S Chand and · risk themes across the available quarters.
Bear-case history
NCERT's push for in-house printing and direction to schools to use NCERT books could impact private publishers' sales, though management believes private schools will continue to prefer comprehensive private books.
The NCERT syllabus change has been spread over 5-6 years instead of the expected 2-3 years, diluting the growth kicker from new curriculum adoption.
Achieving full-year guidance requires a very strong Q4 (₹550 crore+ revenue), which is historically the highest quarter; any shortfall could miss targets.
Management declined to disclose counterparties for AI data licensing, citing confidentiality, which limits visibility into revenue sustainability.