Elevate K12 Schools supplied 29% of FY26 revenue mix

Elevate Campus Limited reported Rs 166.814 crore of revenue from K12 Schools in FY26, its first year of reported segment revenue, representing 29% of Rs 568.633 crore in consolidated revenue from operations. K12 Schools also received Rs 2,521.631 crore, or 83%, of FY26 capital expenditure including advances.

What did Elevate report for K12 Schools in FY26?

K12 Schools generated Rs 166.814 crore of external-customer revenue for the year ended March 31, 2026. Elevate defines K12 Schools as a segment that leases school properties, including land and buildings, to school operators; its Student Accommodation segment owns, operates and manages accommodation for Higher Education Institutions, or HEIs.

The Rs 166.814 crore was entirely external revenue because Elevate reported no inter-segment revenue for either K12 Schools or Student Accommodation in FY26. The segment disclosure follows Indian Accounting Standard 108, or Ind AS 108, which requires reporting based on the management approach used by the chief operating decision maker, or CODM, to evaluate performance and allocate resources.

K12 Schools had no reported revenue in FY25 or FY24, while Student Accommodation supplied all Rs 369.811 crore of FY25 revenue from operations. Elevate disclosed that it had identified a single reportable operating segment in FY24, when the group operated within India and did not have operations in economic environments with different risks and returns.

How did K12 Schools supply 29% of Elevate’s FY26 revenue?

K12 Schools supplied 29.3% of Elevate's FY26 revenue from operations, calculated as Rs 166.814 crore divided by consolidated external revenue of Rs 568.633 crore. Student Accommodation supplied the remaining 70.7%, or Rs 401.819 crore, so the FY26 disclosure changed the reported mix from the single-segment presentation of FY24 and the no-K12-revenue position in FY25.

Consolidated revenue from operations increased by Rs 198.822 crore, or 53.8%, from Rs 369.811 crore in FY25 to Rs 568.633 crore in FY26. Student Accommodation revenue rose Rs 32.008 crore, or 8.7%, over the same period, while the Rs 166.814 crore K12 Schools contribution accounts for the balance of the consolidated increase.

The K12 revenue was concentrated in one disclosed customer group in FY26. Elevate reported Rs 166.814 crore from Customer 1 in K12 Schools, exactly equal to the segment's revenue, meaning the disclosed customer group represented 100% of K12 revenue and 29.3% of FY26 consolidated revenue from operations.

That concentration means the reported 29% revenue share depends on continued revenue from Customer 1 under the school-property leasing model. Elevate did not identify Customer 1, state a contract duration, or disclose additional K12 customer groups in the March 31, 2026 segment note, so the disclosure does not show how this revenue would be replaced if the customer relationship changed.

Where did Elevate deploy FY26 capital expenditure?

K12 Schools received Rs 2,521.631 crore of FY26 capital expenditure, including advances, compared with Rs 517.206 crore for Student Accommodation. The segment's share was 83.0% of total FY26 capital expenditure of Rs 3,038.837 crore, while Student Accommodation accounted for the remaining 17.0%.

Elevate reported no K12 Schools capital expenditure in FY25 or FY24. Total capital expenditure rose from Rs 6.322 crore in FY25 and Rs 264.675 crore in FY24 to Rs 3,038.837 crore in FY26, with K12 Schools accounting for most of the FY26 deployment.

The increase in Student Accommodation expenditure also contributed to the FY26 total: Rs 517.206 crore was Rs 510.884 crore above FY25's Rs 6.322 crore. Still, K12 Schools represented Rs 2,521.631 crore of the Rs 3,032.515 crore increase in total capital expenditure from FY25 to FY26, linking the new reported revenue stream with the year's largest disclosed capital allocation.

The capital-expenditure line includes advances, so it does not by itself establish the amount spent on completed school properties in FY26. The continued relevance of the 83% share will depend on later disclosures of capital expenditure, segment revenue and the assets associated with the school-property leasing business.

Can Elevate’s FY26 segment figures show K12 Schools profitability?

Elevate's FY26 K12 Schools disclosure does not provide an arithmetically reconcilable basis to assess segment profitability. The table reports Rs 166.814 crore of K12 revenue, Rs 311.917 crore of total expenses and a Rs 134.897 crore restated segment result, although revenue less the reported expenses equals negative Rs 145.103 crore.

The stated K12 segment result is Rs 280.000 crore higher than the mechanical result derived from the revenue and expense lines. The same Rs 280.000 crore difference appears in the combined segment data: total FY26 revenue of Rs 568.633 crore less total expenses of Rs 545.454 crore equals Rs 23.179 crore, while Elevate reported total restated segment results of Rs 303.179 crore.

Elevate separately disclosed Rs 23.838 crore of K12 depreciation and amortisation, Rs 2.855 crore of rates and taxes, and Rs 5.224 crore of other direct costs. These three stated K12 expense items total Rs 31.917 crore, leaving Rs 280.000 crore between them and the Rs 311.917 crore total-expense figure; the note does not provide a reconciliation for that amount or for the segment-result calculation.

Consolidated FY26 profit cannot determine K12 profitability because Elevate did not allocate finance cost, exceptional items or tax by segment. The group reported Rs 239.095 crore of finance cost, an exceptional gain of Rs 104.919 crore and restated profit for the year of Rs 173.759 crore in FY26, compared with Rs 49.738 crore in FY25.

Conclusion

Elevate's FY26 segment reporting shows a changed revenue mix: K12 Schools generated Rs 166.814 crore, or 29.3%, of Rs 568.633 crore in revenue from operations after no reported K12 revenue in FY24 or FY25. The segment also received Rs 2,521.631 crore, or 83.0%, of FY26 capital expenditure, while one disclosed customer group accounted for all K12 revenue.

The next disclosures to watch are whether Elevate reconciles the Rs 280.000 crore difference in the FY26 K12 expense and segment-result lines, and whether Customer 1 remains the only disclosed K12 customer group. Subsequent segment reports will also show whether capital expenditure remains concentrated in K12 Schools and how the school-property leasing model translates into reported revenue.