Overview

Detailed Summary

CL Educate is an omnichannel education and enterprise services group offering test preparation, publishing, digital assessments (DEX/DEXIT), martech (Kestone) and institutional solutions like EasyApply and mySATHI; the group operates both consumer services (test prep, publishing) and enterprise services (assessments, events, marcom) with notable international presence across Asia, Middle East and the USA.
The consolidated business saw a step change after the DEXIT acquisition: nine‑month revenue rose from Rs.266.2 crore to Rs.445.1 crore (67% growth), business EBITDA improved 120% to Rs.58.8 crore, but consolidated PAT swung to a loss of Rs.15.7 crore driven mainly by acquisition‑related finance cost, IND AS adjustments and elevated depreciation.
mySATHI is a newly launched on‑demand, AI‑adaptive assessment product positioned as a NEP‑aligned, low‑price disruptive offering; CL Educate has monetization levers via university subscriptions, EasyApply commissions and practice/learning upsells, and already reports 18 empanelled institutions with 45,000 seats and large discussions underway for international university consortia.
EdTech is undergoing a structural shift to lower‑priced, smaller product formats; CL Educate is responding with hybrid models like ‘Attend from Anywhere’, the 1000 series, AI‑enabled academic support and platform monetization via test series on DEX, but management expects pressure to continue for two to four quarters while pivoting towards volume‑led recovery.
MarTech (Kestone) is demonstrating steady, profitable growth with increasing international mix (about 35% international today) and new blue‑chip clients; the group also incubated Utsav social events with Rs.6 crore revenue in nine months and a pipeline expected to convert primarily in FY27, reflecting diversified enterprise revenue engines.

Sector: Other Consumer Services
Industry: Education
Market Cap: 254 Cr
Volatility: Low Risk
P/E Ratio: -8.0
Industry P/E: 34.0
PEG Ratio: —
P/B Ratio: 0.9
52W High: 120.73
52W Low: 35.64

Sales CAGR

1Y: 14.61%
3Y: 13.58%
5Y: 12.09%
10Y: 6.47%

Profit CAGR

1Y: -171.41%
3Y: —
5Y: —
10Y: —

ROE

TTM: -1.24%
3Y: 1.34%
5Y: 0.94%
10Y: 0.79%

ROCE

TTM: 3.63%
3Y: 4.39%
5Y: 3.72%
10Y: 3.65%

Technicals

‌

Forecasts

Peers

Consumer Discretionary Consumer Services Other Consumer Services Education

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CPEDU		197.25	386 Cr	18.20	5.57	0.00	31.54	40.10	25.99
CLEDUCATE		49.46	254 Cr	-8.01	0.92	0.00	-1.24	3.63	-3.15
GOLDENCREST		349.00	183 Cr	1307.50	16.82	0.00	1.43	1.43	1.29
ZEELEARN		5.19	173 Cr	17.30	0.90	0.00	9.58	12.45	0.65
VJTFEDU		88.00	153 Cr	7656.00	1.39	0.00	-3.08	-4.76	-0.18
COMPUSOFT		13.27	110 Cr	41.63	0.78	1.44	2.28	3.91	1.26
ASCENSIVE		19.26	79 Cr	18.60	5.24	0.00	23.82	23.94	11.68
Median: 7 Co.	—	49.46	173 Cr	18.60	1.39	0.00	2.28	3.91	1.26

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	89	66	73	94	99	71	97	146	164	120
Expenses	82	62	69	85	89	72	96	128	141	117
Operating Profit	6.72	4.70	3.76	9.35	9.94	-1.18	1.17	18	24	3.51
OPM %	7.55	7.08	5.15	9.95	10.07	-1.67	1.20	12.02	14.42	2.91
Other Income	4.67	4.01	3.16	1.76	1.97	1.85	0.57	4.16	4.87	-0.08
Interest	0.54	0.67	0.73	0.72	0.74	0.91	5.97	13	13	13
Depreciation	3.40	3.52	3.56	4.14	4.23	4.22	7.61	8.74	9.80	10
Profit Before Tax	7.45	4.53	2.63	6.25	6.94	-4.46	-12	0.17	5.37	-20
Tax %	25.37	36.20	28.52	33.12	51.44	30.04	20.52	1,705.88	-29.42	16.48
Net Profit	5.56	2.89	1.88	4.18	3.37	-3.12	-9.41	-2.73	6.95	-17
EPS in Rs	1.03	0.52	0.34	0.77	0.63	-0.58	-2.90	-0.69	0.97	-3.13

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	263	289	339	309	182	209	291	319	358	412
Expenses	240	279	312	315	193	189	266	295	336	385
Operating Profit	24	9.82	27	-6.60	-10	20	26	24	22	27
OPM %	8.95	3.40	7.93	-2.14	-5.68	9.80	8.81	7.55	6.22	6.65
Other Income	11	13	13	-26	9.55	8.33	5.84	14	6.16	8.55
Interest	7.81	6.43	6.20	8.31	5.63	3.52	1.60	2.46	8.34	20
Depreciation	6.71	8.47	9.48	14	8.35	8.07	11	14	20	25
Profit Before Tax	20	7.91	24	-55	-15	17	19	22	-0.09	-9.19
Tax %	30.99	58.97	27.69	1.86	13.74	19.90	-20.23	27.56	-2,172.23	-29.38
Net Profit	14	3.24	18	-54	-13	14	23	16	-1.95	-12
EPS in Rs	11.48	1.09	3.69	-9.79	-2.18	2.30	4.18	2.89	-2.09	-5.75
Dividend Payout %	0.00	0.00	7.09	-2.66	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	12	14	14	14	14	14	14	28	27	27
Reserves	229	317	309	324	269	233	247	247	254	245
Borrowings	63	51	48	53	52	46	22	17	32	264
Other Liabilities	83	220	103	103	86	59	64	81	75	362
Total Liabilities	387	602	474	494	421	352	348	373	388	897
Fixed Assets	120	91	101	98	105	72	54	64	92	336
CWIP	0.63	0.63	1.98	1.74	3.43	3.59	3.88	5.48	2.09	14
Investments	1.68	1.61	52	85	54	55	57	11	3.37	15
Other Assets	264	508	319	310	259	221	233	293	291	531
Total Assets	387	602	474	494	421	352	348	373	388	897

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	4.89	129	-126	17	29	26	33	23	26	16
Cash from Investing Activity	-17	-127	65	-16	-2.57	-3.62	-0.65	8.63	-3.66	-241
Cash from Financing Activity	14	77	-13	-3.35	-25	-17	-35	-22	-5.59	208
Net Cash Flow	2.26	78	-74	-3.25	1.18	5.66	-2.06	9.82	16	-16

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	52.51%	52.51%	53.52%	53.52%	53.52%	53.14%	53.14%	53.16%	53.16%	51.78%	51.78%	51.78%
FIIs	8.19%	8.09%	8.28%	8.13%	8.13%	8.23%	8.20%	8.12%	7.98%	7.99%	7.87%	7.89%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%
Public	39.29%	39.40%	38.20%	38.35%	38.35%	38.63%	38.66%	38.70%	38.86%	40.23%	40.35%	40.32%
Total Shareholders	21,834	22,039	21,743	22,245	21,324	22,865	21,480	20,902	20,953	20,691	20,610	19,854

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan