💰 Financial Performance

Revenue Growth by Segment

Total income for FY 2024-25 was INR 39.91 Cr, representing a 7.7% increase over the previous year. However, H1 FY26 saw a revenue decline to INR 15.6 Cr compared to approximately INR 18 Cr in H1 FY25 (a 13.3% decrease) due to deferred enrollments and elongated conversion cycles. Immigration consulting remains the major revenue driver, though specific % splits per segment are not disclosed.

Geographic Revenue Split

Not disclosed in available documents, though the company is expanding internationally with a planned campus in Dubai and aggressive branding at international fairs like APAIE and ICEF.

Profitability Margins

Profit after tax for H1 FY26 was INR 2.1 Cr. Profitability was lower YoY due to operating leverage impacts where fixed costs were absorbed over a lower revenue base. The company targets a profit of INR 50 Cr by FY 2027-28, implying a significant margin expansion from current levels.

EBITDA Margin

EBITDA for H1 FY26 stood at INR 74 lakhs. Margins compressed significantly due to the expansion of 5 new branches, which increased advertisement, rental, and operational expenses, alongside the sponsorship of international education fairs.

Capital Expenditure

The company utilized IPO proceeds to fund expansion; as of March 31, 2025, unutilized IPO proceeds of INR 9.59 Cr were held in fixed deposits. Planned expenditure includes the establishment of a new campus in Dubai.

Credit Rating & Borrowing

The company has not been sanctioned working capital limits in excess of INR 5 Cr. Borrowing costs and specific credit ratings are not disclosed, but the current ratio improved to 4.19 from 2.06, indicating high liquidity.

⚙️ Operational Drivers

Raw Materials

Not applicable as the company is a service provider in the immigration and education advisory sector.

Import Sources

Not applicable.

Key Suppliers

Not applicable.

Capacity Expansion

The company expanded its physical footprint by adding 5 new branches during H1 FY26. It is also in the final stages of obtaining a license for a new campus in Dubai to expand its global learning delivery capabilities.

Raw Material Costs

Not applicable; however, operating expenses and employee costs increased in FY25, including a substantial provision for gratuity of INR 22.18 Cr based on actuarial valuations.

Manufacturing Efficiency

Not applicable; service efficiency is measured by conversion cycles, which elongated in H1 FY26 due to external regulatory pressures.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

55%

Growth Strategy

The company plans to achieve its INR 150 Cr revenue target by FY28 through aggressive international branding, changing its name to Landmark Global Learning to pivot toward education, opening a Dubai campus, and expanding its branch network (5 new branches recently added).

Products & Services

Immigration Consultancy Services and Overseas Education Advisory Services.

Brand Portfolio

Landmark Global Learning (formerly Landmark Immigration Consultants).

New Products/Services

The company is launching a Dubai campus and has started an application process for further international education delivery services.

Market Expansion

Targeting global markets with a focus on becoming an 'international brand' through participation in global fairs and establishing a physical presence in Dubai.

Strategic Alliances

Maintains strategic collaborations with government entities, diplomatic missions, and regulatory bodies to bolster credibility.

🌍 External Factors

Industry Trends

The overseas education industry is undergoing a 'recalibration' with India remaining a top source country. Trends include increased regulatory scrutiny and shifting student preferences toward countries with stable immigration policies.

Competitive Landscape

The visa outsourcing sector is described as highly competitive, leading to pricing pressures and challenges in maintaining margins.

Competitive Moat

Moat is built on brand strength, institutional relationships, and a robust internal control framework. Sustainability depends on the ability to adapt to technological disruptions like AI and blockchain in visa processing.

Macro Economic Sensitivity

Highly sensitive to global macro uncertainty and changes in international travel trends, which can suppress service demand.

Consumer Behavior

Students are currently adopting a cautious, 'deferment-oriented' approach due to higher financial thresholds and policy uncertainties.

Geopolitical Risks

Unpredictable diplomatic shifts and cross-border tensions can disrupt operations and reduce demand for immigration services in specific regions.

⚖️ Regulatory & Governance

Industry Regulations

Operations are heavily governed by Regulation 33 of SEBI Listing Regulations and immigration policies of various destination countries. Changes in visa scrutiny and financial thresholds for immigrants directly impact the business model.

Environmental Compliance

Not applicable for this service-based business.

Taxation Policy Impact

The company is regular in depositing undisputed statutory dues including GST, Provident Fund, and Income Tax.

Legal Contingencies

The company reported no pending litigations that would impact its financial position as of the latest audit report.

⚠️ Risk Analysis

Key Uncertainties

Technological disruption from AI/automation in visa processing and unpredictable changes in global immigration policies are the primary risks, potentially impacting revenue by 10-15% during policy shifts.

Geographic Concentration Risk

While headquartered in India (Chandigarh), the company is diversifying but currently faces concentration risk in the Indian student source market.

Third Party Dependencies

High dependency on the policies of foreign embassies and the admission cycles of international universities.

Technology Obsolescence Risk

The company identifies AI and blockchain as potential disruptors to traditional visa processing models that require timely adaptation.

Credit & Counterparty Risk

Receivables quality is generally high as services are often fee-based; the current ratio of 4.19 indicates strong short-term liquidity.