Financial Performance Highlights

Q2 FY27 (Quarter Ended September 30, 2026):

  • Operating Income: ₹1,027 million, a decrease of 36.7% Year-over-Year (YoY) from ₹1,623 million in Q2 FY26.
  • Operating EBITDA: ₹330 million, a decrease of 44.0% YoY from ₹590 million. Operating EBITDA margin stood at 32.2%, a decrease of 418 basis points (bps) YoY.
  • Profit Before Tax (PBT): ₹401 million, a decrease of 38.1% YoY from ₹648 million.
  • Profit After Tax (PAT): ₹369 million, a decrease of 23.7% YoY from ₹483 million. PAT margin was 33.2%, an increase of 473 bps YoY.
  • Earnings Per Share (EPS): ₹2.11, down from ₹2.76 in Q2 FY26.

H1 FY27 (Half Year Ended September 30, 2026):

  • Operating Income: ₹3,039 million, a decrease of 18.3% YoY from ₹3,718 million in H1 FY26.
  • Operating EBITDA: ₹930 million, a decrease of 24.9% YoY from ₹1,239 million. Operating EBITDA margin was 30.6%, a decrease of 270 bps YoY.
  • Profit Before Tax (PBT): ₹1,050 million, a decrease of 17.3% YoY from ₹1,270 million.
  • Profit After Tax (PAT): ₹840 million, a decrease of 10.7% YoY from ₹941 million. PAT margin was 26.3%, an increase of 197 bps YoY.
  • Earnings Per Share (EPS): ₹4.80, down from ₹5.38 in H1 FY26.

Management Commentary

Dr. Vikash Agarwal, Managing Director, attributed the Q2 performance to external disruptions in global student mobility, including international travel disruptions and flight cancellations between February and June 2026, coupled with currency movements in key source markets. This led to a number of students, mainly postgraduates, deferring their plans. Despite the decline, the Board declared an interim dividend of ₹4 per equity share, reflecting confidence in the company's long-term fundamentals.

Management views this quarter as a one-off event rather than a change in underlying demand. The company continued to gain market share in key markets like the UK even as overall visa volumes declined. Pent-up demand from students who deferred is expected to materialize in Q3 and Q4 FY27. Based on the application pipeline, management believes the company is on track to maintain its FY26 performance in FY27, with H2 FY27 expected to be significantly stronger than H1 FY27 and to deliver growth over H2 FY26.

Operational and Strategic Updates

Acquisitions and Expansion:

  • Inova Consultancy Limited was acquired through a wholly-owned UK subsidiary and consolidated in Q2 FY27. This acquisition strengthens UK and European university partnerships and marks the company's entry into the Netherlands. Integration is progressing as planned.
  • The company has pursued a strategy of targeted acquisitions, including StudiesPlanet.com (Oct 2025, expanding into LATAM) and a 51% stake in Global Tree Careers Pvt Ltd (Jan 2026).

Technology and Platform:

  • Technology investments begun in March 2026, including the AI platform EduMentor, are making the platform "AI-ready."
  • The proprietary technology platform connects over 18,500 global Counselling Partners and institutions.
  • Ancillary services like student loans, accommodation, and visa services are live on the platform, with insurance and forex services commencing soon.

Market Position:

  • The company facilitated over 13 lakh (1.3 million) student applications till H1 FY27.
  • In the UK, despite a 12% YoY fall in study visas for the financial year ending March 2026, the number of Crizac students grew by 53%, increasing its market share from 3.5% to 6.0%.
  • For Indian students in the UK, Crizac's market share rose from 9.0% to 13.9% despite the overall market for Indian students declining by 22%.
  • The company has a global footprint across 90+ source countries and 15 destination countries.

Balance Sheet and Cash Flow

As of September 30, 2026:

  • Total Equity: ₹6,746 million (compared to ₹5,924 million as of March 31, 2026).
  • Borrowings: ₹9 million.
  • Free Cash (Cash, Cash Equivalents, Bank Balances, Fixed Deposits): ₹5,958 million.
  • Net Debt: (₹5,948) million.
  • Net Fixed Assets: ₹927 million.
  • The company generated a cumulative Net Cash from Operating Activities (NCOA) of ₹4,553 million over FY23-FY26 and an NCOA of ₹1,269 million in H1 FY27.

Key Operational Metrics (H1 FY27)

  • Student Applications Processed: 200,080
  • Active Counselling Partners: 4,942
  • Global Institutions Catered To: 150
  • Enrollments: 6,499