💰 Financial Performance

Revenue Growth by Segment

Revenue from operations grew 24.92% YoY to INR 162.25 Cr in Q2 FY26 compared to INR 129.88 Cr in Q2 FY25. The growth is primarily driven by a 47.2% increase in student applications processed, reaching 99,685 in Q2 FY26. The company follows a seasonal trend where H1 contributes ~30% and H2 contributes ~70% of annual revenue.

Geographic Revenue Split

The UK remains the primary destination market, though concentration is reducing from >90% to ~84% as of Q2 FY26. Ireland has grown to contribute ~7% of revenues. Source markets are dominated by India, with increasing contributions from Asia (ex-India) and West Africa (Nigeria).

Profitability Margins

PAT for Q2 FY26 stood at INR 48.33 Cr, representing a 28.45% PAT margin, a significant increase from 14.81% in Q2 FY25. This was driven by higher-margin university mixes and a recovery of INR 4 Cr in forex losses from the previous quarter.

EBITDA Margin

Operating EBITDA margin reached 39.00% in Q2 FY26, up from 24.89% YoY. This spike is attributed to one-time annual bonuses from universities and a favorable GBP/INR forex gain of INR 4 Cr. Management guides for a sustainable long-term EBITDA margin of 24-25%.

Capital Expenditure

The company maintains a light asset model as a platform business. Property, Plant, and Equipment stood at INR 10.90 Cr as of FY25. Significant investments are directed toward the proprietary technology platform rather than heavy physical infrastructure.

Credit Rating & Borrowing

Crizac is a debt-free company with a finance cost of only INR 0.005 Cr in Q2 FY26. The company maintains strong liquidity with cash and cash equivalents of INR 88.83 Cr as of FY25.

⚙️ Operational Drivers

Raw Materials

The primary 'raw material' cost is the Cost of Services, which consists of commissions paid to channel partners (agents), representing 56.26% of revenue in Q2 FY26.

Import Sources

Services are sourced globally through a network of 13,500+ registered agents across 80+ countries, with heavy concentration in India and emerging growth in West Africa.

Key Suppliers

The company relies on 13,500+ registered agents and 250+ global higher education institutions. Key university partners are located primarily in the UK, Ireland, and North America.

Capacity Expansion

Current capacity is measured by application processing volume, which reached 99,685 in Q2 FY26. Expansion is focused on onboarding ~2,000 new agents per quarter to increase student sourcing capacity.

Raw Material Costs

Cost of Services was INR 91.28 Cr in Q2 FY26 (56.26% of revenue). These costs are highly variable and move in direct proportion to revenue, limiting operating leverage as the business scales.

Manufacturing Efficiency

Efficiency is driven by the proprietary tech platform. Employee costs are expected to grow at a slower rate than the 25-30% top-line growth due to increased automation in application processing.

Logistics & Distribution

Distribution is digital via the B2B platform. The primary cost is the commission paid to agents, which is the 'distribution' expense for student acquisition.

📈 Strategic Growth

Expected Growth Rate

25-30%

Growth Strategy

Growth will be achieved by expanding into new destination markets including the USA, Middle East, Australia, and New Zealand to reduce UK concentration. The company is also diversifying revenue streams by launching student loans (Q3 FY26), accommodation services (already live), and forex services.

Products & Services

Educational consultancy services, student application processing, international student recruitment, and student accommodation referrals.

Brand Portfolio

Crizac (B2B Education Platform).

New Products/Services

Accommodation services (live) and Student Loan services (launching Q3 FY26) are expected to contribute to revenue growth in FY27 as they mature.

Market Expansion

Targeting expansion into Australia and North America within the next 1-2 years to diversify the current 84% UK revenue base.

Market Share & Ranking

Crizac is a leading B2B student recruitment platform in India, particularly for the UK market, with a market capitalization of approximately INR 5,000 Cr.

Strategic Alliances

Partnerships with 250+ global universities and 13,500+ recruitment agents globally.

🌍 External Factors

Industry Trends

The international education market is growing at ~25-30% annually. The industry is shifting toward integrated 'one-stop' platforms that offer loans, insurance, and housing alongside admissions.

Competitive Landscape

Competes with other global ed-tech aggregators and traditional recruitment agencies. Competitive edge lies in the depth of the UK university portfolio.

Competitive Moat

Moat is built on a dual-sided network effect: a large agent network (13,500+) attracts universities, and a diverse university portfolio (250+) attracts more agents. This is sustainable due to the high time-cost for competitors to build similar global institutional relationships.

Macro Economic Sensitivity

Highly sensitive to international education trends and student visa regulations in the UK and USA. US H-1B visa rule changes have created sentimental shifts in student demand.

Consumer Behavior

Students are increasingly seeking diversified destinations (Ireland, Canada) and integrated financial services (loans/forex) during the application process.

Geopolitical Risks

Trade barriers or restrictive immigration policies in the UK could disrupt the core business model which relies on student mobility.

⚖️ Regulatory & Governance

Industry Regulations

Subject to international student visa regulations (e.g., UK Home Office rules, US H-1B rules) and SEBI listing obligations. Compliance with SEBI Regulation 74(5) regarding share dematerialization was confirmed for Q3 2025.

Environmental Compliance

Minimal impact as a service-based technology platform.

Taxation Policy Impact

Effective tax rate for Q2 FY26 was approximately 20% (INR 21.94 Cr tax on INR 109.38 Cr PBT).

Legal Contingencies

No major pending litigation or court cases with significant financial values were disclosed in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

Regulatory changes in UK immigration policy pose a potential 70-80% risk to the current revenue base. Forex volatility remains a constant risk to quarterly margin stability.

Geographic Concentration Risk

84% of destination revenue is concentrated in the UK; India is the primary source market.

Third Party Dependencies

High dependency on 13,500+ third-party agents for 100% of student sourcing.

Technology Obsolescence Risk

The business must constantly update its proprietary platform to handle increasing application volumes (currently ~100k/quarter) and integrate new services like loans.

Credit & Counterparty Risk

Receivables are primarily from established global universities. The company mitigates credit risk by only paying agent commissions after receiving funds from the institutions.