S Chand and Company Ltd. is a leading Indian education content company, established in 1939 and incorporated in 1970. The company posted a revenue CAGR of 32.8% over FY12-16, driven by both organic and inorganic growth initiatives. EBITDA & PAT grew at 49% and 33% (CAGR) respectively over the same period. With Rs2.55bn of the IPO proceeds earmarked towards debt repayment, we expect the resultant decline in finance costs to translate into EPS growth going forward. Moreover, the recent acquisition of Chhaya Prakashani, a strong player in West Bengal State Board market, is seen to be earnings accretive as well....