Veranda Learning Solutions LimitedQ1 FY27 Results & Financial Update

Veranda Learning Solutions Limited: Q1 FY27 consolidated results and company financials – revenue ₹149.54 Cr, PAT ₹33.87 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.

NSE: VERANDAPublished 21 Sep 2026Reported 13 Aug 2026Updated 5 Oct 2026~6 min read
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
Revenue from operations change+41.5%Year-on-year
Profit after tax change+472.4%Profit after tax · year-on-year
EBITDA margin change-1,020 bpsYear-on-year

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Quarterly Results AnalysisExplore Veranda Learning Solutions Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.

Quarter overview

Quarterly earnings analysis

01

Veranda Learning Solutions reported a strong start to FY27, marked by broad-based operational momentum across nearly all brands, culminating in the company's sixth consecutive profitable quarter at the profit-after-tax level.

02

Consolidated revenue from operations for Q1 FY27 grew by approximately 42% year-on-year, driven by robust activity in the Commerce Test Prep and Government Test Prep business units.

03

Total student enrolments across the group expanded by 35% year-on-year to 1.03 lakh students during the quarter, while total collections grew by 27% year-on-year, indicating healthy underlying demand and execution capabilities.

04

Profitability expanded significantly, supported by operating leverage, disciplined cost management, and a marked reduction in finance expenses following prior debt reduction initiatives.

05

The Commerce segment continued to anchor financial performance, delivering strong revenue and EBITDA contributions alongside expanding offline presence and high student repeatity across multi-year course lifecycles.

06

Strategic corporate restructuring initiatives, including the proposed demerger of the Commerce business into JK Shah Commerce Education Limited, progressed actively through court-convened meetings and regulatory filings.

01 · Business model

What does Veranda Learning Solutions do?

Veranda Learning Solutions Limited is a public listed education company in India that provides end-to-end educational services, test preparation, professional certifications, and K-12 schooling through an integrated blend of online, offline, and hybrid delivery models.

The company's operating model focuses on asset-light, scalable structures and leverages legacy brands acquired across key educational categories to serve students, job aspirants, graduates, and professionals.

Its primary operating segments comprise Commerce Test Preparation, Government Test Preparation, Managed School Services (K-12), and Vocational Education, addressing high-demand professional courses like CA, CS, CMA, ACCA, and competitive government examinations.

02 · Historical context

What shaped the business before this quarter

Veranda 1.0 Foundations

Since commencing operations in December 2020 through the acquisition of Veranda Race and launching mobile applications, the company expanded through strategic acquisitions including Edureka, J.K. Shah Classes, and Tapasya.

Transition to Veranda 2.0

In FY26, the company shifted toward Veranda 2.0 by executing a maiden QIP raising roughly INR 357 crore in July 2025, initiating the demerger of the commerce vertical, and rationalising subsidiaries.

Subsidiary Amalgamations

Previously, Veranda K-12 Learning Solutions Private Limited was structured as a step-down subsidiary before being formally merged into Veranda Administrative Learning Solutions with an appointed date of April 1, 2025, becoming effective in August 2026.

03 · Financial snapshot

Current quarter vs the two useful baselines

MetricQ1 FY27Year-agoPrevious quarter
Revenue from operations₹149.54 Cr₹105.67 Cr₹132.39 Cr
Total income₹151.48 Cr₹122.97 Cr₹139.88 Cr
EBITDA₹53.85 Cr₹48.83 Cr₹54.49 Cr
Profit before tax₹30.42 Cr₹4.32 Cr₹23.75 Cr
Profit after tax₹33.87 Cr₹5.92 Cr₹15.70 Cr
EPS₹3.03₹0.10₹0.92
EBITDA margin36.01%46.21%41.15%

04 · Why it moved

Why the quarter looked the way it did

What drove revenue

Commerce Test Prep Segment

Led revenue generation with operating revenue of INR 108.6 crore, achieving 53% year-on-year growth driven by strong offline and online student enrolments.

Government Test Prep Segment

Contributed INR 32.5 crore in operating revenue, up 41% year-on-year, supported by record admissions in state public service commission and railway exams.

Managed School Services

Generated INR 12.2 crore in operating revenue, reflecting a 22% year-on-year increase as school occupancy and fee structures expanded.

What drove margins

Finance Cost Reduction

Finance costs dropped significantly by 69% year-on-year from INR 26.2 crore in Q1 FY26 to INR 8.1 crore in Q1 FY27, following QIP-led deleveraging and debt optimisation.

Operating Leverage and Cost Control

Disciplined cost management and higher platform utilisation in core segments enabled EBITDA to reach INR 53.8 crore with an operating margin of 36.01%.

Gross Margin Dynamics

Gross profit for the quarter stood at INR 94.6 crore, representing a gross profit margin of 63%, reflecting product mix shifts across test preparation and academic services.

05 · Demand, customers & order book

Where demand is coming from

Enrolment Growth

Overall student enrolments for the quarter grew by 35% year-on-year to 1.03 lakh students, underpinned by strong organic demand and multi-year student lifecycles.

Collections Performance

Quarterly collections increased by 27% year-on-year, demonstrating healthy cash inflows and booking momentum across all operational segments.

06 · Segments, products & geography

Which parts of the business are doing the work

Segments and products

Commerce Test Prep

Achieved 28 All India Ranks and over 150 UK ACCA enrolments offline, alongside an 82% year-on-year online enrolment growth and 17,340 managed college enrolments.

