NSE: CLEDUCATE · BSE: 540403
CL EDUCATE LIMITED
Operates three segments across assessments, learning, and marketing technology services. The DEX (Assessments) segment is the largest at 40.7% of segment revenue and runs through the wholly-owned subsidiary DEXIT Global (formerly NSEIT), delivering digital examination and assessment services to academic institutions and corporates. The EdTech (Learning & Development) segment at 29.8% of segment revenue delivers test-preparation and skilling programmes, but is facing ARPU pressure of 12-14% as customers shift from full programmes priced ₹30,000-60,000 to modular tickets at ₹2,000-4,000. The MarTech segment at 29.5% offers technology products including VOSMOS and VIRSA, an AI account-based marketing tool gaining adoption with corporates such as Salesforce, Dell, and Infosys. Costs are dominated by other operating expenses at 68.3% of revenue, followed by employee costs at 21.2% and depreciation at 7.6%. The group crossed ₹500 crore in total income for the first time at ₹570 crore in FY26, up 55% year-on-year, driven largely by the first full year of the DEXIT/Assessments acquisition. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. DEX (Assessments) (41%), EdTech (Learning & Development) (30%), MarTech (30%), Others (0%). Asset-light services group across education, digital assessments, and marketing technology, with recent acquisition-driven scale-up
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 207 | 291 | 319 | 358 | 548 |
| EBITDA (ex other income) | 20 | 26 | 25 | 18 | 43 |
| margin % | 9.9 | 8.8 | 8.0 | 5.0 | 7.9 |
| Owners' profit | 14 | 23 | 15 | (11) | (26) |
| EPS, as reported (₹) | 4.87 | 4.08 | 2.89 | (2.09) | (4.81) |
| ROE % · ROCE % | 5.3 · 7.7 | 8.2 · 7.2 | 5.7 · 8.6 | (4.2) · 1.2 | (10.4) · 4.8 |
| Debt / equity (x) | 0.06 | 0.04 | 0.08 | 0.90 | 0.93 |
| Cash from operations | 33 | 24 | 26 | 16 | 79 |
| Capex | (21) | (28) | (1) | (31) | (29) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 71 | 97 | 146 | 310 | 120 | 118 | 128 | 170 |
| Profit before tax | (4) | (12) | 0 | 6 | (20) | (6) | 0 | 13 |
| Net profit | (3) | (16) | (4) | 1 | (17) | (10) | (2) | 8 |
| EPS (₹) | (0.58) | (2.91) | (0.69) | 0.28 | (3.17) | (1.92) | (0.31) | 1.52 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| EdTech | 216 | 31.2 |
| MarTech | 198 | 28.5 |
| DEX | 280 | 40.3 |
| Total, before eliminations | 694 | 100.0 |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 4 Nov 2026 · Newspaper publication of results for quarter and half year ended September 2026 | compliance | minimal | — | — |
| 4 Nov 2026 · H1 FY27 margin rises; new contracts worth Rs 172 crore | investor communications | low | — | — |
| 4 Nov 2026 · H1 FY27 EBITDA rises 13.2% despite 4.4% revenue decline | investor communications | medium | — | — |
| 3 Nov 2026 · Board approves INR 100 crore private placement of 11.9% secured NCDs | fund raising | medium | — | — |
| 3 Nov 2026 · Board approves Rs 140 crore debt plan and September-quarter profit | fund raising | high | — | — |
| 3 Nov 2026 · Board approves INR 140 crore fundraising and September results | fund raising | high | — | — |
| 2 Nov 2026 · CL Educate moves registered office to Mumbai and receives new CIN | compliance | minimal | — | — |
| 30 Oct 2026 · CL Educate sets November 3 results date and November 4 earnings call | board shareholder meetings | low | — | — |
| 28 Oct 2026 · 30th AGM passes audit, board and remuneration resolutions | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Board meeting to consider results and debt refinancing | board shareholder meetings | low | — | — |
How to read this document
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|---|---|---|
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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.