With limited changes in the FY21 syllabus for Maharashtra, the outlook for the publication segment stays subdued in the near term. The company is seeking acquisition opportunities to enhance its geographical reach to other states (with acquisition size of ~| 100 crore). The management expects Indiannica (recent acquisition in CBSE curriculum) to achieve breakeven in FY20E (vs. EBITDA loss of | 19.7 crore in FY19) owing to introduction of new workbooks, content, reduction in fixed overheads, enhanced marketing spends. We build in revenue CAGR of 13% in FY19-21E, driven by 5%, 23%...