Crizac Ltd

Analyst Notes

[Analyst View] Aamara Capital, 21 Oct 2026

What the primary documents corrected in the earlier research files

Open questions

Business Deep-Dive

Crizac is an asset-light B2B intermediary. It has no plants, no raw materials and no unit capacity; manufacturing certifications (IATF, ISO 13485, AS9100) are not relevant. Sources: RHP, FY26 annual report, five concall transcripts, Q1 FY27 deck, PIE News and aggregator notes where flagged.

What it does, service by service

How it earns and the process

Operating metrics

The "7.11 lakh applications" for FY25 in IPO notes is a cumulative FY23-25 figure, not annual. An aggregator claim of "1000+ partner universities" is unreliable. Network: 450+ universities, 12 destinations, 85+ source countries, on-ground presence in 11 countries; management says Crizac represents more than 95 of about 100 UK commercial universities.

Headcount (FY26 BRSR)

Facilities and offices (RHP property table, June 2025)

Certifications, IP, moat

Named universities and partners (RHP list, not a ranking)

Individual revenue shares by university are Not Available (RHP, AR and calls searched). The Q1 FY27 investor presentation (CRIZAC0301_04082026120504) was downloaded but its university table was not mined.

Segment Analysis

Revenue by destination

Student source mix

Earlier: 43.33% of active agents outside India in FY25; FY24 active agents 2,532 = 1,524 India + 1,008 elsewhere (Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Cameroon, Ghana, Kenya, Vietnam, Canada, Egypt). Q4 FY26 call: India is now below 50% of student origin. Conversion of unique applicants overall about 10%.

Channel and acquired businesses

Market share and where growth came from

[Est.] Triangulation: 6.0% x 391,572 = about 23.5k vs 24,697 FY26 enrolments; 13.9% x 87,461 = about 12.2k vs 48.7% x 24,697 = about 12.0k. The claim is internally coherent. Fastest grower: UK-routed B2B volume in FY26 (applications +43%). Segment under pressure: UK volume in H1 FY27 (applications -6.2%, mix shift to lower-fee universities). Targets: UK below 60% in 2-3 years (Q4 call said two); about 40% revenue from newer markets in three years; the Q1 deck is cited as "below 50% over next few years" (secondary).

Financials: P&L

Consolidated, Rs cr, FY to 31 March. Screener basis unless stated; company figures where labelled. FY22-FY23 revenue conflicts across sources (Screener Rs 264 / 473 cr; S&P Rs 120 / 274 cr; FY23 was standalone per some sources); PAT is consistent. FY24 revenue base is Rs 530 cr (RHP restated Rs 530.05 cr); the Rs 634.9 cr figure in DSIJ/Rupeezy is not used.

*See data-quality note above. Company-reported FY26: revenue Rs 1,042.2 cr (+22.7%), total income Rs 1,071.1 cr (+21.0%), EBITDA Rs 282.4 cr (+31.0%, 27.1%), PAT Rs 219.1 cr (+41.4%; 20.5% on total income), diluted EPS Rs 12.52. FY25 comparatives: total income Rs 885.5 cr, EBITDA Rs 215.6 cr, PAT Rs 155.0 cr (RHP restated FY25: revenue Rs 849.49 cr, EBITDA Rs 212.8 cr, PAT Rs 152.93 cr). FY26 consolidated cost of services Rs 703.2 cr = 67.5% of revenue (results filing year column). TTM PAT Rs 220.4 cr = 219.1 - 45.8 + 47.1 (Q1 FY27 PAT attributable to owners, Rs 471 mn) [Est.].

