Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹74Cr
Rev Gr TTM
Revenue Growth TTM
686.68%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

IRONWOOD
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -17.5 | 39.7 | 133.3 | 0.0 | 182.7 | -29.5 | 7.1 | 16.1 | -35.4 | -64.2 | -42.2 | 3,048.9 |
| 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 23 |
Operating Profit Operating ProfitCr |
| -78.8 | -17.9 | -39.3 | -23.5 | 10.2 | -62.7 | -14.4 | -39.4 | -87.4 | -341.7 | -61.5 | 21.7 |
Other Income Other IncomeCr | 0 | 0 | 1 | 0 | -5 | 0 | 1 | -1 | -8 | 0 | 0 | 0 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
Depreciation DepreciationCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -1 | 0 | 1 | 0 | -6 | -1 | 1 | -2 | -9 | -1 | -1 | 5 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|
Growth YoY PAT Growth YoY% | -71.8 | 0.0 | 184.1 | -122.2 | -758.2 | -46.3 | 81.1 | -330.0 | -52.9 | -95.0 | -155.2 | 404.6 |
| -128.8 | -43.2 | 63.1 | -49.4 | -391.2 | -89.5 | 106.7 | -183.0 | -925.3 | -487.5 | -101.9 | 17.7 |
| -0.8 | -0.5 | 0.7 | -0.5 | -7.3 | -0.8 | 1.2 | -2.2 | -10.3 | -0.8 | -0.3 | 3.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| -17.4 | -5.1 | -6.6 | 2.9 | -21.3 | -3.0 | -52.9 | -16.7 | 8.2 | 71.5 | -14.8 | 803.7 |
| 8 | 8 | 9 | 9 | 9 | 7 | 4 | 4 | 4 | 5 | 5 | 27 |
Operating Profit Operating ProfitCr |
| 3.9 | -1.3 | -20.0 | -22.7 | -52.9 | -21.3 | -53.1 | -61.3 | -49.6 | -13.4 | -50.4 | 14.2 |
Other Income Other IncomeCr | 1 | 1 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | -4 | -8 | -7 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 2 |
Depreciation DepreciationCr | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| 1 | 1 | -1 | -1 | -3 | -1 | -2 | -2 | -2 | -6 | -10 | -5 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|
| 45.8 | -40.1 | -238.0 | -89.1 | -95.4 | 58.7 | -71.3 | 15.2 | -10.1 | -220.0 | -68.4 | 48.3 |
| 11.6 | 7.3 | -10.9 | -19.9 | -49.5 | -21.1 | -76.6 | -78.0 | -79.5 | -148.3 | -293.0 | -16.8 |
| 1.2 | 0.7 | -1.0 | -1.8 | -3.6 | -1.5 | -2.5 | -2.4 | -2.4 | -7.6 | -11.8 | -7.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 15 | 15 |
| 20 | 20 | 20 | 14 | 11 | 10 | 8 | 6 | 4 | -2 | 6 | 3 |
Current Liabilities Current LiabilitiesCr | 2 | 1 | 2 | 2 | 3 | 2 | 2 | 2 | 2 | 2 | 69 | 79 |
Non Current Liabilities Non Current LiabilitiesCr | 0 | 0 | 0 | 1 | 1 | 4 | 6 | 7 | 11 | 10 | 17 | 29 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 7 | 7 | 4 | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 97 | 115 |
Non Current Assets Non Current AssetsCr | 23 | 23 | 26 | 22 | 21 | 23 | 23 | 22 | 23 | 17 | 11 | 11 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 0 | 0 | -1 | -2 | -3 | 1 | -2 | -1 | -1 | -1 | -26 |
Investing Cash Flow Investing Cash FlowCr | -2 | 0 | -1 | 2 | 1 | -2 | 0 | 0 | 0 | 1 | -4 |
Financing Cash Flow Financing Cash FlowCr | 2 | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 2 | -1 | 33 |
|
Free Cash Flow Free Cash FlowCr | 0 | 0 | -1 | -2 | -3 | -2 | -2 | -1 | -2 | -1 | -26 |
| 21.9 | -33.4 | 140.7 | 103.8 | 99.3 | -70.3 | 90.0 | 80.5 | 68.3 | 13.7 | 257.5 |
CFO To EBITDA CFO To EBITDA% | 66.1 | 196.5 | 76.3 | 91.3 | 93.0 | -69.7 | 129.8 | 102.5 | 109.3 | 150.9 | 1,497.8 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 16 | 24 | 24 | 33 | 30 | 29 | 16 | 26 | 23 | 18 | 59 |
Price To Earnings Price To Earnings | 16.9 | 42.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -12.5 | 0.0 | -5.8 |
Price To Sales Price To Sales | 2.0 | 3.1 | 3.3 | 4.5 | 5.2 | 5.2 | 6.0 | 11.9 | 9.9 | 4.5 | 17.1 |
Price To Book Price To Book | 0.6 | 0.8 | 0.9 | 1.5 | 1.6 | 1.6 | 1.0 | 1.9 | 2.0 | 3.1 | 2.8 |
| 43.3 | -218.8 | -16.0 | -19.4 | -10.1 | -26.4 | -15.3 | -24.5 | -28.5 | -51.5 | -42.4 |
Profitability Ratios Profitability Ratios |
| 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 142.3 |
| 3.9 | -1.3 | -20.0 | -22.7 | -52.9 | -21.3 | -53.1 | -61.3 | -49.6 | -13.4 | -50.4 |
| 11.6 | 7.3 | -10.9 | -19.9 | -49.5 | -21.1 | -76.6 | -78.0 | -79.5 | -148.3 | -293.0 |
| 3.4 | 2.2 | -2.9 | -6.3 | -13.9 | -4.5 | -7.6 | -5.9 | -5.6 | -33.4 | -25.1 |
| 3.4 | 2.0 | -2.8 | -6.6 | -14.8 | -6.6 | -12.6 | -12.2 | -15.9 | -100.9 | -47.1 |
| 3.1 | 1.9 | -2.6 | -5.9 | -12.4 | -4.8 | -8.4 | -7.5 | -7.8 | -33.0 | -9.4 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Ironwood Education Ltd. is a leading vocational education provider in India and the international market, operating under the **Ironwood** and **Greycells** umbrella brands. The company specializes in delivering industry-aligned training in **sports management, event management, advertising, wedding planning, media, and entertainment**. With over **two decades of experience**, Ironwood has established itself as a pioneer in professional skilling for high-growth sectors such as sports, media, and events. It is listed on the **BSE** and has a global presence through its subsidiaries and partnerships.
