CLEDUCATE
CL Educate financials
- Market cap
- ₹308 Cr
- Sector
- Consumer Services
- Calls analysed
- 7
CL Educate Q1 FY27
What went well
- Overall EBITDA margin expanded by 218 basis points to 16.6% due to operational and cost optimization.
- Cost optimization efforts yielded ~₹18 crore in savings, including ₹8.7 crores in fixed overhead cost rationalization.
- The Digital Assessment (DEX) business secured approximately 9 new contracts with a total contract value of ~₹34 crores.
What to watch
- Overall revenue declined by ~₹17.5 crores on a full quarter basis.
- After-tax profitability remained negative due to interest and depreciation charges.
What CL Educate does
CL Educate operates three linked businesses. EdTech provides test-preparation and learning & development for competitive exams (e.g. CAT/MBA), delivered through owned centres plus modular, digital-first formats. Assessments (DEXIT Global, formerly NSEIT) conducts on-demand, large-scale digital examinations and assessments for institutions and corporates using India's largest network of owned test centres. MarTech (built around the Kestone/CLMedia businesses) delivers marketing-technology, brand activation, customer-experience programs and event management for enterprise and corporate clients in India and internationally.
Segments
- EdTech - Learning & Development
- Assessments (DEX / DEXIT Global)
- MarTech & Events
- Owned test-centre network
- 237+ centers across 230+ cities, Pan India
- Exam delivery reach
- 700+ districts Pan India
- Digital assessments delivered (DEXIT)
- 10-11 million assessments
- Skilled professionals
- 1,000+
- University empanelment
- Top 200 NIRF-ranked universities
- New Assessment-business accounts added (FY26)
- 20
Guidance record · Q1 FY27
what the last two calls moved 14 tracked 1 delivered 3 missed 10 open- L&D (EdTech) Profitability delivered said Q4 FY26 Promised: on the profitability side, we will definitely see the needle beginning to show a positive upward movement from Q1 itself. Q1 FY27: EBITDA margin for the L&D segment expanded by 60 basis points YoY, fulfilling the promise of a positive upward movement in profitability from Q1.
- Kestone Utsav EBITDA Margin went quiet said Q3 FY25 Promised: 10 to 12% EBITDA is what we are thinking... near term Q1 FY27: No specific update on Utsav's profitability. The parent MarTech segment saw a 180 bps EBITDA margin expansion, but Utsav's specific contribution or break-even status was not mentioned.
- DEX Revenue Growth at risk said Q3 FY25 Promised: doubling from here is the first station for us... next three to five years Q1 FY27: Revenue declined 17% YoY, partly due to a ₹4.7 Cr deferred revenue. This is a significant deviation from the growth trajectory required for doubling.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 12.5%, net profit up 55.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 98 | 70 | 97 | 146 | 164 +68% | 120 +73% | 118 +21% | 128 −12% |
| EBITDA | 11 | -0 | 1 | 18 | 24 +121% | 4 +2607% | 3 +199% | 17 −1% |
| Net profit | 3 | -3 | -16 | -4 | 5 +54% | -17 −443% | -10 +34% | -2 +55% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −43.6% 1Y
1Y: ₹104.9 on 10 Sept 2025 → ₹59.18. High ₹105.84 (11 Sept 2025), low ₹38.06 (2 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +3.7%
- 5 Aug
- Q4 FY26
- −0.7%
- 14 May
- Q3 FY26
- −20.0%
- 6 Feb
- Q2 FY26
