Veranda Learning Solutions Limited has informed the Exchange about Investor Presentation
Veranda Learning Solutions Limited
October 28, 2025
BSE Limited Dept of Corporate Services, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001
National Stock Exchange of India Limited The Listing Department, Exchange Plaza, Bandra Kurla Complex, Mumbai – 400 051
Scrip Code: 543514
Symbol: VERANDA
Dear Sir/Madam,
Sub: Earnings Presentation on the Unaudited Financial Results of the Company for the quarter/ half year ended September 30, 2025
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we have enclosed herewith the Earnings Presentation on the Unaudited Financial Results of the Company for the quarter/ half year ended September 30, 2025, that will be circulated to the Investors/ Analysts for the Earnings Call scheduled for Tuesday, 28th day of October 2025 at 02.00 P.M.
Kindly take the same on record and display the same on the website of your exchange. This information will also be hosted on the Company’s website at https://www.verandalearning.com/web/index.php/stock-exchange-intimations.
Thanking you, For Veranda Learning Solutions Limited
S Balasundharam Company Secretary & Compliance Officer M. No: ACS-11114
contact@verandalearning.com
www.verandalearning.com
+91 44 4690 1007
G.R. Complex First floor No.807-808, Anna Salai, Nandanam,
Chennai -600 035
CIN: L74999TN2018PLC125880
Investor Presentation Q2FY26
Veranda Learning Solutions
Affordability | High-quality Content | Outcome-oriented Approach
1
Safe Harbor
• This presentation and the following discussion may contain “forward looking statements” by Veranda Learning Solutions Limited (“Veranda
Learning” or the Company) that are not historical in nature. These forward looking statements, which may include statements relating to
future results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions,
expectations, estimates, and projections of the management of Veranda Learning about the business, industry and markets in which
Veranda Learning operates.
• These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors,
some of which are beyond Veranda Learning’s control and difficult to predict, that could cause actual results, performance or achievements
to differ materially from those in the forward looking statements.
•
Such statements are not, and should not be construed, as a representation as to future performance or achievements of Veranda Learning.
In particular, such statements should not be regarded as a projection of future performance of Veranda Learning. It should be noted that
the actual performance or achievements of Veranda Learning may vary significantly from such statements.
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O n e o f t h e L e a d i n g Ed u c at i o n P l aye rs i n I n d i a
Company at a glance
Business Segments
Financial Metrics
o Diversified and integrated learning solutions in online, offline & hybrid blended formats to students, aspirants, graduates, professionals & corporate employees
o Technology driven, asset light &
scalable business model
o Successfully acquired legacy
brands which are market leaders in their respective segments
Academics
Commerce Test Prep
Government Test Prep
Vocational
Financial Metrics Q2FY26
Revenue growth: -20% YoY to INR 127 Cr.
Reported EBITDA : INR 48 Cr. up 63% YoY
PAT: INR 23 Cr. up 185% YoY
~45K Additional Learners in Q2FY26
200+ Centers spread across India.
100+ students secured top rank in competitive exams each year
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M a n a ge m e nt S tate m e nt o n Q 2 F Y 2 6 Pe r fo r m a n c e
“We have completed the first half of the year with strong momentum, driven by consistent growth in student enrolments, expansion of course offerings, and the successful launch of new programs across both online and offline platforms. Our Q2 and H1 FY26 performance has been exceptional, with top-line and bottom-line growth of 20% and 182% YoY in Q2, and 20% and 148% YoY in H1, underscoring the success of our continued focus on operational excellence and strategic expansion.
All our business segments delivered strong results, and with the completion of the approval of commerce demerger and vocational divestment, we are now better positioned to strengthen and scale our core verticals- Academics and Government Test Preparation.
Looking ahead to Q3, our priorities include enhancing faculty capabilities, accelerating digital-led admissions, deepening partnerships with universities and corporates, introducing high-value courses, and optimizing marketing efforts. Through these initiatives, we aim to sustain robust growth, improve operational efficiency, and continue creating long-term value across all our verticals.”
