Veranda Learning Q1 FY27: Growth Surges, Finance Costs Fall, and the Demerger Nears

Revenue from operations was INR 149.5 crore (up 42% YoY), EBITDA was INR 53.8 crore (up 10% YoY), and PAT was INR 33.9 crore (up 472% YoY), as per the investor presentation.

Commerce Test Prep contributed INR 108.6 crore, Government Test Prep INR 32.5 crore, and Academics INR 12.2 crore in Q1 FY27, as shown in the segment revenue disclosure.

The company stated that shareholders approved the scheme in April 2026, NCLT orders were reserved on July 20, 2026, and management expects completion and listing in September 2026, subject to NCLT and procedural steps.

Management stated a 1:1 share allotment: every Veranda shareholder will receive one share in the newly listed JK Shah Commerce Education Limited at no additional cost.

The company guided FY27 revenue of INR 670 crore, EBITDA of INR 260 crore, and PAT of INR 144 crore, and provided a split between Commerce and Non-commerce for FY27E.

The presentation attributes finance cost reduction to QIP-led deleveraging and debt refinancing; finance cost fell to INR 8.1 crore in Q1 FY27 from INR 26.2 crore in Q1 FY26.

On the earnings call, the CFO explained that due to a merger scheme involving subsidiaries, earlier tax created was reversed in Q1 FY27, resulting in a negative tax expense line.