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 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 99 | 71 | 97 | 146 | 310 | 120 | 118 | 128 |
| Profit before tax | 7 | (4) | (12) | 0 | 6 | (20) | (6) | 0 |
| Net profit | 3 | (3) | (16) | (4) | 1 | (17) | (10) | (2) |
| EPS (₹) | 0.63 | (0.58) | (2.91) | (0.69) | 0.28 | (3.17) | (1.92) | (0.31) |
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 | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Newspaper notice published for 30th AGM and annual report dispatch | compliance | minimal | — | — |
| 6 Sept 2026 · CL Educate informs shareholders about 30th AGM and Annual Report access | compliance | minimal | — | — |
| 6 Sept 2026 · CL Educate 30th AGM on Sep 29, 2026; director re-appointments, auditor fee | board shareholder meetings | low | — | — |
| 6 Sept 2026 · 30th AGM on Sept 29, 2026; book closure Sept 22 to 29 | board shareholder meetings | low | — | — |
| 6 Sept 2026 · CL Educate 30th AGM on Sep 29, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 6 Sept 2026 · CL Educate FY26 Annual Report and 30th AGM Notice Dispatched | board shareholder meetings | low | — | — |
| 6 Sept 2026 · CL Educate 30th AGM scheduled for September 29, 2026 via video conferencing | compliance | minimal | — | — |
| 3 Sept 2026 · Claim unclaimed FY2019-20 interim dividend by Sept 30, 2026 | compliance | minimal | — | — |
| 17 Aug 2026 · Founder welcomes PM Modi's free coaching and AI skilling plan | general | low | — | — |
| 10 Aug 2026 · CL Educate Q1 FY27 earnings call transcript filed | investor communications | 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.