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Revenue
₹120 Cr
verified against source
Revenue YoY
67%
reported change
EBITDA
₹59 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
CL Educate reported 9-month consolidated revenue of ₹445 crore, up 67% YoY, driven by the DEX acquisition. EBITDA grew 120% to ₹59 crore, but PAT was negative ₹16 crore due to ₹28 crore in IND-AS adjustments and ₹5.5 crore from new labor codes. Excluding these, PAT would have been ~₹17 crore. The edtech business faced structural headwinds, with revenue declining from ₹150 crore to ₹127 crore, while martech grew steadily. DEX revenue rose 12% to ₹194 crore with 300bps margin improvement. Management launched MySATI, an on-demand, computer-adaptive test platform, with 18 universities onboarded. A ₹50 crore fundraise is planned to ease short-term cash stress. Risk: edtech structural shift may persist for 2-4 quarters, pressuring recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Board approved raising up to ₹50 crore via equity or debt to ease short-term cash stress; promoters extending interim loan.
- Management aims to become entirely debt-free within 24 to 36 months, with structured repayment of ₹210 crore loan.
- Management expects the structural shift in edtech to continue for another two to four quarters before recovery.
- Monetization per student could rise from ₹500 (exam fee) to ₹6,000-8,000 via application forms, practice tests, and learning zones.
Risks flagged
- Management acknowledged a structural shift towards low-value products and self-prep, expecting pressure for 2-4 more quarters.
- ₹210 crore loan at 11.9% interest and IND-AS adjustments are straining cash flows, prompting a planned fundraise.
- Analyst raised that CUET has lost credibility among students; management confirmed it is unlikely to be a growth driver.
- A GST demand exists for CL Media; management is contesting via writ petition but may need to deposit 10% if it goes to tribunal.
Key quotes
- We are in for some kind of a structural shift, especially in the graduate segment and the difficult period is likely to continue for another two to four quarters.
- This is India's first on-demand examination... also the first computer adaptive test in our country.
- We have a short-term little bit of a cash stress situation which is acute and short-term... we as a board have looked at raising a small amount of capital.
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