Gulf Lloyds (India) Ltd. Share Price

Gulf Lloyds (India) 

• Gulf Lloyds (India) is coming out with an initial public offering (IPO) of 18,19,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share.
• The issue will open on July 20, 2026 and will close on July 22, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 10 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Interactive Financial Services.
• Compliance Officer for the issue is Suchi Jain.

Profile of the company

Gulf Lloyds (India) operates in the Services Sector, providing third party Inspection, Auditing, Certification, Testing, and Training, services across various industries and regions. It provides Third-Party Inspection, Auditing, Testing, Training and Certification services to public sector undertakings as well as private organizations. It also deploys trained and technically qualified personnel to perform inspection, verification and audit services as per client requirements and applicable standards. It undertakes assignments across multiple sectors, assessing whether the products, works, or processes meet prescribed quality and safety standards, technical specifications, and client requirements. Its services support the organizations of various sizes and industries in maintaining quality and safety compliance, controlling costs and operational efficiency. 

As part of its inspection and certification activities, it evaluates compliance and documents, its findings in detailed reports submitted to clients for review and necessary action. It undertakes Third-Party Inspection assignments in India as well as overseas through contractual arrangements. Through such contracts, it provides inspection, verification services for projects located outside India. By leveraging its network of qualified inspectors and technical professionals, it is capable of executing assignments across multiple countries and supporting clients in meeting international quality, safety, and compliance standards and requirements. This enables it to extend its services globally and effectively cover projects across different regions of the world.

Its registered office is located in Ahmedabad, Gujarat, India. With over a decade of experience, it has executed projects in India and internationally, including USA, UAE, Sudan, South Sudan, China, Burundi, Singapore, Germany, UK, England, Panama, Egypt, Muyinga, Jordan etc. It provides a wide spectrum of customer-oriented Certification and Inspection services. It has served a customer base across sectors such as infrastructure, oil and gas, engineering, manufacturing, irrigation, energy, and industrial equipment. It aims to meet the needs of customers and organization by delivering services wherever required. Its role is to provide business solutions that helps to improve the quality, safety, productivity, and risk management while helping customers operate within regulatory and compliance frameworks. Its independent services support the clients’ efficient operations and long-term business continuity.

Proceed is being used for:

• Capital expenditure for office premises 
• Repayment of unsecured loans 
• Working capital requirement
• General corporate purposes

Industry Overview

The expansion of India’s services sector has been closely linked to the economic reforms of the 1990s. While the sector began to grow in the mid-1980s, it gained significant momentum after India initiated a series of structural reforms in response to a severe balance of payments crisis. Today, the services sector is not only the largest contributor to India’s GDP but also a major driver of employment, foreign investment, and exports. It encompasses a wide range of activities, including trade, hotels and restaurants, transport, storage and communication, finance, insurance, real estate, business services, community and personal services, and services associated with construction. 

To enhance India’s share in the global services market from 3.3% and enable multi-fold growth in GDP, the government has implemented several initiatives to strengthen commercial services exports. As a result, India’s services exports stood at around Rs 20,40,317 crore ($237.55 billion), while imports were Rs 10,20,974 crore ($118.87 billion), highlighting India’s strong position in global trade. The services trade surplus of Rs 10,19,343 crore ($118.68 billion), up from Rs 8,71,698 crore ($101.49 billion) in FY25 (April-October 2024).

India’s services sector has steadily increased its share of Gross Value Added, rising from 50.6% in FY14 to about 55.3% in FY25, with an average growth of 8.3% since FY23. The sector also ranked first in attracting Foreign Direct Investment, according to data from the Department for Promotion of Industry and Internal Trade. India’s unique skills and competitive advantage in knowledge-based services, supported by initiatives such as Smart Cities, Clean India, and Digital India, have created a conducive environment for growth and innovation.

