WINNY - Winny Immigratio
Financial Performance
Revenue Growth by Segment
Total income declined by 23.1% YoY to INR 847.94 lakhs for FY 2024ā25. The company operates in a single reportable segment of Visa and Immigration Consultancy Services, which contributed 100% of revenue.
Profitability Margins
Net Profit Ratio deteriorated significantly from 3.63% in FY 2023-24 to (56.57%) in FY 2024-25 due to a sharp fall in revenue and rising operational costs.
EBITDA Margin
Not explicitly stated, but Profit Before Tax margin fell from 4.76% to (73.08%) YoY, reflecting a core profitability collapse of over 7,700 basis points.
Capital Expenditure
The company has allocated INR 2.87 Cr for software development and INR 0.96 Cr for opening new offices in India from its IPO proceeds. As of September 30, 2025, INR 5.05 Cr of the total INR 9.12 Cr IPO funds have been utilized.
Credit Rating & Borrowing
Not disclosed. However, the Debt-Equity ratio decreased from 0.9 to 0.05 following the repayment of INR 1.59 Cr in debt using IPO proceeds.
Operational Drivers
Raw Materials
Not applicable as the company is a service provider. The primary operational cost is human capital, with employee benefits expense totaling INR 767.67 lakhs in FY 2024-25.
Import Sources
Not applicable for service-based immigration consultancy.
Key Suppliers
The company depends on third-party associates and vendors for certain ancillary services, though specific company names are not disclosed.
Capacity Expansion
Current capacity is service-based; planned expansion includes opening new offices in India with an allocated budget of INR 96.96 lakhs from IPO proceeds.
Raw Material Costs
Not applicable. Employee costs represent approximately 90.5% of total income, increasing YoY due to inflationary wage hikes and actuarial provisions for gratuity.
Manufacturing Efficiency
Not applicable for service sector. Operational efficiency is managed through digital infrastructure and cost controls.
Logistics & Distribution
Not applicable.
Strategic Growth
Expected Growth Rate
Not disclosed
Growth Strategy
Growth will be achieved by deploying INR 2.87 Cr into software development to enhance digital processing and INR 0.96 Cr to open new offices in India. Management is also focusing on branding (INR 1.00 Cr budget) and operational efficiencies to restore profitability.
Products & Services
Visa processing, immigration consultancy, and education services.
Brand Portfolio
Winny Immigration and Education Services Limited.
New Products/Services
Enhanced digital consultancy services through software development (INR 2.87 Cr investment).
Market Expansion
Expansion of physical presence through new offices in India (INR 96.96 lakhs budget).
Market Share & Ranking
Not disclosed.
Strategic Alliances
Not disclosed.
External Factors
Industry Trends
The industry is shifting towards digital infrastructure. Winny is positioning itself by investing INR 2.87 Cr in software to improve efficiency and adapt to reduced processing volumes and price pressures.
Competitive Landscape
The market is characterized by price pressures and reduced processing volumes, though specific competitors are not named.
Competitive Moat
The moat consists of an established brand and digital infrastructure. This is sustainable as it creates higher switching costs and better digital integration for clients compared to non-digital competitors.
Macro Economic Sensitivity
Highly sensitive to global mobility trends and host country economic needs for immigrants.
Consumer Behavior
Shift towards digital consultancy and online visa processing services.
Geopolitical Risks
Host country immigration policy shifts and trade barriers are the primary geopolitical risks.
Regulatory & Governance
Industry Regulations
Immigration rules and policy frameworks of host countries (e.g., Canada, UK, USA) directly regulate the company's operational volume.
Environmental Compliance
Not applicable for the service sector.
Taxation Policy Impact
The company recorded a deferred tax income of INR 156.56 lakhs for FY 2024-25.
Legal Contingencies
Pending litigations as of March 31, 2025, are disclosed in Note 24 of the financial statements and are stated to impact the company's financial position; specific case values are not provided.
Risk Analysis
Key Uncertainties
Immigration policy changes (High impact), Resurgence of global health crises (High impact), Dependency on third-party vendors (Medium impact).
Geographic Concentration Risk
Not disclosed, but host country policies suggest high sensitivity to specific international corridors.
Third Party Dependencies
Significant dependency on third-party associates for ancillary services.
Technology Obsolescence Risk
Mitigated by a 31.5% allocation of IPO funds toward software development.
Credit & Counterparty Risk
Not disclosed.