Navneet Education Limited has informed the Exchange about Transcript
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Navneet Education held its Q1 FY26 earnings call on 8th August 2025. Overall revenue was flat year-on-year. Publication business was flat because Maharashtra Grade 1 textbooks arrived late and were launched in Q2. Management expects 15%+ revenue growth next year as more than two grades change in both Maharashtra and Gujarat under NEP 2020. Domestic stationery declined 14% (9% from lower product prices due to falling paper costs, 5% volume loss from competition). Exports grew 7%, with about 75% going to the US; management is in wait-and-watch mode on US tariffs, with no order cancellations yet. Management guided for at least 2% yearly EBIT margin improvement in the publication segment, moving from 25% toward 27%, and 30-31% within 2-3 years. Non-paper stationery, launched in Q4 FY25, currently contributes 1.5% of domestic stationery sales. CAPEX guided at Rs. 90 crore this year and up to Rs. 150 crore next year depending on export outlook.
Short-term results were soft with flat revenue and stationery decline, but the outlook is improving with NEP 2020 curriculum changes kicking in next year, which should drive 15% growth in publications and margin expansion. US tariff uncertainty remains a key overhang given 75% export dependence, though no order cancellations have occurred so far.