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Zee Learn Ltd

ZEELEARN·NSE
6.77-1.02%Thu, 24 Sept '26

Zee Learn Ltd

ZEELEARN
NSE
6.77
-1.02%
|Thu, 24 Sept '26
SOICxStockScans Reports
6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
221Cr
Close
Close Price
6.75
Industry
Industry
Computer Education
PE
Price To Earnings
3.92
PS
Price To Sales
0.54
Revenue
Revenue
406Cr
Rev Gr TTM
Revenue Growth TTM
9.62%
PAT Gr TTM
PAT Growth TTM
310.29%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
666811680587515979748015993
Growth YoY
Revenue Growth YoY%
-8.323.84.9-23.9-12.410.336.2-1.527.66.60.317.9
Expenses
ExpensesCr
6345655752669449627110661
Operating Profit
Operating ProfitCr
32251247965301295333
OPM
OPM%
5.232.944.229.611.211.440.637.916.411.033.234.9
Other Income
Other IncomeCr
-5-5145467-12054454
Interest Expense
Interest ExpenseCr
91110118101013131118
Depreciation
DepreciationCr
764889101111101212
PBT
PBTCr
-1701828-4-3327-617517
Tax
TaxCr
121350115503206
PAT
PATCr
-18-21694-4-4172-6-3458
Growth YoY
PAT Growth YoY%
-10,072.298.8156.9-44.578.0-93.8-90.0-47.8-52.429.5169.2343.2
NPM
NPM%
-27.6-2.9145.44.5-6.9-5.010.62.4-8.3-3.328.59.0
EPS
EPS
-0.50.05.20.1-0.1-0.10.50.1-0.2-0.11.70.3
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
666811680587515979748015993
Growth YoY
Revenue Growth YoY%
-8.323.84.9-23.9-12.410.336.2-1.527.66.60.317.9
Expenses
ExpensesCr
6345655752669449627110661
Operating Profit
Operating ProfitCr
32251247965301295333
OPM
OPM%
5.232.944.229.611.211.440.637.916.411.033.234.9
Other Income
Other IncomeCr
-5-5145467-12054454
Interest Expense
Interest ExpenseCr
91110118101013131118
Depreciation
DepreciationCr
764889101111101212
PBT
PBTCr
-1701828-4-3327-617517
Tax
TaxCr
121350115503206
PAT
PATCr
-18-21694-4-4172-6-3458
Growth YoY
PAT Growth YoY%
-10,072.298.8156.9-44.578.0-93.8-90.0-47.8-52.429.5169.2343.2
NPM
NPM%
-27.6-2.9145.44.5-6.9-5.010.62.4-8.3-3.328.59.0
EPS
EPS
-0.50.05.20.1-0.1-0.10.50.1-0.2-0.11.70.3

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
152180269517515257248324356372334406
Growth
Revenue Growth%
18.619.149.092.4-0.5-50.1-3.630.89.94.4-10.29.6
Expenses
ExpensesCr
108121167360346214200299260269230300
Operating Profit
Operating ProfitCr
435910215816843472596103104106
OPM
OPM%
28.632.838.030.532.716.819.17.827.127.831.126.2
Other Income
Other IncomeCr
24432105634-40214655358
Interest Expense
Interest ExpenseCr
202119475951444442393834
Depreciation
DepreciationCr
101011286450373224364444
PBT
PBTCr
15327611556-21-452176337587
Tax
TaxCr
0-126313119141021202930
PAT
PATCr
1534498325-21-13-462156133945
Growth
PAT Growth%
52.5122.247.069.2-69.9-184.237.8-3,407.9133.7-91.8202.8310.3
NPM
NPM%
9.918.618.316.14.9-8.2-5.3-142.443.73.411.511.1
EPS
EPS
0.51.01.52.31.3-0.3-0.1-13.65.00.41.41.7
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
152180269517515257248324356372334406
Growth
Revenue Growth%
18.619.149.092.4-0.5-50.1-3.630.89.94.4-10.29.6
Expenses
ExpensesCr
108121167360346214200299260269230300
Operating Profit
Operating ProfitCr
435910215816843472596103104106
OPM
OPM%
28.632.838.030.532.716.819.17.827.127.831.126.2
Other Income
Other IncomeCr
24432105634-40214655358
Interest Expense
Interest ExpenseCr
202119475951444442393834
Depreciation
DepreciationCr
101011286450373224364444
PBT
PBTCr
15327611556-21-452176337587
Tax
TaxCr
0-126313119141021202930
PAT
PATCr
1534498325-21-13-462156133945
Growth
PAT Growth%
52.5122.247.069.2-69.9-184.237.8-3,407.9133.7-91.8202.8310.3
NPM
NPM%
9.918.618.316.14.9-8.2-5.3-142.443.73.411.511.1
EPS
EPS
0.51.01.52.31.3-0.3-0.1-13.65.00.41.41.7