FY24 bridge: why PAT (Rs 117.9 cr) exceeded EBITDA (Rs 71.7 cr)

• Company EBITDA is struck after the Rs 74.9 cr exceptional, and Rs 128.6 cr of other income is excluded from it. Pro-forma figures used in earlier files (PAT 1,189.0 mn / EBITDA 726.4 mn) include the RHP's pro-forma consolidation. [Fact]
• Other income of Rs 128.6 cr comprised an FVTPL fair-value gain Rs 52.4 cr, profit on sale of investments Rs 50.2 cr, derivative income Rs 12.2 cr and interest about Rs 8.3 cr (RHP MD&A pp.375-379). [Fact]
• EBITDA before the exceptional would be Rs 146.5 cr (27.6% margin). About Rs 115 cr of the Rs 128.6 cr other income was investment marks and trading gains, so FY24 PAT quality was low. FY25 other income fell to Rs 35.3 cr consolidated. [Est.]

Last 8 quarters

• Q1 + Q2 + Q3 + Q4 FY26 revenue (2,095 + 1,622 + 2,786 + 3,917 = 10,420 mn) ties to FY26 Rs 10,422 mn. Q2 FY26 was first published with a unit error (Rs 860 lakh typed for Rs 86,000 lakh) and corrected with no profit impact; Scanx and HDFC Sky still show it at 10x scale.
• Q2 FY26 39% margin was a mix and seasonal peak; management itself later normalised to 23-25%.
• Q1 FY27 PAT margin: management said 22.6%; 471/2,012 = 23.4% (possibly total-income basis). Marketsmojo shows EBITDA margin 30.4% and one source PAT Rs 461.7 mn; the filing numbers above are used.

Q1 FY27: consolidated vs standalone (results filing, Rs lakh)

• Correction to the research files: the gap-fill file listed consolidated PAT as Rs 4,716.56 lakh; the filing's own arithmetic (PBT 6,483.91 less tax 1,867.35) gives Rs 4,616.56 lakh, and Rs 4,712.84 lakh is the owners' share after adding back the minority-interest loss of Rs 96.28 lakh. The +2.9% and EPS Rs 2.69 are on the owners' share [Fact]. Tax was 28.8% of PBT (1,867.35 / 6,483.91).
• Standalone PAT (Rs 52.9 cr) exceeds consolidated (Rs 46.2 cr total; Rs 47.1 cr to owners). Foreign subsidiaries (UK, UCOL) reported revenue of Rs 186.1 cr with a net loss of Rs 4.3 cr; the two small unreviewed subsidiaries revenue Rs 2.7 cr and net loss Rs 1.97 cr; non-controlling interest absorbed a Rs 0.96 cr loss. [Fact]
• Management (Counter Cyclical question): "The Crizac India entity, on a standalone basis, has got few payments as a revenue, which has increased its profitability compared to overall consolidated basis. We have invested lot of money in Crizac UK and our subsidiaries for which we are expecting the effect to come in Q3." The analyst's Q4 FY26 comparison: consolidated PBT Rs 92 cr vs standalone Rs 50 cr.
• Standalone revenue is about 84% intercompany IT-processing fees (FY26: Rs 224.59 cr of Rs 266.58 cr) from the UK subsidiary, so it is a transfer-pricing allocation with no independent signal. [Est.] FY26: standalone PAT Rs 166.85 cr (PBT 224.10 less tax 57.25) vs consolidated Rs 219.2 cr.
• Consolidated Q1 PAT growth of 2.9% (owners' share; +0.8% on total PAT) was helped by a depreciation-method change (WDV to SLM) that cut D&A by Rs 1.25 cr (note 6) and a Rs 1.15 cr forward-contract/FX gain; the tax rate rose to 28.8%. Employee cost Rs 10.1 cr vs Rs 5.5 cr. [Est. / Fact] Q1 press release: PAT Rs 471 mn, EPS Rs 2.69, EBITDA Rs 600 mn (29.8%). Standalone EPS Rs 3.02.