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Mr. Kalpathi S Suresh
Chairman & Executive Director
o He holds a B.Tech. from IIT
Madras and M.S. from Clemson University
o Experienced in software development, education, business purchase and integration
o Selected for the ‘Outstanding
Entrepreneur of the Year’ in 1999 by Ernst & Young, India
N e w c o u r s e l a u n c h , H i g h t i c k e t p r o g r a m s & r i s i n g s t u d e n t c o n f i d e n c e . .
ORGANIC GROWTH MEASURES
•
•
Academic: Kicked off with 5,491 students, revamped digital platforms, and enhanced teaching efficiency.
Comm TP: Saw strong traction in global courses, expanded institutional tie-ups, and launched new streams.
• Govt. TP: Launched TET batch with 900+ teachers, expanded IAS and TNPSC programs, and achieved high student success rates.
•
Vocational: Pivoted to AI-led programs and expanded B2B training footprint globally.
1,07,209
61,923
173
137
Enrollments Q2FY25
Q2FY26
Collections (INR Cr.)
Q2FY25
Q2FY26
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S u s t a i n e d m o m e n t u m i n Q 2 & H 1 F Y 2 6 ; PAT u p 1 8 5 %
Revenue from Operations for Q2FY26 stood at INR 126.7 Cr, marking a robust growth of 20% year-on-year. Gross Profit stood at INR 77.7 Cr, translating into a gross margin of 61%.
The expenses has been remarkably brought down in one year by 4% to nearly INR 22.8 Cr primarily through optimized marketing spend. This helped in achieving a 63% uptick in EBITDA to INR 48.3 Cr. with EBITDA margins expanding by 1017 bps, reaching 38%, reflecting strong operating leverage and disciplined cost control.
The company spun off its vocational segment, generating a one-time gain of INR 133 crore, while associated amortization and processing costs were accounted for as part of one-off expense. Combined with its ongoing focus on an asset-light model and balance sheet deleveraging, this contributed to a strong PAT of INR 23.3 crore for the quarter, up 185% YoY, underscoring a sustainable and profitable growth trajectory.
Q2 FY26
126.7 77.7 61% 2.1
4.2 3.7 22.8
0.8 48.3 (90.2)
Particulars (Rs. cr)
Revenue from Operations
Gross Profit
Gross Profit Margin (%)
Other Income
Operating Expenses
Advt & Business Promotion
Corporate Costs
Other Expenses
Non-Operating Expenses
ESOPs/RSU
EBITDA
Exceptional Item ( Refer note 1)
Rent as per IND AS
Finance Cost (Refer note 2)
Depreciation ( Refer note 3)
Tax Expenses ( Refer note 4)
PAT
One Time Adj.
Adj. Q2 FY26 126.7 77.7 61% 2.1
Q1 FY26 Q-Q Q2 FY25
Y-Y
(In INR Crores)
H1 FY26 Adj.
H1 FY25 YoY
105.7 67.8 64% 17.3
20% 105.9 15% 65.4 62% -88% 1.8
20% 232.4 19% 145.5 63% 13% 19.4
193.4 120.8 62%
20% 20%
5.1 281%
4.2 3.7 22.8
5.4 4.3 26.2
-23% 6.0 -12% 5.9 -13% 23.8
-30% 9.6 -36% 8.0 -4% 49.0
32.7 12.0 25.9
-71% -33% 89%
0.8
0.4
83% 1.9
-59% 1.2
2.8
-58%
48.3 (90.2) - 10.0 8.8 5.5 0.7 23.3
11.0 1.0 15.2 6.4 7.3 1.8 7.1 6.4 97.9
-1% 29.6 63% 97.1
48.8 - 10.9 -18% 20.9 26.2 -69% 35.0 7.4 -56% 12.9 -81% 2.3 1.6 2.8 730% -27.3 185% 26.1
-8% 12.1 -66% 28.7 -25% 12.5 -57% 3.6
52.5
85%
22.8 -9% 54.0 -35% 23.2 -45% -54% 5.0 -52.5 150%
Note: There were two extraordinary events happened during the quarter, one being redemption of INR 315 Cr of Non Convertible debentures and Disinvestment of vocational segment, due to above events current quarter results have one-time items shown below, which are non-recurring from next quarter N1: Includes one-time items: ₹43.1 Cr processing cost and other costs on NCD pre redemption and non-cash gain of ₹133.3 Cr from vocational segment sale. N2: Finance cost includes one-time expenses of ₹6.4 Cr (₹2.7 Cr NCD closure and ₹3.7 Cr interest unwinding), non-recurring from next quarter. N3: Includes one-time amortization of ₹1.8 Cr (vocational segment) and additional non-cash lease expense of ₹1 Cr. N4: On account of vocational segment disinvestment, one-time tax impact of 6.4cr is accounted
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EBITDA positive. Across the board.
