NAVNEET EDUCATION LTD

Publishes educational content for Indian schools and sells stationery products domestically and overseas. The Publishing Content segment produces textbooks and supplementary workbooks for the K-12 market, while the Stationery Products segment makes paper and non-paper (polymer/plastic) stationery under brands including YOUVA. A small Others line covers windmill power generation. In Q1 FY27 total revenue was Rs 785 crore, split between Publication (Rs 405 crore, down 3% YoY) and Stationery (Rs 380 crore, up 2% YoY). The Publication dip reflects Maharashtra and Gujarat curriculum changes that delayed textbook releases and spilled roughly Rs 30-35 crore of revenue from Q1 into Q2; management has guided FY27 Publication growth at ~10% with EBITDA margin of 26-27%. Domestic Stationery grew 26% YoY in Q1 FY27 on branding, deeper penetration and quick-commerce channels, while Export Stationery fell 9% on US tariff disruption and channel destocking. A polymer plant built at Rs 65 crore capex to make plastic stationery is running at ~30% utilisation, dragging Stationery margins; management has guided blended Stationery EBITDA margin to 10-11% for FY27 and is investing Rs 30 crore in FY27 and Rs 40 crore in FY28 on YOUVA branding to lift the non-paper stationery share of the domestic mix to 10-15% within three years. The biggest cost is materials at 45.4% of revenue, followed by employees (17.4%) and other operating expenses (22.0%).