• Publication revenue outlook: Publication revenue shifted into the second quarter due to delayed state government textbook releases, with the segment expected to deliver 10% to 12% growth for the current year.
• Stationery margin pressures: Overall stationery margins are guided at 10% to 12% due to temporary export price subsidies, aggressive domestic branding investments, and underutilization of the new plastic export plant.
• Four-year growth target: Management anticipates an overall CAGR of 12% to 13% across the four-year curriculum change cycle, with stronger growth expected in FY28 and FY29 as changes reach higher school grades.
• Non-paper stationery expansion: Domestic non-paper stationery currently generates around ₹30 crore in revenue, with management expecting sales to double or more annually as new categories are introduced.