The Company's Pre-Acquisition Group derives a substantial majority of its revenue from operations from the student accommodation business in its Owned Portfolio (65.74%, 99.24% and 99.72% in Fiscals 2026, 2025 and 2024, respectively). Any inability to maintain occupancy rates in this business may adversely affect the Company's business, results of operations, financial condition and cash flows.

The Pre-Acquisition Group derived 61.46%, 89.00% and 88.60% of its revenue from operations for Fiscals 2026, 2025 and 2024, respectively, from its three largest Higher Education Institution (HEI) partners. Any adverse developments affecting these HEIs could adversely affect the Company's business, results of operations and financial condition.

The Company proposes to utilise approximately 52.38%, i.e. Rs.11,000 million, of the Gross Proceeds of the Issue towards acquisition of the K-12 Entities and Campuses from fellow subsidiaries of its Promoters. The Company may not be able to achieve the anticipated benefits following this acquisition, which may adversely affect its business, results of operations, financial condition and cash flows.

The Pre-Acquisition Group derived 70.13%, 100.00% and 100.00% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively, from HEIs and other student accommodation assets located in the northern and southern regions of India. Adverse developments affecting these regions may adversely affect the Company's business, results of operations and cash flows.

Delays in payment of lease rentals by K-12 Asset operators or of monthly management fees by HEIs in the Company's Managed Portfolio may adversely affect its business, results of operations, financial condition and cash flows.

The Company's agreements with HEIs and K-12 Operators are subject to risks of early termination, non-renewal and renegotiation, which could adversely affect its business, results of operations, financial condition and cash flows.

The sale of the Company's student accommodation business at T.A. Pai Management Institute may affect its future business, results of operations, financial condition and cash flows.

The Post-Acquisition Group will rely on the HEIs and K-12 Operators it engages with for the quality of education provided to students. Any adverse effect on the reputation of these operators, or the brands under which they operate, may adversely affect the Company's business, results, financial condition and cash flows.

The Company's expansion into greenfield development projects exposes it to regulatory, execution, financing and reputational risks, which may adversely affect its business and results of operations.

The Post-Acquisition Group will have a limited operating history in the K-12 Assets business, which may make it difficult to evaluate its future prospects and could adversely affect its business, results of operations, financial condition and cash flows.