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Crizac Ltd

CRIZAC

NSE

₹151.39-3.17%19 Oct 2026

Reports

Platform Education

Crizac Ltd

CRIZAC

NSE

₹151.39

-3.17%

19 Oct 2026

SOICxStockScans Reports

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Platform Education

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

What began as a small Kolkata firm helping Indian students study abroad has grown into a global digital backbone for university recruitment. Founded in 2011 and entirely self-funded, Crizac built a proprietary technology platform that connects a sprawling network of recruitment agents with universities, automating the entire application process. The recurring approach is a platform-first, asset-light model that creates a network effect: every new agent, student, and university added makes the system more valuable and harder to leave behind.

Business segments

A single engine with expanding capabilities - a B2B platform that earns commissions by matching students to universities, now extending into direct student services and AI-powered tools, all built on the same proprietary technology core.

1. B2B Student Recruitment Platform: the digital marketplace where students meet universities

A proprietary platform connects over 15,000 agents to more than 400 universities, processing applications end-to-end and earning a commission only when a student actually enrolls.

Paid on success, not effort - Crizac earns a commission from the university when a student enrolls, and shares a portion with the agent who submitted the application; revenue is only recognized at that confirmed enrollment point, so the model carries no inventory or upfront payment risk.
The platform does the heavy lifting - agents use Crizac's technology to prepare and submit applications, which are then reviewed using AI-led automation before being passed to universities; the system includes application tracking, deadline alerts, and a unified window for all communication, so agents manage everything in one place.
Network effects create a widening moat - over 400 institutional partnerships exist, with the top 30 university relationships lasting more than five years, and the top 10 universities account for 66% of revenue; on the other side, agent contribution is highly fragmented, with the top 10 agents contributing just 0.5% of revenue, meaning no single agent holds bargaining power.
A global sourcing hedge - students are recruited from over 85 countries, with on-ground presence in 11 of those source countries including India, China, Nigeria, and Peru, which provides early visibility into demand shifts and reduces dependence on any single country's policy or currency swings.
Scale that feeds itself - in FY26, the platform processed roughly 394,000 applications, a 43% jump from the year before, with about 5,400 active agents submitting them; the more applications that flow through, the richer the data intelligence becomes for matching and conversion.

2. B2C Counseling and Immigration: going direct to the student

Through the acquisition of Global Tree Careers, Crizac now also advises students and families directly on overseas education, immigration, and permanent residency - a complementary front door to the same destination universities.

Bought, not just built - a 51.04% stake in Global Tree Careers, a Hyderabad-based firm with over 10 offices and 250-plus employees, was acquired in January 2026, instantly adding a B2C channel that had been absent from the asset-light platform model.
Beyond just admissions - Global Tree provides consultancy on higher education, employment abroad, and permanent residency, so the relationship with a student can span years rather than a single application cycle.
A Latin American beachhead - the October 2025 acquisition of a 51% stake in Studies Planet, a UK-based agency sourcing students from Latin America, added a B2C presence in a region where conversion rates run at roughly 20%, about double the rate in India.

3. Ancillary Services Ecosystem: layering revenue onto the same student journey

Once a student is placed, Crizac can also arrange accommodation, loans, visas, insurance, and foreign exchange - services that deepen the relationship and add revenue without adding new customer acquisition cost.

Accommodation as a first step - a proprietary accommodation booking platform was launched in July 2025, letting students secure housing through the same interface they used for their university application.
Loans to unlock demand - tie-ups with banks and NBFCs for student loans were established in FY26, addressing a major friction point for students from emerging markets who need financing to accept offers.
A full-service vision - visa support, insurance, and forex services are in development, aiming to turn a single enrollment into a multi-product relationship that spans the entire study-abroad lifecycle.

AI and Technology Capabilities

A 15-year-old proprietary platform is being augmented with a new AI mentorship marketplace and a strategic stake in an AI-first student mobility platform, embedding intelligence deeper into the recruitment workflow.

EduMentor: AI-powered peer guidance - a USD 2.5 million commitment announced in March 2026 is funding a five-year build of a mentorship marketplace that uses AI to match prospective students with verified current students and recent graduates at target universities, based on programme, location, language, and career interests.
ForeignAdmits: buying into AI infrastructure - a 37.4% stake in Edument Consultancy, which operates ForeignAdmits, brings proprietary tools like LoanMonk, a pre-admission loan eligibility engine that has completed over 80,000 assessments across 17-plus lenders, and VisaMonk, an AI visa interview simulator used by more than 3,000 students globally.
Built in-house, led by veterans - the core platform has been developed under a Chief Technology Officer who has been with the company since its founding in 2011, and the new AI initiatives are led by an IIM Calcutta alumnus with nearly two decades in edtech.

Group Structure and Partners

A Kolkata-headquartered holding company controls subsidiaries in the UK and UAE, with acquired businesses in India and the UK operating as majority-owned subsidiaries, all led by a promoter group that still holds nearly 80% of the company.