Pros and strengths

Comprehensive range of services: It offers a broad and integrated portfolio of services encompassing inspection, verification, auditing, testing, training, and certification across diverse industrial sectors. This multi-disciplinary service capability allows clients to obtain complete quality assurance and compliance solutions through a single, coordinated source. It undertakes assignments covering material inspection, vendor assessment, third-party verification, destructive and non-destructive testing, quality audits, and conformity assessments in line with national and international standards. It also provides technical training and certification programs to improve client understanding of quality, safety, and regulatory requirements. By offering services from inspection and testing to audit and certification, it removes the need for multiple external agencies, improving efficiency, consistency, and control in project execution. This approach builds client confidence, ensures compliance with regulatory frameworks, and establishes it as a service provider in the quality and inspection field.

Nationwide and regional reach: The company manages its operations across several regions in India, with its head office based in Ahmedabad. It supports its activities through head office that are positioned to handle client requirements without delay. It takes up assignments in different states and union territories, including remote project sites, allowing it to remain accessible and responsive to varied operational needs. This spread of locations helps it deploy trained personnel and testing resources quickly, which reduces travel time, limits idle periods, and improves project turnaround. The regional network also gives it a solid operational platform for pursuing new opportunities and enables it to participate in large infrastructure and industrial projects across the country. 

Quality and compliance-driven processes: It maintains a robust Quality Management System (QMS) aligned with ISO 9001 and ISO/IEC 17020 standards. Every inspection, test, and audit follows a defined process for planning, execution, review, and reporting to ensure transparency, accuracy, and traceability. Internal audits, document reviews, and management evaluations are conducted periodically to assess system effectiveness and implement continual improvement measures. The company’s emphasis on quality and procedural compliance ensures that all services meet or exceed client expectations while conforming to statutory and regulatory requirements.

Risks and concerns

Dependence on third-party NABL accredited laboratory: It currently does not hold accreditation from the National Accreditation Board for Testing and Calibration Laboratories (NABL). Certain testing and inspection assignments undertaken by it require testing to be carried out through laboratories accredited by NABL in order to comply with applicable industry standards and client requirements. In order to facilitate such services, the company has entered into a Memorandum of Understanding on February 05, 2025 with Industrial Testing Center, an NABL-accredited laboratory based in Ahmedabad, for conducting Non-Destructive Testing (NDT) on behalf of the company. The arrangement has been entered into for a period of 3 years commencing from February 05, 2025, pursuant to which Industrial Testing Center provides NABL-accredited laboratory testing support for assignments executed by the company. Any disruption in the availability of NABL-accredited laboratory services may affect its ability to execute certain assignments within the stipulated timelines and may lead to delays in project execution, loss of potential business opportunities or reputational risks.

Reliance on key customers for revenue: It derives a significant portion of its revenue from a limited number of key customers. Its customer base includes companies that engage it for third-party inspection, testing, verification and other related services. Due to the nature of its business, certain customers contribute a relatively higher proportion of its revenue in a given financial period depending on the scale, duration and number of assignments awarded to it. Consequently, its revenue may be significantly influenced by the volume of inspection and related service assignments received from these customers during the relevant periods. The top 10 customer accounted for 73.93%, 60.48%, and 93.85% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. The loss of any one or more of its key customers, a reduction in the volume of assignments awarded to it by such customers, or the inability to renew or secure new service contracts on commercially acceptable terms could adversely affect its revenue and profitability.

Risk of errors or deficiencies in inspection and testing services: It is engaged in providing third-party inspection, verification and testing services to clients operating across various industries. The services provided by it involve examining materials, equipment, structures, processes or systems and issuing inspection reports, test results or certifications based on its observations and professional assessment. Its clients rely on such reports and test results for quality assurance, regulatory compliance, project approvals, operational decisions and contractual obligations. The accuracy, reliability and credibility of the inspection and testing results issued by it are therefore critical to its business. Any error, omission, deficiency or delay in the inspection reports or test results issued by it, whether due to human error, equipment malfunction, improper calibration of instruments, incorrect interpretation of technical standards, limitations in information provided by clients, or other operational factors, may affect the reliability of such reports. If any inspection report or certification issued by it is found to be inaccurate, incomplete or deficient, it may lead to disputes with clients or other stakeholders who rely on such reports. Such situations may require re-inspection, rectification, or may expose it to claims, contractual disputes, reputational damage or potential legal liabilities. Further, any adverse perception regarding the reliability or quality of it services may lead to loss of existing clients or difficulty in securing new assignments. Any such occurrence may adversely affect its reputation in the market, its relationships with clients and its ability to secure future contracts.

