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Arihant Academy Ltd

ARIHANTACA

NSE

₹230.000.00%19 Oct 2026

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Miscellaneous

Arihant Academy Ltd

ARIHANTACA

NSE

₹230.00

0.00%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Arihant Academy is a coaching business that turns classroom teaching into a structured, repeatable system - it prepares school and college students for board exams and competitive entrance tests, mostly across Maharashtra, Gujarat and Rajasthan, using a network of physical centres stitched together by a proprietary digital platform. The first branch was established in 1998 with a single Mumbai branch and 80 students, the company was incorporated in 2007 and listed on the NSE’s SME platform in December 2022 and has since grown by acquiring established local coaching institutes and entering government-backed free-coaching programmes, rather than by building every centre from scratch. The recurring approach is to buy or partner with existing coaching brands that already have students and faculty, plug them into the Arihant Edge digital backbone for attendance, testing and parent communication, and run them under a common operational playbook - that is how a single-city tutor became a 40-plus-centre enterprise serving roughly 10,000 students.

Business segments

A single coaching engine delivered across three student streams - foundation, science and commerce - each feeding the next and all running on the same hybrid platform.

1. Foundation coaching: the feeder that fills the senior classrooms

Classes 8 to 10 board-exam coaching across State, ICSE and CBSE syllabuses builds the student pipeline that the higher-fee Science and Commerce streams depend on.

Three boards, one playbook - the company runs separate classroom programmes for SSC, ICSE and CBSE students, each with its own test series, revision schedule and parent-teacher meeting cadence, so families see a structured path from middle school through to professional entrance exams.
Bought the local incumbent - the February 2025 slump-sale acquisition of Carmel Classes and Carmel Tuition, two Vasai-based proprietorships covering Classes 8-10 for State Board (Carmel Classes) and ICSE & CBSE boards (Carmel Tuition), brought an existing student base and faculty into the network effective April 2025, rather than requiring the company to build a new centre and win trust from scratch.
Two teachers in the room - for CBSE, launched alongside four new centres in 2023, the company places a subject-specialist educator and an assistant teacher in every classroom, which means students get immediate in-class support without waiting for separate doubt-solving sessions.
Deep in the western suburbs - by FY25 the foundation engine operated from more than 20 locations concentrated in Mumbai’s western suburbs (Borivali, Kandivali, Dahisar, Andheri, Goregaon, Mira Road, Virar, Vasai), central suburbs (Ghatkopar, Thane, Matunga) and Navi Mumbai (Vashi, Koparkhairane, Kharghar, Nerul, Panvel), giving it coverage dense enough that most students in its catchment can walk or take a short ride to a centre.

2. Science and competitive entrance coaching: where the brand is made

Integrated Classes 11-12 board syllabus with JEE, NEET and MHT-CET preparation - the engine that produces the rank-holders and IITians whose results drive enrolment across the whole academy.

Acquired IITian-led expertise - the company bought a 51% stake in Zeal Education Academy, a Navi Mumbai partnership firm founded by IITians that has produced over 1,000 IITians, with branches in Seawoods, Panvel, Kharghar, Vashi, Thane and Pen; the deal was structured in two tranches for INR 8.67 crore, with profit-sharing and voting rights rising from 25.5% to 51% effective April 2026 and the balance payable in performance-linked instalments through FY29.
Bought the Vasai science brand too - the 100% slump-sale acquisition of Arihant Carmel (Team Arihant Carmel Academy LLP) for INR 3 crore added a reputed Vasai institute specialising in Classes 11-12 Science, MHT-CET, NEET and JEE (Main), known for consistent HSC Board and entrance results; the sellers were the company’s own directors, making it a related-party deal completed after shareholder approval.
Government pays, the company teaches - under Rajasthan’s Mukhyamantri Anuprati Coaching Yojana, Arihant Academy provides free JEE and NEET coaching at centres in Jodhpur, Bhilwara, Beawar and Merta City for three academic years through 2026-27, which gives the company a presence in a new state with the government covering student fees.
Partners run the front office - profit-sharing MOUs with local operators in Ahmedabad (Nankani’s Education Service LLP), Nashik (three individuals) and Navalgarh, Rajasthan (Podar Education Institution) mean the local partner handles day-to-day operations, administration and promotions while Arihant Academy supplies academic systems, faculty and training, so the company expands its geographic footprint without bearing the full cost and risk of each new centre.

