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Crizac Q2 FY27 results: net profit down 25.1% to ₹36.23 crore, revenue down 36.7%
Crizac Limited reported consolidated revenue of ₹102.67 crore and a net profit of ₹36.23 crore for Q2 FY27, with revenue down 36.7% and profit down 25.1% from the year-ago quarter. EBITDA was ₹35.43 crore and the margin was 34.5%, compared with ₹63.27 crore and 39.0% in Q2 FY26.
Key points
- Q2 FY27 consolidated revenue was ₹102.67 crore, down ₹59.58 crore or 36.7% from Q2 FY26 and ₹98.54 crore or 49.0% from Q1 FY27.
- EBITDA was ₹35.43 crore, down 44.0% year on year, while the margin declined 4.5 percentage points to 34.5%.
- Net profit was ₹36.23 crore, down 25.1% year on year and 21.5% sequentially; basic EPS was ₹2.11.
- H1 FY27 revenue fell 18.3% to ₹303.88 crore, while PAT fell 12.5% to ₹82.4 crore.
- The board approved an interim dividend of ₹4 per equity share, with a record date of 6 November 2026.
How did Crizac perform in Q2 FY27?
Crizac’s consolidated revenue was ₹102.67 crore in Q2 FY27, down ₹59.58 crore or 36.7% from ₹162.25 crore in Q2 FY26 and ₹98.54 crore or 49.0% from ₹201.21 crore in Q1 FY27. EBITDA was ₹35.43 crore, against ₹63.27 crore a year earlier and ₹61.16 crore in the previous quarter. The EBITDA margin was 34.5%, compared with 39.0% in Q2 FY26 and 30.4% in Q1 FY27.
Profit before tax was ₹40.13 crore, compared with ₹64.82 crore in Q2 FY26 and ₹64.84 crore in Q1 FY27. Net profit was ₹36.23 crore, against ₹48.34 crore and ₹46.17 crore, respectively; basic EPS was ₹2.11, compared with ₹2.76 and ₹2.69. On the standalone basis, revenue was ₹72.6 crore and PAT was ₹45.55 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 102.67 | 201.21 | 162.25 | −36.7% | −49.0% |
| Other income | 8.54 | 7.22 | 7.64 | +11.8% | +18.3% |
| Total expenses | 71.07 | 143.59 | 105.07 | −32.4% | −50.5% |
| EBITDA | 35.43 | 61.16 | 63.27 | −44.0% | −42.1% |
| EBITDA margin | 34.5% | 30.4% | 39.0% | −4.5 pp | +4.1 pp |
| Profit before tax | 40.13 | 64.84 | 64.82 | −38.1% | −38.1% |
| Tax | 3.90 | 18.67 | 16.48 | −76.3% | −79.1% |
| Net profit | 36.23 | 46.17 | 48.34 | −25.1% | −21.5% |
| EPS (₹) | 2.11 | 2.69 | 2.76 | −23.6% | −21.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Crizac's costs and profit?
Total expenses were ₹71.07 crore in Q2 FY27, down ₹34 crore or 32.4% from Q2 FY26. Cost of materials fell ₹36.90 crore or 40.4% to ₹54.38 crore, employee cost declined ₹0.32 crore or 4.4% to ₹6.97 crore, and depreciation fell ₹2.28 crore or 37.5% to ₹3.80 crore. Other expenses increased ₹5.47 crore or 1302.4% to ₹5.89 crore, while finance costs were ₹0.04 crore. There was no exceptional item.
Other income increased ₹0.90 crore or 11.8% to ₹8.54 crore, while tax fell ₹12.58 crore or 76.3% to ₹3.90 crore. EBITDA margin declined 4.5 percentage points to 34.5%, but the PAT margin increased 5.5 percentage points to 35.3%. Management said international travel disruption, flight cancellations between February and June, and currency movements in key source markets led students, mainly postgraduates, to defer their plans.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 54.38 | 91.28 | −36.90 | −40.4% |
| Employee cost | 6.97 | 7.29 | −0.32 | −4.4% |
| Finance costs | 0.04 | 0 | +0.04 | |
| Depreciation | 3.80 | 6.08 | −2.28 | −37.5% |
| Other expenses | 5.89 | 0.42 | +5.47 | +1302.4% |
| Total expenses | 71.07 | 105.07 | −34 | −32.4% |
| Other income | 8.54 | 7.64 | +0.90 | +11.8% |
| Tax | 3.90 | 16.48 | −12.58 | −76.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹303.88 crore, down ₹67.91 crore or 18.3% from ₹371.79 crore in H1 FY26. Total income fell ₹67.45 crore or 17.4% to ₹319.64 crore, profit before tax declined ₹21.98 crore or 17.3% to ₹104.97 crore, and PAT fell ₹11.75 crore or 12.5% to ₹82.4 crore. Basic EPS was ₹4.80, compared with ₹5.38.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 303.88 | 371.79 | −18.3% |
| Profit before tax | 104.97 | 126.95 | −17.3% |
| Net profit | 82.40 | 94.15 | −12.5% |
| EPS (₹) | 4.80 | 5.38 | −10.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹866.23 crore, compared with ₹875.58 crore on 31 March 2026. Total equity rose to ₹674.64 crore from ₹592.44 crore, borrowings were ₹0.97 crore against ₹0.88 crore, and cash increased to ₹158.87 crore from ₹135.54 crore. Trade receivables were ₹73.43 crore, compared with ₹238.51 crore, while trade payables were ₹165.71 crore against ₹233.59 crore.