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
3232333333333333333333
Reserves
ReservesCr
218260321399438432430-13150163202
Current Liabilities
Current LiabilitiesCr
100106101296348378410430506877908
Non Current Liabilities
Non Current LiabilitiesCr
355347483571542480435453395436450
Total Liabilities
Total LiabilitiesCr
7057469371,4791,5231,4721,4481,0241,0841,5091,593
Current Assets
Current AssetsCr
829680213159202197160379799915
Non Current Assets
Non Current AssetsCr
6236508571,2661,3631,2701,251864705711678
Total Assets
Total AssetsCr
7057469371,4791,5231,4721,4481,0241,0841,5091,593
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
3232333333333333333333
Reserves
ReservesCr
218260321399438432430-13150163202
Current Liabilities
Current LiabilitiesCr
100106101296348378410430506877908
Non Current Liabilities
Non Current LiabilitiesCr
355347483571542480435453395436450
Total Liabilities
Total LiabilitiesCr
7057469371,4791,5231,4721,4481,0241,0841,5091,593
Current Assets
Current AssetsCr
829680213159202197160379799915
Non Current Assets
Non Current AssetsCr
6236508571,2661,3631,2701,251864705711678
Total Assets
Total AssetsCr
7057469371,4791,5231,4721,4481,0241,0841,5091,593

Cash Flow

Consolidated
Standalone
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
47189249211221263426083108
Investing Cash Flow
Investing Cash FlowCr
-42-9-227-491514-6-12-5-13-6
Financing Cash Flow
Financing Cash FlowCr
-5-173-1527-150-29-37-30-61-63-71
Net Cash Flow
Net Cash FlowCr
067-1-13-2200-6731
Free Cash Flow
Free Cash FlowCr
5173235-441131262385872
CFO To PAT
CFO To PAT%
314.6563.0504.524.8484.7-58.8-475.0-9.138.8651.5279.8
CFO To EBITDA
CFO To EBITDA%
109.7319.1243.513.172.328.8131.8166.262.780.2103.7
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
47189249211221263426083108
Investing Cash Flow
Investing Cash FlowCr
-42-9-227-491514-6-12-5-13-6
Financing Cash Flow
Financing Cash FlowCr
-5-173-1527-150-29-37-30-61-63-71
Net Cash Flow
Net Cash FlowCr
067-1-13-2200-6731
Free Cash Flow
Free Cash FlowCr
5173235-441131262385872
CFO To PAT
CFO To PAT%
314.6563.0504.524.8484.7-58.8-475.0-9.138.8651.5279.8
CFO To EBITDA
CFO To EBITDA%
109.7319.1243.513.172.328.8131.8166.262.780.2103.7

