S CHAND AND COMPANY LTD

Publishes educational content for Indian K-12 schools, higher education, and international curricula, with printed textbooks as the core revenue source. The K-12 segment sells syllabus-based books for CBSE and other Indian school boards, with the new NCF syllabus rollout underway — K-8 books already released and Classes 9-12 syllabus expected in coming months, with full K-12 adoption targeted for FY27-28. Higher education faces industry-wide structural headwinds from piracy and reduced student purchases. AI dataset content licensing — selling educational content to AI training clients — grew over 60% year-on-year in FY26 to around Rs 32-35 crore, with management guiding to over Rs 400 million in FY27 and a medium-term target of Rs 100 crore; 5 clients recorded 100% renewal rates and in-house content delivers approximately 90% margins. In January 2026 the company acquired CPD Singapore to enter the IGCSE/IB international curriculum market, currently generating Rs 5-6 crore of revenue with a multi-year target of US$8-10 million. The cost base is led by materials at 31.4% of revenue (mostly paper), with employees at 24.2% and other opex at 25.5%; management flags 10-15% paper cost inflation in FY27 but only 6-8% pricing pass-through. The group operates three material subsidiaries — Chhaya Prakashani, Vikas Publishing House, and New Saraswati House — and ended FY26 net debt-free with Rs 1,048 million of net cash.