H1 FY27 operating cash flow was ₹126.92 crore, compared with an outflow of ₹71.21 crore in H1 FY26. Investing cash flow was an outflow of ₹106.45 crore, against ₹3.42 crore, while financing cash flow was an outflow of ₹0.93 crore compared with ₹0.01 crore. Capital expenditure was ₹6.72 crore, compared with ₹0.27 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 866.23 | 875.58 |
| Total equity | 674.64 | 592.44 |
| Borrowings | 0.97 | 0.88 |
| Cash and equivalents | 158.87 | 135.54 |
| Inventories | 0 | 0 |
| Trade receivables | 73.43 | 238.51 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 126.92 | −71.21 |
| Cash from investing | −106.45 | −3.42 |
| Cash from financing | −0.93 | −0.01 |
| Capital expenditure | 6.72 | 0.27 |
Source: Company's results filing (XBRL).
How has Crizac done over the last 6 quarters?
Revenue over the last six quarters peaked at ₹391.73 crore in Q4 FY26 and was lowest at ₹102.67 crore in Q2 FY27. PAT peaked at ₹74.5 crore in Q4 FY26 and was lowest at ₹36.23 crore in Q2 FY27. EBITDA margin reached 39.0% in Q2 FY26 and bottomed at 23.7% in Q3 FY26; it was 34.5% in the latest quarter. Revenue and PAT declined from Q1 FY27 to Q2 FY27, while margin increased.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review report. It also approved an interim dividend of ₹4.00 per equity share of face value ₹2 for FY2026-27. The record date is 6 November 2026, and payment is to be completed on or before 27 November 2026. The company also filed an investor presentation for the results.
What did Crizac's management say?
Management guided Q3 FY27 revenue to grow 10-12% over Q3 FY26 and maintained its expectation that FY27 revenue and profit would remain in line with FY26. It said deferred demand was returning in Q3, that H2 FY27 would be significantly stronger than the first half, and that peak intake activity falls in the second half. The company expects the FY27 total dividend to be INR 8-10 per share, including the declared INR 4 interim dividend.
Management identified travel disruption, flight cancellations, currency volatility, restrictive immigration policies, slow conversion of non-UK applications, higher fixed costs and expansion execution as risks. It said global market share rose from 3.5% in FY24 to 6% in FY26, while UK-sponsored study visas fell 20%. Non-UK destinations rose to 9.5% of H1 applications from 4.7% but contributed only 1.4% of revenue.
How did Crizac shares react?
The filing appeared after market hours from a pre-results close of ₹138.01. The stock was down 1.3% after 5 minutes, down 0.1% after 15 minutes and up 1.0% after 30 minutes. On the reaction day, it closed unchanged; the industry median rose 1.6%, so Crizac underperformed the sector by 1.6 percentage points. By the next day’s close, the stock was up 4.1% from its pre-results close, against a 1.7% industry median move and a 2.4 percentage-point excess return.
Earlier reaction-day moves were up 0.2% on 3 August 2026, up 9.8% on 25 May 2026, up 3.7% on 28 January 2026, up 9.8% on 16 October 2025 and down 2.9% on 4 August 2025. No five-session or one-month reaction was available.
| After the filing | Stock | Internet & Catalogue Retail median |
|---|---|---|
| 5 minutes | −1.3% | |
| 15 minutes | −0.1% | |
| 30 minutes | +1.0% | |
| Reaction day | +0.0% | +1.6% |
| Next day | +4.1% | +1.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 3 August 2026 | +0.2% |
| 25 May 2026 | +9.8% |
| 28 January 2026 | +3.7% |
| 16 October 2025 | +9.8% |
| 4 August 2025 | −2.9% |
Source: MarketPing price-reaction measurement.
How did other Internet & Catalogue Retail companies do?
Six other Internet & Catalogue Retail companies had filed for the quarter, with a median revenue growth of 10.9%. One peer grew revenue more slowly than Crizac and five grew faster. Four of the six reported higher profit.
| Crizac revenue growth (YoY) | −36.7% |
|---|---|
| Median of 6 other Internet & Catalogue Retail companies | +10.9% |
| Companies with slower revenue growth than Crizac | 1 of 6 |
| Companies with faster revenue growth than Crizac | 5 of 6 |
| Companies whose net profit rose | 4 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Crizac's revenue in Q2 FY27?
Revenue from operations was ₹102.67 crore, down 36.7% from ₹162.25 crore in Q2 FY26 (consolidated).
Did Crizac make a profit in Q2 FY27?
Yes. Net profit was ₹36.23 crore, against a net profit of ₹48.34 crore in Q2 FY26.
What was Crizac's EPS in Q2 FY27?
Basic earnings per share were ₹2.11, against ₹2.76 in Q2 FY26.
How did Crizac shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.0% from the previous close; the median Internet & Catalogue Retail stock moved +1.6%.
When did Crizac announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting To Be Held On Friday, October 30, 2026 (BSE, 24 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Of The Company Held On 30Th October, 2026 (BSE, 30 October 2026) · PDF
- Results_Financial Results For September 30, 2026 (BSE, 30 October 2026) · PDF
- The earnings call (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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