• While Commerce segment continues to exceptionally perform well, Govt TP has reflected a strong EBITDA comeback with an uptick of ~50% YoY.
• Academics segment also
upped the game with a surge of 17% in EBITDA reflecting cost optimization across the segment.
Segment wise performance – Revenue
Segment wise performance- EBITDA
86
51.3
33
33.3
38.9
25.2
7.9
7.3
4.6
5.4
6
4
Academic
Comm TP
Govt. TP
Academic
Comm TP
Govt. TP
Q2FY25
Q2FY26
Q2FY25
Q2FY26
(In INR Crores)
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B u i l t st ro n g . S c a l i n g s m a r te r w i t h Ve ra n d a 2 . 0 2 , 5 8 , 4 0 3
I N D I C A T O R S
Total Revenue in INR crores
Total Enrolment
2 8 , 6 7 4
3
FY21
5 8 , 6 2 8
76
FY22
9 1 , 6 6 7
200
FY23
1 , 5 8 , 4 0 7
370
530
2 , 2 9 , 4 8 3
296
FY24
FY25
H1FY26
V e r a n d a 1 . 0
N e w L a u n c h e s , I P O L i s t i n g a n d M & A
V e r a n d a 2 . 0
o J u l 2 0 2 1 : Started CA
courses
o O c t 2 0 2 2 : Acquired J. K.
Shah Classes
o D e c 2 0 2 0 : Acquired Content, brand, education materials through Veranda Race; & thereafter commenced operations
o D e c 2 0 2 0 : Launched own mobile app comprising all integrated courses
o A u g 2 0 2 1 : Started offering courses for UPSC preparation
o S e p 2 0 2 1 : Acquired
Edureka, enabling Veranda to establish global footprints o A p r 2 0 2 2 : Company was listed on BSE & NSE at INR 137
o J a n 2 0 2 3 : Business Transfer Agreement with Chennai Race o M a y 2 0 2 3 : Acquisition of 6
new companies
o J a n 2 0 2 4 : Acquires Tapasya o D e c 2 0 2 4 : Announces to Acquire BB
Publications & Navkar
o F e b 2 0 2 5 : Signed MoU with IIT Madras o J u n 2 0 2 5 : Launches CIAP with IAB o J u l 2 0 2 5 : Maiden QIP & Demerging
Commerce vertical
o J u l 2 0 2 3 : Partnership with Logic School of mgmt.
o S e p 2 0 2 5 : Divesting Vocational segment ,
in partnership with SNVA Edutech. Ltd.
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B ra n d p o r t fo l i o - fo r e n d - t o - e n d d e l i v e r y p l a t fo r m
B r a n d s
B r a n d s
B r a n d s
B r a n d s
K - 1 2
Academic
P o s t S c h o o l i n g E d u c a t i o n
P r o f e s s i o n a l d e v e l o p m e n t
Commerce Test Prep
Government Test Prep
Vocational
international
Catering K-12: Veranda’s K-12 segment, includes five CBSE and two Cambridge schools. The company is targeting significant growth in Northern India and enhancing its product offerings in government exam preparation
Catering for Higher Ed Dedicated coaching for CA, ACCA, CMA, CFA and other foreign commerce courses. Acquisitions like BB Virtuals and Navkar Institute will fuel expansion in both online and offline markets. The company is expanding its commerce colleges in southern states with a target of tying up with 100 new colleges.
