Veranda Learning Solutions Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Veranda Learning Solutions Ltd filed with BSE on 17 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Veranda Learning Solutions reported Q1 FY27 revenue from operations of about INR150 crores, up 42% year-on-year, with PAT rising 472% year-on-year to INR34 crores, marking a sixth consecutive quarter of PAT-positive performance. Growth was led by the commerce and government test prep segments, while the K-12 segment continued to build out its managed schools model. Management also updated on the commerce demerger process, with the next NCLT hearing scheduled for August 17, 2026, and the listing of JK Shah Commerce Education Limited expected within the following month.
Numbers mentioned
Revenue from operations: INR150 crores (Q1 FY27)
p. 3
“the revenue from operations grew a strong 42% year-on-year to about INR150 crores in the first quarter of financial year '27”
Suresh Kalpathi, page 3 of the filed PDF · View the filing
PAT: INR34 crores (Q1 FY27)
p. 3
“while PAT more than multiplied sixfold to INR34 crores compared to the same quarter last year, up 472% year-on-year from INR5.9 crores in the first quarter of FY26”
Suresh Kalpathi, page 3 of the filed PDF · View the filing
Enrollments: 1.03 lakh students, up 35% year-on-year (Q1 FY27)
p. 4
“Overall enrollments during the quarter grew 35% year-on-year to about 1.03 lakh students, while collections grew 27% year-on-year”
Suresh Kalpathi, page 4 of the filed PDF · View the filing
EBITDA: INR54 crores (Q1 FY27)
p. 5
“EBITDA for the quarter came in at INR54 crores, registering 10% year-on-year growth, reflecting an EBITDA margin of approximately 36%”
Mohasin Khan, page 5 of the filed PDF · View the filing
Commerce Test Prep revenue: INR108.6 crores, up 53% year-on-year (Q1 FY27)
p. 5
“Commerce Test Prep delivered a revenue of INR108.6 crores, up 53% year-on-year with EBITDA of INR42.7 crores, up 58% year-on-year”
Mohasin Khan, page 5 of the filed PDF · View the filing
Government test prep revenue: INR32.5 crores, up 41% year-on-year (Q1 FY27)
p. 5
“Going to government test revenue grew 41% year-on-year to INR32.5 crores, with EBITDA improving to nearly INR4 crores from near breakeven level in the previous quarter”
Mohasin Khan, page 5 of the filed PDF · View the filing
Academic segment revenue: INR12.2 crores, up 22% year-on-year (Q1 FY27)
p. 5
“The Academic segment posted a revenue of INR12.2 crores, up 22% year-on-year with EBITDA of INR9.2 crores, which is up by 53% year-on-year”
Mohasin Khan, page 5 of the filed PDF · View the filing
Collections: INR165 crores (Q1 FY27)
p. 8
“we have collected INR165 crores in the Q1, whereas the revenue recognized INR150 crores”
Mohasin Khan, page 8 of the filed PDF · View the filing
Debt - commerce entity: INR125 crores (as of Q1 FY27)
p. 9
“Debt on the commerce is INR125 crores and the debt on the non-commerce is INR145 crores, INR125 crores and INR145 crores.”
Mohasin Khan, page 9 of the filed PDF · View the filing
FY26 revenue: INR482 crores (FY26)
p. 6
“we are guiding a revenue of approximately INR 670 crores with EBITDA of INR260 crores and PAT of INR144 crores compared to last year with INR482 crores of revenue and INR204 crores of EBITDA and INR130 crores of PAT, respectively, in FY26”
Mohasin Khan, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — approximately INR670 crores · FY27
stated firmly by Suresh Kalpathi
p. 5
“these priorities underpin our FY27 guidance of approximately about INR670 crores in revenue, over INR250 crores in EBITDA and about INR140 crores in profit after tax”
Suresh Kalpathi, page 5 of the filed PDF · View the filing
EBITDA — INR260 crores · FY27
stated firmly by Mohasin Khan
p. 6
“we are guiding a revenue of approximately INR 670 crores with EBITDA of INR260 crores and PAT of INR144 crores”
Mohasin Khan, page 6 of the filed PDF · View the filing
Commerce business revenue — approximately INR450 crores · FY27
stated conditionally by Mohasin Khan
p. 6
“we expect the commerce business to contribute annual revenue of approximately INR450 crores with EBITDA of around INR215 crores and a PAT of around INR110 crores”
Mohasin Khan, page 6 of the filed PDF · View the filing
Non-commerce business revenue — approximately INR220 crores · FY27
stated conditionally by Mohasin Khan
p. 6
“the non-commerce business are expected to contribute revenue of approximately INR220 crores with EBITDA of INR46 crores and PAT of INR34 crores based on our current business plan and historical quarterly trends”
Mohasin Khan, page 6 of the filed PDF · View the filing
Commerce business revenue (post-demerger) — crossing INR1,000 crores of revenue · FY2030
stated as an aspiration by Suresh Kalpathi
p. 4
“the Commerce business will target a significant revenue growth over the next three, four years through product and geographic expansion with a long-term aspiration of crossing INR1,000 crores of revenue by September -- by financial year 2030”
Suresh Kalpathi, page 4 of the filed PDF · View the filing
Government test prep EBITDA — INR100 crores of EBITDA · next four to five years
stated as an aspiration by Suresh Kalpathi
p. 6
“we expect and working towards reaching INR100 crores of EBITDA over the next four to five years”
Suresh Kalpathi, page 6 of the filed PDF · View the filing
Commerce demerger completion — first half of September 2026
stated conditionally by Suresh Kalpathi
p. 4
“we expect the entire process to be completed by possibly the first half of September 2026, which is next month”
Suresh Kalpathi, page 4 of the filed PDF · View the filing
Offline commerce college network expansion — 15 new locations · FY27
stated firmly by Suresh Kalpathi
p. 5
“expanding our off-line commerce college network into an additional 15 new locations that we will manage”
Suresh Kalpathi, page 5 of the filed PDF · View the filing
Quarterly finance cost — INR7.5 crores to INR8 crores
stated conditionally by Mohasin Khan
p. 10
“So it will be INR8 crores, it will be INR7.5 crores to INR8 crores. Okay.”