Outlook

Gulf Lloyds (India) operates in the Services Sector, offering inspection, verification, auditing, testing, training, and certification services across various industries and regions. It provides Third-Party Inspection, Auditing, Testing, Training and Certification services to public sector undertakings as well as private organizations. It places emphasis on continuous learning and capability building of its workforce through the implementation of both internal and external training programs. These programs are designed to enhance employees’ technical skills, professional knowledge, safety awareness and overall job performance, enabling them to effectively perform their roles and responsibilities. On the concern side, its business is subject to regulatory and accreditation requirements applicable to third-party inspection and certification service providers, and any failure to obtain, maintain or renew necessary approvals, certifications or accreditations may adversely affect its operations and revenue. Further, the sizable portion of revenue is generated from the state of Gujarat, any adverse development affecting its operations in the state could have an adverse impact on its business, financial condition and results of operations.

The company is coming out with an IPO of 18,19,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share to mobilize Rs 18.19 crore. On performance front, its revenue from operations increased by 0.20% to Rs 3,567.94 lakh for FY 2026 from Rs 3,560.82 lakh for FY 2025. Profit after tax has decreased by 7.82% from Rs 466.80 lakh for FY 2025 to Rs 430.29 lakh for FY 2026.

Meanwhile, it plans to grow its footprint by reaching more sectors and geographical areas where demand for inspection, verification, auditing, testing, training, and certification services is increasing. Right now, it already works in several core sectors-such as infrastructure, power, oil and gas, manufacturing, utilities, transportation, and industrial projects. The goal is to deepen involvement in these sectors while also entering related areas where similar compliance and inspection needs exist. Going forward, it intends to further strengthen its engagement with central and state government departments, statutory authorities, and public sector undertakings, which form a significant part of its client base. These entities undertake large-scale development, procurement, and infrastructure programs that require continuous inspection, verification, auditing, testing, and certification support. It aims to maintain an active presence in these segments by aligning its services with the procedural and compliance requirements applicable to public projects.

Elevate Campuses

• Elevate Campuses is coming out with a 100% book building; initial public offering (IPO) of 6,12,24,489 shares of face value Rs 1 each in a price band Rs 343-362 per equity share.
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 1 and is priced 343 times of its face value on the lower side and 362 on the higher side.
• Book running lead managers to the issue are JM Financial, IIFL Capital Services and Morgan Stanley India Company.
• Compliance officer for the issue is Jenny Vishal Shah. 

Profile of the company

Elevate Campuses owns, operates and manages on-campus student accommodation across Higher Education Institutions (HEIs) and own K-12 Assets. As of March 31, 2026, the company’s current capacity in the Pre-Acquisition Group enables it to cater to 80,255 students and it is present across 15 cities in India and one city in United Arab Emirates (UAE). It enables HEIs and K-12 school operators (K-12 Operators) to offer quality learning environments that support student development and foster all-round growth. It operates its student accommodation business under the “Good Host Spaces” and “ScholarZ” brands. The company’s mission is to build inclusive educational communities by delivering modern student accommodation and K12 Assets that nurture student wellbeing and holistic development.

The company’s portfolio comprises both owned and managed assets. Its ‘Owned Portfolio’ comprises seven student accommodation campuses totaling 20,368 beds (Owned Beds) across six Indian cities as of March 31, 2026, and two K-12 Assets in Dubai (UAE). Its ‘Managed Portfolio’ comprises 14 student accommodation campuses, totaling 55,487 beds under management (Managed Beds), as of March 31, 2026 (Managed Portfolio). It also delivers community and campus technology services for its Managed Portfolio such as media coverage of HEIs and organizing community events at the HEIs (Community and Campus Technology Services).

The company’s comprehensive operating capabilities including deal sourcing, site selection, development, asset acquisition, asset repositioning and community engagement, enable it to streamline non-core operations for HEIs and K-12 Assets, allowing them to focus on delivering academic outcomes, ensuring skill development and managing academic curriculum which is core to their business. It also benefits from increased operational efficiency and superior service quality. It collaborates with leading educational institutions known for their academic outcomes, accreditations, faculty credentials, research contributions and placement records. These institutions include several campuses of Manipal Academy of Higher Education (MAHE), Manipal University, Jaipur (MUJ) and the Meraki Education (Meraki).

