Announcement under regulation 30 (LODR) - Earnings Call Transcript
NAVNETEDUL · price
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Navneet Education reported Q4 FY26 revenue of INR 394 crores (flat YoY) and full year FY26 revenue of INR 1,683 crores (down 3% from INR 1,733 crores). The publication business delivered stable full-year revenue of INR 719 crores with no curriculum change since FY18. Domestic stationery grew 4% to INR 366 crores despite 6% volume growth, impacted by GST exemption on paper stationery and competitive pricing pressure. Export stationery declined 10% due to US tariff challenges, compressing divisional EBITDA margin by 3%. Management announced plans to invest INR 30 crores in FY27 and INR 40 crores in FY28 on YOUVA brand building to expand non-paper stationery portfolio and gain market share. A new South Gujarat manufacturing plant (INR 65 crores capex) will support both domestic and export plastic products. Indiannica subsidiary (INR 42 crores revenue, INR 16 crores loss) is being merged with Navneet to realize cost synergies. The company expects curriculum changes in Maharashtra and Gujarat from FY27 onwards to drive double-digit growth in publication business.
Short-term margin pressure expected in stationery business (9% EBITDA in FY27 vs ~13% historically) due to branding investments, but management guides 200 bps margin improvement in publication business and recovery in export margins as tariffs normalize. The curriculum change cycle (FY27-FY29) represents a significant multi-year growth catalyst for the core publication business.