Growth decomposition, margins and one-offs

Financials: Balance Sheet, Cash Flow & Ratios

Balance sheet (consolidated)

• Net cash: Rs 467 cr at Mar-26 (free cash Rs 469.3 cr, borrowings Rs 1.8 cr; net debt/equity -0.91 as stated by the company, which recomputes to about -0.80 on a Rs 585 cr net worth) and Rs 569.5 cr at Jun-26 (Rs 5,695 mn; free cash Rs 5,711 mn) after Q1 operating inflow of Rs 91.2 cr (152% of EBITDA, seasonally flattered by Q4 collections) and no dividend in Q1. S&P's TTM cash of Rs 165 cr at Jun-26 conflicts and appears to exclude investments.
• Goodwill rose from Rs 5.9 cr to Rs 24.4 cr in FY26 on Global Tree Careers and StudiesPlanet. Minority interest first appears in FY26 (Rs 7.8 cr). Minority shareholders hold 48.96% of Global Tree and 49% of StudiesPlanet.
• FY24 step-up in intangibles: S&P capex Rs 120.1 cr vs about Rs 1.3 cr normal. This is the Rs 103.56 cr "central application management system" bought from Crizac Technologies Pvt Ltd (19 Dec 2023, valuer Mohit Jain report 2 Jan 2024), which drove the FY24-FY25 amortisation. [Fact]
• Crizac Ltd's FVOCI stake in that vendor: Rs 30.99 cr at 31 Mar 2026 vs Rs 38.36 cr a year earlier, a Rs 7.4 cr mark-down through OCI (AR standalone note 9). [Fact]
• Trade receivables Rs 238.5 cr (Mar 2026) vs Rs 256.4 cr; zero expected-credit-loss provision; terms 90-180 days (AR note 32.3). Contingent liabilities and commitments: none (standalone note 39, consolidated note 43). Payables roughly mirror receivables, so working capital is largely a pass-through: watch the net gap.
• Net worth bridge FY26: Rs 503 cr + PAT Rs 219 cr - dividend Rs 140 cr + OCI/ESOP reserve and other = Rs 585 cr.

Cash flow and PAT reconciliation (S&P, Rs mn)

FY22-FY25 operating, investing and financing flows sum to the net change shown. FY26 does not: 1,441 + 243 - 1,511 = 173 against a reported net change of 467 (cash balance Rs 88.8 cr to Rs 135.5 cr, +Rs 46.7 cr). The Rs 29 cr gap is unreconciled in the S&P data; cash acquired with subsidiaries and FX are possible causes [Est.].

Working capital days

The business flipped from net pay-later (negative working capital) to +48 working-capital days by FY26 on Screener's measure; Q1 FY27 deck NWC days -29.2. FY26 receivables of Rs 238 cr are 23% of annual revenue; Q4 is the peak billing quarter so March balances are seasonally high.

Ratios

Q1 FY27 quoted ROE/ROCE 28.8% / 40.3% on the call (Q4 FY26 call 37.2% / 48.6%; periods not comparable); Marketsmojo 37.5% / 61.3% is inconsistent. ROCE of 67.7% / ROE 50.7% in FY23 per a secondary note. Aggregator ROCE for the same period ranges 37-61%.

Debt, rating and lenders

Equity dilution and share count

• Dividends: one, Rs 8 per share interim (Rs 139.99 cr), declared 28 Jan 2026, record date 4 Feb, paid 13 Feb 2026; about 64% of consolidated PAT (CFO) and about 84% of standalone PAT [Est.]. No final dividend in the AR. No buyback ever.
• Policy (RHP): at least 40% of standalone net profit for the three financial years after listing (FY26-FY28). CFO on the Q1 FY27 call: "minimum of 40% of PAT of that year... for at least minimum of 3 years. 1 year is already done, so minimum next 2 years we are committed to pay 40%." 40% of FY27 standalone profit at run-rate is about Rs 80 cr (about Rs 4.5 a share); repeating Rs 8 needs about Rs 140 cr. [Est.]

Key balance-sheet risks

• Receivable and payable gross-up: a reversal in either moves operating cash by Rs 100 cr or more in a year.
• Promoter-linked investment (Rs 30.99 cr FVOCI) and Rs 7.4 cr mark-down.
• Rs 21.10 cr Global Tree standalone investment with unrecorded secondary earn-out.
• Treasury book of about Rs 500 cr of cash and investments with marks through P&L (FY24 precedent).

