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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 FY18

₹ crore	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24	Q1 FY24	Q4 FY23	Q3 FY23	Q2 FY23	Q1 FY23	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q3 FY19	Q2 FY19	Q4 FY18
Revenue from operations	224	205	182	194	186	182	186	178	181	149	134	130	133	127	132	127	115	109	112	110	117	114	116	110	81.8	76.2	83.7	88.2	99.5	101	63.6
Other income	2.9	6.6	2.1	2.3	7.1	7.1	1.8	1.6	2.1	2.5	1.4	5	3.3	2.4	3.4	1.6	3.3	4.1	2.8	3.9	3.3	2.1	4	1.3	2.5	4.4	3.4	6.4	5.1	3.9	5
Total expenses	157	147	131	140	143	133	133	131	147	113	94.6	93.7	95.3	86.9	96.2	91.8	90.1	83.1	85.2	85.1	91.6	91.9	89.7	92.1	65.4	67	69.5	66.1	77.2	77.9	46.5
EBITDA	77	67.5	57.6	60.5	50.3	56	60.3	53.5	41.1	42.8	44.6	40.6	41.9	45.6	41.2	40.2	29.6	31.5	32.5	30.6	31.4	28.6	32.7	24.8	20.7	13.5	18.6	26.5	25.5	25.8	18.9
EBITDA margin	34.3%	32.9%	31.6%	31.1%	27.0%	30.8%	32.4%	30.1%	22.7%	28.6%	33.4%	31.3%	31.6%	35.8%	31.2%	31.7%	25.8%	28.8%	29.0%	27.8%	26.8%	25.0%	28.2%	22.5%	25.3%	17.7%	22.2%	30.1%	25.6%	25.7%	29.8%
Finance costs	1.1	1.2	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.4	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.5	0.3	0.4	0.4	0.6	0.5	0.5	0.4	0.6	0.5	0.5	0	0	0.1
Depreciation	8.9	8.4	6.3	6.1	7	6.9	6.9	6.8	6.8	5.7	5.2	4.6	4.5	4.7	5	5.1	4.5	4.8	5.2	5.2	5.5	5.6	5.8	6	3.9	3.8	3.9	3.9	3.2	3.1	1.8
Profit before tax	69.8	64.9	45.7	69.2	49.5	61.9	55.1	48.1	36.1	39.3	40.7	40.8	40.6	43	39.4	36.5	28.1	30.4	29.8	29	28.8	24.5	30.5	19.5	18.9	13.6	17.6	28.6	27.4	26.6	22
Tax	19.4	17.9	10.2	13.7	14.3	14.8	14.4	12.8	10.2	10.6	10.9	10.8	10.3	10.9	9.8	9.6	7.4	8.4	7.8	7.3	7.4	11.6	12.6	5.6	5.1	4.1	4.7	6.5	7.9	7.9	6.9
Net profit	50.4	47	35.5	55.4	35.2	47.1	40.7	35.2	25.9	28.7	29.7	30	30.3	32.1	29.6	26.9	20.6	22.1	22	21.7	21.4	12.9	17.9	13.9	13.9	9.4	13	22.1	19.5	18.7	15.2
Net margin	22.5%	22.9%	19.5%	28.5%	18.9%	25.8%	21.8%	19.8%	14.3%	19.2%	22.2%	23.2%	22.9%	25.2%	22.4%	21.2%	18.0%	20.2%	19.6%	19.7%	18.3%	11.3%	15.4%	12.6%	16.9%	12.4%	15.5%	25.1%	19.6%	18.6%	23.8%
EPS (₹)	29.70	27.72	20.93	32.67	20.78	27.76	24.00	20.77	15.27	17.12	17.53	17.70	17.84	18.83	17.28	15.70	12.07	12.59	12.18	12.00	11.86	7.14	9.90	7.47	7.44	5.07	6.95	11.87	10.46	10.02	8.14
Net profit YoY	+43.0%	−0.1%	−12.8%	+57.3%	+36.1%	+63.9%	+36.9%	+17.3%	−14.6%	−10.6%	+0.5%	+11.8%	+46.8%	+45.6%	+34.5%	+24.0%	−3.6%	+71.1%	+22.8%	+55.8%	+54.5%	+36.7%	+38.3%	−37.1%	–	–	−33.5%	+18.4%	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY18
Revenue from operations	768	727	545	501	449	423	332	267
Other income	15.6	12.5	12.2	10.8	14.1	9.9	20	23
Total expenses	562	544	396	365	345	339	270	188
EBITDA	236	211	170	157	126	107	79	87.1
EBITDA margin	30.7%	29.0%	31.2%	31.3%	28.1%	25.3%	23.8%	32.6%
Finance costs	2	0.8	0.9	1.1	1.5	2	2.2	0.1
Depreciation	27.8	27.4	20	19.5	20.6	21.2	15.4	8
Profit before tax	229	201	161	147	118	93.4	81.4	102
Tax	56.1	52.2	42.5	37.7	30.8	34.8	21.6	31.7
Net profit	173	149	119	109	87.1	58.6	59.9	70.2
Net margin	22.5%	20.5%	21.8%	21.8%	19.4%	13.9%	18.0%	26.3%
EPS (₹)	102.11	87.80	70.01	63.87	48.61	31.92	32.15	37.71
Net profit YoY	+16.3%	+25.4%	+8.8%	+25.3%	+48.8%	−2.2%	–	–