---
### **Core Business & Operations**
- **Primary Segment**: Vocational and higher education in sports, media, and entertainment industries.
- **Geographic Reach**:
- **India**: Operates through multiple campuses and university partnerships.
- **International**: Presence via **EMDI (Overseas) FZ LLC**, a wholly owned subsidiary in **Dubai**, offering classroom-based training to graduates, undergraduates, and working professionals.
- **Training Brands**:
- **Ironwood Sports Management Global Academy (ISMGA)** – Focus on sports management leadership.
- **EMDI Institute of Media & Communication (EMDI)** – Covers event management, advertising, PR, and digital media.
- **EMDI Wedding Academy** – Specialized training in wedding planning and design.
---
### **Academic Offerings & Collaborations**
Ironwood has evolved from pure vocational training to delivering **government-recognized undergraduate and postgraduate degree programs** through strategic academic partnerships:
- **Bachelor’s Degree Programs**: Offered in collaboration with **Mumbai University** and **Homi Bhabha State University**.
- **Undergraduate Programs**: Partnered with **D.Y. Patil University’s School of Open & Distance Learning** in Event and Sports Management.
- Focus areas include **sports, media, entertainment, event management**, and **coach certification**, designed to bridge industry-academia gaps.
- The company is actively pursuing collaborations with colleges and universities across India to expand its degree program footprint and enhance research integration.
---
### **Growth Strategy & Expansion Plans (as of Aug 2025)**
1. **Domestic & International Expansion**:
- Expanding physical infrastructure and program reach across India.
- Strengthening international presence through Dubai operations and global university tie-ups for research access and course delivery.
2. **Strategic Acquisition**:
- Completed takeover of **Trio Infrastructure Private Limited** (Dec 2024), enabling Ironwood to leverage real estate and infrastructure expertise to scale campus development and generate **annuity-style revenue**.
- Promoters of Trio Infrastructure have become shareholders, triggering a regulatory open offer.
3. **Organic Growth Initiatives**:
- Enhancing digital outreach via **SEO-optimized websites, social media marketing**, and content-driven campaigns.
- Utilizing **alumni success stories, testimonials, awards, and case studies** to build brand trust and influence enrollment decisions.
4. **Joint Ventures & Partnerships**:
- Previously partnered with **Sporting Minds Academy LLP** (Chennai) to expand regional presence in sports management; however, the JV is now in the **process of dissolution**.
- Holds a **16% equity stake in Coaching Beyond Pvt Ltd**, viewed as a strategic growth opportunity in coach development and certification.
---
### **Industry Position & Market Opportunity**
- The **Indian vocational education sector remains under-penetrated**, presenting strong growth potential driven by:
- Government initiatives like **Skill India Mission**.
- Rising demand for job-ready skills in **media, entertainment, and sports**.
- Increased digital adoption and blended learning models.
- Growing societal and parental acceptance of non-traditional career paths is boosting demand for Ironwood’s programs.
---
### **Competitive Advantage & Challenges**
**Strengths**:
- Curriculum co-developed with **industry professionals and leaders**.
- **Industry-experienced visiting faculty**, including luminaries like **Ravi Shastri, B. Arun, and R. Sridhar** (advisors for Coach Certification).
- Strong **alumni network** of over **15,000 globally** (as of Dec 2022).
- Blended learning model combining **classroom instruction with internships**, including placements with **international firms in Dubai**.
- Focus on **grassroots sports development** and integration of education with industry practice.
**Challenges**:
- **Low entry barriers** in the certificate course market lead to **unreliable competitors**, potentially eroding market trust.
- Ironwood counters this by emphasizing **quality, accreditation, and consistent student outcomes** to differentiate from fly-by-night operators.
- Past disruptions due to **pandemic-related slowdowns in sports and event sectors** (particularly in 2020), though recovery is underway.
---
### **Marketing & Enrollment Drivers**
- Digital-first strategy using **social media, search engine optimization, and targeted online content**.
- Relies on **brand credibility**, built through:
- Alumni success and job placements.
- Industry partnerships.
- Advisory board composed of respected figures in sports and media.
- Enrollment depends on **curriculum relevance, geographic reach, quality delivery, and competitive differentiation**.