Management, Promoters & Governance

Promoters and key management

• Family-controlled: Dr Vikash Agarwal (MD) and Manish Agarwal (CFO) are brothers, Pinky Agarwal is Vikash's wife and Pinki Agarwal is Manish's wife; Kiran Jain and Usha Agarwal are their sisters and Anita Agarwal a sister-in-law (AR FY26 note 45.1). Control sits with Pinky and Manish Agarwal. Other promoter businesses and track record Not Available (RHP Group Companies chapter not read in the earlier pass).
• Gaurav Agarwal resigned from the UK subsidiary board on 30 Oct 2025 and Nagle replaced him; a family link is probable by surname but not verified.
• Three officers ceased to be Senior Management Personnel from the close of 2 Aug 2026 but remain employees (NSE outcome of board meeting, 3 Aug 2026): Sibendu Roy (Chief Technology Officer, replaced by Sarkar), Salaria Zaheer (Chief Marketing Officer, replaced by Nikhil Jain as Chief Product and Marketing Officer) and Anindita Das (Chief Business Officer; the post was dropped from the SMP definition). The surnames Roy, Zaheer and Das match three holders of 50,000 options each in the 13 Jun 2025 grant [Est.]. The filings cite a revised organisation structure, not exits.
• The RHP states most directors, including independents, have no prior listed-company directorship experience.

Board (Oct 2026, after the Aug-Sep 2026 reshuffle)

• Board of 6: two promoter executives, one non-independent non-executive (Nagle) and three independents (half). Independents were appointed Feb-Mar 2024, shortly before the IPO. Full Audit/Stakeholders/CSR committee composition and director remuneration other than the KMP figure below: Not Available (NSE governance filing not pulled).
• Positive: promoter-MD no longer chairs. Negative: the chair is an operating insider of the entity generating about 97% of revenue, and the CFO is also a promoter and director (no separate professional CFO).
• Other events: 15th AGM 11 Sep 2026; IR advisor Uirtus Advisors appointed Apr 2026; Equirus conference 21 Sep; virtual analyst meet 28 Sep 2026 (announced 21 Sep; content not retrieved); no CEO or CFO exit.

Shareholding trend

*Choice/other aggregator Sep 2025 figures; quarter label not fully verified (FII 3.74% appears in one series). Dhan DII 3.48% in Mar 2026 = Other DII 3.01% + MF 0.47%; Angel One DII 7.04% unreconciled; 2_financials cites DII 7.05% to 2.91% under a different definition. Combined institutions about 10.04% in July 2025 to 4.83% in Jun 2026; insurers 0.72% to 0.00%. Insiders about 80%; top two holders about 61% (Simply Wall St, undated).

Pledge, insider and SAST

Lock-in and minimum public shareholding

Promoter holding comment (Q4 call): "We still have two more years. So, whenever we find that the market is right, we will look into it. But we are not in a hurry to get it diluted." Float is about 20%; management says SEBI does not allow a buyback at this level and will "talk to our compliance team".

Related-party transactions (RHP and FY26 annual report)

The counterparty is therefore promoter-family controlled. Crizac carries its own 16.52% stake at FVOCI (Rs 30.99 cr, down from Rs 38.36 cr).

• The RHP states no promoter or promoter-group member is a shareholder, director or ultimate beneficiary. It was a "Group Company" and a related party that "ceased 15 Dec 2023" per the RHP note, yet the FY26 AR still lists it among "enterprises where KMPs/close members have control/significant influence" (AR notes 45.2, 45.3). The two are inconsistent. [Fact] RHP wording on tranche sizes is also inconsistent (GBP 5.0 mn paid, GBP 2.15 mn outstanding at June 2025); unresolved.
• The cash payment was the "INR 55 crores" the CFO cited on the Q4 FY26 call. It is not recurring and did not hit FY26 profit.