Ratios

Consolidated
Standalone
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
9811,5551,144905398338406107199180139221
Price To Earnings
Price To Earnings
65.146.423.311.99.11.214.13.63.9
Price To Sales
Price To Sales
6.58.64.31.80.81.31.60.30.60.50.40.5
Price To Book
Price To Book
3.95.33.22.10.80.70.95.51.10.90.60.9
EV To EBITDA
EV To EBITDA
31.030.113.38.04.717.917.121.15.65.34.05.1
Profitability Ratios
Profitability Ratios
GPM
GPM%
74.079.182.370.371.076.576.568.672.381.1
OPM
OPM%
28.632.838.030.532.716.819.17.827.127.831.126.2
NPM
NPM%
9.918.618.316.14.9-8.2-5.3-142.443.73.411.511.1
ROCE
ROCE%
5.610.015.920.013.15.55.0-84.740.212.019.819.8
ROE
ROE%
6.011.513.919.35.3-4.6-2.8-2,399.385.26.516.416.4
ROA
ROA%
2.14.55.35.61.6-1.4-0.9-45.114.40.82.42.4
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
9811,5551,144905398338406107199180139221
Price To Earnings
Price To Earnings
65.146.423.311.99.11.214.13.63.9
Price To Sales
Price To Sales
6.58.64.31.80.81.31.60.30.60.50.40.5
Price To Book
Price To Book
3.95.33.22.10.80.70.95.51.10.90.60.9
EV To EBITDA
EV To EBITDA
31.030.113.38.04.717.917.121.15.65.34.05.1
Profitability Ratios
Profitability Ratios
GPM
GPM%
74.079.182.370.371.076.576.568.672.381.1
OPM
OPM%
28.632.838.030.532.716.819.17.827.127.831.126.2
NPM
NPM%
9.918.618.316.14.9-8.2-5.3-142.443.73.411.511.1
ROCE
ROCE%
5.610.015.920.013.15.55.0-84.740.212.019.819.8
ROE
ROE%
6.011.513.919.35.3-4.6-2.8-2,399.385.26.516.416.4
ROA
ROA%
2.14.55.35.61.6-1.4-0.9-45.114.40.82.42.4
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Zee Learn is an Indian education company built on the idea that a single organisation can serve a learner from the age of two all the way into a career, using a franchise-first model that lets it grow fast without carrying the cost of every classroom. Incorporated in 2010 as part of the Essel Group, it started with a preschool brand and has since layered on K-12 schools, vocational colleges, a university, and a staffing business - each feeding the next stage of a student’s life. The recurring approach is to develop a proprietary curriculum and pedagogy, package it with training and technology, and then distribute it through local entrepreneurs who invest their own capital, while the company earns a share of the revenue. # Business segments Four engines at different stages - a preschool cash cow that built the brand, a K-12 school network that extends it, a vocational-training pair that catches school leavers, and a staffing arm that places them into jobs - each designed to capture the next step in a learner’s journey. ## 1. Kidzee: the preschool franchise that built the brand **A network of over 2,200 franchised preschools where local entrepreneurs pay a one-time fee and an ongoing royalty per child, while the company supplies the curriculum, training, and brand.** - **Franchise partners carry the capital cost** - each Kidzee Business Partner pays for the centre setup and then pays a one-time franchise fee, a per-student royalty under a revenue-share agreement, and a child-kit fee to the company. That means Zee Learn can scale to 600-plus cities without funding the real estate itself. - **A proprietary pedagogy is the product** - the in-house “Péntemind” method, launched after eight years of research, structures learning around five minds (Empathetic, Conscientious, Focused, Analytical, and Inventive) and is delivered through a child kit that includes workbooks, a manipulative toy, and an app with augmented reality. This gives franchisees something they cannot buy off the shelf. - **The app gives the company a daily window into every classroom** - the Kidzee Péntemind App connects franchisees, teachers, children, and parents for lesson planning, attendance, assessment, and home assignments, letting the franchisor see academic operations across more than 1,900 centres day by day. - **Women entrepreneurs are the engine of growth** - the franchise is structured to attract local education entrepreneurs, especially women, and has empowered over 1,000 of them, which widens the pool of potential partners beyond traditional business owners. - **A new premium brand extends the reach upward** - in January 2026 the company launched “Ivy Grove Early Years,” a premium preschool brand targeting the domestic market, adding a higher-fee layer on top of the mass-market Kidzee network. ## 2. Mount Litera Zee School: the K-12 chain that keeps the child in the system **A network of 110-plus CBSE schools run by local educational trusts, where the company provides the curriculum, teacher training, and operational handholding in return for a franchise fee.** - **Trusts build the school, Zee Learn runs the academic engine** - local educational trusts handle infrastructure, staffing, and statutory compliances, while the company supplies the blended-learning curriculum, teaching materials, assessments, and a teacher-training programme that has trained more than 2,000 educators. - **The curriculum is the differentiator** - the newly unveiled “Litera Nova” framework aligns with India’s National Education Policy 2020 and uses Unique Learner Profiles to personalise learning, backed by an adaptive learning app. Before that, the chain used a proprietary “Litera Octave” pedagogy, so curriculum innovation is a repeated pattern, not a one-off. - **Value-added services lift revenue per student** - partnerships with the Trinity School of Music, the Rohit Sharma Cricket Academy, and a robotics-and-coding programme with Avishkaar generate extra fees on top of the core school charges. - **An IB school in Mumbai anchors the top end** - Mount Litera School International in Bandra-Kurla Complex is authorised for all three IB programmes (Primary, Middle Years, and Diploma), giving the group a presence in the premium international-school segment that the franchise chain does not serve. ## 3. ZICA and ZIMA: vocational training for the creative industries **A pair of franchised institutes teaching animation, film-making, and design to 16-to-24-year-olds, operating on the same franchise-playbook as the preschool business.** - **ZICA is the older, larger sibling** - established in 1995 and calling itself India’s first full-fledged animation, VFX, gaming, and design training academy, it runs 60-plus centres offering programmes from 2D animation to digital marketing and interior design. - **ZIMA is the boutique film school** - with just two operating centres, it teaches film-making, direction, cinematography, sound recording, and TV journalism, and is India’s first Steinberg Certified Center for sound recording and design. - **The franchise model mirrors Kidzee** - business partners invest in the infrastructure and pay a franchise fee, and in return receive a centre set-up kit, branding, curriculum, teacher training, and operational support. That is the same capital-light logic applied to a different age group. - **Industry affiliation gives credibility** - ZICA is an affiliated training partner of the Media & Entertainment Sector Council, which helps position its courses as relevant to employers. ## 4. Liberium: the staffing arm that places trained people into jobs **A wholly owned subsidiary that earns revenue by providing temporary staffing, permanent hiring, and HR outsourcing to corporates, closing the loop from education to employment.** - **It connects the trained to the market** - Liberium specialises in training, temp and permanent staffing, leadership hiring, and end-to-end HR outsourcing, serving the 24-plus age group that sits at the exit point of the group’s education pipeline. - **Revenue comes from corporates, not students** - unlike the franchise businesses, Liberium generates income by charging organisations for staffing and HR services, which diversifies the group’s customer base beyond parents and franchisees. - **Scale is still modest but the link is deliberate** - as of FY25 it had trained and hired over 1,250 people, making it a small but logical capstone to a group that starts with toddlers and ends with job placements. # Group structure and partners **The listed parent company sits above three wholly owned subsidiaries, with a recent strategic investment in an AI study-abroad platform and a legacy of corporate-guarantee entanglements now largely settled.** - **Three wholly owned subsidiaries do the heavy lifting beyond education delivery** - Digital Ventures raises bank funding to construct school buildings and leases them to trusts; Liberium Global Resources runs the staffing business; and Academia Edificio provides education support and coaching services. - **The test-prep subsidiary is gone** - MT Educare, which operated Mahesh Tutorials and Lakshya coaching brands, ceased to be a subsidiary in January 2024 after it entered corporate insolvency, removing a chunk of the test-preparation business from the group. - **A seed investment in Vidysea points toward AI-driven guidance** - in FY25 the company led a $1 million seed round for an 11.1% stake in Vidysea, an AI-powered platform that gives personalised academic and career guidance for students seeking to study abroad. - **Corporate-guarantee disputes have been unwound** - guarantees given to bank loans for four educational trusts triggered CIRP proceedings from Yes Bank and Axis Bank in 2023, but a settlement with J.C. Flowers Asset Reconstruction in August 2023 and the dismissal of the Axis Bank petition in March 2026 have resolved the major legacy claims.

