S Chand & Company Ltd(SCHAND)

NSE: SCHANDBSE: 540497

₹ 133.1+3.30%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 469 crWebsite: www.schandgroup.comUpdated: 24 Oct 2026

About

S Chand & Company publishes educational content, mainly K-12 school books, along with higher education titles. It also licenses content as AI datasets and offers curriculum products to schools. In FY26 it reported revenue of 798.75 (Rs crore), and revenue from operations of Rs7,987m was the highest in its history. Its first international acquisition, CPD Singapore, was completed in January 2026.^[1][2]

Business mix

Higher education is about 8% of revenue now, compared with almost 20% before COVID. Management cites student piracy and fewer textbook purchases.^[2]
Management says the school segment is now 20-25% larger than before COVID. Most of the FY26 growth came from volume, with very limited pricing growth.^[2]
Content licensing (AI datasets) revenue was Rs318m in FY26, compared with Rs195m in FY25 (about +62%).^[2]
Content licensing revenue was Rs91m in Q1 FY27. The company is also branching out into non-academic data licensing.^[3]

Products and brands

As of Q1 FY27, the Mylestone curriculum is used by 650+ schools. The Zen curriculum is used by 500+ schools, up from 300+ at launch.^[3]
Mylestone and Zen together brought in about Rs55-60 crores of revenue in FY26. Other curriculum brands include SmartK and Solid Steps.^[3]
TestCoach is a digital platform sold directly to students, aimed at the CUET exam (about 15 lakh test-takers). As of Q3 FY26 it had no material revenue.^[4]

Operations and printing

A new combined printing and binding plant will start partial operations in September-October 2026, with full commissioning expected in FY28.^[3]
About Rs20cr of capex is planned in FY27 for the new printing plant near Delhi, including digital printing machines.^[2]
In FY26 the printing unit was moved into a step-down subsidiary. This separates printing margins from publishing margins and gives a GST benefit of about Rs4.5cr at first and about Rs3cr each year after.^[5]
About 25% of annual paper needs were bought 3-4 months earlier than usual. As a result, inventory days were 244 in Q1 FY27, compared with 218 in Q1 FY26.^[3]

Key operating numbers

Net working capital days were 130 in Q1 FY27, compared with 119 in Q1 FY26.^[3]
Receivable days were 101 in Q1 FY27, compared with 89 in Q1 FY26.^[3]
Gross margin was 67.9% in FY26, despite a 6% GST increase on paper.^[2]
Planned cover price increases for FY27 are 6-8%.^[2]

Customers and markets

Content licensing clients are expected to rise from 5 to 10 during FY27. So far every client has renewed.^[3][2]
CPD Singapore sells IGCSE/IB K-12 supplementary books in Singapore and Malaysia. Revenue was about USD0.5m at the FY26 acquisition.^[2]
CPD Singapore added Rs1 crore in Q1 FY27 and is targeting SGD 1 million in FY27. The company has hired a marketing team in two Indian cities.^[3]

Curriculum change (NCF)

In April 2026, CBSE issued a circular announcing new syllabus books for Classes 9-12. Management expects full K-12 adoption of the new syllabus by FY27-28.^[2][3]

Investments and acquisitions

CPD Singapore was acquired in January 2026 with about Rs107m of acquisition outgo. It is the company's first international acquisition.^[2]
The company holds about 16% of Smartivity, last valued at about Rs230m. Smartivity's FY26 revenue was above Rs750m (up about 50%).^[3]
The company holds about 4.3% of ixamBee, which turned EBITDA and PBT positive in H1 FY26.^[5]
As of Q1 FY27, two acquisition talks are under way, one in test prep and one in schools. The total outlay would be at most Rs40-50cr, funded from internal cash.^[3]

Recent developments

Net cash was Rs1,182m at the end of Q1 FY27, compared with Rs1,160m at Q4 FY26. This is after paying a Rs141m dividend in June 2026.^[3]
A share buyback in the market is under consideration. A decision is expected by October 2026.^[3]

Market Cap

₹469 Cr

High / Low

₹197 / 127

Stock P/E

6.6

Price / Book

0.5

Book Value

₹299

EPS

₹21.5

No. of Shares

3.53 Cr

ROCE

10.5%

ROE

7.4%

OPM

14.3%

Debt / Equity

0.08

Sales

₹799 Cr

Net Profit

₹73 Cr

Promoter holding

47.0%

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