Mohasin Khan, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management pointed to the commerce demerger, government test prep EBITDA growth, K-12 development, and SNVA Veranda stake as the key value-unlocking events.
Answered by Suresh Kalpathi
Asked by Aditya: What is still missing for the market to recognize the profitability improvement, and what milestones should shareholders watch?
p. 6
“We expect the process to be completed by next month and the listing to happen.”
Suresh Kalpathi, page 6 of the filed PDF · View the filing
Offline sales are about INR330 crores versus INR120 crores online, with offline margins at 35% and online margins at 45-48%.
Answered by Mohasin Khan
Asked by Prachi Shah: What is the online/offline revenue and margin split within commerce?
p. 8
“Offline margins, we stood at peak at 35 percentage whereas our online sits at 45 to 48 percentage.”
Mohasin Khan, page 8 of the filed PDF · View the filing
Student enrollment grew 10% and additional book/service sales at the start of the academic year contributed roughly 20% higher revenue.
Answered by Mohasin Khan
Asked by Prachi Shah: What drove the ~50% jump in managed school revenue?
p. 8
“Hence, the Q1 will be upper -- slightly higher revenue by 20 percentage. This two has contributed to the growth in the Q1.”
Mohasin Khan, page 8 of the filed PDF · View the filing
A prior-year one-time other income of INR17 crores inflated the base; excluding that, EBITDA grew about 30%, and advertising/marketing spend for the commerce brand and new college setup costs were expensed in Q1.
Answered by Mohasin Khan
Asked by Ishitaa: Why did EBITDA grow only 10% despite 42% revenue growth?
p. 9
“If we can adjust that and see the revenue has grown by 30 percentage -- EBITDA has grown by 30 percentage.”
Mohasin Khan, page 9 of the filed PDF · View the filing
Growth comes from managed college expansion, ARPU increases of 7-8%, 10% student count growth, and new online offerings like 11th/12th commerce digital programs and CMA India.
Answered by Mohasin Khan
Asked by Ishitaa: What is the bridge for the INR56 crore incremental EBITDA guided for FY27?
p. 10
“We have a concept of increasing the ARPU every year on 7 percentage to 8 percentage that also gives us that bridge. And the student count to increase by 10 percentage.”
Mohasin Khan, page 10 of the filed PDF · View the filing
A merger scheme between two subsidiaries allowed use of accumulated losses, reversing prior tax provisions.
Answered by Mohasin Khan
Asked by Mehul Jain: Why did tax expense turn negative this quarter versus roughly INR8 crores per quarter previously?
p. 13
“On account of merger, we had to use the accumulated losses of the parent top company, and hence the tax created in the earlier has been reversed in the current year sir.”
Mohasin Khan, page 13 of the filed PDF · View the filing
Orders were reserved after the July 20 hearing, with a further hearing scheduled for the coming Monday, and management expects orders to be pronounced soon.
Answered by Suresh Kalpathi
Asked by Yash Modi: What is the status of the NCLT process for the demerger and what gives confidence in the listing timeline?
p. 11
“So considering that orders have been reserved. We are pretty much in the last stage. So we expect the orders to be pronounced very, very soon.”
Suresh Kalpathi, page 11 of the filed PDF · View the filing
Risks flagged
EBITDA margin has been compressed by increased advertising and marketing spend to establish the commerce brand ahead of the demerger
p. 9
“in line with the demerger that is expected next month, we have also been spending money on advertising and marketing the commerce vertical as a standalone brand.”
Suresh Kalpathi, page 9 of the filed PDF · View the filing
Initial costs of expanding managed commerce colleges are being expensed upfront, depressing near-term margins
p. 14
“So there is a certain level of spending that we are doing in this expansion which is getting expensed in the respective quarters.”
Suresh Kalpathi, page 14 of the filed PDF · View the filing
Market recognition of financial improvement depends on external factors beyond the company's control
p. 6
“While it's difficult for us to comment on how the markets perform, as you know, it depends on many factors, not just India, but also geopolitical factors worldwide.”
Suresh Kalpathi, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.