Specialized coaching for various competitive & civil services exams (PSC, SSC, RRB, TNPSC, KPSC, Banking). The company is targeting significant growth in Northern India and enhancing its product offerings in government exam preparation.
Harness data, AI and digital tools
Skill Training & Internships, Upskilling Courses, Recruitment Training in the BFSI sector. Growth for this segment is expected to be driven by leveraging cross-selling opportunities within the group
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M i l e sto n e s M et . C o m m i t m e nt s Ke p t .
A g g r e g a t i n g a s s e t s t o e s t a b l i s h e n d t o e n d d e l i v e r y p l a t f o r m
M a x i m i z i n g c r o s s s e l l i n g o p p o r t u n i t i e s
•
Scaling into Tier 2/3 towns and untapped high-potential regions
• Driving operational
efficiency through an asset-light model
• Widening university collaborations to enrich course portfolio
B a l a n c e s h e e t D e l e v e r a g i n g
Maiden QIP launch of Rs. 357 Cr.
Demerging and Debt free listing of Commerce Vertical as JK shah commerce education limited.
•
•
•
INR 310 Cr used to clear Veranda XL’s legacy debt
1:1 share allotment in newly listed Commerce entity for Veranda shareholders
Targeting 5–7x growth via full course rollout across centers, regions & languages in 3-4 years.
Revenue
EBITDA
FY25
FY26E
Growth guidance for FY26
V e r a n d a – S N V A a l l i a n c e
• Veranda divested its Vocational arm to SNVA EduTech in a 50:50 share-swap JV, with no cash outflow.
• The partnership spans 60+ countries, reaching 1.5Mn+ learners across management, AI, and tech domains.
• Targeting INR 250+ Cr revenue, INR 60 Cr EBITDA by FY26, with strong CAGR-led growth and listing prospects ahead.
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F i ve Tr u ste d B ra n d s , O n e Ed u c at i o n Po w e r h o u s e
B r a n d s
A B O U T “ J K S H A H C O M M E R C E E D U C A T I O N L I M I T E D ”
C o m m e r c e s e g m e n t
F i n a n c i a l M e t r i c s
Particulars(INR Cr.)
Commerce segment (FY26E)
Others (FY26E)
Total
Revenue
EBITDA
PBT
PAT
343
163
107
103
323
69
-17
-29
666
232
90
74
•
Founders (36–66 years) continue to lead with proven execution
• Maximizing existing network: Rolling out full course suite
over 105 centers to drive monetization
•
•
Scaling BB Virtual: Digital arm to deliver JK SHAH courses in multiple formats and languages.
Expanding geographic footprint: Targeting underpenetrated markets - UP, Bihar, Telangana & Andhra Pradesh
Rs. 1000+ Cr Revenue expected by FY30 from Rs. 281 Cr in FY25
8L+ Enrolments From 4L in FY25
50%+ EBITDA Margin from 36% with scale and efficiency
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G u i d a n c e f o r F Y 3 0
Ve r a n d a & S N VA - L e a p t o w a r d s g l o b a l e d u c a t i o n i n t e g r a t i o n Part of Veranda 2.0 strategy — focus, accelerate, and unlock shareholder value.