Documents — Zee Learn Ltd

  • Q1 FY2027 Quarterly Result (Jun 2026, PDF): https://www.stockscans.in/document/6j0frib9rltn329m107u8dj5.pdf
  • Q4 FY2026 Quarterly Result (Mar 2026, PDF): https://www.stockscans.in/document/wzcd7yehw4i1ly129szb11l4.pdf
  • Q3 FY2026 Quarterly Result (Dec 2025, PDF): https://www.stockscans.in/document/trtpnpbzte84zove9gfxr719.pdf
  • Q2 FY2026 Quarterly Result (Sep 2025, PDF): https://www.stockscans.in/document/fu94c3u2nik4t97jnpqtsuyc.pdf
  • Q1 FY2026 Quarterly Result (Jun 2025, PDF): https://www.stockscans.in/document/0v65k73gyo8uj6usrh1d8ubg.pdf
  • Q4 FY2025 Quarterly Result (Mar 2025, PDF): https://www.stockscans.in/document/sf7xx86782ui33h2u8zn5e7a.pdf
  • Q3 FY2025 Quarterly Result (Dec 2024, PDF): https://www.stockscans.in/document/1mamzhglauuub5diaryyh01e.pdf
  • Q2 FY2025 Quarterly Result (Sep 2024, PDF): https://www.stockscans.in/document/fweyysfp3gm97mmwub4uxx8g.pdf
  • FY2026 Annual Report (PDF): https://www.stockscans.in/document/4s6hd9lcficwt1q97vclan6n.pdf
  • FY2025 Annual Report (PDF): https://www.stockscans.in/document/x0h99gp54ycf15srn6ihgk9g.pdf
  • FY2024 Annual Report (PDF): https://www.stockscans.in/document/mgz5cu0w1k3liarvwy45gix6.pdf
  • FY2023 Annual Report (PDF): https://www.stockscans.in/document/xaxnv2n1eokdq5f2ujrm7gvc.pdf
  • FY2022 Annual Report (PDF): https://www.stockscans.in/document/4prafmd2neqxq3d9zn5hcj7a.pdf
  • FY2021 Annual Report (PDF): https://www.stockscans.in/document/vs2fnxrapu64yt72h3p4vwhp.pdf
  • FY2020 Annual Report (PDF): https://www.stockscans.in/document/ctn2ycyn300akzof3fs1rhrk.pdf