Other related-party items (AR FY26, notes 43 and 45)

• Crizac Ltd UK was acquired from Dr Vikash Agarwal in Nov 2023 (consideration Not Available in the files); the RHP carries pro-forma financials with an auditor emphasis-of-matter on the restated and pro-forma information (unmodified opinion). RPT policy last updated 14 Feb 2024. RHP risk factor: past RPT terms may not match arm's length; past corporate filings had "inadvertent" factual inaccuracies.
• Not related parties: Inova (CS confirmed no promoter interest) and Edument (seller shareholder Chandra Shekhar Sharma has no known promoter link).

Auditor, litigation, contingent liabilities

Subsidiaries and group structure

Cross-holdings: only the 16.52% holding in Crizac Technologies (a related party) was found. Loss-making units: the foreign subsidiaries and unreviewed small subsidiaries posted a combined Q1 FY27 net loss of about Rs 6.3 cr (4.3 + 1.97). Acquisition track record: everything except the Nov 2023 UK entity was done in the last 12 months; none can be called working. Management: "invested lot of money in Crizac UK and our subsidiaries for which we are expecting the effect to come in Q3."

Governance timeline

IPO, anchors and notable holders (6_heard)

Supply Chain

Value-chain map

Value share: the university keeps tuition; Crizac captures commission less the agent share (cost of services 67.5% of FY26 revenue); the ancillary layer (loans, visa, accommodation, forex) is being built. Pricing power sits with the universities (they set commission rates, slabs, bonuses and panel caps) and with the UK government (visa rules). Agents have moderate leverage (non-exclusive). Crizac's leverage is scale (about 13% of Indian students to UK HE; 6% of all UK study visas) and processing efficiency. [Analyst View]

Upstream: what Crizac depends on

Downstream: who depends on Crizac

• Q1 FY27 call: an analyst said three universities contributed 41% of Q1 revenue; management said this is seasonal, as 10-15 universities have a Q1 intake. The largest single university share is Not Available. One aggregator's "top-3 85%" is wrong; SP Tulsian reported three UK universities at 50%+ (IPO).
• Reconciliation: the FY25 RHP figure (60.28%) and the 70.56-70.71% figures cannot both describe FY25; the primary filing is used. FY24 and FY23 RHP shares are 70.71% and 72.90%. [Fact]

Competitive Position

There is no listed pure-play Indian peer. The RHP benchmarks against IndiaMART (weak comparison: asset-light platform) and IDP Education (best operating comparable but B2C-counselling-led, IELTS-heavy). Unlisted peers disclose little. Do not read the table as a clean relative valuation.

RHP-era multiples (July 2025, stale): Crizac P/E 28x vs IndiaMART ~27-29x vs IDP ~8-11x; RoNW Crizac 30.4%, IndiaMART 25.2%, IDP 25.5%. IPO notes also cited TBO Tek (~62x). Crizac has de-rated from about 28x to 12.07x, in line with IDP's de-rating. Trade Brains (12 Sep 2026): P/E 14.8 vs industry 19.7.

Strengths and weaknesses vs each peer

Industry size and growth (company deck / consultants; pre-date 2024-26 tightening)

Policy and regulation by country

UK source-country series differ: India 87,461 (12m to Mar 2026, deck) became the largest source in March 2026; 98,014 (YE Jun 2025) vs ~99,919 China; 95,231 (CY2025, 23% of main-applicant study visas); CSR Journal 82,523 for YE Jun 2026 (single source, unverified). Direction is down.

Industry trends

• Policy-driven contraction across the "Big 4" with diversion to Ireland, Germany, NZ, UAE, France and Asia; management says the diversion is not clearly to the UK.
• Universities consolidate agents on compliance (AQF, CAS recording): positive for share, but gives universities leverage and data to go direct or trim panels.
• Strong GBP/USD against weak INR raises student cost.
• Ancillary monetisation (ETS, ForeignAdmits, EduMentor) and AI tooling lowering counselling cost, enabling lighter-touch rivals; management claims its network gives visibility digital platforms cannot replicate.
• UK universities in financial stress (OfS report not retrieved, unverified) raise both reliance on international fees and pressure on commissions.

