Operates an education and test-preparation platform across five revenue streams. Commerce coaching is the largest, delivered mainly through J.K. Shah Classes for professional commerce exams such as CA, CS and CMA, and produced the highest operating profit at ₹145.24 crore in FY26. Government test preparation runs via the Veranda RACE brand for UPSC, KAS and KPSC civil services exams, while managed school services, vocational education (now a 50:50 joint venture with SNVA EduTech) and others round out the mix. FY26 consolidated revenue from operations stood at ₹481.51 crore, with an EBITDA margin of 60.24% and net profit of ₹129.75 crore. Activities during FY26 included an MoU between J.K. Shah Classes and Japan's CPA Excellent Partners for CPA training, an MoU between Veranda RACE and Dr. Rajkumar Academy for civil services coaching in Karnataka, and a Composite Scheme before NCLT Chennai proposing to merge Veranda XL and demerge the commerce vertical into J.K. Shah Commerce Education Ltd. Costs are dominated by other operating expenses at 49.1% of revenue and employee costs at 12.7%, with no material input cost line. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Commerce (64%), Government test preparation (22%), Managed school services (6%), Others (6%), Vocational education (2%). Asset-light, multi-brand Indian test-prep and education services franchise.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 75 | 161 | 362 | 471 | 482 |
| EBITDA (ex other income) | (40) | (72) | 54 | 36 | 253 |
| margin % | (52.8) | (44.8) | 14.9 | 7.6 | 52.5 |
| Owners' profit | (58) | (79) | (80) | (247) | 106 |
| EPS, as reported (₹) | (16.96) | (13.65) | (12.05) | (34.73) | 11.84 |
| ROE % · ROCE % | (76.0) · (21.6) | (25.9) · (10.1) | (20.2) · (0.3) | (97.9) · (9.4) | 13.5 · 14.2 |
| Debt / equity (x) | 2.64 | 0.75 | 1.20 | 2.00 | 0.31 |
| Cash from operations | (61) | 15 | 27 | 32 | 105 |
| Capex | — | (91) | (13) | (15) | (14) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 139 | 99 | 114 | 139 | 127 | 117 | 132 | 150 |
| Profit before tax | (27) | (206) | 5 | 8 | 105 | 24 | 21 | 29 |
| Net profit | (30) | (203) | 8 | 6 | 96 | 13 | 16 | 34 |
| EPS (₹) | (4.22) | (27.15) | 0.68 | (0.09) | 10.61 | 1.08 | 0.92 | 3.03 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Managed school services | 23 | 4.1 |
| Commerce | 335 | 59.9 |
| Government test preparation | 115 | 20.5 |
| Vocational education | 46 | 8.2 |
| Others | 31 | 5.5 |
| Managed School Services | 10 | 1.8 |
| Total, before eliminations | 559 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Sept 2026 · Warrants converted into equity shares by non-promoter allottee | fund raising | medium | — | — |
| 31 Aug 2026 · Authorised capital raised to INR 147.5 Cr under Composite Scheme of Arrangement | strategic transactions | high | — | — |
| 31 Aug 2026 · Veranda Learning scheme effective; commerce business demerged into JSCEL | strategic transactions | high | — | — |
| 28 Aug 2026 · Veranda Learning warrants lapse; Rs 5 crore upfront amount forfeited | fund raising | medium | — | — |
| 24 Aug 2026 · NCLT approves Veranda's commerce vertical demerger into JSCEL | compliance | low | — | — |
| 21 Aug 2026 · NCLT sanctions Veranda composite scheme of arrangement | strategic transactions | high | — | — |
| 17 Aug 2026 · Veranda Q1 FY27: PAT up 472%, commerce demerger on track | investor communications | medium | — | — |
| 14 Aug 2026 · Newspaper ad of Q1FY27 unaudited results - Veranda Learning | compliance | minimal | — | — |
| 13 Aug 2026 · Audio recording of Q1 FY2027 earnings call uploaded on website | investor communications | low | — | — |
| 13 Aug 2026 · Monitoring Agency Report for Q1 FY27 shows no deviation from stated objects | compliance | low | — | — |
| 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 |
| PHYSICSWALLAH LIMITED | 39,481 | 1134.2 | 8.64 | 71.3 | (0.5) | 0.2 | — | 4.9 |
| VERANDA LEARNING SOL LTD ◆ | 2,157 | 14.3 | 2.25 | 8.4 | 13.5 | 9.4 | — | 36.0 |
| JARO INS OF TEC MG N RE L | 989 | 17.1 | 2.75 | — | 14.7 | 18.1 | — | 24.1 |
| JETKING INFOTRAIN LTD. | 81 | 8.7 | 1.84 | 67.6 | (2.1) | (2.6) | 22.5 | (43.6) |
| Sodhani Academy of Fintech Ena | 72 | 9.1 | — | — | — | 24.1 | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.3 | 17.1 | 13 of 27 | 54% |
| P/B | 2.3 | 2.1 | 13 of 23 | 46% |
| ROCE | 9.4 | 8.4 | 14 of 29 | 54% |
| ROE | 13.5 | 2.0 | 5 of 23 | 82% |
| Debt / Equity | 0.3 | 0.0 | 19 of 23 | 18% |
| EBITDA margin | 36.0 | 18.4 | 7 of 22 | 71% |
| Revenue growth | 7.4 | 9.2 | 13 of 24 | 48% |
| Profit growth | 467.9 | 12.5 | 2 of 21 | 95% |
| Market cap | 2157 | 95 | 5 of 30 | 86% |
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| 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 |
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.
