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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹61.8 Cr
verification pending
Revenue YoY
42%
reported change
EBITDA
₹12.29 Cr
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Jaro reported a strong Q3 FY26 with revenue of ₹61.8 crore (+42% YoY), EBITDA of ₹12.29 crore, and PAT of ₹7.03 crore (PAT margin 11.38%). Growth was driven by higher enrollments, new program launches (IIT Bombay, DTU, JK Sha classes), and expansion into tier-2/3 cities (Kolkata, Indore). Management guided for 20-25% revenue growth and margin improvement to historical levels of ~30% EBITDA and ~20% PAT, aided by rising ARPU (doubled to ~84,000 in 4 years) and higher referral share (35-36%). Key risk: the company previously guided for ₹85 crore PAT for FY26, but 9-month PAT is only ₹31.58 crore, implying a steep Q4 target that may be missed.
Colored figures show movement against the previous available record.
Guidance to track
- Management indicated that overall growth for FY26 would be in the range of 20-25%, based on Q3 enrollment trends and seasonality.
- Management expects to sustain EBITDA margins around 30% and PAT margins around 19-20%, with improvement from current levels through higher referrals and productivity.
- ARPU is expected to keep rising as the company focuses on higher-fee programs (e.g., IIM Ahmedabad AGMP at ₹9 lakh) while retaining lower-fee offerings.
- The exclusive online partnership with JK Sha classes (commerce test prep) is expected to start contributing from April 2026, targeting a large student base.
Risks flagged
- 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.
- Q3 is seasonally softer due to Diwali and year-end, leading to higher marketing spend and lower margins. This pattern may persist.
- Customer acquisition cost rises when onboarding new institutional partners, pressuring margins until marketing spend optimizes.
- UGC currently restricts private companies from developing course content; if regulations change, Jaro may face increased competition or need to pivot.
Key quotes
- We are in profit since inception. Out of 17 years, 9 years we have paid dividend. We have done bonus shares twice.
- Our attempt is to reduce the dependence on performance marketing and increase the referrals and the organic lead. So the margins will improve.
- We have been able to successfully see more than 70% of the people getting benefited out of it and hence it builds a strong traction also giving us higher referral leverage.
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