Management Commentary

Vikash Agarwal, Chairman & Managing Director, stated that FY26 was a year of strong progress driven by organic and inorganic growth initiatives. Revenue from Operations for the year stood at ₹10,422 Mn, reflecting YoY growth of 22.7%. Q4 Revenue from Operations was ₹3,917 Mn, growing 15.0% YoY and 40.6% QoQ. This performance was driven by 43.0% YoY growth in applications processed, 36.5% YoY growth in active agents, and 13.8% growth in student enrolments.

The company completed four strategic acquisitions in FY26:

  • October 2025: Acquired Studies Planet, opening the LATAM market.
  • January 2026: Acquired a 51% stake in Global Tree Careers, strengthening domestic origination.
  • March 2026: Committed US$2.5 million to Edumentor project for AI-driven student matching.
  • Scaled New Zealand vertical through onboarding of the Medway Educational Consultants team.

Financial Highlights (FY26)

  • Revenue from Operations: ₹10,422 Mn (22.7% YoY growth)
  • EBITDA: ₹2,824 Mn (31.0% YoY growth)
  • EBITDA Margin: 27.1% (172 bps expansion)
  • PAT (Net Profit attributable to Owners): ₹2,191 Mn (41.4% YoY growth)
  • PAT Margin: 20.5% (295 bps expansion)
  • EPS: ₹12.52 (41.4% YoY growth)
  • Dividend: ₹8 per equity share declared in Q4 FY26, representing a payout ratio of approximately 64%.

Financial Highlights (Q4 FY26)

  • Revenue from Operations: ₹3,917 Mn (15.0% YoY growth; 40.6% QoQ growth)
  • EBITDA: ₹939 Mn (42.8% YoY growth; 45.4% QoQ growth)
  • EBITDA Margin: 24.0% (467 bps YoY expansion; 79 bps QoQ expansion)
  • PAT: ₹750 Mn (50.3% YoY growth; 50.3% QoQ growth)
  • PAT Margin: 18.8% (446 bps YoY expansion; 133 bps QoQ expansion)
  • EPS: ₹4.29 (50.3% YoY growth; 50.3% QoQ growth)

Balance Sheet Summary (₹ in millions)

| Particulars | Mar'25 | Dec'25 | Mar'26 |

| Total Equity | 5,034 | 6,478 | 5,924 |

| Borrowings | 0 | 0 | 18 |

| Lease Liabilities | 1 | 1 | 1 |

| Free Cash | 4,577 | 4,963 | 4,693 |

| Net Debt | (4,576) | (4,962) | (4,674) |

| Net Fixed Assets | 786 | 617 | 885 |

| Other Non-Current Assets | 559 | 571 | 712 |

| Net Current Assets | (822) | 419 | (266) |

| Total Assets | 8,777 | 8,231 | 8,756 |

Operational Highlights (FY26)

  • Student Applications Processed: 394,629 (43.0% YoY growth)
  • Active Agents: 5,389 (36.5% YoY growth)
  • Global Higher Education Institutions Catered To: 198
  • Global Footprint: Operations across 10 countries; serves students from 85+ source countries; partners with institutions in 11 destination countries.

Key Performance Indicators (FY26)

  • Cost of Services: ₹7,032 Mn (67.5% of Revenue)
  • ROE: 37.2%
  • Net Working Capital Days: 1.72 days

Governance and Compliance

  • The company is committed to SEBI BRSR reporting from FY26.
  • Appointed Grant Thornton Bharat LLP as Internal Auditor.
  • CSR initiatives include PM-VBRY participation for formal employment generation.

Definitions

  • EBITDA: Profit for the year minus other income plus finance costs, depreciation and amortization, (Gain)/loss on Forward Contracts and Exchange rate differences and total income tax expenses.
  • PAT: Net Profit attributable to the Owners of the Company.
  • Free Cash: Includes Cash and Cash Equivalents, Bank Balances, and Fixed Deposits of all maturities.
  • Active Agents: Agents who submitted applications during FY26.