PAT guidance of ₹85 crore for FY26 may be missed
Management had guided for ₹85 crore PAT in FY26, but 9-month PAT is only ₹31.58 crore, requiring ₹53.4 crore in Q4—a steep ask. Management was non-committal when questioned.
JARO / bear-case history
Track the concerns that keep returning.
Jaro Institute of Technology Management and Research · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Seasonality and Q3 softness impact margins
Q3 is seasonally softer due to Diwali and year-end, leading to higher marketing spend and lower margins. This pattern may persist.
Dependence on performance marketing for new partnerships
Customer acquisition cost rises when onboarding new institutional partners, pressuring margins until marketing spend optimizes.
Regulatory risk: content development not yet permitted
UGC currently restricts private companies from developing course content; if regulations change, Jaro may face increased competition or need to pivot.