Porter's Five Forces, barriers and moat

Barriers: real ones are university contracts and panels, agent network density (17.4k partners), historical conversion data, compliance infrastructure and working capital. Moat: narrow and policy-contingent. For: 13.9% share of Indian UK visas rising amid contraction; ROCE 40-49%; EBITDA margins 25-27% sustained. Against: customer concentration, commissions set by customers, non-exclusive agents, 97-99% single corridor, whole sector falling. Pricing power limited: fragmented supply facing consolidated demand. [Analyst View]

Market-position narrative

Rank: Crizac says it represents more than 95 of about 100 UK commercial universities and 6% of all UK study visas. Share gain is real but occurs in a shrinking pool (UK visas 446,029 to 391,572). Management attributes it to universities consolidating around fewer compliant agent partners. Absolute enrolments rose 13.8% in FY26 but Q1 FY27 applications fell 6.2%.

Risks & Red Flags

Red-flag checklist

Concall Highlights & Guidance

Quotes below come from the primary transcripts filed on NSE (Q1 FY26 to Q1 FY27) where marked; earlier summaries (Arthneeti, Multibagg, ScanX, Investing.com) are secondary. Call dates: Q1 FY26 5 Aug 2025; Q2 FY26 about 16-17 Oct 2025; Q3 FY26 28 Jan 2026 (transcript filed 31 Jan); Q4 FY26 25-26 May 2026; Q1 FY27 4 Aug 2026 (host Anand Rathi).

The "20-25% minimum" line seen in some sources is garbled in the Q4 transcript and attributed to the IR advisor's side of the exchange; it is not cited as management guidance. The Q3 FY26 long-term 20-25% is a separate, secondary-sourced item.

Guidance vs actual: credibility ledger

Other Q&A (primary transcripts)

Analysts who asked questions

Contradictions and tone trajectory

• Applications called a leading indicator (6-9 month lag) yet Q1 FY27 applications -6.2% while enrolments +15%.
• Acquisitions "EBITDA-accretive only" (Jan) vs "never to add... revenue or EBITDA" (Aug).
• Dividend commitment: "next 2 years" after FY26 (CFO) means 3 years in total, not 2.
• Margin guidance 25% (Aug 2025), 23-25% (Jan), 25-27% (May), and Q1's 29.8% flagged as non-repeatable.
• "No capex" while employee cost rose 84% YoY; cash conversion 56% of EBITDA vs "cash-generative".
• Q3 FY26 "~90% UK" vs 97% in annual data (earlier figure probably FY25- or application-based).
• Tone: confident (Aug-Oct 2025), confident but moderating (Jan 2026), upbeat print with deferred guidance (May), cautious and defensive (Aug 2026). Management guides conservatively on margin and repeatedly over-estimates growth.

Post-Q1 events

• 28 Sep 2026 virtual analyst meet (content not retrieved); 14 Oct 2026 Partner Growth Program press release (promotional); Q2 FY27 results and call not out.

Growth, Outlook & Valuation

Order book and revenue visibility

Guidance, catalysts and drivers

Acquisition and partnership log (24 months)

Price path

*21 Oct is the 15:17 IST intraday print, not the close. 20 Oct was an exchange holiday. The 24 Sep close was +5.4% on 11 lakh shares with no filing to explain it. Down about 22% from 24 Sep in four weeks [Est.].

1-year return about -53% vs Sensex -12% (MarketsMojo 21 Oct, secondary); stock below its 5/20/50/100/200-DMA. Zeebiz headline "Why are Crizac, Jaro, Veranda Learning and other e-learning stocks down today" was seen but is paywalled and undated, so it is not used as an explanation. Univest attributes earlier falls to FII selling, estimate cuts and liquidity (promotional, low weight).