EPS is as filed for each period and is not restated for later bonus issues or splits.

Cash flow

annual · ₹ crore

₹ crore	FY26	FY25	FY24	FY23	FY22
Operating cash flow	197	101	118	113	114
Investing cash flow	−133	−5.8	25.1	−64.7	15.4
Financing cash flow	−51.5	−140	−93.4	−70.1	−116
Capital expenditure	7.7	6.2	3.7	4.3	4.2
Free cash flow (CFO − capex)	189	94.7	114	109	110

Net profit trend

annual, ₹ crore

FY21

₹58.6

FY22

₹87.1+49%

FY23

₹109+25%

FY24

₹119+9%

FY25

₹149+25%

FY26

₹173+16%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	21 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	21 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	15 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	15 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	2 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	2 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	12 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	12 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	18 Jul 2025	PDF on NSE XBRL
Q1 FY26	Standalone	18 Jul 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2619.28 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 21.5×24.2×

P/B5Y avg 6.10×7.65×

ROEFY26, on average equity32.2%

Net margin22.5%

Debt / equity0.07×

Revenue CAGR (3Y)15.3%

Profit CAGR (3Y)16.6%

EPS (TTM)₹110.09

Market cap₹4,563 Cr

Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.

P/B vs history

7.65×

vs 8-point avg 6.10× (+25%)

2.93× low6.10× avg10.19× high

History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹942 Cr+36%

Net worth₹596 Cr+25%

Total borrowings₹40 Cr

Cash & bank balances₹77 Cr+21%

Investments₹25 Cr+15%

Inventories₹0 Cr

Trade receivables₹133 Cr+14%

Trade payables₹43 Cr+68%

Change vs the same date a year earlier.

Revenue mix FY26

Research Solutions60.3%result ₹170 Cr

Education Solutions27.2%result ₹77.2 Cr

Corporate Learning12.5%result ₹11.3 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23	Sept 23
Promoter	68.34	68.34	68.34	68.34	68.34	68.34	68.34	68.34	68.34	68.34	68.34	68.34
FII	1.38	1.47	1.62	1.47	1.82	1.98	2.01	2.69	3.45	3.71	3.71	3.80
DII	2.14	1.96	1.16	0.47	0.78	0.87	0.44	0.34	0.33	0.49	0.56	0.60
of which MF	0.10	0.10	0.07	0.05	0.06	–	–	–	–	–	–	–
Retail	22.24	22.35	22.72	22.84	22.01	21.72	22.02	21.58	21.57	21.38	21.80	21.71
Other public	5.08	5.06	5.34	6.06	6.23	6.24	6.34	6.20	5.46	5.23	4.74	4.70

25,565 shareholders · NSE shareholding pattern filings.