BSE: 531840
IEC EDUCATION LTD.
Classified under IT - Software on BSE, with historical segment reporting covering training and education services, other educational services to institutions, and other income. The filings show zero revenue from operations for FY26, and the company itself states it has not carried out any business activity during the year. Standalone net loss for FY26 was Rs 253.33 lakhs versus Rs 25.48 lakhs the prior year, including a one-time balance write-off of Rs 158.79 lakhs. The statutory auditor (S.N. Kapur & Associates) issued a Qualified Opinion flagging a going concern doubt due to the absence of business activity, internal financial controls not made available for audit, long-outstanding Other Financial Assets of Rs 2,404.76 lakhs and Trade Receivables of Rs 292.15 lakhs, unsubstantiated subsidiary investments of Rs 39.53 lakhs, and unpaid statutory dues (PF Rs 3.16 lakhs, Service Tax Rs 2.73 lakhs). Accumulated losses were reported at Rs 12,410.57 lakhs on a standalone basis and Rs 21,036.95 lakhs on a consolidated basis. A subsidiary, RT Packaging Limited, was approved for sale in April 2025 and is classified as a discontinued operation, with an Enforcement Directorate provisional attachment order from September 2024 against it still in effect. The facts contain no operating data such as student count, training centres, course volumes or geographic footprint. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Training, Education and Other Income, Other Educational Services to Institutions. Dormant shell with historical education-services identity; auditor-flagged going concern uncertainty.
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (0) | (1) | (0) | (2) |
| margin % | — | — | — | — | — |
| Owners' profit | (0) | (0) | 0 | (0) | (3) |
| EPS, as reported (₹) | (0.15) | (0.15) | (0.42) | (0.18) | (1.65) |
| ROE % · ROCE % | (0.7) · (0.7) | (0.8) · (0.8) | (2.1) · (2.1) | (0.9) · (0.9) | (9.1) · (6.8) |
| Debt / equity (x) | 0.05 | 0.05 | 0.06 | 0.06 | 0.00 |
| Cash from operations | (0) | (0) | (1) | (0) | 2 |
| Capex | 0 | 0 | 0 | 0 | 0 |
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | (0) | (2) | (0) |
| Net profit | (0) | (0) | (0) | (0) | (0) | (0) | (2) | (0) |
| EPS (₹) | (0.04) | (0.02) | 0.10 | (0.03) | (0.03) | (0.05) | (1.60) | (0.03) |
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. % |
|---|---|---|---|---|---|---|---|---|
| ORACLE FIN SERV SOFT LTD. | 86,739 | 25.4 | 11.08 | 22.8 | 33.7 | 43.2 | 9.0 | 62.5 |
| TANLA PLATFORMS LIMITED | 7,929 | 14.8 | 3.19 | 9.4 | 20.5 | 25.0 | 13.5 | 17.6 |
| C.E. INFO SYSTEMS LIMITED | 4,555 | 33.1 | 5.03 | 19.7 | 14.8 | 21.3 | — | 54.2 |
| CAPILLARY TECHNO INDIA L | 4,188 | 99.1 | 4.09 | 31.9 | 5.1 | 4.9 | — | 4.9 |
| TECHNVISION VENTURES LTD. | 2,278 | 10371.4 | 151.84 | 304.0 | 1.4 | 5.5 | 25.5 | (3.0) |
| Mobavenue AI Tech Limited | 2,087 | 16.5 | 23.05 | 43.6 | 32.4 | 30.8 | — | 21.8 |
| RAMCO SYSTEMS LTD. | 1,964 | 47.0 | 5.55 | 12.8 | 11.9 | 11.0 | 2.3 | 16.0 |
| NUCLEUS SOFTWARE EXPORTS | 1,746 | 16.6 | 1.92 | 9.9 | 12.9 | 15.2 | 11.3 | 16.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.2 | 1.5 | 13 of 38 | 68% |
| ROCE | (6.8) | 4.8 | 36 of 40 | 10% |
| ROE | (9.1) | 3.5 | 33 of 38 | 14% |
| Debt / Equity | 0.0 | 0.0 | 1 of 38 | 51% |
| Profit growth | (35.8) | (12.0) | 25 of 41 | 40% |
| Market cap | 34 | 41 | 24 of 44 | 47% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 12 Oct 2026 · Reg 74(5) SEBI compliance certificate for September 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Company Secretary Shrey Rustogi resigns from IEC Education citing personal reasons | management changes | medium | — | — |
| 29 Sept 2026 · 32nd AGM: Financials adopted, director re-appointed by shareholders | board shareholder meetings | low | — | — |
| 29 Sept 2026 · IEC Education 32nd AGM voting results: both resolutions passed | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · 32nd AGM of IEC Education held on Sept 28, 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · Trading window closed ahead of Q2 FY26 results | compliance | minimal | — | — |
| 5 Sept 2026 · Letter sent to shareholders with web-link and QR code for 32nd AGM and Annual Report | compliance | minimal | — | — |
| 5 Sept 2026 · IEC Education files newspaper notice of 32nd AGM to be held on Sept 28, 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · IEC Education FY26 Annual Report filed; standalone loss widens to Rs 253L | compliance | low | — | — |
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.