Financial Performance Q2 FY27

  • Revenue from Operations: ₹8,774.12 lakh, compared to ₹8,040.75 lakh in Q2 FY26
  • Other Income: ₹244.15 lakh, compared to ₹12.92 lakh in Q2 FY26
  • Total Income: ₹9,018.27 lakh, a 12% increase YoY
  • Employee Cost: ₹2,357.09 lakh
  • Other Expenses: ₹3,816.78 lakh
  • Total Expenditure: ₹6,173.87 lakh
  • EBITDA: ₹2,844.40 lakh, a 7% increase YoY
  • EBITDA Margin: 32%
  • Finance Cost: ₹30.72 lakh, significantly reduced from ₹103.71 lakh in Q2 FY26
  • Depreciation: ₹249.68 lakh
  • Profit Before Tax: ₹2,564.00 lakh
  • Tax: ₹709.86 lakh
  • Profit After Tax (PAT): ₹1,854.14 lakh, a 9% increase YoY
  • PAT Margin: 21%

Financial Performance H1 FY27

  • Revenue from Operations: ₹15,849.17 lakh, compared to ₹14,108.21 lakh in H1 FY26
  • Other Income: ₹432.09 lakh, compared to ₹27.05 lakh in H1 FY26
  • Total Income: ₹16,281.26 lakh, a 15% increase YoY
  • Employee Cost: ₹4,370.54 lakh
  • Other Expenses: ₹7,362.12 lakh
  • Total Expenditure: ₹11,732.66 lakh
  • EBITDA: ₹4,548.60 lakh, a 12% increase YoY
  • EBITDA Margin: 28%
  • Finance Cost: ₹46.70 lakh, significantly reduced from ₹252.95 lakh in H1 FY26
  • Depreciation: ₹458.67 lakh
  • Profit Before Tax: ₹4,043.23 lakh
  • Tax: ₹1,072.20 lakh
  • Profit After Tax (PAT): ₹2,971.03 lakh, a 21% increase YoY
  • PAT Margin: 18%

Operational Highlights

  • Degree Revenue showed strong sequential growth of 28%, increasing from ₹6,006.94 lakh in Q1 FY27 to ₹7,694.68 lakh in Q2 FY27
  • Revenue from Certification courses: ₹2,147.55 lakh in H1 FY27
  • Gross Bookings: ₹41,735.16 lakh in H1 FY27
  • Average Revenue Per User (ARPU) increased 6% YoY to ₹90,801
  • Number of Admissions: 17,832 in H1 FY27
  • Gross Margin: 73%
  • Current Market Cap: ₹764 crore (as of November 5, 2026)
  • Annualized FY27 PAT: ₹496.00 lakh
  • Cash flow from operations: ₹13,701.62 lakh
  • ROE Annualized FY27: 20%
  • ROCE Annualized FY27: 16% (decreased due to increase in share capital following IPO in September 2025)

Business Updates and Partnerships

The company strengthened its academic ecosystem through several new partnerships and initiatives:

  • Partnerships with IIT Kharagpur and Christ University
  • Launched 'Grow with Jaro' initiative in collaboration with IIT Madras Pravartak
  • Signed up for Executive Programme in AI-Led Business Transformation & Deep Tech Strategy with IIM Indore
  • Signed up for Post Graduate Certificate Programme in Digital Healthcare & AI Strategy with CEC, IIT Roorkee
  • Signed up for Postgraduate Certificate Programme in Senior Leadership with XLRI Jamshedpur
  • Signed up for Executive Certificate Programme in Strategic AI Leadership and Organizational Transformation with IIM Mumbai and Cognitive AI Institute
  • Signed up for Strategic Applied AI for HR Leaders with IIT Bombay
  • Signed up for e-Postgraduate Diploma in Innovation & Entrepreneurship with IIT Bombay
  • Recognized with 'Leader in Higher Education & Upskilling Award 2026' at Times Now Education Summit 2026

Management Commentary

Dr. Sanjay Salunkhe, Chairman & Managing Director, commented on the steady performance in Q2 FY27 with continued growth in revenue and profitability. Key points from management commentary:

  • Focus on strengthening institutional partnerships and expanding industry-relevant programs
  • Emphasis on emerging domains including Artificial Intelligence, advanced technology, healthcare and executive leadership
  • Plan to further penetrate Tier 2 and emerging markets by expanding physical counseling presence
  • Commitment to democratizing AI literacy and accelerating workforce upskilling
  • Company maintains a debt-free balance sheet
  • Priorities include sustainable growth, operational efficiency and disciplined financial management

Enrollment Data

H1 Enrollment channel data shows:

  • Degree Programs: 27,865 enrollments in H1 FY27
  • Certification Courses: 4,371 enrollments in H1 FY27

Historical enrollment data provided for comparison:

  • FY23: 18,435 Degree Programs, 3,144 Certification Courses
  • FY24: 24,325 Degree Programs, 4,820 Certification Courses
  • FY25: 27,643 Degree Programs, 3,791 Certification Courses
  • FY26: 27,865 Degree Programs, 4,371 Certification Courses

Market Context and Strategy

The presentation highlights the large and fast-growing upskilling opportunity in India, noting that India's higher-education enrolment must nearly double in ratio terms by 2035. The company positions itself as enabling democratization of education through its asset-light, fee-sharing model built around partnerships with 35 institutions.

The company's strategy focuses on bridging institutional capabilities with learner demand through:

  • Execution at scale enabling institutions to deliver quality education beyond campus
  • National policy alignment supporting NEP 2020's push for flexible education
  • Institution-led growth through partnerships with institutions of global standards
  • Future-ready programs aligned with industry demand
  • Affordability through delivering offline curriculum via online formats

Disclaimer

The presentation contains standard disclaimers noting that it does not constitute any offer, recommendation or invitation to purchase securities, and that forward-looking statements are subject to risks and uncertainties.