The call has ended.

Key takeaways

H1 FY27 revenue fell 4% to ₹305 Cr, but EBITDA rose to ₹57 Cr (margin 18.6%) on cost cuts; PAT turned positive.

Highlights
Revenue growth	H1 revenue -4% to ₹305 Cr; EdTech -13%, DEX -8%, MarTech +14%.
Margins	EBITDA margin 15.7%→18.6%; EdTech ~17.5%→22%; DEX +171bps.
Order book	₹172 Cr multi-year DEX contract wins; ~₹40 Cr accrues this FY.
Demand visibility	Test prep flattening; DEX ₹172 Cr multi-year wins; NEET CBT upside.
Management confidence	Balanced-to-optimistic; H2 improvement claimed without quantification.

Growth

Revenue ₹319→305 Cr (-4%); EBITDA ₹50→57 Cr, carried by ₹12.5 Cr overhead cuts rather than top-line growth.

Outlook

H2 described as 'significantly better' without figures; ₹40 Cr of ₹172 Cr DEX wins accrue in FY27; ₹11–15 Cr annual tax savings post-merger.

Risks

Test prep flattening; DEX base-effect drag; merger may take 9–18 months; Yatrik Vin's health and succession.

Last quarter's promises, checked

Delivered

Guided margin expansion YoY, Q1 at 16.6% (+218bps) → H1 18.6% (+290bps vs 15.7%) (= BEAT)
Said cost cuts continue through Q2/Q3, Q1 overhead cut ₹8.7 Cr → H1 overhead cut ₹12.5 Cr (= BEAT)

Partly delivered

Guided ₹22 Cr FY27 DEX in-year from ₹34 Cr wins → ~₹40 Cr in-year from ₹172 Cr wins (= PARTIAL, bases not comparable)
Guided zero debt in 36 months, ₹210 Cr loan on schedule → LT debt still ₹174 Cr, no further paydown shown (= PARTIAL)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 7 Nov 2026, 3:10 PM IST. Open it on ALFA Filings ›