Holding company and overseas arms - Crizac Limited (India) is the listed parent, with wholly owned subsidiaries Crizac Ltd in London and UCOL FZE in Sharjah, giving it operational presence across 10 countries.
Acquired subsidiaries - Global Tree Careers (51.04% stake, India) and Studies Planet (51% stake, UK, held through the London subsidiary) operate as consolidated entities, while Edument Consultancy (ForeignAdmits) is an associate at 37.41%.
Tightly held with institutional backing - promoters held 79.9% as of March 2026, with marquee investors including Carnelian Funds (1.9%) and Allianz Global Funds (0.9%) among the institutional minority.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹2,649Cr

Close Price

₹151.39

Industry

Platform Education

Price To Earnings

12.02

Price To Sales

2.56

Revenue

₹1,034Cr

Rev Gr TTM

Revenue Growth TTM

15.17%

PAT Gr TTM

PAT Growth TTM

37.82%

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	161	130	218	341	210	162	279	392	201
Growth YoY Revenue Growth YoY%					29.9	24.9	28.0	15.0	-4.0
Expenses ExpensesCr	110	98	155	276	148	99	213	297	140
Operating Profit Operating ProfitCr	51	32	63	65	61	63	66	95	61
OPM OPM%	31.8	24.9	29.0	19.0	29.2	39.0	23.7	24.3	30.4
Other Income Other IncomeCr	15	7	8	9	8	8	7	7	7
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	11	11	12	11	7	6	6	9	4
PBT PBTCr	55	28	60	62	62	65	67	93	65
Tax TaxCr	14	7	17	12	16	16	17	18	19
PAT PATCr	42	20	43	50	46	48	51	75	46
Growth YoY PAT Growth YoY%					10.4	138.7	16.7	49.2	0.8
NPM NPM%	25.7	15.6	19.9	14.7	21.9	29.8	18.1	19.0	22.9
EPS EPS₹	2.4	1.2	2.5	2.9	2.6	2.8	2.9	4.3	2.7

Quarter	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	161	130	218	341	210	162	279	392	201
Growth YoY Revenue Growth YoY%					29.9	24.9	28.0	15.0	-4.0
Expenses ExpensesCr	110	98	155	276	148	99	213	297	140
Operating Profit Operating ProfitCr	51	32	63	65	61	63	66	95	61
OPM OPM%	31.8	24.9	29.0	19.0	29.2	39.0	23.7	24.3	30.4
Other Income Other IncomeCr	15	7	8	9	8	8	7	7	7
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	11	11	12	11	7	6	6	9	4
PBT PBTCr	55	28	60	62	62	65	67	93	65
Tax TaxCr	14	7	17	12	16	16	17	18	19
PAT PATCr	42	20	43	50	46	48	51	75	46
Growth YoY PAT Growth YoY%					10.4	138.7	16.7	49.2	0.8
NPM NPM%	25.7	15.6	19.9	14.7	21.9	29.8	18.1	19.0	22.9
EPS EPS₹	2.4	1.2	2.5	2.9	2.6	2.8	2.9	4.3	2.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	111	264	473	530	849	1,042	1,034
Growth Revenue Growth%		137.2	79.5	12.1	60.3	22.7	15.2
Expenses ExpensesCr	84	175	366	386	635	756	748
Operating Profit Operating ProfitCr	27	89	107	144	215	286	286
OPM OPM%	24.6	33.6	22.7	27.1	25.3	27.4	27.6
Other Income Other IncomeCr	1	3	45	54	36	29	29
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	1	2	13	46	27	24
PBT PBTCr	28	91	150	184	205	287	290
Tax TaxCr	7	23	38	68	50	68	70
PAT PATCr	21	68	112	116	155	219	220
Growth PAT Growth%		223.6	65.5	3.3	33.8	41.4	37.8
NPM NPM%	18.9	25.7	23.7	21.9	18.2	21.0	21.2
EPS EPS₹	1.2	3.9	6.4	6.6	8.9	12.5	12.6

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	111	264	473	530	849	1,042	1,034
Growth Revenue Growth%		137.2	79.5	12.1	60.3	22.7	15.2
Expenses ExpensesCr	84	175	366	386	635	756	748
Operating Profit Operating ProfitCr	27	89	107	144	215	286	286
OPM OPM%	24.6	33.6	22.7	27.1	25.3	27.4	27.6
Other Income Other IncomeCr	1	3	45	54	36	29	29
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	1	2	13	46	27	24
PBT PBTCr	28	91	150	184	205	287	290
Tax TaxCr	7	23	38	68	50	68	70
PAT PATCr	21	68	112	116	155	219	220
Growth PAT Growth%		223.6	65.5	3.3	33.8	41.4	37.8
NPM NPM%	18.9	25.7	23.7	21.9	18.2	21.0	21.2
EPS EPS₹	1.2	3.9	6.4	6.6	8.9	12.5	12.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	10	10	35	35	35
Reserves ReservesCr	37	98	213	302	468	550
Current Liabilities Current LiabilitiesCr	49	59	72	223	368	273
Non Current Liabilities Non Current LiabilitiesCr	4	6	11	28	7	10
Total Liabilities Total LiabilitiesCr	90	172	307	588	878	876
Current Assets Current AssetsCr	47	124	249	411	596	574
Non Current Assets Non Current AssetsCr	43	48	57	178	282	301
Total Assets Total AssetsCr	90	172	307	588	878	876

