Date: August 14, 2026
Financial Results (Standalone & Consolidated)
Revenue from operations grew 24% YoY to ₹1,054 Cr in Q1 FY27 compared to ₹847 Cr in Q1 FY26. The company reported EBITDA of ₹52 Cr (4.9% margin), a significant improvement from negative ₹21 Cr (-2.5% margin) in Q1 FY26, representing a 743-bps YoY margin improvement. Profit after tax was negative ₹88 Cr (-8.4% margin), improved from negative ₹127 Cr (-15.0% margin) in Q1 FY26, a 663-bps YoY improvement. The Q1 FY27 PAT included a ₹42 Cr Ind AS 109 fair value impact related to Sarrthi IAS's better-than-projected performance.
Pre-IndAS EBITDA improved to negative ₹44 Cr (-4.2% margin) from negative ₹89 Cr (-10.5% margin) in Q1 FY26, a 627-bps improvement. Adjusted EBITDA was ₹135 Cr (12.9% margin) compared to ₹26 Cr (3.1% margin) in Q1 FY26, a 974-bps improvement.
Other income was ₹109 Cr compared to ₹55 Cr in Q1 FY26. Total income was ₹1,163 Cr compared to ₹902 Cr in Q1 FY26. Profit before tax was negative ₹84 Cr (-8.0% margin) compared to negative ₹152 Cr (-17.9% margin) in Q1 FY26.
Segment Performance
Online Segment: Revenue was ₹549 Cr compared to ₹412 Cr in Q1 FY26. Unique transacting users grew 2% to 2.1 Mn despite NEET UG exam postponement. Average Collection Per User (ACPU) increased 10% YoY to ₹4,312. Online EBITDA margins reached 12% for Q1 FY27, a 621-bps YoY improvement.
Offline Segment: Revenue was ₹490 Cr compared to ₹428 Cr in Q1 FY26. Offline student enrolments stood at 0.35 Mn, growing 5% YoY. Number of centers increased to 366 from 303 in the previous year. 72% of revenue came from the Vidyapeeth segment. Average Revenue Per User (ARPU) increased 7% YoY to ₹12,633 (not annualized). Offline margins improved by 475 bps YoY.
Other Revenue: ₹15 Cr compared to ₹7 Cr in Q1 FY26.
Operational Metrics
Total employees: 19,567 compared to 18,028 in Q1 FY26
Total faculty members: 7,268 compared to 6,267 in Q1 FY26
Education categories: 16 compared to 13 in Q1 FY26
Total number of paid users: 2.49 Mn compared to 2.43 Mn in Q1 FY26
Daily Active Users (DAU): 4.03 Mn, increasing 26% YoY
Monthly Active Users (MAU): 35 Mn, growing 35% YoY
Engagement time: 97 minutes (declined 7 minutes YoY due to NEET postponement)
Business Updates & Strategic Initiatives
Online K-12 and Early Learning Expansion: This segment grew 88% YoY with revenue reaching ₹105 Cr in Q1 FY27 from ₹56 Cr in Q1 FY26. Enrolments increased 41% YoY to 0.78 Mn. State Boards demonstrated strong growth with presence across 10 states and Q1 FY27 enrolments growing 100% YoY. Commerce and Curious Jr. enrolments grew more than 50% YoY.
School Integrated Programmes: Expanded partnerships to 80 schools from 38 schools last year, expecting to reach approximately 2.5x the number of students (~13,500 students).
NEET Impact: Collections from Online NEET batches declined 28% in Q1 due to exam calendar shift. NEET UG exam was cancelled on May 12, 2026, and reconducted on June 21, 2026, with results declared on July 16, 2026 (vs May 4, 2025 exam and June 14, 2025 results last year). Post-NEET results (July 1 to August 13), collections grew 51% YoY in Online.
FinZ Exit: The company is exiting the lending business and has signed a term sheet with an RBI-registered partner to transfer the existing loan portfolio. Completion expected in next 3 months pending diligence, definitive agreements and regulatory approvals.
PW Books Launch: AI-powered digital books launched on July 11, 2026, with 23k+ paid orders in first 10 days. Play Store rating of 4.7 with 2.2 Mn+ downloads.
AI Initiatives: Strong AI adoption across platform with 12.6 Mn Ask AI queries, 102.4 Mn AI Guru queries, 1.6 Mn AI Grader answers graded, and 6.1 Mn AI Mentor queries. AI now assists 91% of new code written with 100% of code changes AI-reviewed.
AI Tutor Development: Advanced development of AI tutor with 95% lesson-level accuracy, <1% hallucination/error rate, and response latency of 1.8-2.2 seconds. Tested with 300+ students and 1000+ queries. Voice-to-voice AI tutoring delivered at ~$0.20 per hour.
Capital Allocation & Treasury
Treasury balance as of June 30, 2026: ₹5,601 Cr including IPO proceeds
Capital allocation philosophy focuses on investing in areas with strongest strategic advantage including AI-led product & technology, new online content & categories, and selective online-focused inorganic expansion.
Center Economics
Offline centers show improving profitability trajectory: Centers opened in 2022, 2023, and 2024 were profitable at EBITDA level in FY26. Centers opened in 2025 were EBITDA loss-making at single digit margin as they continue to ramp up. Newer centers typically reach profitability within 24 months of launch.
Category Performance
Online K-12 and Early learning: 41% enrolment growth
Earners category: Over 130K enrolments at ACPU of ₹1,250
Vernacular expansion (Test Prep + K12): 1.7x growth with enrolments reaching 71k
NEET PG: 52% enrolment growth
CA + CS + ACCA + CFA: 30% enrolment growth
Newer categories (Nursing, Judiciary, Agriculture, TET, Pharma): >70% enrolment growth
Government exams (Utkarsh Classes): Declined YoY due to limited exam notifications in Rajasthan
Premium offerings: Infinity and Infinity Pro orders increased 32% with attachment rates of 18% and 9% respectively
Power Batch: Enrolments declined 15% YoY but collections grew 41%