Proceed is being used for: 

• Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses from the fellow subsidiaries of its promoters
• Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable of availed by the company and certain of its wholly-owned Subsidiaries, namely GHS Shoolini, GHS Sonipat, Data Ram Sons Private Limited, Souk HIS UAE and Souk NLCS UAE, through investment in such Subsidiaries
• Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes

Industry overview

The Indian formal education system encompasses both the school education (K-12) and higher education segments (graduate & post graduate education). The K-12 segment includes schools providing education from kindergarten to class 12th, while the higher education segment comprises universities, colleges, and standalone institutions, collectively referred to as Higher Educational Institutions (HEIs). India's education sector is experiencing profound changes, fueled by technological innovations, policy changes, and shifting societal demands. Simultaneously, there is an increasing global and domestic emphasis on sustainability and environmentally responsible development, particularly in the real estate and infrastructure sectors. Further, as part of regulatory policy shifts or institutional mandates, green building norms may become mandatory, particularly for projects involving public or private institutions.

The Indian higher education sector is witnessing steady growth, characterized by rising quality expectations from a growing middle class and favourable government initiatives. From Academic Year 2011- 12 to Academic Year 2021- 22, private HEIs expanded in both the number of new institutions and student enrolments, primarily due to the private sector’s capacity to develop capital intensive infrastructure, offer industry relevant courses more rapidly than public institutions, limited expansion capacity of public HEIs, and favourable government policies & support promoting the segment. This trend is likely to continue with the private sector expected to drive the future growth of Indian higher education.

The growth in HEIs and regular influx of migrant students have created demand for student accommodation segment in India. Historically, this demand has been primarily met by the university/ college provided accommodation and unorganized alternatives like Paying Guest Accommodations (PGs) and rented apartments. These alternatives are not purpose built and often have limited services and infrastructure to meet student specific needs. In recent years, this gap has led to the emergence of specialized providers offering Professionally Managed Student Accommodations (PMSAs), both on and off-campus. PMSAs are usually designed with amenities and services that cater specifically to student lifestyles. Moreover, PMSA facilities acquired and managed by private companies/ operators, may allow HEIs to focus on their core competence which is academic education and associated infrastructure.

Pros and strengths 

Large-scale student accommodation portfolio: The company is an institutionalized and independent platform engaged in owning, operating and managing on-campus student accommodation across HEIs in India and owning K-12 Assets in India and Dubai. The company’s student accommodation portfolio comprises 78,542 beds as of June 15, 2026, which represents approximately 2.1 times the capacity of the next largest PMSA player and approximately 6.2 times that of the third largest. Despite its scale, as of Academic Year 2025-2026, it serves only approximately 0.85% of the TAM of 12.66 million total student enrolment in India, indicating significant future growth opportunities.

Strong end-to-end operating capabilities: The company has established strong operating capabilities across the value chain, including pipeline sourcing, development, acquisition, asset repositioning, infrastructure management, and student experience management. Its strong operational execution allows it to consistently offer enriching student experiences. The company’s operational capability is reflected in the growth of its student accommodation portfolio, which increased to 75,855 Owned Beds and Managed Beds as of March 31, 2026, from 53,717 Owned Beds and Managed Beds in the Academic Year 2023-2024, including the acquisition of ScholarZ.

Student-centric approach and quality experience: The company is committed to providing a quality, student-centric experience across its student accommodations and K12 Assets. The company’s student accommodations and K-12 Assets are designed to create a ‘home away from home’, with a focus on student satisfaction, well-being and a quality learning environment. This commitment is reflected in the modern amenities and the support systems it provides. The company’s campuses feature modern gyms, sports facilities, libraries and amphitheatres, complemented by a variety of events such as music concerts and match screenings at each of its HEIs through the year. The company’s campuses also have high-speed internet connectivity, largely provided by the institutions, to support academic and extracurricular activities.