3. Commerce and professional certification coaching: the niche with an NSE badge

Classes 11-12 State Board commerce combined with CA, CS and fintech certification pathways - a smaller stream that differentiates the academy from pure-science competitors.

NSE Academy partnership is the differentiator - the company delivers the “Certificate Program of Financial Technology and Analytics” under a collaboration with NSE Academy Limited (a wholly owned subsidiary of the National Stock Exchange), providing curriculum development and teaching services from June 2025; local competitors typically do not offer a fintech credential backed by a national exchange brand.
Audit certification while still in college - in November 2025 the company added the “Young Internal Audit Professional (YIAP) - Pathway Program for Certified Internal Auditor (CIA),” a 12-month blended programme developed by NSE Academy with The Institute of Internal Auditors India, targeting undergraduates and postgraduates who want to pursue the globally recognised CIA exam before graduating.
Ahmedabad gets the fintech programme too - an MOU with Nankani’s Education Service LLP extended the fintech certificate to Ahmedabad under the same profit-sharing model used for Science coaching, with the local partner managing operations and Arihant Academy providing academic systems and faculty.
Counselling closes the sale - the commerce engine uses career interest tests, academic counselling and bridge sessions alongside mock tests aligned with university exam patterns, which helps students and parents see a clear line from Class 11 commerce to a professional qualification and makes the academy’s bundled offering harder to walk away from.

Arihant Edge digital platform

The proprietary app is the operating system that runs the academy - it is not sold separately, but it ties students, parents, teachers and administrators into a single real-time loop of attendance, testing, feedback and fee collection.

Every stakeholder sees their own dashboard - students get recorded lectures, test schedules, digital notes and performance updates; parents receive attendance and result notifications; teachers log feedback; and non-teaching staff are onboarded digitally, so the platform replaces the fragmented WhatsApp-and-paper workflows common in local coaching shops.
Fee collection plugs into accounting - Arihant Edge is integrated with Tally ERP for real-time fee tracking and automated payroll, which means a student’s payment status is visible to the centre and to finance simultaneously, improving audit readiness and reducing collection leakage.
Hybrid delivery without a separate price tag - the platform enables the hybrid model of scheduled classroom lectures plus self-paced digital revision, but it is bundled into the course fee rather than sold as a standalone subscription, so the company can market “classroom plus digital” as one product rather than asking parents to pay extra for an app.

Group structure and partners

A publicly listed single-segment coaching company with no debt, no inventories, and a growing web of majority-owned and profit-sharing relationships that extend its reach without requiring it to build every centre itself.

Listed on NSE Emerge - Arihant Academy Ltd (ISIN INE0NCC01015, symbol ARIHANTACA) has traded on the NSE’s SME platform since 29 December 2022, following an IPO of 16,35,200 equity shares at Rs. 90 per share.
One business segment, no borrowings - the company operates solely in coaching services within India, carries no bank debt, holds no inventories, and has never accepted public deposits, which reflects a cash-up-front tuition model that funds operations and acquisitions from internal accruals.
Board is founder-led with independent oversight - Managing Director Anil Suresh Kapasi and Chairman-cum-Whole-Time Director Umesh Anand Pangam run the company alongside three independent directors and a professional CFO and Company Secretary.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

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Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹279Cr

Close Price

₹230.00

Industry

Miscellaneous

Price To Earnings

15.14

Price To Sales

4.12

Revenue

₹68Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Upcoming Results on

24 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	10	9	17	16	14	16	22
Growth YoY Revenue Growth YoY%					42.5	75.6	27.5
Expenses ExpensesCr	8	8	15	13	11	10	18
Operating Profit Operating ProfitCr	2	1	2	3	3	5	4
OPM OPM%	18.0	6.2	13.7	20.6	18.4	33.4	16.2
Other Income Other IncomeCr	0	1	1	0	1	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	1	1	1	1	1	1
PBT PBTCr	2	1	2	3	2	5	3
Tax TaxCr	1	0	1	1	1	2	1
PAT PATCr	1	1	2	2	2	3	2
Growth YoY PAT Growth YoY%					58.8	258.1	16.5
NPM NPM%	11.6	10.4	10.9	12.6	13.0	21.2	9.9
EPS EPS₹	1.9	1.6	3.2	3.4	2.9	5.5	3.4

