Navneet Educations is primarily engaged in the business of publishing educational material, in both print and digital formats. The company also manufactures paper and non-paper stationary products. Investment Arguments Business expansion to mitigate cyclical risk: NELs Publication business is seasonal in nature and any strong growth is dependent on major changes in the syllabus of Maharashtra (market share of 60%) and Gujarat boards (market share of 65%). Now, the company is attempting to increase its revenues through business expansion in different segments. It is taking initiatives like (a) Content publication for CBSE syllabus: Apart from Maharashtra and Gujarat, NEL is targeting to grow its presence in other states through its CBSE content business. It is anticipated that the growth may continue to be strong in the segment on account of a syllabus change and also with more schools in different states adopting CBSE curriculum. (b) Selling supplementary books to government: NEL takes orders to sell supplementary books to Maharashtra government, which get distributed to students in government schools. In FY2013, NEL generated ~Rs27cr through this business. But in FY2014, there were no government orders after many controversies arose related to the issue of tenders. The tenders issue then got resolved...