NSE: SEIL · BSE: 539921
SHANTI EDU INITIATIVES L
Operates an education services business that generated consolidated revenue of Rs 55.58 crore in FY26, with net profit of Rs 5.95 crore and an EBITDA margin of 18.04%. The standalone education business had a turnover of Rs 26.32 crore and is being transferred via slump sale into a wholly-owned subsidiary, Shanti Learning Initiatives Pvt Ltd, for Rs 94.15 crore paid in 9.41 crore equity shares rather than cash. Beyond education services, the group includes Uniformverse Private Limited, a school uniforms subsidiary that availed a Rs 59.10 million loan facility from ICICI Bank, with the parent issuing a Letter of Comfort in its favour. Employee costs are the largest expense line at 24.4% of revenue, followed by other operating expenses at 29.2% and materials at 14.3%. The Chiripal family promoter group collectively holds around 43% of equity, with members recently formalising their joint control through an inter-se voting agreement. A pending Composite Scheme of Arrangement would, after the education slump sale, merge the residual listed entity into Grew Energy Pvt Ltd, a solar PV module and cell manufacturer with 6.5 GW of module capacity and stated plans to scale to 11 GW. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Education services, School uniforms. Small-cap education services company in the midst of a major restructuring that will exit education and merge into a solar PV manufacturer
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 11 | 19 | 59 | 56 |
| EBITDA (ex other income) | 0 | 2 | 7 | 6 |
| margin % | 3.7 | 8.8 | 12.4 | 11.1 |
| Owners' profit | 3 | 4 | 7 | 6 |
| EPS, as reported (₹) | 0.21 | 0.23 | 0.44 | 0.37 |
| ROE % · ROCE % | 5.6 · 8.0 | 5.7 · 7.7 | 9.9 · 13.3 | 7.7 · 10.5 |
| Debt / equity (x) | 0.04 | 0.02 | 0.11 | 0.08 |
| Cash from operations | 0 | (1) | (3) | 8 |
| Capex | (0) | (1) | (5) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10 | 10 | 21 | 19 | 15 | 11 | 6 | 23 |
| Profit before tax | 4 | 4 | 2 | (0) | 4 | 3 | (1) | 2 |
| Net profit | 3 | 3 | 2 | (0) | 3 | 3 | (1) | 1 |
| EPS (₹) | 0.19 | 0.16 | 0.12 | (0.44) | 0.18 | 0.16 | (0.04) | 0.06 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SHANTI EDU INITIATIVES L ◆ | 2,930 | 505.6 | 37.78 | 475.3 | 7.7 | 9.7 | — | 3.4 |
| NIIT LEARNING SYSTEMS LTD | 2,348 | 9.5 | 1.44 | 6.0 | 5.8 | 6.3 | — | 15.0 |
| NIIT LIMITED | 973 | 177.6 | 0.91 | — | 0.5 | 0.5 | (16.3) | 1.3 |
| GLOBAL EDUCATION LIMITED | 731 | 28.0 | 5.57 | 20.4 | 20.2 | 25.9 | — | 41.0 |
| APTECH LIMITED | 476 | 19.4 | 1.92 | 14.3 | 9.5 | 13.4 | 41.4 | 6.8 |
| CAREER POINT EDUTECH LTD | 332 | 12.0 | 3.58 | 12.6 | 18.3 | 23.9 | — | 45.1 |
| Golden Crest Education & Servi | 164 | 695.3 | 14.84 | — | 0.6 | 0.6 | — | 40.6 |
| VJTF EDUSERVICES LTD. | 106 | 73.2 | 0.90 | — | (0.1) | — | (9.7) | 88.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 505.6 | 23.7 | 13 of 14 | 8% |
| P/B | 37.8 | 1.9 | 14 of 15 | 7% |
| ROCE | 9.7 | 1.6 | 5 of 16 | 73% |
| ROE | 7.7 | 0.6 | 5 of 15 | 71% |
| Debt / Equity | 0.1 | 0.0 | 8 of 14 | 46% |
| EBITDA margin | 3.4 | 14.1 | 13 of 16 | 20% |
| Revenue growth | 23.0 | (5.3) | 4 of 17 | 81% |
| Profit growth | 318.7 | (20.6) | 1 of 15 | 100% |
| Market cap | 2930 | 91 | 1 of 18 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Newspaper publication of September 2026 quarter and half-year results | compliance | minimal | — | — |
| 4 Nov 2026 · Composite scheme amended; standalone Q2 profit falls to Rs 90.58 lakh | strategic transactions | medium | — | — |
| 4 Nov 2026 · Consolidated Sep 2026 quarter: revenue Rs 875.47 lakh vs Rs 1,141.72 lakh, same quarter last year | results | high | — | — |
| 4 Nov 2026 · Board approves Sept 2026 quarter results and amends restructuring scheme | strategic transactions | medium | — | — |
| 29 Oct 2026 · Board to approve September quarter and half-year results | results | low | — | — |
| 8 Oct 2026 · Routine compliance certificate for Q2 FY26 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 26 Sept 2026 · 38th AGM Voting Results - All 4 Resolutions Passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Shanti Educational Initiatives 38th AGM held on Sept 25, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · AGM notice and annual report weblink sent to shareholders | board shareholder meetings | low | — | — |
| 30 Aug 2026 · Notice of 38th AGM and remote e-voting information | compliance | minimal | — | — |
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.