BSE: 508918
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real Estate Development, Development Management Services, Education Services. Education services plus asset-heavy real estate development and development management through a wholly-owned subsidiary.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 2 | 4 | 3 | 53 |
| EBITDA (ex other income) | (1) | (1) | (5) | (11) | 8 |
| margin % | (61.3) | (52.6) | (124.2) | (324.8) | 15.6 |
| Owners' profit | (2) | (2) | (6) | (10) | 4 |
| EPS, as reported (₹) | (2.40) | (2.38) | (7.62) | 11.84 | 2.52 |
| ROE % · ROCE % | (13.5) · (5.9) | (15.9) · (5.9) | (100.9) · (33.1) | (47.1) · (25.0) | 12.5 · 12.0 |
| Debt / equity (x) | 0.48 | 0.78 | 1.44 | 0.77 | 1.25 |
| Cash from operations | (1) | (1) | (1) | (26) | (24) |
| 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 | 1 | 1 | 1 | 0 | 1 | 30 | 22 | 12 |
| Profit before tax | 1 | (2) | (9) | (1) | (1) | 5 | 2 | 1 |
| Net profit | 1 | (2) | (9) | (1) | (1) | 5 | 0 | 1 |
| EPS (₹) | 1.22 | (2.18) | 10.25 | (0.78) | (0.35) | 3.47 | 0.24 | 0.51 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Education | 3 | 5.0 |
| Real Estate | 50 | 95.0 |
| Total, before eliminations | 53 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NIIT LEARNING SYSTEMS LTD | 2,748 | 10.7 | 1.78 | 6.1 | 16.1 | 16.7 | — | 19.2 |
| SHANTI EDU INITIATIVES L | 2,608 | 450.0 | 33.63 | 260.6 | 7.7 | 9.7 | — | 9.2 |
| NIIT LIMITED | 952 | 105.5 | 0.89 | 21.9 | 0.6 | 1.1 | (16.3) | 17.6 |
| GLOBAL EDUCATION LIMITED | 718 | 27.6 | 5.47 | 18.6 | 20.2 | 25.9 | — | 42.3 |
| APTECH LIMITED | 476 | 19.4 | 1.91 | 9.9 | 9.5 | 13.4 | 41.4 | 9.7 |
| CAREER POINT EDUTECH LTD | 293 | 12.3 | 3.86 | 9.1 | 30.3 | 40.6 | — | 76.3 |
| Golden Crest Education & Servi | 170 | 718.2 | 15.43 | — | 1.6 | 2.2 | — | 27.0 |
| VJTF EDUSERVICES LTD. | 104 | 45.1 | 0.89 | — | (0.1) | — | (9.7) | 415.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.4 | 23.5 | 6 of 14 | 62% |
| P/B | 2.6 | 1.9 | 9 of 15 | 43% |
| ROCE | 8.4 | 2.5 | 8 of 17 | 56% |
| ROE | 12.5 | 1.6 | 4 of 15 | 79% |
| Debt / Equity | 1.3 | 0.0 | 13 of 14 | 8% |
| EBITDA margin | 15.5 | 18.4 | 9 of 14 | 39% |
| Revenue growth | 4724.4 | (0.0) | 1 of 16 | 100% |
| Profit growth | 172.6 | 12.5 | 2 of 15 | 93% |
| Market cap | 81 | 91 | 10 of 18 | 47% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Postal ballot notice for company name change and MOA/AOA alterations | compliance | minimal | — | — |
| 14 Oct 2026 · Postal Ballot Notice for Change of Company Name | compliance | minimal | — | — |
| 13 Oct 2026 · Ironwood Education seeks shareholder approval for name change to Ironwood Realty | corporate actions | medium | — | — |
| 10 Oct 2026 · Routine dematerialization compliance certificate for September 2026 quarter | compliance | minimal | — | — |
| 5 Oct 2026 · Board approves name change to Ironwood Realty Limited | general | low | — | — |
| 30 Sept 2026 · 43rd AGM voting results - all 8 resolutions passed with over 99.99% approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed ahead of Q2 results declaration | compliance | minimal | — | — |
| 28 Sept 2026 · 43rd AGM of Ironwood Education held on Sept 28, 2026; 8 resolutions transacted | board shareholder meetings | low | — | — |
| 5 Sept 2026 · 43rd AGM notice and e-voting details published in newspapers | compliance | minimal | — | — |
| 4 Sept 2026 · Ironwood Education files FY26 Annual Report; 43rd AGM on Sep 28 | results | high | — | — |
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.