IRONWOOD EDUCATION LIMITED

Operates two businesses: a small Education segment on a standalone basis and a Real Estate segment run through wholly-owned subsidiary Trio Infrastructure Private Ltd (TIPL). On a consolidated basis, FY26 revenue of Rs 52.58 crore surged from Rs 3.46 crore in FY25, with the jump driven by TIPL recognising real estate revenue under Ind AS 115; the standalone Education business remained small at Rs 125.47 lakhs in the first nine months of FY26. As Development Manager for M/s. Patel Group's 'Patel Colossus' project at Kalyan West, Thane, the company handles development, construction monitoring, marketing and sale of unsold commercial and residential inventory (excluding hotel blocks), earning a Development Management Fee equal to 8% of revenue from unsold inventory over a tentative five-year term. Cost structure is dominated by other operating expenses at 71.9% of revenue (largely real estate development costs), with employee costs at 4.7%, depreciation at 0.9%, and no material/input costs. The overseas education subsidiary EMDI (Overseas) FZ LLC is being wound down due to geopolitical disruption and the EMDI trademark is being sold, with funds from a Rs 7.70 crore preferential issue being deployed into real estate and Indian education growth.