Crizac Ltd(CRIZAC)

NSE: CRIZACBSE: 544439

₹ 143.2+3.39%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,506 crNext results: 30 Oct 2026Website: www.crizac.comUpdated: 24 Oct 2026

About

Crizac Ltd is a technology-enabled international student recruitment platform that connects counselling partners (agents) with higher education institutions across major overseas study destinations via B2B and B2C channels. In FY26 the company generated revenue of ₹10,422 Mn (+22.7% YoY), processing 3.94 lakh student applications through 5,389 active counselling partners and 198 revenue-generating university partners. The UK is its largest destination market, where Crizac's share of total student visas granted grew from 3.5% in FY24 to 6% in FY26.^[1][2][3][4]

Platform and services

Crizac operates a proprietary Crizac Intelligence Platform that integrates application data, counselling-partner analytics and university conversion metrics into a unified framework to improve recruitment efficiency across the student - partner - institution value chain.^[2]
Core business is B2B student recruitment; the company is expanding value-added services including student loans, accommodation referrals, forex, visa insurance and visa preparation, accelerated by the June 2026 investment in ForeignAdmits.^[2][3]
Accommodation referral service is live on the platform for UK, Ireland and USA, earning a brokerage of 2 - 4 weeks' rent (£100 - £300 per student) per placement; education loan referral earns 0.8% - 2% of the loan amount.^[5]
Crizac holds UK Agent Quality Framework and British Council Accreditation credentials, which management identifies as compliance barriers that favour established operators.^[2]

Network scale

In FY26, the platform had 15,980+ registered counselling partners and 5,389 active counselling partners (+36.5% YoY), processed 3,94,629 applications (+43% YoY), and had 400+ university partnerships of which 198 generated revenue.^[2][1]
In Q1 FY27, active counselling partners stood at 4,032 (+2.1% YoY) and unique applicants at 47,488, with an enrollment conversion rate of 10%.^[3]
Crizac has a network of over 1,200 institutional (university) partners in total; top 10 university partners contributed 66% of FY26 revenue.^[2]
Top 10 counselling partners accounted for 68.7% of cost of services in Q1 FY27, indicating concentration on the supply side of the marketplace.^[3]

Key operating metrics

Student enrollments in FY26 reached 24,697 (+13.8% YoY); in Q1 FY27, enrollments were 4,751 (+15% YoY) despite a 6.2% YoY decline in applications processed to 1.04 lakh.^[1][3]
Revenue per active counselling partner was ₹2 Mn in FY26; revenue per university partner was ₹53 Mn in FY26 and ₹18.3 Mn in Q1 FY27.^[1][3]
EBITDA margin in FY26 was 27.1% (+172 bps YoY); in Q1 FY27 it was 29.8%, expanding 585 bps QoQ from 24% in Q4 FY26 but contracting 116 bps YoY.^[1][3]
Net working capital days were 1.72 days in FY26; ROE was 37.2% and ROCE was 48.6% in FY26, reflecting the asset-light platform model.^[1]

Geographic mix

The UK contributed approximately 97% of FY26 revenue per the annual report; management is targeting reduction of UK share to below 60% within two to three years.^[2]
Crizac sources students from 85+ source countries and places them across 11 destination markets including UK, Canada, Australia, New Zealand, Ireland, the US and UAE.^[2]
India's share as a source country fell below 50% in FY26 for the first time; Asia ex-India contributed 34.7%, Africa 16.4%, and India 48.7% of revenue mix.^[1]
Crizac's share of UK total student visas granted rose from 3.5% in FY24 to 6% in FY26; its share of US study visas granted to Indian students rose from 9% to 13.9% over the same period.^[3]

Acquisitions and subsidiaries

In October 2025, Crizac acquired a 51% stake in StudiesPlanet.com Limited (England), a B2C international student recruitment company, establishing a Latin America source-market foothold.^[1][2]
In January 2026, Crizac acquired 51% of Global Tree Careers Private Limited, a B2C counselling and immigration company, adding Australian university contracts to the platform.^[1][5]
In March 2026, Crizac committed USD 2.5 million over five years to EduMentor, an AI-powered student counselling and engagement platform.^[1][2]
In April 2026, the entire Medway Educational Consultants team was onboarded, scaling the New Zealand vertical and adding established NZ university relationships.^[1][2]
Post Q1 FY27 (July 2026), Crizac acquired 100% of Innova Consultancy Limited through its UK subsidiary for less than ₹10 crores, adding Netherlands as a new destination market and Mexico as a source market.^[3]

Recent developments

In June 2026, Crizac made a strategic investment in ForeignAdmits, an AI-led platform for education financing and visa preparation; its founder Nikhil Jain joined as Chief Product and Marketing Officer.^[3]
A UAE subsidiary (UCOL FZE) was incorporated and multiple UAE university tie-ups completed to expand into Middle East and Gulf destinations.^[6]
Iran - Middle East conflict-related flight disruptions between February and June 2026 caused student travel delays, expected to weigh on Q2 FY27 performance; management anticipates pent-up demand recovery in Q3 and Q4 FY27.^[3]
Board declared a dividend of ₹8 per share in Q4 FY26, representing ~64% payout ratio, above the committed 40% minimum for at least the next two remaining years of a three-year DRHP commitment.^[1]

Expansion plans

Management targets UK destination revenue share below 60% within three years (from ~97% in FY26) through geographic diversification, acquisitions and new destination markets including Netherlands.^[2][3]
Ancillary services (accommodation, loans, forex, visa insurance) are expected to contribute 1 - 1.5% of revenue and expand EBITDA by 2 - 5% over the next couple of years.^[3]
Australia university contracts are being secured via the Global Tree acquisition; meaningful recruiting from Australia expected to commence within 3 - 6 months of the Q4 FY26 call.^[1]
M&A pipeline remains active; further acquisitions are being pursued across new source and destination geographies on a capability-led basis, with no debt planned.^[3][5]

Market Cap

₹2,506 Cr

High / Low

₹333 / 135

Stock P/E

10.9

Price / Book

4.1

Book Value

₹33

EPS

₹12.5

No. of Shares

17.5 Cr

ROCE

48.4%

ROE

37.5%

OPM

26.8%

Debt / Equity

0.00

Sales

₹1,042 Cr

Net Profit

₹219 Cr

Promoter holding

79.9%

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