Jaro Institute of Technol. Mgt. and Research Ltd(JARO)

NSE: JAROBSE: 544534

₹ 366-0.15%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 815 crWebsite: www.jaro.inUpdated: 27 Oct 2026

About

Jaro Institute of Technology Management and Research runs online degree and certification programmes for working learners, delivered with partner institutions such as the IITs and IIMs. As of FY26 it worked with 33 partner institutions and had 42 offices and studios.^[1][2]

Business segments

Degree programmes brought in 88% of Q4 FY26 revenue from operations (INR 6,390.15 lakh). Certification brought in 12% (INR 888.49 lakh).^[2]
The degree vs certification mix was 82% / 18% in FY25.^[3]
Q1 FY27 admissions split into 6,979 degree (+11% YoY) and 1,190 certification (+17% YoY).^[4]

Key operating numbers

Admissions were 8,169 in Q1 FY27, up 12% YoY. They were 8,464 in Q4 FY26.^[4][2]
Gross bookings were Rs 19,029.76 lakh in Q1 FY27, up 17% YoY, against 19,070 lakh in Q4 FY26.^[4][2]
FY26 admissions were 32,236 vs 31,434 in FY25. FY26 gross bookings were INR 72,721 lakh vs 62,554 lakh in FY25.^[2]
ARPU was Rs 86,609 in Q1 FY27 (+4% QoQ), against ₹85,995 in Q4 FY26 and Rs 85,205 in Q3 FY26.^[4][2][3]
Management said ARPU has almost doubled over the last 4 years, from 43,000 to about 84,000 (stated in Q3 FY26).^[3]
Management stated a blended take rate of 45-50% and a referral share of enrolments of 35-36% (Q3 FY26 call).^[3]
Conversions per counsellor rose to 5 a month in H1 FY26 from 3 in H1 FY25. Revenue per employee rose to ₹3,89,299 from ₹2,96,530.^[5]
Performance marketing spend was ₹35.48 cr in H1 FY26 vs ₹26.90 cr in H1 FY25.^[5]

Programmes and partner institutions

The company launched six programmes with IIT Bombay, Delhi, Roorkee and Madras in Q1 FY27, covering AI, robotics, blockchain and sustainability.^[4]
Partner institutions numbered 33 in FY26, up from 32 at Q3 FY26. Eighteen new programmes launched in Q4 FY26.^[2][3]
In Q4 FY26, SPJIMR was signed as a new partner, and IIMA, IIT Delhi and Dayananda Sagar University renewed.^[2]
Four institutions were added between April and December 2025: IIT Bombay, DTU, J.K. Shah and Harvard Publishing.^[3]
Launches in H1 FY26 included an IIM Mumbai EMBA, an IIM Nagpur blended MBA and C-suite programmes. 15 new courses were added in H1 FY26.^[5]
About 30% of programmes are higher-fee, according to the Q3 FY26 call.^[3]

Operations and reach

The company had 42 offices and studios as of FY26.^[2]
Centres were added in Kolkata and Indore to reach Tier 2/3 markets, bringing operations to 21 cities as of Q3 FY26.^[3]
Branches opened in Kolkata, Indore and Nagpur in H1 FY26.^[5]
An AI bot for lead generation was in its optimisation phase in H1 FY26, and a voice-based AI counsellor tool was in development.^[5]

Customers and B2B partnerships

B2B MOUs were signed with L&T Finance and Safran Datasystems in Q4 FY26.^[2]
B2B learning partnerships with HCL Tech, PNB MetLife and Sutherland were cited in Q3 FY26.^[3]
Corporate partners such as HDFC Bank, HCL and HSBC had a combined employee strength of about 7 lakh in H1 FY26.^[5]
Integration with Jio set-top boxes had enrolled over 652 freemium learners by Q2 FY26.^[5]

New verticals

An exclusive online partnership with J.K. Shah Classes opened a commerce-coaching vertical with an addressable base of about 4.2 million. Volume was expected from around April 2026.^[3]
The College Connect (IIT Roorkee) and School Connect (IIT Madras Pravartak) verticals were launched in H1 FY26.^[5]
More than 2,000 learners were upskilled under the IIT Madras AI programme (as of Q3 FY26).^[3]

Recent developments

FY26 cash flow from operations was Rs 5,744.70 lakh, against Rs (2,345.38) lakh in FY25.^[2]
IPO proceeds of INR 17,000 lakh funded the repayment of current borrowings of 5,053.05 lakh in FY26.^[2]
Promoter Sanjay Salunkhe holds 55.29% directly. Including controlled entities, the promoter family holds 61.43% (FY26 annual report).^[6]
Sales hiring was being ramped up, with 600 offers already issued (Q3 FY26 call).^[3]

Market Cap

₹815 Cr

High / Low

₹738 / 345

Stock P/E

14.3

Price / Book

2.3

Book Value

₹163

EPS

₹23.9

No. of Shares

2.22 Cr

ROCE

20.3%

ROE

14.7%

OPM

25.8%

Debt / Equity

0.00

Sales

₹274 Cr

Net Profit

₹53 Cr

Promoter holding

61.9%

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