Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹171Cr
Rev Gr TTM
Revenue Growth TTM
27.67%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

ZEELEARN
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% | 43.1 | 22.9 | -8.3 | 23.8 | 4.9 | -23.9 | -12.4 | 10.3 | 36.2 | 34.9 | 27.6 | 6.6 |
| 131 | 86 | 63 | 45 | 65 | 57 | 52 | 66 | 94 | 79 | 62 | 71 |
Operating Profit Operating ProfitCr |
| -18.3 | 18.2 | 5.2 | 32.9 | 44.2 | 29.6 | 11.2 | 11.4 | 40.6 | 27.4 | 16.4 | 11.0 |
Other Income Other IncomeCr | -257 | 11 | -5 | -5 | 145 | 4 | 6 | 7 | -12 | 1 | 5 | 4 |
Interest Expense Interest ExpenseCr | 11 | 12 | 9 | 11 | 10 | 11 | 8 | 10 | 10 | 13 | 13 | 1 |
Depreciation DepreciationCr | 8 | 7 | 7 | 6 | 4 | 8 | 8 | 9 | 10 | 11 | 11 | 10 |
| -296 | 11 | -17 | 0 | 182 | 8 | -4 | -3 | 32 | 7 | -6 | 1 |
| 1 | 5 | 1 | 2 | 13 | 5 | 0 | 1 | 15 | 5 | 0 | 3 |
|
Growth YoY PAT Growth YoY% | -5,781.8 | 1,557.8 | -10,072.2 | 98.8 | 156.9 | -44.5 | 78.0 | -93.8 | -90.0 | -47.8 | -52.4 | 29.5 |
| -268.1 | 6.2 | -27.6 | -2.9 | 145.4 | 4.5 | -6.9 | -5.0 | 10.6 | 1.8 | -8.3 | -3.3 |
| -8.7 | 0.3 | -0.5 | 0.0 | 5.2 | 0.1 | -0.1 | -0.1 | 0.5 | 0.1 | -0.2 | -0.1 |
| 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 |
|---|
|
| 5.3 | 18.6 | 19.1 | 49.0 | 92.4 | -0.5 | -50.1 | -3.6 | 30.8 | 9.9 | 4.4 | 13.2 |
| 97 | 108 | 121 | 167 | 360 | 346 | 214 | 200 | 299 | 260 | 269 | 306 |
Operating Profit Operating ProfitCr |
| 23.9 | 28.6 | 32.8 | 38.0 | 30.5 | 32.7 | 16.8 | 19.1 | 7.8 | 27.1 | 27.8 | 27.4 |
Other Income Other IncomeCr | 4 | 2 | 4 | 4 | 32 | 10 | 56 | 34 | -402 | 146 | 5 | -3 |
Interest Expense Interest ExpenseCr | 15 | 20 | 21 | 19 | 47 | 59 | 51 | 44 | 44 | 42 | 39 | 37 |
Depreciation DepreciationCr | 9 | 10 | 10 | 11 | 28 | 64 | 50 | 37 | 32 | 24 | 36 | 43 |
| 10 | 15 | 32 | 76 | 115 | 56 | -2 | 1 | -452 | 176 | 33 | 33 |
| 0 | 0 | -1 | 26 | 31 | 31 | 19 | 14 | 10 | 21 | 20 | 23 |
|
| 610.5 | 52.5 | 122.2 | 47.0 | 69.2 | -69.9 | -184.2 | 37.8 | -3,407.9 | 133.7 | -91.8 | -21.6 |
| 7.7 | 9.9 | 18.6 | 18.3 | 16.1 | 4.9 | -8.2 | -5.3 | -142.4 | 43.7 | 3.4 | 2.4 |
| 0.3 | 0.5 | 1.0 | 1.5 | 2.3 | 1.3 | -0.3 | -0.1 | -13.6 | 5.0 | 0.4 | 0.3 |
| 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 | 32 | 32 | 32 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 |
| 202 | 218 | 260 | 321 | 399 | 438 | 432 | 430 | -13 | 150 | 163 | 159 |
Current Liabilities Current LiabilitiesCr | 151 | 100 | 106 | 101 | 296 | 348 | 378 | 410 | 430 | 506 | 877 | 879 |
Non Current Liabilities Non Current LiabilitiesCr | 298 | 355 | 347 | 483 | 571 | 542 | 480 | 435 | 453 | 395 | 436 | 453 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 67 | 82 | 96 | 80 | 213 | 159 | 202 | 197 | 160 | 379 | 799 | 825 |
Non Current Assets Non Current AssetsCr | 616 | 623 | 650 | 857 | 1,266 | 1,363 | 1,270 | 1,251 | 864 | 705 | 711 | 699 |
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 | 33 | 47 | 189 | 249 | 21 | 122 | 12 | 63 | 42 | 60 | 83 |
Investing Cash Flow Investing Cash FlowCr | -83 | -42 | -9 | -227 | -49 | 15 | 14 | -6 | -12 | -5 | -13 |
Financing Cash Flow Financing Cash FlowCr | 43 | -5 | -173 | -15 | 27 | -150 | -29 | -37 | -30 | -61 | -63 |
|
Free Cash Flow Free Cash FlowCr | -42 | 5 | 173 | 235 | -44 | 113 | 12 | 62 | 38 | 58 | 72 |
| 332.3 | 314.6 | 563.0 | 504.5 | 24.8 | 484.7 | -58.8 | -475.0 | -9.1 | 38.8 | 651.5 |
CFO To EBITDA CFO To EBITDA% | 107.4 | 109.7 | 319.1 | 243.5 | 13.1 | 72.3 | 28.8 | 131.8 | 166.2 | 62.7 | 80.2 |
| 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 | 1,158 | 981 | 1,555 | 1,144 | 905 | 398 | 338 | 406 | 107 | 199 | 180 |