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	10	9	17	16	14	16	22
Growth YoY Revenue Growth YoY%					42.5	75.6	27.5
Expenses ExpensesCr	8	8	15	13	11	10	18
Operating Profit Operating ProfitCr	2	1	2	3	3	5	4
OPM OPM%	18.0	6.2	13.7	20.6	18.4	33.4	16.2
Other Income Other IncomeCr	0	1	1	0	1	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	1	1	1	1	1	1
PBT PBTCr	2	1	2	3	2	5	3
Tax TaxCr	1	0	1	1	1	2	1
PAT PATCr	1	1	2	2	2	3	2
Growth YoY PAT Growth YoY%					58.8	258.1	16.5
NPM NPM%	11.6	10.4	10.9	12.6	13.0	21.2	9.9
EPS EPS₹	1.9	1.6	3.2	3.4	2.9	5.5	3.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	19	14	15	41	63	68
Growth Revenue Growth%		-26.7	8.0		56.4
Expenses ExpensesCr	18	12	12	35	49	53
Operating Profit Operating ProfitCr	1	2	3	6	14	15
OPM OPM%	7.1	15.2	20.7	13.8	22.2	21.7
Other Income Other IncomeCr	0	0	0	2	1	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	2	3	3
PBT PBTCr	1	2	3	6	12	13
Tax TaxCr	0	0	1	1	3	3
PAT PATCr	0	1	2	4	9	9
Growth PAT Growth%		167.4	79.3		106.1
NPM NPM%	2.2	8.0	13.3	10.8	14.3	13.8
EPS EPS₹	0.9	2.5	4.6	7.3	15.0	15.2

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	19	14	15	41	63	68
Growth Revenue Growth%		-26.7	8.0		56.4
Expenses ExpensesCr	18	12	12	35	49	53
Operating Profit Operating ProfitCr	1	2	3	6	14	15
OPM OPM%	7.1	15.2	20.7	13.8	22.2	21.7
Other Income Other IncomeCr	0	0	0	2	1	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	2	3	3
PBT PBTCr	1	2	3	6	12	13
Tax TaxCr	0	0	1	1	3	3
PAT PATCr	0	1	2	4	9	9
Growth PAT Growth%		167.4	79.3		106.1
NPM NPM%	2.2	8.0	13.3	10.8	14.3	13.8
EPS EPS₹	0.9	2.5	4.6	7.3	15.0	15.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	6	6
Reserves ReservesCr	2	3	5	19	27
Current Liabilities Current LiabilitiesCr	6	5	6	18	23
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	1
Total Liabilities Total LiabilitiesCr	8	8	11	43	57
Current Assets Current AssetsCr	3	3	6	18	21
Non Current Assets Non Current AssetsCr	5	5	5	25	36
Total Assets Total AssetsCr	8	8	11	43	57

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	6	6
Reserves ReservesCr	2	3	5	19	27
Current Liabilities Current LiabilitiesCr	6	5	6	18	23
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	1
Total Liabilities Total LiabilitiesCr	8	8	11	43	57
Current Assets Current AssetsCr	3	3	6	18	21
Non Current Assets Non Current AssetsCr	5	5	5	25	36
Total Assets Total AssetsCr	8	8	11	43	57

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	2	2	6	10
Investing Cash Flow Investing Cash FlowCr	-1	-1	0	-17	-13
Financing Cash Flow Financing Cash FlowCr	-1	0	1	-1	-1
Net Cash Flow Net Cash FlowCr	-2	0	3	-12	-3
Free Cash Flow Free Cash FlowCr	-1	2	2	-3	-3
CFO To PAT CFO To PAT%	-21.0	160.7	88.8	134.7	114.2
CFO To EBITDA CFO To EBITDA%	-6.5	84.6	56.9	105.7	73.2

