NSE: NAVNETEDUL · BSE: 508989
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%). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Publishing Content (44%), Stationery Products (56%), Others (windmill, etc.) (0%). Cyclical, brand- and curriculum-driven publishing combined with asset-intensive stationery manufacturing exposed to export demand swings
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,114 | 1,697 | 1,751 | 1,786 | 17 |
| EBITDA (ex other income) | 227 | 353 | 363 | 1,002 | 5 |
| margin % | 20.4 | 20.8 | 20.7 | 56.1 | 30.5 |
| Owners' profit | 131 | 205 | 252 | 758 | 4 |
| EPS, as reported (₹) | 5.77 | 9.04 | 11.12 | 34.00 | 32.00 |
| ROE % · ROCE % | 12.9 · 18.9 | 17.7 · 26.0 | 19.5 · 23.1 | 42.9 · 47.6 | 17.6 · 21.0 |
| Debt / equity (x) | 0.11 | 0.24 | 0.19 | 0.10 | 0.02 |
| Cash from operations | 6 | (22) | 242 | 274 | 3 |
| Capex | (38) | (51) | (53) | (114) | (1) |
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 | 272 | 282 | 434 | 794 | 247 | 250 | 4 | 788 |
| Profit before tax | (6) | 25 | 55 | 212 | (17) | 215 | 0 | 193 |
| Net profit | (5) | 16 | 47 | 157 | (15) | 188 | 0 | 141 |
| EPS (₹) | (0.22) | 0.65 | 2.00 | 7.13 | (0.67) | 7.76 | 3.46 | 6.41 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a. Publishing Content | 514 | 39.7 |
| b. Stationery Products | 530 | 40.8 |
| c. Others (windmill, etc.) | 0 | 0.0 |
| Publishing Content | 96 | 7.4 |
| Stationery Products | 153 | 11.8 |
| Others ( Windmill, other strategic Investments ,etc) | 1 | 0.1 |
| c. Others (windmill, other strategic investments, etc.) | 3 | 0.2 |
| Total, before eliminations | 1,297 | 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. % |
|---|---|---|---|---|---|---|---|---|
| DOMS INDUSTRIES LIMITED | 11,233 | 51.7 | 8.63 | 26.8 | 18.4 | 22.7 | — | 12.9 |
| NAVNEET EDUCATION LTD ◆ | 2,772 | 7.4 | 132.06 | 501.2 | 17.6 | 20.2 | (54.0) | 27.5 |
| FLAIR WRITING INDUST LTD | 2,462 | 17.6 | 2.15 | 10.1 | 12.4 | 15.4 | — | 17.1 |
| KOKUYO CAMLIN LIMITED | 713 | — | 2.87 | 16.8 | 6.1 | 8.0 | — | — |
| LINC LIMITED | 555 | 17.6 | 2.14 | 8.1 | 12.7 | 17.4 | — | 9.0 |
| ALKOSIGN LIMITED | 69 | 5.8 | — | — | — | 4.9 | — | — |
| KSHITIJ POLYLINE LIMITED | 53 | 14.1 | 0.85 | 8.8 | 6.1 | 6.1 | — | 12.4 |
| SUNDARAM MULTI PAP LTD | 49 | — | 0.52 | 5.1 | (0.1) | (0.1) | — | 21.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.4 | 15.8 | 2 of 6 | 80% |
| P/B | 132.1 | 2.1 | 8 of 8 | 0% |
| ROCE | 20.3 | 8.0 | 2 of 9 | 88% |
| ROE | 17.6 | 9.3 | 2 of 8 | 86% |
| Debt / Equity | 0.0 | 0.2 | 1 of 8 | 100% |
| EBITDA margin | 27.5 | 15.0 | 1 of 6 | 100% |
| Revenue growth | (0.8) | 6.0 | 5 of 6 | 20% |
| Profit growth | (10.2) | (4.9) | 4 of 6 | 40% |
| Market cap | 2772 | 555 | 2 of 9 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September results and consider interim dividend | results | low | — | — |
| 19 Oct 2026 · CRISIL reaffirms A1+ rating on bank guarantee and Rs 300 cr commercial paper | credit debt | medium | — | — |
| 6 Oct 2026 · Routine dematerialisation compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Navneet Education gets 3-month AGM extension from ROC for FY26 | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Trading Window Closure Ahead of Q2 Results | compliance | minimal | — | — |
| 31 Aug 2026 · ROC grants 3-month extension for AGM to Navneet Education and subsidiary | board shareholder meetings | medium | — | — |
| 19 Aug 2026 · Navneet Education gets GST audit report showing short payment of 13.78 lakh rupees | regulatory legal | medium | — | — |
| 1 Aug 2026 · Q1 FY27 Earnings Call: Revenue Rs 785cr, Publication Growth Guided at 10% | investor communications | medium | — | — |
| 30 Jul 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 29 Jul 2026 · Earnings call audio for Q1 FY27 uploaded on company website | investor communications | low | — | — |
How to read this document
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|---|---|---|
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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.