Price To Earnings Price To Earnings | 116.8 | 65.1 | 46.4 | 23.3 | 11.9 | 9.1 | 0.0 | 0.0 | 0.0 | 1.2 | 14.1 |
Price To Sales Price To Sales | 9.1 | 6.5 | 8.6 | 4.3 | 1.8 | 0.8 | 1.3 | 1.6 | 0.3 | 0.6 | 0.5 |
Price To Book Price To Book | 5.0 | 3.9 | 5.3 | 3.2 | 2.1 | 0.8 | 0.7 | 0.9 | 5.5 | 1.1 | 0.9 |
| 48.1 | 31.0 | 30.1 | 13.3 | 8.0 | 4.7 | 17.9 | 17.1 | 21.1 | 5.6 | 5.3 |
Profitability Ratios Profitability Ratios |
| 75.5 | 76.3 | 82.2 | 85.1 | 92.4 | 94.6 | 94.2 | 91.6 | 82.5 | 82.2 | 82.9 |
| 23.9 | 28.6 | 32.8 | 38.0 | 30.5 | 32.7 | 16.8 | 19.1 | 7.8 | 27.1 | 27.8 |
| 7.7 | 9.9 | 18.6 | 18.3 | 16.1 | 4.9 | -8.2 | -5.3 | -142.4 | 43.7 | 3.4 |
| 4.5 | 5.6 | 10.0 | 15.9 | 20.0 | 13.1 | 5.5 | 5.0 | -84.7 | 40.2 | 12.0 |
| 4.2 | 6.0 | 11.5 | 13.9 | 19.3 | 5.3 | -4.6 | -2.8 | -2,399.3 | 85.2 | 6.5 |
| 1.4 | 2.1 | 4.5 | 5.3 | 5.6 | 1.6 | -1.4 | -0.9 | -45.1 | 14.4 | 0.8 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Zee Learn Limited (ZLL) is a diversified, pan-India education group delivering high-quality, future-ready learning through a network of recognized brands across **preschool, K–12, vocational training, and workforce skilling**. With over two decades of experience, the company combines **innovative pedagogy, technology integration, and a scalable franchise model** to impact millions of learners across India and Nepal. Backed by the Zee Group’s legacy in media and education, Zee Learn continues to transform the Indian education landscape through research-led curricula, digital innovation, and strategic expansion.
---
### **Key Business Segments & Brands**
#### **1. Early Childhood Education: Kidzee**
- **Market Position**: India’s **largest preschool network** and a leader in the pre-primary segment.
- **Scale**: Over **2,200 centers** across **600+ cities** in India and Nepal; has served **over 1.8 million children** (FY 2024–25).
- **Franchise Model**: Operates primarily on a franchise basis, providing partners with curriculum, training, branding, and operational support.
- **Recent Developments (2024–2025)**:
- Launched **Kidzee Elementary Schools**, enabling franchisees to extend offerings from pre-KG to **Grade 1–5**, expanding customer lifecycle and revenue potential.
- Expanded into **Tier 3 and Tier 4 cities**, capturing underserved markets.
- Revamped branding and curriculum (Pentémind) emphasizing **21st-century readiness**, inclusivity, and holistic development.
#### **2. K–12 Education: Mount Litera Zee Schools (MLZS)**
- **Market Position**: One of **India’s fastest-growing K–12 school chains**.
- **Scale**: Over **110 schools** across **99+ cities**.
- **Franchise Growth**: Signed **27 new schools in FY 2024–25**, nearly doubling the historical annual average.
- **Innovation**:
- Launched **Litera Nova**, a neuroscience-based, personalized curriculum supported by:
- **AI-enabled app** with **augmented reality (AR)** and **gamified learning**.
- **Unique Learner Profiles (ULPs)** for adaptive, future-ready education.
- Introduced **STEM labs, Model UN programs, sports coaching (cricket), and School of Music** to enhance holistic development.
- Upgraded campus infrastructure and visual branding to reflect innovation and learner-centricity.
#### **3. Vocational & Skill Development**
- **ZICA (Zee Institute of Creative Art)**:
- India’s first full-fledged **classical and digital animation academy**.
- Offers training in **2D/3D animation, VFX**, operating in **15+ cities**.
- **ZIMA (Zee Institute of Media Arts)**:
- Industry-grade **media and film school** with access to **WION’s international news studios**, broadcast networks.
