% is contributed by K-12 schools.
• Occupancy normalization: A dip in FY26 occupancy to 89.37% from 99.28% in FY25 was driven by lease expirations at two off-campus Bangalore facilities, having an EBITDA impact of less than 3–4%. Following a lease renewal, overall occupancy is projected to return to 97–98%, while on-campus facilities remain near 100%.
• IPO proceeds allocation: From the ₹2,100 crore fresh issue, ₹1,100 crore will be deployed to acquire a portfolio of schools, ₹750 crore will be used for debt reduction, and ₹250 crore is allocated for general corporate purposes. Management plans to maintain a measured debt-to-EBITDA ratio and fund future capex primarily through operating free cash flows.