Veranda Learning Solutions Ltd(VERANDA)

NSE: VERANDABSE: 543514

₹ 31.8-4.93%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 307 crWebsite: www.verandalearning.comUpdated: 24 Oct 2026

About

Veranda Learning Solutions provides commerce test preparation, government exam coaching and managed K-12 school services in India. It reported revenue of 481.51 Cr in FY26. Commerce was its largest segment at 63.9% of FY26 revenue, and total enrolments reached 2,56,791 in FY26.^[1][2][3]

Business segments

Commerce: 63.9% of revenue in FY26 (334.59 Cr), with an EBIT margin of 43.4%.^[2]
Government test preparation: 21.9% of revenue in FY26 (114.56 Cr), with an EBIT margin of 4.0%.^[2]
Managed school services: 6.3% of revenue in FY26 (33.11 Cr); Others: 5.8%; Vocational education: 2.1% before it was divested.^[2]
Q1 FY27 segment revenue: Commerce Test Prep INR 108.6 Cr (up 53% YoY), Government Test Prep INR 32.5 Cr (up 41% YoY), K-12 Academic INR 12.2 Cr (up 22% YoY).^[4]

Products and brands

The commerce vertical runs under the JK Shah, Navkar and Logic offline centres; foreign courses (ACCA, CMA, CFA) are planned across all 100+ of these centres (as of Q2 FY26).^[5]
BB Virtual sells recorded programmes, and its revenue is recognised at the point of sale. It was included for the full year in FY26.^[5]
Commerce Virtuals, a live and recorded digital format for Class 11 and 12 students, launched around Q1 FY27 to reach students across India.^[4]
Government Test Prep launched Group 1 offline courses, Junior IAS and subscription magazines (Q1 FY27).^[4]

Operations and reach

The commerce offline network spans 105+ centres as of Q1 FY27.^[4]
The company manages six K-12 schools with 5,400+ students (up 10% YoY) on an asset-light managed services model, as of Q1 FY27.^[4]
It had 15 to 17 managed commerce colleges at the end of FY26.^[3]

Key operating numbers

Total enrolments were 1.03 lakh in Q1 FY27, up 35% YoY.^[4]
Collections were INR 165 Cr in Q1 FY27, up 27% YoY. In FY26 they were INR 449 Cr, up 40%.^[4][3]
Total enrolments were 2,56,791 in FY26, up 21% YoY.^[3]
Commerce rolling enrolment was about 1.9 lakh in FY26, up 25% from FY25.^[4]
Advertising and promotion spend was 4.8% of revenue in FY26, down from 31.2% in FY25.^[4]
Debt cost was refinanced to about 9% to 9.5% (Q1 FY27), down from 17.5% the previous year.^[4]

Expansion plans

The company plans to add 15 managed commerce colleges in FY27, including new locations in UP, Bihar, Rajasthan and Gujarat.^[4][3]
It has 50 new commerce colleges under management in the pipeline (Q1 FY27).^[4]
Government Test Prep plans to expand into Karnataka in FY27, targeting KPSC and state-level exam aspirants.^[4]
The company plans to enter preschool managed operations in FY27.^[4]
Its stated aspiration for commerce is 8 lakh+ enrolments by FY30.^[4]

Recent developments

The commerce vertical (J.K. Shah Commerce Education) is being demerged, with 1:1 shares for Veranda shareholders. NCLT reserved orders on July 20, 2026, and listing was expected by the first half of September 2026.^[4]
Oct 5, 2026: J.K. Shah Commerce Education reconstituted its board. Pooja Jinit Dharia and Vishal Jitendra Shah were named Whole-time Directors, and K Praveen Kumar and R Rangarajan resigned.^[6]
Edureka, Veranda Higher Ed and Six Phrase were divested into SNVA Veranda through a 50:50 share-swap joint venture with no cash outflow (FY26).^[3]
A maiden QIP raised INR 357 Cr in Q2 FY26, and INR 310 Cr of it was used to retire Veranda XL's NCD debt.^[5]

Market Cap

₹307 Cr

High / Low

₹272 / 25

Stock P/E

2.6

Price / Book

0.4

Book Value

₹100

EPS

₹11.0

No. of Shares

9.62 Cr

ROCE

9.8%

ROE

17.4%

OPM

28.1%

Debt / Equity

0.31

Sales

₹482 Cr

Net Profit

₹130 Cr

Promoter holding

32.6%

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