- +5.0%
- 10 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 23.3% a year over 3 years, FY23 to FY26. Operating margin held at 8.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹292 Cr | ₹318 Cr | ₹359 Cr | ₹548 Cr |
| Operating profit | ₹25 Cr | ₹24 Cr | ₹21 Cr | ₹48 Cr |
| Operating margin | 8.7% | 7.6% | 5.9% | 8.8% |
| Interest | ₹1 Cr | ₹2 Cr | ₹8 Cr | ₹44 Cr |
| Depreciation | ₹12 Cr | ₹14 Cr | ₹20 Cr | ₹41 Cr |
| Net profit | ₹22 Cr | ₹16 Cr | ₹-11 Cr | ₹-26 Cr |
| Net margin | 7.6% | 5.0% | -3.1% | -4.7% |
| Cash from operations | ₹24 Cr | ₹26 Cr | ₹16 Cr | ₹79 Cr |
| Free cash flow | ₹64 Cr | ₹4 Cr | ₹-14 Cr | ₹50 Cr |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹14 Cr | ₹14 Cr | ₹28 Cr | ₹27 Cr | ₹27 Cr | ₹27 Cr |
| Reserves | ₹233 Cr | ₹247 Cr | ₹247 Cr | ₹254 Cr | ₹248 Cr | ₹226 Cr |
| Borrowings | ₹46 Cr | ₹22 Cr | ₹17 Cr | ₹32 Cr | ₹284 Cr | ₹273 Cr |
| Other liabilities | ₹60 Cr | ₹64 Cr | ₹82 Cr | ₹75 Cr | ₹430 Cr | ₹372 Cr |
| Total liabilities | ₹352 Cr | ₹348 Cr | ₹373 Cr | ₹388 Cr | ₹990 Cr | ₹898 Cr |
| Fixed assets | ₹75 Cr | ₹57 Cr | ₹67 Cr | ₹94 Cr | ₹391 Cr | ₹385 Cr |
| Capital work in progress | ₹4 Cr | ₹4 Cr | ₹5 Cr | ₹2 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹52 Cr | ₹54 Cr | ₹8 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹221 Cr | ₹233 Cr | ₹293 Cr | ₹291 Cr | ₹599 Cr | ₹513 Cr |
| Total assets | ₹352 Cr | ₹348 Cr | ₹373 Cr | ₹388 Cr | ₹990 Cr | ₹898 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +1.55 pp while promoters trimmed −1.37 pp. The shareholder count shrank 11% to 18,713.
- Promoters
- 51.8%
- FIIs
- 7.8%
- Public
- 40.4%
Since Jun 2025
- Public +1.55 pp
- Promoters −1.37 pp
- FIIs −0.19 pp
How it drifted, 12 quarters
Over this window the public went from 39.4% to 40.4% — +1.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 52.5%, FIIs 8.1%, Public 39.4%.Dec '23: Promoters 53.5%, FIIs 8.3%, Public 38.2%.Mar '24: Promoters 53.5%, FIIs 8.1%, Public 38.3%.Jun '24: Promoters 53.5%, FIIs 8.1%, Public 38.3%.Sep '24: Promoters 53.1%, FIIs 8.2%, Public 38.6%.Dec '24: Promoters 53.1%, FIIs 8.2%, Public 38.7%.Mar '25: Promoters 53.2%, FIIs 8.1%, DIIs 0.0%, Public 38.7%.Jun '25: Promoters 53.2%, FIIs 8.0%, Public 38.9%.Sep '25: Promoters 51.8%, FIIs 8.0%, Public 40.2%.Dec '25: Promoters 51.8%, FIIs 7.9%, Public 40.4%.Mar '26: Promoters 51.8%, FIIs 7.9%, Public 40.3%.Jun '26: Promoters 51.8%, FIIs 7.8%, Public 40.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Sudheer Mahajan newly disclosed 1.01% held
- Aditya Deorah +0.07 pp 3.96% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of CL Educate above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Satya Narayanan Ramakrishnan | 18.37% | unchanged |
| Gautam Puri | 17.39% | unchanged |
| Bilakes Consulting Private Limited . | 9.26% | unchanged |
| Arjuna Fund Pte. Ltd. FPI fund | 4.81% | unchanged |
| Gpe (India) Ltd | 4.79% | unchanged |
| Aditya Deorah | 3.96% | +0.07 pp |
| Vanderbilt University - Flowering Tree Investment Endowment | 3.00% | unchanged |
| R Shivakumar | 2.63% | unchanged |
| R Sreenivasan | 2.61% | unchanged |
| Sujit Bhattacharyya | 1.09% | unchanged |
| Sudheer Mahajan | 1.01% | newly disclosed |
| Gautam Puri Huf | 0.47% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse CL Educate
Guides on how to read this kind of business and the numbers that matter.