1. NCF full-curriculum adoption - All K-12 classes have moved to the new NCF syllabus, with remaining books for Classes 9-12 expected by this year end; management expects complete adoption in FY27-28, up from 10-15% adoption last year. This is the core volume driver for the ₹811 crore publishing business - full adoption roughly doubles the addressable syllabus-change revenue base.
2. AI dataset licensing scale-up - Content licensing revenue hit ₹9.1 crore in Q1 FY27, with management targeting over ₹40 crore for FY27, up from ₹19.5 crore in FY25; clients are growing from 5 to 10 this year. At \~90% margins on in-house content, this stream alone could add \~₹20 crore of high-margin EBITDA against current group EBITDA of ₹144 crore.
3. CPD Singapore international curriculum - The January 2026 acquisition (SGD 1.5 million, two tranches) adds IGCSE/IB supplementary publishing, targeting over 1,000 international schools in India plus Middle East and South Asia; management targets \~₹7.5 crore revenue by FY27, with potential US$8-10 million in a few years. This opens a new vertical where S Chand currently has zero products - the IGCSE segment alone has 4,000+ schools globally.
4. Integrated printing and warehousing facility - The new warehouse is operational, with the printing plant near Delhi expected to be fully operational in FY27; \~₹20 crore capex planned for FY27. The facility adds digital print-on-demand capacity for smaller runs, improving working capital and margins, and suffices for the next 8-10 years of infrastructure needs.
5. Curriculum brands - Mylestone and Zen - Mylestone (650+ schools) and Zen (500+ schools) together generated ₹55-60 crore in FY26, with refreshed versions getting repeat orders in Q1 FY27. These digitally-enabled NEP-aligned brands target affordable private schools - a faster-growing segment than the core CBSE market, with adoption momentum already visible.
6. Printing hive-off to Shri Shyamlal Printing Press - The printing business (₹45.82 crore turnover) was transferred via slump sale for ₹53 crore in October 2025, with initial GST arbitrage benefit of \~₹4.5 crore and ongoing \~₹3 crore annually. Segregating margins between publishing and printing improves reported publishing margins and unlocks working capital efficiencies.
7. TestCoach CUET platform - TestCoach relaunched for CUET-UG (15 lakh+ students annually) crossed 1,00,000 downloads and 60,000 sign-ups within two months of launch; traction is improving this year with influencer partnerships. This is a new higher-education revenue stream in a market with no clear leader, though management expects 4-5 years to build scale.
8. Regional board growth - Chhaya Prakashani - West Bengal's new syllabus is expected to drive a "good leg up" for 2 years from FY27, after last year's election-related lumpiness; the subsidiary posted ₹1,163 million revenue and ₹210 million PAT in FY25. Regional boards segment revenue grew 14% YoY to ₹1,327 million in FY26, and the syllabus change adds a fresh adoption cycle.
9. M&A pipeline - Management is evaluating two acquisitions - one in test prep, one in school space - with total investment of ₹40-50 crore; targets fill portfolio gaps in international curriculum, regional segments, and non-core textbook areas. At current market cap of ₹477 crore, even one completed deal could add a new earnings stream without straining the balance sheet (D/E 0.08).