Date: October 30, 2026

Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Total Income: ₹1,112 million, down 34.5% YoY from ₹1,699 million
  • Operating EBITDA: ₹330 million, down 44.0% YoY from ₹590 million
  • Operating EBITDA Margin: 32.2%, down 418 bps from 36.3%
  • PAT: ₹369 million, down 23.7% YoY from ₹483 million
  • PAT Margin: 33.2%, up 473 bps from 28.5%
  • Diluted EPS: ₹2.11, down 23.7% YoY from ₹2.76

Sequential Performance (Q2 FY27 vs Q1 FY27)

  • Total Income: ₹1,112 million, down 46.6% QoQ from ₹2,084 million
  • Operating EBITDA: ₹330 million, down 45.0% QoQ from ₹600 million
  • Operating EBITDA Margin: 32.2%, up 233 bps from 29.8%
  • PAT: ₹369 million, down 21.7% QoQ from ₹471 million
  • PAT Margin: 33.2%, up 1,057 bps from 22.6%
  • Diluted EPS: ₹2.11, down 21.7% QoQ from ₹2.69

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Total Income: ₹3,196 million, down 17.4% YoY from ₹3,871 million
  • Operating EBITDA: ₹930 million, down 24.9% YoY from ₹1,239 million
  • Operating EBITDA Margin: 30.6%, down 270 bps from 33.3%
  • PAT: ₹840 million, down 10.7% YoY from ₹941 million
  • PAT Margin: 26.3%, up 197 bps from 24.3%
  • Diluted EPS: ₹4.80, down 10.7% YoY from ₹5.38

Performance Drivers and Management Commentary

Dr. Vikash Agarwal, Managing Director, attributed the Q2 FY27 performance to external disruption to global student mobility. International travel disruption and flight cancellations between February and June 2026, along with currency movements in key source markets, led many students (mainly postgraduates) to defer their plans this year.

The company views this quarter as a one-off rather than a change in underlying demand. Pent-up demand from students who deferred is already coming through in Q3 as they return for upcoming intakes, with expectations for this to continue into Q4.

Strategic Developments

Acquisition: Inova Consultancy Limited was acquired through the company's wholly owned UK subsidiary and consolidated in the current quarter. This acquisition strengthens UK and European university partnerships and marks entry into the Netherlands market. Integration is progressing as planned.

Technology Investments: Technology investments begun deploying in March 2026, including Edumentor, are making the platform AI-ready, which management believes will provide lasting competitive advantage.

Dividend Declaration

The Board has declared an interim dividend of ₹4 per equity share, reflecting confidence in long-term fundamentals despite current headwinds.

Outlook and Guidance

Based on application pipeline, the company believes it is on track to maintain FY26 performance (Total Income: ₹10,711 million, PAT: ₹2,191 million) in FY27. With key intakes, including the peak intake quarter, falling in the second half, H2 FY27 is expected to be significantly stronger than the first half and to deliver growth over H2 FY26.

Market Context

The company operates across 90+ source countries and 15 destination markets. Tighter visa and immigration policies are noted as a recurring risk in the industry, but management believes the company is closer to the end of the current cycle and expects to benefit as conditions normalize. Structural demand for quality international education remains strong long-term, underpinned by growing aspirations across India, Africa and wider Asia.