NSE: VERANDA · BSE: 543514
VERANDA LEARNING SOL LTD
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
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 | 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PHYSICSWALLAH LIMITED | 37,567 | 1079.2 | 8.22 | 67.8 | (0.5) | 0.2 | — | 4.9 |
| JARO INS OF TEC MG N RE L | 776 | 13.4 | 2.15 | — | 14.7 | 18.1 | — | 24.1 |
| VERANDA LEARNING SOL LTD ◆ | 311 | 2.1 | 0.32 | 2.0 | 13.5 | 9.4 | — | 36.0 |
| Sodhani Academy of Fintech Ena | 77 | 9.9 | — | — | — | 24.1 | — | — |
| JETKING INFOTRAIN LTD. | 69 | — | 1.57 | 57.6 | (2.1) | (2.6) | 22.5 | (43.6) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2.1 | 16.3 | 2 of 25 | 96% |
| P/B | 0.3 | 1.7 | 2 of 23 | 96% |
| ROCE | 9.4 | 8.4 | 14 of 29 | 54% |
| ROE | 13.5 | 2.0 | 5 of 23 | 82% |
| Debt / Equity | 0.3 | 0.1 | 18 of 22 | 19% |
| 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 | 311 | 85 | 11 of 30 | 66% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · JSCEL pledges subsidiary shares to secure Rs 143 Cr NCD issue | strategic transactions | high | — | — |
| 12 Oct 2026 · Cost of acquisition split guidance after JSCEL demerger: 64.50% VLS, 35.50% JSCEL | strategic transactions | medium | — | — |
| 7 Oct 2026 · VLS demerger: 9.65 cr JSCEL shares allotted to shareholders at 1:1 ratio | strategic transactions | high | — | — |
| 5 Oct 2026 · Routine demat/remat certificate filing for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Veranda Learning sets up JSCEL Board ahead of October 6 Commerce demerger | compliance | low | — | — |
| 5 Oct 2026 · JSCEL board reconstituted under composite scheme with new CMD, directors appointed | strategic transactions | high | — | — |
| 30 Sept 2026 · JSCEL allots Rs 33 crore NCDs to Veranda promoters at token interest | strategic transactions | medium | — | — |
| 30 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 28 Sept 2026 · CHRO Vivek Sapre resigns from Veranda Learning | management changes | medium | — | — |
| 24 Sept 2026 · JSCEL allots 110 crore rupees NCDs to promoters under Veranda composite scheme | strategic transactions | high | — | — |
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.