VERANDA
Veranda Learning Solutions share price & financials
- Price
- ₹244.89
- Market cap
- ₹2.3k Cr
- Sector
- Consumer Services
- Calls analysed
- 5
Veranda Learning Solutions Limited Q1 FY27
What went well
- Revenue from operations grew a strong 42% YoY to INR 150 crores.
- PAT more than multiplied sixfold to INR 34 crores, up 472% YoY from INR 5.9 crores in Q1 FY26.
- Sixth consecutive quarter of PAT positive performance.
What to watch
- EBITDA grew only 10% YoY to INR 54 crores, attributed to a one-time other income in Q1 FY26 and increased advertising/marketing spend in Q1 FY27.
- Divergence between enrollment growth (35%) and collection growth (27%) due to Ind AS 11 deferral of INR 15 crores.
What Veranda Learning Solutions Limited does
Veranda Learning Solutions is a listed, multi-brand education company built through acquisition of legacy coaching institutes, operating across Commerce (CA/CS/CMA/CFA/ACCA coaching), Academics (managed K-12 schools), and Government Test-Prep (UPSC, banking, SSC, state PSC) verticals, delivered through online, offline and hybrid formats. It earns mainly through course/tuition fees and enrolment-linked collections at its coaching centres and managed schools, and through service fees for operating K-12 schools under an asset-light managed-services model. Its Vocational skilling business (Edureka, Veranda HigherEd, Six Phrase) was divested into SNVA Veranda Ltd., a 50:50 joint venture combining Veranda's domestic skilling network with an international university partner network. The Commerce vertical is being demerged into a separately listed entity, JK Shah Commerce Education Limited.
Segments
- Commerce Test Preparation
- Academics
- Government Test Preparation
- Vocational (SNVA Veranda JV)
- Total student enrolments (FY26)
- 2,56,791 (~2.57 lakh)
- Learning/coaching centres across India
- 200+
- Commerce vertical centre network (JK Shah)
- 105 centres
- K-12 schools managed
- 5 CBSE schools (South India) + 2 international Cambridge schools
- K-12 students catered
- 5,400+
- Operating verticals
- 4 (Commerce, Academics, Government Test-Prep, Vocational via JV)
Guidance record · Q1 FY27
what the last two calls moved 29 tracked 3 delivered 1 missed 25 open- Cost of Debt delivered said Q2 FY26 Promised: Refinance high-cost Ascertis debt (~17%) to a low-cost, high single-digit rate. Q1 FY27: Management re-confirmed the achievement, stating the cost of debt was brought down from 17.5% to a current rate of 9% to 9.5%.
- SNVA Revenue delayed said Q2 FY26 Promised: >₹250 crores by FY26 Q1 FY27: No update was provided on the specific revenue or EBITDA targets for the SNVA business.
- Demerger Completion delayed said Q2 FY26 Promised: Listed traded around June last week, July first week [FY27] Q1 FY27: The timeline has been further delayed. Management now expects to complete the entire process 'before end of September', a slip from the previous 'mid-August' target.
All 29 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 41.5%, net profit up 466.7% 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 | 106 | 99 | 87 | 106 | 127 +20% | 117 +18% | 132 +52% | 150 +42% |
| EBITDA | 28 | -33 | 18 | 32 | 46 +64% | 38 +215% | 47 +161% | 52 +63% |
| Net profit | -32 | -203 | 8 | 6 | 96 +400% | 13 +106% | 16 +100% | 34 +467% |
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 −1.3% 1Y
1Y: ₹228.23 on 10 Sept 2025 → ₹225.24. High ₹262.44 (27 Oct 2025), low ₹131.74 (19 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −3.4%
- 13 Aug
- Q4 FY26
- −1.4%
- 30 May
- Q3 FY26
- −0.3%
- 6 Feb
- Q2 FY26
- −3.2%
- 28 Oct
