Navneet Education Limited has informed the Exchange about Transcript
NAVNETEDUL · price
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Navneet Education's FY25 revenue grew only ~2.5% YoY, with Publications up 3% and Stationery nearly flat, hurt by a 7th straight year of no syllabus change in Maharashtra-Gujarat and a 13% decline in domestic Stationery (9% price cut, 4% volume loss from unorganized competition). Export Stationery still grew 12% despite paper price cuts, with no US order cancellations so far but customers in 'wait and watch' mode on tariffs. Indiannica subsidiary revenue fell to Rs 55 cr (vs Rs 59 cr) with a Rs 6 cr PAT loss, and management is seriously evaluating a merger into the parent. For FY26, management guided ~12% consolidated volume growth (Publications 6-7%, Exports ~20%, Domestic 5-6%) and ~10% net profit growth, implying roughly Rs 200 cr consolidated PAT.
Positive near-term setup: curriculum change cycle resuming from FY26, margin expansion of 150-200 bps guided in Publishing, and a debt-light balance sheet (~Rs 20-30 cr) supporting the Rs 100 cr/year Stationery capex plan. Key risk remains US tariffs and any sharp adverse outcome could derail the ~20% export growth guidance.