60+ Countries
Global Presence
1.5 million+
Trained Learners
USA
United Kingdom
France
Italy
Switzerland
Malta
India
Singapore
Combined Presence
Combined presence across India, USA, UK, France, Italy, Malta, Switzerland, and Singapore
The divestment of Vocational Segment (Edureka, Veranda Higher Ed & Six Phrase) to SNVA EduTech Ltd. receiving 50% joint ownership in the new entity (share swap; no cash consideration)
BRINGS TOGETHER
Veranda’s domestic strength
SNVA’s international network
Breadth of offerings
Management
Data Science
Technology
Cyber security
AI
Liberal Arts
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Va l u e U n l o c k e d t h r o u g h t h e J o i n t P a r t n e r s h i p
Revenue
EBITDA
Learner Base
Global Presence
Ownership
FY26 Target ₹250+ Cr
FY26 Target ₹60+ Cr
FY26 Target 2 lakh+ / year
FY26 Target 60+ countries
FY26 Target 50% joint stake
Growth Outlook 25% CAGR (FY26–FY30)
Growth Outlook 35% CAGR (FY26–FY30)
Growth Outlook 3x over 4 years
Growth Outlook Expanding in Asia & Europe
Growth Outlook Listing planned “in near future”
Ve r a n d a x S N VA E d u t e c h L t d .
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W h a t ’s N e x t i n s t o r e f o r Ve r a n d a ?
Reimagining Core verticals: Academics and Govt. test Prep
Demerging and debt free listing of commerce vertical
Divestment of Vocational segment to form a ownership JV with SNVA Edutech Ltd.
Refocusing on Core: Driving scalable growth in Academics & Govt. Test Prep
•
•
•
•
Scaling with 5,400+ students, new leadership momentum, and Q3 focus on JEE/NEET expansion, teacher training and digital driven admissions growth.
Boosting FOCO model – Franchise owned and company operated model to ensure controlled quality and regional scalability
Drive revenue through institutional partnerships and large scale enrolments from schools and colleges across south regions.
Targeting 1,000+ residential students, 20,000 exam aspirants, and 6,000 Railway intakes; expand Junior IAS and Group 01 offline programs, launch VIAS franchises, IELTS courses, subscription magazines, and HTD partnerships, targeting 250+ online enrolments and 120 placements.
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Academics: Profitable business with Revenue expected to increase at CAGR 59% by FY28
Capabilities: Catering high growth population market : K-12
Veranda K-12 Acquired in Aug-23
•
•
Schools operated: 5 CBSE Schools spread across Southern Region + 2 international Cambridge Schools (South) Students catered: 5400+
Upgrading business to becoming asset light model
Aims to takeover operational management
End to end Managed school services including and not limited to providing
uniforms, faculty, books , transport facility , sports etc.
Financial implications and targets:
Overseeing operations will help the company upstream profits through service fee
Builds presence through the value chain
Better cost optimization
EBITDA CAGR is expected to be ~20% over the 3 years from FY25 to FY28.
•
• •
•
Powered by focused digital marketing AI trainings for staff Launching JEE/NEET across all locations in Bangalore Increasing number of centres based on franchise owned company operated model by 10 by FY27
25
21
Revenue (INR Cr.)
FY25
FY26E
15
Government Test Prep: Major focus on geographic expansion
( I n I N R C r o r e s )
136
101
Brands:
Veranda RACE (Acquired in Dec-20) VIAS (Commenced in Feb-21)
Phire (Acquired in Aug-23)
Talent (Acquired in Aug-23)
•
Capabilities: starting from UPSC to SPSCs , Public sector banks, Stock selection exams etc.
• Market penetration: Largest in the southern regions •
In case of Race business which comes under Government test prep segment, most of the centers are operated under FIFO model
FY25
FY26E
Strategic Priorities for Government Test Prep
Revenue CAGR (FY25-28E) is expected to be 30%, driven by geographic expansion cost optimization in the segment
•
•
•
Drive revenue growth through institutional partnerships, targeted admission campaigns and optimized batch scheduling
Implementing FOCO model powered by VIAS to ensure controlled quality
Targeting xx+ enrolments on online and offline
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Let’s Connect!
Veranda Learning Solutions Limited
Company Contact
Mr. Mohasin Khan, CFO
@mohasinkhan.srandalearning.com
Investor Relations Contact
Ms. Soumya Chhajed
Research Analyst
soumya@goindiaadvisors.com
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