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 44.1% a year over 3 years, FY23 to FY26. Operating margin widened to 33.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹161 Cr | ₹362 Cr | ₹411 Cr | ₹482 Cr |
| Operating profit | ₹-73 Cr | ₹54 Cr | ₹33 Cr | ₹163 Cr |
| Operating margin | -45.1% | 14.9% | 8.0% | 33.8% |
| Interest | ₹10 Cr | ₹78 Cr | ₹132 Cr | ₹78 Cr |
| Depreciation | ₹45 Cr | ₹66 Cr | ₹197 Cr | ₹58 Cr |
| Net profit | ₹-79 Cr | ₹-77 Cr | ₹-252 Cr | ₹131 Cr |
| Net margin | -49.1% | -21.3% | -61.3% | 27.2% |
| Cash from operations | ₹15 Cr | ₹27 Cr | ₹32 Cr | ₹106 Cr |
| Free cash flow | ₹-75 Cr | ₹14 Cr | ₹20 Cr | ₹92 Cr |
| ROCE | -25.0% | 0.0% | -8.0% | 13.0% |
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 | ₹7 Cr | ₹41 Cr | ₹62 Cr | ₹69 Cr | ₹96 Cr | ₹96 Cr |
| Reserves | ₹-7 Cr | ₹36 Cr | ₹244 Cr | ₹307 Cr | ₹755 Cr | ₹862 Cr |
| Borrowings | ₹7 Cr | ₹203 Cr | ₹306 Cr | ₹583 Cr | ₹358 Cr | ₹382 Cr |
| Other liabilities | ₹5 Cr | ₹100 Cr | ₹275 Cr | ₹667 Cr | ₹695 Cr | ₹476 Cr |
| Total liabilities | ₹12 Cr | ₹380 Cr | ₹887 Cr | ₹1.6k Cr | ₹1.9k Cr | ₹1.8k Cr |
| Fixed assets | ₹4 Cr | ₹255 Cr | ₹734 Cr | ₹1.4k Cr | ₹1.3k Cr | ₹1.3k Cr |
| Capital work in progress | ₹2 Cr | ₹0 Cr | ₹3 Cr | ₹10 Cr | ₹1 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹5 Cr | ₹435 Cr | ₹394 Cr |
| Other assets | ₹6 Cr | ₹125 Cr | ₹150 Cr | ₹180 Cr | ₹145 Cr | ₹155 Cr |
| Total assets | ₹12 Cr | ₹380 Cr | ₹887 Cr | ₹1.6k Cr | ₹1.9k Cr | ₹1.8k 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, promoters trimmed −18.82 pp while the public added +16.92 pp. The shareholder count grew 10% to 12,470.
- Promoters
- 33.8%
- FIIs
- 2.8%
- DIIs
- 0.6%
- Public
- 62.9%
Since Jun 2025
- Promoters −18.82 pp
- Public +16.92 pp
- FIIs +1.47 pp
How it drifted, 12 quarters
Over this window promoters fell from 53.5% to 33.8% — −19.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 53.5%, FIIs 3.0%, DIIs 0.0%, Public 43.5%.Dec '23: Promoters 53.6%, FIIs 2.2%, DIIs 0.2%, Public 44.0%.Mar '24: Promoters 53.6%, FIIs 2.2%, DIIs 0.3%, Public 43.9%.Jun '24: Promoters 54.9%, FIIs 1.8%, DIIs 0.3%, Public 43.0%.Sep '24: Promoters 54.8%, FIIs 1.1%, DIIs 0.3%, Public 43.8%.Dec '24: Promoters 54.8%, FIIs 1.1%, DIIs 0.4%, Public 43.7%.Mar '25: Promoters 53.4%, FIIs 0.9%, DIIs 0.1%, Public 45.6%.Jun '25: Promoters 52.6%, FIIs 1.4%, DIIs 0.1%, Government 0.0%, Public 45.9%.Sep '25: Promoters 34.0%, FIIs 2.9%, DIIs 1.5%, Public 61.6%.Dec '25: Promoters 34.0%, FIIs 2.6%, DIIs 1.1%, Public 62.3%.Mar '26: Promoters 33.8%, FIIs 2.4%, DIIs 0.6%, Public 63.3%.Jun '26: Promoters 33.8%, FIIs 2.8%, DIIs 0.6%, Public 62.9%.
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.
- Mundhra Homes Private Limited newly disclosed 2.36% held
The same filing shows 1 holder 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 Veranda Learning Solutions Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Authum Investment & Infrastructure Lmited NBFC / DFI | 10.81% | −2.99 pp |
| Kalpathi S Ganesh | 10.62% | unchanged |
| Kalpathi S Aghoram | 10.62% | unchanged |
| Kalpathi S Suresh | 10.60% | unchanged |
| Parmar Developers And Properties Private Limited | 2.84% | unchanged |
| Amrit Ramana Prasad | 2.78% | unchanged |
| Ramana Prasad A S | 2.77% | unchanged |
| Mundhra Homes Private Limited | 2.36% | newly disclosed |
| Jitendra Kantilal Shah | 2.09% | unchanged |
| Gkk Capital Markets Private Limited | 1.82% | unchanged |
| Prabhu . | 1.66% | unchanged |
| Ujwal Kumar Pagariya | 1.47% | 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 (4)
Read the Q1 FY27 call →Learn to analyse Veranda Learning Solutions Limited
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