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	2	2	6	10
Investing Cash Flow Investing Cash FlowCr	-1	-1	0	-17	-13
Financing Cash Flow Financing Cash FlowCr	-1	0	1	-1	-1
Net Cash Flow Net Cash FlowCr	-2	0	3	-12	-3
Free Cash Flow Free Cash FlowCr	-1	2	2	-3	-3
CFO To PAT CFO To PAT%	-21.0	160.7	88.8	134.7	114.2
CFO To EBITDA CFO To EBITDA%	-6.5	84.6	56.9	105.7	73.2

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				195	324	279
Price To Earnings Price To Earnings				43.9	35.6	15.1
Price To Sales Price To Sales				4.8	5.1	4.1
Price To Book Price To Book				7.8	9.7	8.3
EV To EBITDA EV To EBITDA				33.5	22.7	18.7
Profitability Ratios Profitability Ratios
GPM GPM%	96.4	98.8	98.1	100.0	100.0	100.0
OPM OPM%	7.1	15.2	20.7	13.8	22.2	21.7
NPM NPM%	2.2	8.0	13.3	10.8	14.3	13.8
ROCE ROCE%	27.2	46.4	44.1	22.7	37.1	37.1
ROE ROE%	23.6	38.7	41.0	17.5	26.9	26.9
ROA ROA%	5.2	13.6	18.3	10.1	15.8	15.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				195	324	279
Price To Earnings Price To Earnings				43.9	35.6	15.1
Price To Sales Price To Sales				4.8	5.1	4.1
Price To Book Price To Book				7.8	9.7	8.3
EV To EBITDA EV To EBITDA				33.5	22.7	18.7
Profitability Ratios Profitability Ratios
GPM GPM%	96.4	98.8	98.1	100.0	100.0	100.0
OPM OPM%	7.1	15.2	20.7	13.8	22.2	21.7
NPM NPM%	2.2	8.0	13.3	10.8	14.3	13.8
ROCE ROCE%	27.2	46.4	44.1	22.7	37.1	37.1
ROE ROE%	23.6	38.7	41.0	17.5	26.9	26.9
ROA ROA%	5.2	13.6	18.3	10.1	15.8	15.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	OLIL	MODIRUBBER	FWSTC	ARIHANTACA	EFACTOR	MARC	EKANSH
Market CapitalizationMkt CapCr	323	298	282	279	270	268	268
Close PriceClose₹	315.00	118.99	277.00	230.00	205.30	154.95	177.25
IndustryIndustry	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous
Price To EarningsPE	60.34	472.00	390.14	15.14	13.70	51.48
Price To SalesPS	2.81	8.52	11.44	4.12	1.41	3.85	10.65
RevenueRevenueCr	115	35	25	68	191	70	25
Revenue Growth TTMRev Gr TTM%	75.0%	12.9%	21.7%		11.6%	45.7%	-32.1%
PAT Growth TTMPAT Gr TTM%	-20.5%	-100.0%	-7.2%		-2.4%	39.5%	-264.7%

	OLIL	MODIRUBBER	FWSTC	ARIHANTACA	EFACTOR	MARC	EKANSH
Market CapitalizationMkt CapCr	323	298	282	279	270	268	268
Close PriceClose₹	315.00	118.99	277.00	230.00	205.30	154.95	177.25
IndustryIndustry	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous
Price To EarningsPE	60.34	472.00	390.14	15.14	13.70	51.48
Price To SalesPS	2.81	8.52	11.44	4.12	1.41	3.85	10.65
RevenueRevenueCr	115	35	25	68	191	70	25
Revenue Growth TTMRev Gr TTM%	75.0%	12.9%	21.7%		11.6%	45.7%	-32.1%
PAT Growth TTMPAT Gr TTM%	-20.5%	-100.0%	-7.2%		-2.4%	39.5%	-264.7%

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FY2026

Jun 26