- Curriculum co-created with **active media professionals** from Zee Network.
- Focus on **AI, mobile journalism, virtual reality, gaming, social media**, and **reality TV**.
- Achieved **breakeven in FY 2024–25**, driven by **48 new franchise centers**.
- **ZIDA (Zee Institute of Design Art)**:
- Offers vocational programs in **fashion and interior design**, preparing students for careers and entrance exams.
#### **4. Comprehensive Academic Solutions: ZNIUS**
- **Launch**: January & September 2025 (phased rollout).
- **Purpose**: A **360° school management platform** aligned with **NEP 2020** and **NCF-SE 2023**.
- **Target Market**: Aims to serve **3,000 schools** and impact **1.5 million learners by 2030**; addresses a **₹10,000 crore opportunity**.
- **Features**:
- Unified **LMS & ERP platform** for administration, academics, and student tracking.
- **AR-enabled digital content**, gamified learning, STEM emphasis.
- **Co-scholastic programs** in financial literacy, soft skills, and physical education.
- Teacher training, infrastructure support, and financial services.
#### **5. Workforce & HR Solutions: Liberium**
- A dedicated **HR and skilling arm** providing:
- **Staffing (temporary/permanent), lateral hiring, leadership search**.
- **HR BPO, training, due diligence, compliance support**.
- Uses **AI tools** and human expertise for **customized workforce solutions**.
- Supports corporate clients across geographies in building **skilled, motivated teams**.
---
### **Educational Philosophy & Innovation**
- **Curriculum Development**: Driven by a team of **30+ specialists** in pedagogy, curriculum design, and research.
- **Core Pedagogies**:
- **Pentémind (Kidzee)**: Focuses on **Focused, Analytical, Empathetic, Conscientious, and Inventive Minds**.
- **Litera Nova (MLZS)**: Personalized, brain-based learning via **AI diagnostics** and **adaptive technology**.
- **Technology Integration**:
- Blended "**phygital**" model combining **physical classrooms** with **digital platforms**.
- Advanced use of **AI, AR, gamification, digital content**, and mobile apps.
- Platforms: **Kidzee App, Robomate, R+ Notebook**, **Darwin Box (HR)**, and upgraded CRM.
- **NEP 2020 Alignment**: Full integration across brands with new school formats (K2, K5), multilingual support, early STEM, and vocational exposure.
---
### **Strategic Initiatives (2024–2025)**
1. **Digital & AI Transformation**:
- Led a **$1 million seed investment in Vidysea**, an **AI-powered study abroad guidance platform**.
- Mandated **AI training for all employees** (5 modules) by **September 30, 2025**.
- Deploying AI for **process automation, communication, and operational agility**.
2. **Expansion & Financial Recovery**:
- Resolved past **cash flow and banking challenges**, building a stronger financial foundation.
- Revenue: **₹273.84 crores**; EBITDA: **₹90.08 crores (33% margin)** – reflecting **operational efficiency** and **strong demand**.
- Expansion into **Nepal** and plans for **international partnerships**.
3. **Talent Development & Partnerships**:
- Trained **~8,000 teachers** across MLZS schools on Litera Nova implementation.
- Launched structured **mentorship, career guidance, and teacher onboarding** programs.
- Forged partnerships with:
- **Trinity School of Music, UK**
- **Rohit Sharma Cricket Academy**
- **Avishkaar (robotics, coding, IoT)**
4. **Women Empowerment & Franchise Support**:
- Kidzee has **empowered over 1,000 women entrepreneurs** as franchisees.
- Provides **structured onboarding, operational aid, and financial solutions** to franchise partners.
---
### **Strengths**
- **Strong Brand Portfolio**: Kidzee, MLZS, ZICA, ZIMA, ZNIUS, Liberium.
- **Pan-India Reach**: Presence across **32 states**, **700+ towns and cities**, 2,200+ centers.
- **Asset-Light Franchise Model**: Ensures rapid scale, lower capital intensity, and market penetration.
- **Technology & AI Leadership**: Aggressive adoption in content delivery, operations, and strategy.
- **Diverse Revenue Streams**: From early education to skilling and HR services.
- **Curriculum Innovation**: Continuous R&D, NEP alignment, global integration.
---
### **Challenges & Market Considerations**
- **Dependence on Franchisees**: Quality control and attrition risks during economic downturns.
- **Teacher Recruitment**: Ongoing challenge due to shortage of trained educators.
- **Infrastructure Gaps**: Especially in semi-urban and rural areas.
- **Supply Chain**: Vulnerabilities due to raw material shortages.
- **Low Pre-School Penetration**: In Tier 4+ cities, despite high potential.
- **Competition**: From other franchised chains and private school networks.
---
### **Financial Health & Outlook (FY 2024–25)**
- **Revenue**: ₹273.84 crores
- **EBITDA**: ₹90.08 crores (33% margin)
- **Positive cash flow** and **renewed growth trajectory** post financial restructuring.
- **Breakeven achieved in ZICA and ZIMA** – signaling turnaround in vocational segment.