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	10	10	35	35	35
Reserves ReservesCr	37	98	213	302	468	550
Current Liabilities Current LiabilitiesCr	49	59	72	223	368	273
Non Current Liabilities Non Current LiabilitiesCr	4	6	11	28	7	10
Total Liabilities Total LiabilitiesCr	90	172	307	588	878	876
Current Assets Current AssetsCr	47	124	249	411	596	574
Non Current Assets Non Current AssetsCr	43	48	57	178	282	301
Total Assets Total AssetsCr	90	172	307	588	878	876

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	114	184	144
Investing Cash Flow Investing Cash FlowCr	-79	-145	24
Financing Cash Flow Financing Cash FlowCr	0	0	-151
Net Cash Flow Net Cash FlowCr	35	38	17
Free Cash Flow Free Cash FlowCr	-7	179	127
CFO To PAT CFO To PAT%	98.0	118.5	65.8
CFO To EBITDA CFO To EBITDA%	79.0	85.4	50.5

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	114	184	144
Investing Cash Flow Investing Cash FlowCr	-79	-145	24
Financing Cash Flow Financing Cash FlowCr	0	0	-151
Net Cash Flow Net Cash FlowCr	35	38	17
Free Cash Flow Free Cash FlowCr	-7	179	127
CFO To PAT CFO To PAT%	98.0	118.5	65.8
CFO To EBITDA CFO To EBITDA%	79.0	85.4	50.5

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						3,077	2,649
Price To Earnings Price To Earnings						14.1	12.0
Price To Sales Price To Sales						3.0	2.6
Price To Book Price To Book						5.3	4.5
EV To EBITDA EV To EBITDA						10.2	9.0
Profitability Ratios Profitability Ratios
GPM GPM%	30.6	42.1	34.9	35.1	29.5	32.5	32.5
OPM OPM%	24.6	33.6	22.7	27.1	25.3	27.4	27.6
NPM NPM%	18.9	25.7	23.7	21.9	18.2	21.0	21.2
ROCE ROCE%	75.4	84.3	67.1	54.6	40.8	49.0	49.0
ROE ROE%	57.0	63.0	50.2	34.4	30.8	37.5	37.5
ROA ROA%	23.4	39.3	36.6	19.7	17.7	25.0	25.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						3,077	2,649
Price To Earnings Price To Earnings						14.1	12.0
Price To Sales Price To Sales						3.0	2.6
Price To Book Price To Book						5.3	4.5
EV To EBITDA EV To EBITDA						10.2	9.0
Profitability Ratios Profitability Ratios
GPM GPM%	30.6	42.1	34.9	35.1	29.5	32.5	32.5
OPM OPM%	24.6	33.6	22.7	27.1	25.3	27.4	27.6
NPM NPM%	18.9	25.7	23.7	21.9	18.2	21.0	21.2
ROCE ROCE%	75.4	84.3	67.1	54.6	40.8	49.0	49.0
ROE ROE%	57.0	63.0	50.2	34.4	30.8	37.5	37.5
ROA ROA%	23.4	39.3	36.6	19.7	17.7	25.0	25.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	PWL	CRIZAC	JARO
Market CapitalizationMkt CapCr	37,819	2,649	903
Close PriceClose₹	130.02	151.39	405.15
IndustryIndustry	Platform Education	Platform Education	Platform Education
Price To EarningsPE	1,083.50	12.02	15.32
Price To SalesPS	9.21	2.56	3.18
RevenueRevenueCr	4,106	1,034	284
Revenue Growth TTMRev Gr TTM%	32.5%	15.2%	12.5%
PAT Growth TTMPAT Gr TTM%	104.9%	37.8%	34.8%

	PWL	CRIZAC	JARO
Market CapitalizationMkt CapCr	37,819	2,649	903
Close PriceClose₹	130.02	151.39	405.15
IndustryIndustry	Platform Education	Platform Education	Platform Education
Price To EarningsPE	1,083.50	12.02	15.32
Price To SalesPS	9.21	2.56	3.18
RevenueRevenueCr	4,106	1,034	284
Revenue Growth TTMRev Gr TTM%	32.5%	15.2%	12.5%
PAT Growth TTMPAT Gr TTM%	104.9%	37.8%	34.8%