BSE: 543443
Ascensive Educare Limited
Operates in education and skill development using a Recruit-Train-Deploy (RTD) model, with three verticals: government/CSR-funded skill training, industry consulting (manpower, payroll and recruitment services) and higher education in collaboration with universities. The business delivers structured vocational training under central and state government schemes such as PMKVY 4.0, DDU-GKY, PM VIKAS and Ministry of Panchayati Raj empanelment, alongside private-sector consulting mandates. Pan-India operations span 18 states/UTs covering 37 industry sectors, with an order book exceeding Rs 80 crore; the largest new mandate is the Orissa Livelihoods Mission covering roughly 20,000 SHG members, and a Meghalaya State Skill Development Society order worth Rs 5.57 crore for training 2,005 candidates across 16 trades. The company is planning an industry-led university near Kolkata (land secured, in promoter name, to be transferred) targeted to be operational in FY26-27, and is exploring international consulting via NSDC International with a CEO-led delegation to Germany in FY26. Revenue is split between government and private clients, with management guiding the mix toward 50:50 (from ~90:10 in FY23). Cost structure is dominated by other operating expenses at 82.3% of revenue, while employee cost is 7.5% and materials are nil — consistent with a training-services model where delivery costs, rather than raw materials, drive spend. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Skill training (government/CSR-funded), Industry consulting, Higher education. Asset-light, services-driven education and skill training with heavy government exposure shifting toward a private mix.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 13 | 16 | 21 | 35 | 59 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 3.22 | 3.44 | 3.48 | 5.97 | 0.74 |
| ROE % · ROCE % | — · 19.5 | — · 21.0 | — · 16.9 | — · 23.1 | — · 29.3 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 1 | 0 | (1) | (3) | 7 |
| Capex | — | — | — | (5) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5 | 11 | 9 | 12 | 12 | 23 | 27 | 31 |
| Profit before tax | 0 | 1 | 1 | 1 | 1 | 3 | 3 | 2 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 0.58 | 2.86 | 0.00 | 1.62 | 1.49 | 4.34 | 0.49 | 0.25 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SHANTI EDU INITIATIVES L | 2,866 | 494.4 | 36.95 | 286.3 | 7.7 | 9.7 | — | 9.2 |
| NIIT LEARNING SYSTEMS LTD | 2,756 | 10.7 | 1.79 | 6.1 | 16.1 | 16.7 | — | 19.2 |
| NIIT LIMITED | 1,114 | 123.5 | 1.04 | 25.7 | 0.6 | 1.1 | (16.3) | 17.6 |
| GLOBAL EDUCATION LIMITED | 719 | 27.6 | 5.48 | 18.6 | 20.2 | 25.9 | — | 42.3 |
| APTECH LIMITED | 493 | 20.1 | 1.98 | 10.3 | 9.5 | 13.4 | 41.4 | 9.7 |
| CAREER POINT EDUTECH LTD | 324 | 13.6 | 4.28 | 10.1 | 30.3 | 40.6 | — | 76.3 |
| Golden Crest Education & Servi | 170 | 721.8 | 15.50 | — | 1.6 | 2.2 | — | 27.0 |
| VJTF EDUSERVICES LTD. | 114 | 49.6 | 0.98 | — | (0.1) | — | (9.7) | 415.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2.5 | 23.9 | 2 of 14 | 92% |
| ROCE | 22.6 | 2.5 | 4 of 17 | 81% |
| Revenue growth | 159.8 | (0.0) | 2 of 16 | 93% |
| Market cap | 67 | 89 | 11 of 18 | 41% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 26 Sept 2026 · Trading window closed ahead of H2 results | compliance | minimal | — | — |
| 25 Sept 2026 · 14th AGM of Ascensive Educare held on 25 Sep 2026 - all 4 resolutions passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 14th AGM concluded; 4 resolutions passed including MOA alteration | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Addendum to 14th AGM Notice - Auditor Re-appointment Added | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Ascensive Educare wins Rs 10.58 cr govt skill training order in Maharashtra | business updates | high | — | — |
| 4 Sept 2026 · Newspaper publication of 14th AGM notice for FY 2025-26 | compliance | minimal | — | — |
| 3 Sept 2026 · FY 2025-26 annual report shows higher profit for Ascensive | results | high | — | — |
| 3 Sept 2026 · 14th AGM on Sep 25, 2026; MOA amendment for HR services | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Board Approves Diversification Into HR Management Services | business updates | medium | — | — |
| 24 Aug 2026 · Ascensive Educare conferred ASSOCHAM award for industry-academia linkage | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.