JARO
Jaro Institute of Technology Management and Research share price & financials
- Price
- ₹492.65
- Market cap
- ₹1.0k Cr
- Sector
- Consumer Services
- Calls analysed
- 1
JARO Q3 FY26
What went well
- Q3 FY26 Total Income grew 42% year-on-year to INR61.80 crores, driven by higher enrollments and new geographies.
- Q3 FY26 EBITDA stood at INR12.29 crores, a significant improvement from a loss in Q3 FY25, supported by improved unit economics and controlled marketing spend.
- PAT for Q3 FY26 was INR7.03 crores, translating into an 11.38% PAT margin.
What to watch
- Margins moderated on a year-on-year basis due to calibrated investments in new initiatives and a higher base, though overall profitability remains healthy.
- Customer Acquisition Cost (CAC) is higher for new partnerships, but is expected to decrease as performance marketing optimizes.
What Jaro Institute of Technology Management and Research Limited does
Jaro Education is an edtech platform that partners with academic institutions — including IIMs, IITs and NIRF-ranked universities — to help them deliver online and hybrid higher-education and upskilling programmes to working professionals beyond their physical campuses. Jaro acts as an end-to-end enabler across the programme lifecycle: learner outreach and marketing, admissions counselling, technology-enabled delivery (LMS and studios), and business intelligence on industry demand, while partner institutions own the academic content and assessment. It earns a share of programme fees under a revenue-sharing (fee-split) arrangement with institutions, covering a mix of longer-duration degree programmes and shorter certification courses.
Segments
- Degree programmes
- Certification courses
- Marquee partner institutions
- 33
- Programmes offered
- 279+
- Cumulative learners served
- 350,000+
- Cities present in India
- 20
- Offices & studios
- 42
- Programme category mix
- MBA 142, Technology 33, Commerce 12, Data Science 12, Marketing 12, Finance 11, Others 57 (of 279 programmes)
Guidance record · Q3 FY26
what the last two calls moved 6 tracked 0 delivered 0 missed 6 open- Admissions Growth Rate open said Q3 FY26 Promised: 20%-25% Q3 FY26: Management guided for 20%-25% growth for FY26.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 16.4%, net profit up 37.5% 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 | 74 | 43 | 74 | 61 | 80 +8% | 60 +40% | 73 −1% | 71 +16% |
| EBITDA | 30 | -1 | 28 | 14 | 27 −10% | 10 +1100% | 21 −25% | 15 +7% |
| Net profit | 20 | -4 | 18 | 8 | 17 −15% | 7 +275% | 21 +17% | 11 +38% |
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 −39.0% 1Y
1Y: ₹744.25 on 30 Sept 2025 → ₹454.05. High ₹787.2 (1 Oct 2025), low ₹387.3 (12 Jan 2026).
How the price took the results
close before → close after
- Q3 FY26
- +1.9%
- 30 Jan
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 8.7% a year over 1 year, FY25 to FY26. Operating margin narrowed to 26.3%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹252 Cr | ₹274 Cr |
| Operating profit | ₹83 Cr | ₹72 Cr |
| Operating margin | 32.9% | 26.3% |
| Interest | ₹3 Cr | ₹2 Cr |
| Depreciation | ₹9 Cr | ₹9 Cr |
| Net profit | ₹51 Cr | ₹53 Cr |
| Net margin | 20.2% | 19.3% |
| Cash from operations | ₹-23 Cr | ₹57 Cr |
| Free cash flow | ₹-28 Cr | ₹57 Cr |
| ROCE | 40.0% | 22.0% |
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 | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹22 Cr | ₹22 Cr |
| Reserves | ₹33 Cr | ₹40 Cr | ₹60 Cr | ₹102 Cr | ₹341 Cr | ₹339 Cr |
| Borrowings | ₹23 Cr | ₹20 Cr | ₹34 Cr | ₹25 Cr | ₹48 Cr | ₹8 Cr |
| Other liabilities | ₹12 Cr | ₹18 Cr | ₹54 Cr | ₹59 Cr | ₹328 Cr | ₹61 Cr |
| Total liabilities | ₹84 Cr | ₹93 Cr | ₹163 Cr | ₹202 Cr | ₹740 Cr | ₹429 Cr |
| Fixed assets | ₹2 Cr | ₹1 Cr | ₹20 Cr | ₹17 Cr | ₹14 Cr | ₹9 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹22 Cr | ₹16 Cr | ₹16 Cr | ₹0 Cr | ₹0 Cr | ₹70 Cr |
| Other assets | ₹61 Cr | ₹76 Cr | ₹127 Cr | ₹184 Cr | ₹726 Cr | ₹349 Cr |
| Total assets | ₹84 Cr | ₹93 Cr | ₹163 Cr | ₹202 Cr | ₹740 Cr | ₹429 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 Sep 2025, DIIs trimmed −8.18 pp while the public added +4.44 pp. The shareholder count shrank 42% to 66,788.
- Promoters
- 61.4%
- FIIs
- 0.8%
- DIIs
- 2.7%
- Public
- 33.3%
- Others
- 1.8%
Since Sep 2025
- DIIs −8.18 pp
- Public +4.44 pp
- Promoters +4.10 pp
How it drifted, 4 quarters
Over this window DIIs fell from 10.9% to 2.7% — −8.2 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 57.3%, FIIs 2.9%, DIIs 10.9%, Public 28.9%.Dec '25: Promoters 57.3%, FIIs 1.9%, DIIs 7.5%, Public 33.2%.Mar '26: Promoters 57.3%, FIIs 0.8%, DIIs 4.9%, Public 37.1%.Jun '26: Promoters 61.4%, FIIs 0.8%, DIIs 2.7%, Public 33.3%, Others 1.8%.
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.
- Sanjay Namdeo Salunkhe +4.17 pp 55.29% held
- Balkrishna Namdeo Salunkhe +2.04 pp 4.10% held
- Ranjita Raman newly disclosed 1.36% held
The same filing shows 1 holder trimming and 4 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Jaro Institute of Technology Management and Research Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sanjay Namdeo Salunkhe | 55.29% | +4.17 pp |
| Balkrishna Namdeo Salunkhe | 4.10% | +2.04 pp |
| Abakkus Diversified Alpha Fund AIF | 2.27% | unchanged |
| Anita Sanjay Salunkhe | 2.04% | unchanged |
| Ranjita Raman | 1.36% | newly disclosed |
| Reina R Jaisinghani | 1.05% | unchanged |
| Rajendra Namdeo Salunkhe | 0.00% | −2.05 pp |
| Global Education Trust | 0.00% | unchanged |
| Jaro Fincap Private Limited | 0.00% | unchanged |
| Jaro Toppscholars Private Limited | 0.00% | unchanged |
| LNS Trust | 0.00% | unchanged |
| Media Custodian Services LLP | 0.00% | 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.
Learn to analyse Jaro Institute of Technology Management and Research Limited
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