Key Financial Figures - Q2FY27 (Quarter ended September 30, 2026)

  • Revenue from Operations: ₹50.6 Cr, up 17% YoY (from ₹43.2 Cr in Q2FY26)
  • Gross Profit: ₹28.2 Cr, up 12% YoY; Gross Profit Margin: 56% (vs 58% in Q2FY26)
  • EBITDA: ₹12.7 Cr, up 28% YoY; EBITDA Margin: 25% (vs 23% in Q2FY26)
  • PAT before Exceptional Item: ₹13.4 Cr (vs loss of ₹12.8 Cr in Q2FY26)
  • Tax Expenses: Credit of ₹13.4 Cr (vs expense of ₹4.0 Cr in Q2FY26)
  • Finance Cost: ₹4.8 Cr, down 58% YoY
  • Other Income: ₹1.8 Cr, up 145% YoY

Key Financial Figures - H1FY27 (Half year ended September 30, 2026)

  • Revenue from Operations: ₹104.1 Cr, up 34% YoY (from ₹77.7 Cr in H1FY26)
  • EBITDA: ₹24.4 Cr, up 39% YoY; EBITDA Margin: 23% (flat YoY)
  • PAT before Exceptional Item: ₹25.6 Cr (vs loss of ₹24.5 Cr in H1FY26)

Segmental Performance - Q2FY27

  • Government Test Prep: Revenue ₹43.4 Cr (up 31% YoY), EBITDA ₹10.7 Cr (up 79% YoY)
  • Academic (K12): Revenue ₹6.8 Cr (down 3% YoY), EBITDA ₹6.3 Cr (up 27% YoY)

Segmental Performance - H1FY27

  • Government Test Prep: Revenue ₹75.9 Cr (up 36% YoY), EBITDA ₹15.6 Cr (up 212% YoY)
  • Academic (K12): Revenue ₹19.0 Cr (up 12% YoY), EBITDA ₹15.5 Cr (up 41% YoY)

Operational Metrics

  • H1FY27 Enrolments: 41,559, up 12% YoY
  • H1FY27 Collections: ₹117 Cr, up 17% YoY
  • Government Test Prep H1FY27 Enrolments: 36,083, up 14% YoY

Commerce Demerger Details

  • The composite scheme of demerger was sanctioned by the NCLT on August 20, 2026
  • The demerger became effective on August 31, 2026
  • The Commerce business is now presented as discontinued operations in the P&L
  • J.K.Shah Commerce Education Limited has received in-principle listing approvals from NSE and BSE
  • SEBI has granted relaxation for the listing of J.K.Shah Commerce Education Limited
  • Shareholders as on record date October 6, 2026 received one J.K.Shah share for every Veranda share held (1:1 ratio)
  • The discontinued Commerce business contributed PAT of ₹31.36 Cr during the two months of Q2FY27 prior to demerger completion
  • For the five months ended August 2026, the Commerce business reported cumulative PAT of ₹53.05 Cr (against full-year guidance of ₹110 Cr)

Exceptional Items

  • Q2FY26 included a one-time, non-cash exceptional gain of ₹133.4 Cr
  • During Q2FY27, the consolidated financial statements recognized an exceptional, one-time item of ₹1,047 Cr arising from the fair valuation of the Demerged Commerce Business

Business Updates and Expansion

  • Government Test Prep opened two new centers at Tenkasi and Dharmapuri, and a new PV at Coimbatore in Tamil Nadu
  • Partnered with Dr.Rajkumar Academy of Civil Services (DRACS)
  • Academic segment set up experience centers in Perungudi, Trichy and Bengaluru
  • New ERP (School Canvas) initiated for Academic segment

Forward-Looking Guidance

  • Government Test Prep: 3 more offline centers planned in Tamil Nadu; DRACS centers to open in Mysuru and Kalaburagi (Gulbarga)
  • J.K.Shah Commerce Education: Listing and trading on NSE and BSE expected shortly
  • Academic Segment: Launch of Veranda Sprouts preschool (Playgroup to UKG) at Perumbakkam; admissions open January 2027, first batch starts June 2027
  • School Canvas ERP rollout to parents and students

Management Commentary

Chairman & Managing Director Mr. Suresh S. Kalpathi stated that Q2FY27 was a "quarter of profitable growth and a much stronger balance sheet" driven by Government Test Preparation business performance. He emphasized that post-demerger, both businesses will have "sharper strategic focus, greater operational agility and dedicated capital allocation."