Education industry

28 companies · ₹10,382 cr · 6 with AI deep dives · Q1FY27 report

Growth comes from acquisitions, B2B contracts and AI mix while corporate L&D and test prep stay soft

Margin pressurerevenue is growing but margin has fallen for 3 quarters to 14.4%

Revenue YoY: +22.3%
EBITDA margin: 14.4%; -160bps YoY
Price, 1 year: +46.1%; 60% of names up
P/E vs own 5y: +14.3%; 28.4x now

Exhibit 1The quarter in numbers

constant panel of 4 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	691 cr	672 cr	+2.8%	565 cr	+22.3%	691 cr	0.0%
EBITDA margin	14.4%	14.6%	-20bps	16.0%	-160bps	19.5%	-510bps

Revenue

Jun 26: 691 cr
Mar 26: 672 cr
QoQ: +2.8%
Jun 25: 565 cr
YoY: +22.3%
Peak: 691 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 14.4%
Mar 26: 14.6%
QoQ: -20bps
Jun 25: 16.0%

Sept 26: 0 of 5 reported so far, so it is not in the trend above.

Breadth: 75% of 4 companies grew revenue year on year (was 100% a quarter earlier) and 50% expanded margin (was 75%).

Exhibit 2What it costs

22.83x - 52.78x across the panel today

The median name trades at 28.4x, +14.3% against this industry's own 5-year median of 24.8x, and -12.0% against its own peak of 32.2x.

Exhibit 3Structure

₹10,382 cr

NIIT Learning Systems Ltd is 24.9% of this industry by market cap. The top 5 are 74.3% and the top 10 are 89.3%.

small 3micro 255 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 28.35x, 5y ROCE above its median of 9.95%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 28)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
NIIT Learning Systems Ltd	₹2,666 cr	10.7x	6.8x	18.8%	18.8%	+25.2%	Unlock
NIIT Ltd	₹1,060 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindAI is becoming a measurable share of revenue and the basis for pricing3 managements

Two companies now report AI revenue as a KPI: about 13% of revenue at NIIT Learning Systems, with margins above the company average, and about 9% at NIIT Ltd. Aptech says an…

NIITMTS (Q1FY27): “Our AI-enabled services contributed 13% of the revenue in Q1FY27.”

headwind2 managements mixed4 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 3 companies

1-3

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Educomp Solutions Ltd	₹11 cr	-	-109.2x	-	-718.8%	-25.9%	Unlock