Government Test Prep

Recorded its best-ever quarter with 15,724 admissions, up 28% year-on-year, spearheaded by a 52% jump in TNPSC admissions and a 100% rise in railway exam admissions.

Academics (K-12)

Secured 5,450 admissions for AY26-27, launched Veranda Future School, and won the Times of India 'Edu Icons' award.

Geography and market mix

South India Core Expansion

Maintained a strong regional presence with over 100 centres across South India under the RACE brand and expanded managed college footprints into Hyderabad and Bengaluru.

National Expansion Plans

Scouted new physical locations in North and West India, specifically targeting Uttar Pradesh, Bihar, Rajasthan, and Gujarat to reduce regional concentration and tap new student bases.

07 · Capacity, projects & execution

What is being built, commissioned or delivered

Capacity, production and utilisation

Network Expansion

Expanded course delivery capabilities through digital virtual formats like Commerce Virtuals for Class 11 and 12 students, allowing pan-India reach without heavy physical infrastructure.

Projects, capex and execution

Offline Center Build-out

Planned 15 new offline locations for the commerce college network and 7 new centres for Government Test Prep to grow the network from 38 to 45 centres.

08 · Strategy & new businesses

How the company is trying to change its growth mix

Commerce Demerger Progress

The composite scheme of arrangement for demerging the commerce business into JK Shah Commerce Education Limited received shareholder approval at a court-convened meeting, with NCLT hearings concluded and orders reserved in July 2026.

Global Integration Partnership

Progressed with the divestment of the vocational segment to SNVA EduTech Ltd. to combine domestic strengths with an international network spanning over 60 countries.

09 · Reported developments

What changed operationally

Sixth Consecutive Profitable Quarter

Delivered PAT of INR 33.9 crore, representing a 472% year-on-year increase and marking the sixth quarter in a row of positive bottom-line performance.

Operating Profit Expansion

EBITDA rose to INR 53.8 crore, up 10% year-on-year, reflecting strong operating leverage and disciplined control over corporate and operational expenses.

10 · Pressure points & risks

What is not going smoothly

Other Income Reduction

Other income declined by 89% year-on-year from INR 17.3 crore in Q1 FY26 to INR 1.9 crore in Q1 FY27, impacting total income growth comparisons.

11 · Items worth noticing

The line items that can distort a quick read

Tax Reversal Effect

Tax expenses for the quarter showed a net credit of INR 3.5 crore, influenced by tax adjustments and brought-forward loss utilisations following corporate restructuring.

12 · Cash flow & balance sheet

Profit is one thing. Cash and funding tell another part of the story.

Working Capital Efficiency

Maintained asset-light, scalable business structures with disciplined cost management supporting cash generation across operating units.

Capital allocation & funding

Deleveraging Impact

Utilised proceeds from the July 2025 QIP to deleverage the balance sheet, resulting in a substantial year-on-year drop in finance costs.

13 · Management guidance & targets

What management is targeting from here

FY27 Full-Year Targets

Management guided for FY27 consolidated revenue of INR 670 crore, EBITDA of INR 260 crore, PBT of INR 183 crore, and PAT of INR 144 crore.

14 · Beyond the numbers

What changed beyond the numbers

Reported update

Veranda K-12 Merger Effectiveness

The NCLT-approved amalgamation of Veranda K-12 Learning Solutions into Veranda Administrative Learning Solutions became effective on August 11, 2026, with an appointed date of April 1, 2025.

Reported update

Shareholder Entitlement in Demerger

Under the proposed commerce demerger scheme, every Veranda shareholder is set to receive one share in the newly listed JK Shah Commerce entity at no additional cost upon final approval.

15 · Previous-quarter changes

What changed since the previous quarter

Sequential Revenue Growth

Operating revenue increased sequentially by 13% from INR 132.4 crore in Q4 FY26 to INR 149.5 crore in Q1 FY27.

16 · Key Q&A

The quarter, answered directly

What does Veranda Learning Solutions do?

Veranda Learning Solutions Limited is a public listed education company in India that provides end-to-end educational services, test preparation, professional certifications, and K-12 schooling through an integrated blend of online, offline, and hybrid delivery models.

What is the clearest takeaway from Q1 FY27?

Veranda Learning Solutions reported a strong start to FY27, marked by broad-based operational momentum across nearly all brands, culminating in the company's sixth consecutive profitable quarter at the profit-after-tax level.

What drove revenue or demand?

Led revenue generation with operating revenue of INR 108.6 crore, achieving 53% year-on-year growth driven by strong offline and online student enrolments.

What mattered most for margins or profitability?

Finance costs dropped significantly by 69% year-on-year from INR 26.2 crore in Q1 FY26 to INR 8.1 crore in Q1 FY27, following QIP-led deleveraging and debt optimisation.

What changed operationally beyond the headline numbers?

Expanded course delivery capabilities through digital virtual formats like Commerce Virtuals for Class 11 and 12 students, allowing pan-India reach without heavy physical infrastructure.

What is management guiding or targeting from here?

Management guided for FY27 consolidated revenue of INR 670 crore, EBITDA of INR 260 crore, PBT of INR 183 crore, and PAT of INR 144 crore.

17 · Scenario calculator

Earnings sensitivity: what if growth and margins change?

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18 · Next filing checkpoints

What the next disclosure can confirm or change

  1. 01

    Commerce Demerger Listing: Monitor the final NCLT order and subsequent listing of JK Shah Commerce Education Limited expected in September 2026.

  2. 02

    FY27 Guidance Execution: Track quarterly progress against management's full-year FY27 financial targets of INR 670 crore revenue and INR 260 crore EBITDA.

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