Experienced leadership team driving portfolio growth: The company’s management team’s deep domain expertise and strategic leadership has been instrumental in scaling its portfolio. Its leadership team comprises three Key Managerial Personnel (KMP) and six Senior Managerial Personnel (excluding KMPs), who oversee and optimize daily operations, ensure effective coordination across departments and HEIs and drive alignment with its strategic objectives and long-term vision. Its team has in-depth experience in education, real estate investment, operations and facility management, project management, real estate development, structuring and deal financing, governance, risk and compliance and financial control. Its key managerial personnel have several years of relevant industry experience.

Risks and concerns

High revenue dependence on owned student accommodation portfolio: The Pre-Acquisition Group derived 65.74%, 99.24% and 99.72% of its revenue from operations in the Financial Years 2026, 2025 and 2024, respectively, from the student accommodation business in its Owned Portfolio. Any inability to maintain occupancy rates may adversely affect its business, results of operations, financial condition, and cash flows.

Significant revenue concentration among key HEI customers: The Pre-Acquisition Group derived 61.46%, 89.00% and 88.60% of its revenue from operations for the Financial Years 2026, 2025 and 2024, respectively, from three of its largest HEIs. Any adverse developments affecting such HEIs may adversely affect its business, results of operations, financial condition, and cash flows.

Revenue concentration in Northern and Southern India: The Pre-Acquisition Group derived 70.13%, 100.00% and 100.00% of its revenue from operations in the Financial Years 2026, 2025 and 2024, respectively, from HEIs and other student accommodation assets (Woodstock and County) located in the northern and southern regions of India. Any adverse developments affecting such regions may adversely affect its business, results of operations, financial condition and cash flows.

Dependence on reputation of HEIs and K-12 operators: The Post-Acquisition Group will rely on HEIs and K-12 Operators they engage with for the quality of education provided to students. Any adverse effect on the reputation of the HEIs and K-12 Assets operated by K-12 Operators, or the brands under which they operate, may adversely affect the business, results of operations, financial condition, and cash flows of the Post-Acquisition Group.

Outlook

Elevate Campuses is an education infrastructure company engaged in owning, operating and managing on-campus student accommodation for higher education institutions (HEIs) and owning K-12 school assets. The company operates its student accommodation business under the Good Host Spaces and ScholarZ brands. The company’s Pre-Acquisition Group had a student accommodation capacity of 80,255 students across 15 cities in India and one city in the United Arab Emirates. Its portfolio included seven owned student accommodation campuses with 20,368 beds across six Indian cities and 14 managed campuses with 55,487 beds. On the concern side, the Pre-Acquisition Group derives a significant portion of its revenue from HEIs and student accommodation assets, including Woodstock and County, located in northern and southern India. Adverse developments in these regions may negatively impact its business, financial condition and cash flows. Moreover, the Post-Acquisition Group will have a limited operating history in relation to the K-12 Assets business, which may make it difficult to evaluate its future prospects and could adversely affect the company’s business, results of operations, financial condition and cash flows.

The issue has been offering 6,12,24,489 shares in a price band of Rs 343-362 per equity share. The aggregate size of the offer is around Rs 2100.00 crore to Rs 2216.33 crore based on lower and upper price band respectively. Minimum application is to be made for 41 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 53.76% to Rs 5,686.33 million for the Financial Year 2026 from Rs 3,698.11 million for the Financial Year 2025. Moreover, the company’s restated profit for the year increased significantly to Rs 1,737.59 million for the Financial Year 2026 from Rs 497.38 million for the Financial Year 2025.

Meanwhile, the company is also focused on unlocking value from underutilized assets within its portfolio, such as the Shri Ram, Chennai, St. Andrews Suchitra High School and St. Andrews Keesara schools, by identifying opportunities to expand capacity within the same facility or in adjacent locations to cater to student demand. It aims to focus on reinvesting and deploying funds on capital accretive projects, such as the renovation in Shoolini University where it generated a return on investment (as defined in the contractual agreement) of 20% on the capital expenditure incurred. Its asset management capabilities enable it to identify and execute on opportunities to enhance yields and operational efficiency. It continues to invest in the development of new facilities to meet the growing demand in its target markets.