New Research Reports

Quarterly Update Q3FY26

Quarterly Update Q2FY26

Topline down 7.3% YoY: Topline decreased by 7.3% YoY to Rs1,026mn (PLe Rs1,052mn). The revenue decline was driven by shift in content licensing (AI dataset) revenues from 1QFY26 to 2QFY26E, resulting in lower billings. GM at 67.1%: Gross profit decreased 14.2% YoY to Rs689mn (PLe Rs749mn) with a GM of 67.1% (PLe 71.2%) as against 72.5% in 1QFY25. Lower syndication revenue...

segment (realization/volume was lower by 9%/5% respectively). We expect revenue/EBITDA CAGR of 7%/8% over FY25-FY27E given rising competition in domestic stationary business and gradual migration of students from state...

Quarterly Update Q1FY26

SCHAND reported an in-line operating performance with EBITDA margin of 43.1% (PLe 42.2%) while there was a narrow miss at bottom-line level due to higher-than-expected tax rate of 26.7% (PLe 21.9%) amid non-recognition of DTAs in subsidiaries. Management expects revenues to surpass Rs8,000mn with EBITDA margin of ~18-20% in FY26E led by 1) 5-7% increase in volumes as NCERT is expected to announce new syllabus books for grades 4,5,7&8, 2) multiple content syndication deals and 3) single digit price hike across product...

Even the domestic stationary business is reeling under pressure from falling volumes and declining realizations. While price reset happened in FY25 due to fall in paper prices and could be deemed transitory in nature, volume decline of...

Quarterly Update Q4FY25

Quarterly Update Q3FY25

Quarterly Update Q2FY25

Quarterly Update Q1FY25

Quarterly Update Q4FY24

Initiating Coverage Report