Veranda Learning Solutions Limited has informed the Exchange about Investor Presentation
VERANDA · price
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Awaiting price reaction for this filing.
Veranda Learning Solutions filed its investor presentation for an analyst meet held on July 28, 2025. The key highlight is a proposed demerger of its Commerce Test Prep segment into a new separately listed company called JK Shah Commerce Education Limited (JKSC), expected to be listed in about 12 months. VLS shareholders will receive shares in JKSC in proportion to their existing holdings. FY26 projections show Commerce Segment revenue at Rs 344 Cr (up 22% from Rs 281 Cr in FY25) and EBITDA at Rs 136 Cr (up from Rs 100 Cr). The total composite equity value is estimated at Rs 2,750 Cr, implying a fair value of Rs 294 per share versus the market price of Rs 225 as of July 25, 2025. The company also mentioned 25 more campuses in the pipeline and the new entity will start as debt-free.
This is a significant value-unlocking event for shareholders — they would own shares in two listed entities (VLS for non-commerce education and JKSC for commerce test prep) once the demerger is complete. The implied fair value of Rs 294 is about 31% above the current market price of Rs 225, suggesting the street may be undervaluing the combined business. Near-term stock reaction could be positive on the demerger announcement, though execution risk and NCLT approvals remain key milestones to watch.