Valuation

• A 3-year average cannot be computed: listed only since 9 Jul 2025. Since listing the implied P/E range is roughly 11.5x to 27x and the stock sits at the bottom. IPO peers: IndiaMART (~29x), TBO Tek (~62x). Forward P/E (consensus per StockAnalysis) 11.9x implies flat-to-lower FY27 EPS.
• [Analyst View] The market treats FY27 as a no-growth year and prices a structural discount for UK concentration rather than a cyclical dip. Scenario (illustrative, not a forecast): if FY27 PAT is flat at about Rs 220 cr, 10x / 12x / 15x implies Rs 126 / Rs 151 / Rs 189 a share on earnings alone. The Rs 570 cr of net cash is not added on top: its yield (other income of about Rs 29 cr, roughly 10% of PBT) is already inside PAT and so is capitalised at the same multiple, which means these values understate the stock if the cash is credited separately [Est.].

Street coverage (6_heard)

Weak signal: two analysts, stale targets, stock about -47% since the Equirus initiation (Rs 145.70 vs the Rs 275.85 close). Not found: Nuvama, ICICI Securities, Axis, Ambit, Systematix, Kotak notes; analyst consensus for FY27/FY28 EPS: Not Available. IPO-time calls (Jul 2025): Geojit Subscribe; Choice Subscribe (P/E 28x, EV/Sales 4.8x); SBI Securities Subscribe (170+ global HEIs); Deven Choksey Neutral (28x vs global peer median 23.4x); Arihant Neutral (top-10 institutions above 70% of FY25 revenue).

Sentiment, flows and media

Sentiment arc: Apr-May bounce from Rs 173 to Rs 237-246 on FY26 results; Jun-Jul slide to Rs 195-218 (risk-off, FII selling); 3 Aug guidance reset and chair change; Aug-Oct grind to all-time lows. IPO GMP was about 8-9% vs actual listing +14-15%.

Final Verdict

Base case (12-18 months)

Five things to remember

1. Price Rs 145.70 is a 15:17 IST intraday print on 21 Oct 2026 and a new 52-week low; the cause of the fall is unexplained.
2. Q2 FY27 is not out, no board date is announced (deadline 14 Nov 2026 [Est.]), and management has pre-flagged it as weak.
3. The Rs 56.74 cr FY26 payment was the last instalment of the GBP 7.15 mn break fee expensed in FY24; only cash flow, not FY26 profit, was affected.
4. Standalone PBT +27.4% / PAT +28.8% is intragroup transfer pricing; consolidated PAT to owners grew 2.9% (total PAT +0.8%) and revenue fell 4.0%.
5. Net cash Rs 570 cr, ROCE 48.6% and a 5.5% yield sit against 97-99% UK concentration and a 79.94% promoter holding with a lock-in expiry about 7 Jan 2027 [Est.].

Five questions before investing

1. Who ultimately owns Flood 1 Ltd, Quadrange UK Holdings and Buchanan Group, and is any of them linked to Christopher Flood Nagle? (Companies House PSC).
2. What do the Q2 FY27 applications, enrolments, university-mix and slab disclosures show, and does the 25-27% margin hold?
3. What is the revenue share of the top-3 universities by name, and are any contracts up for renewal in the 2027-28 cycle?
4. How will the promoters comply with the 25% minimum public holding, and will the stock absorb a block or OFS of about 87 lakh shares?
5. Is Rs 103.56 cr of software from a promoter-family vendor, still 16.52% owned by Crizac itself, fairly valued and used at arm's length?

Sources

All sources accessed 21 Oct 2026 unless a date is shown. Short keys used in the primary-document passages: AR = FY26 annual report; RHP = Red Herring Prospectus; T-Q1FY27 etc. = concall transcripts; RES-Q1 = Q1 FY27 results filing; PR-Q1 = Q1 FY27 press release. Extracted filing text is stored in the Aamara research scratchpad.

Primary filings and company documents

Financial data, shareholding and valuation

Concall summaries and transcripts (secondary)

News and company coverage

IPO documents and reviews

Brokerage and consensus

Industry, policy and peers

Not Available (searched, not found)