NSE: ZEELEARN · BSE: 533287
ZEE LEARN LIMITED
Runs education services, staffing and training, and education-related construction and leasing in India. Educational services is the dominant line at 71.2% of segment revenue with a 25.2% EBIT margin, while training and manpower contributes 23.9% with near-zero margins, and construction and leasing for education is 4.9% and loss-making. Total FY26 segment revenue stood at Rs 439.06 crore with consolidated net profit of Rs 38.53 crore. The largest input cost is people, with employee expenses at 37.2% of revenue, followed by other operating expenses at 21.7% and depreciation at 10.0%. The board has approved the sale of Liberium Global Resources, the staffing subsidiary that accounted for about 24% of FY26 revenue, to Creantum Security, subject to shareholder approval. The auditor flagged material going-concern uncertainty tied to invoked corporate guarantees totalling about Rs 81,000 lakhs (Rs 66,746 lakhs with ACRE and Rs 14,578 lakhs with Axis Bank), and another subsidiary DVPL was admitted under CIRP at NCLT in November 2024. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Educational services and related activities (71%), Training, manpower and related activities (24%), Construction and leasing (for education) (5%). Service-heavy education and staffing business, with the loss-making staffing subsidiary being divested
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 248 | 324 | 356 | 372 | 439 |
| EBITDA (ex other income) | 47 | (397) | 220 | 87 | 131 |
| margin % | 19.1 | (122.3) | 61.9 | 23.5 | 29.9 |
| Owners' profit | (3) | (443) | 163 | 13 | 39 |
| EPS, as reported (₹) | (0.08) | (13.60) | 4.99 | 0.39 | 1.18 |
| ROE % · ROCE % | (2.2) · 4.3 | (330.1) · (68.4) | 85.2 · 37.8 | 6.5 · 11.3 | 16.4 · 15.5 |
| Debt / equity (x) | 0.66 | 3.01 | 1.80 | 1.81 | 1.44 |
| Cash from operations | 63 | 42 | 50 | 83 | 108 |
| Capex | (1) | (4) | (3) | (11) | (13) |
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 | 58 | 75 | 159 | 108 | 74 | 80 | 177 | 93 |
| Profit before tax | (4) | (3) | 32 | 7 | (6) | 1 | 66 | 17 |
| Net profit | (4) | (4) | 17 | 2 | (6) | (3) | 45 | 8 |
| EPS (₹) | (0.12) | (0.12) | 0.52 | 0.06 | (0.19) | (0.08) | 1.39 | 0.26 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Educational services and related activities | 193 | 44.0 |
| Construction and leasing (for education) | 5 | 1.2 |
| Training, manpower and related activities | 47 | 10.7 |
| - Educational services and related activities | 119 | 27.2 |
| - Construction and leasing (for education) | 11 | 2.5 |
| - Training, manpower and related activities | 58 | 13.2 |
| Construction and leasing (for education) | 5 | 1.2 |
| Total, before eliminations | 439 | 100.0 |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Zee Learn September quarter: standalone profit up, consolidated loss narrows | compliance | minimal | — | — |
| 23 Oct 2026 · Rakesh Chaturvedi appointed additional whole-time director | management changes | medium | — | — |
| 23 Oct 2026 · Earnings per share corrected as Q2 profit jumps amid guarantee risk | results | medium | — | — |
| 22 Oct 2026 · Zee Learn Q2 FY26: auditor flags going concern and qualified review | results | high | — | — |
| 22 Oct 2026 · Profit rises sharply, but lender claims raise serious business continuity risk | results | high | — | — |
| 17 Oct 2026 · Zee Learn board to consider Q2 FY27 results on Oct 22 | results | low | — | — |
| 16 Oct 2026 · SDD Compliance Certificate filed for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 12 Oct 2026 · Routine compliance filing for dematerialisation confirmation Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY27 results | compliance | minimal | — | — |
| 28 Sept 2026 · Allotment of 3,43,491 equity shares under ESOP 2010 scheme | capital market events | low | — | — |
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.