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Revenue
₹99 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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What the record says.
S Chand reported Q3 FY26 consolidated revenue of ₹99 crore and a PAT loss of ₹28.87 crore, with revenue impacted by syllabus revision shifting sales to Q4. Management reiterated full-year guidance of ₹800 crore+ revenue and 18-20% EBITDA margin, expressing high confidence despite the need for a strong Q4. Key drivers include the NCERT syllabus change rollout (classes 4,5,7,8 now available), AI data content licensing revenues targeting ₹30 crore+ for FY26 (vs ₹19.5 crore in FY25), and the acquisition of CPD Singapore to enter the international curriculum market. Working capital improved to lowest Q3 inventory days (316) and net working capital (143 days). Risks include delayed physical availability of NCERT books and potential competition from NCERT's in-house printing push.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated full-year operating revenue guidance of ₹800 crore+, with confidence in achieving it despite Q3 shortfall.
- Management targets EBITDA margin band of 18-20% for FY26, driven by product mix, content licensing, and new curriculum books.
- Management confident of achieving over ₹30 crore in AI data content licensing revenue for FY26, up from ₹19.5 crore in FY25.
- Management expects solid 50% year-on-year growth in AI data content licensing revenues during FY26.
Risks flagged
- 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.
Key quotes
- We are absolutely confident of achieving revenues of more than 300 million during FI26 versus 195 million FI25 in the segment.
- We'll look at what we end up with by the end of this year. We look at the cash flows probably around May when we have our final results. That is the time we can take a call based upon the liquidity and the discussions that will happen internally at the board level.
- The syllabus change as we expected got delayed somehow by the government and we expected the syllabus change to happen in over a 2-3 years period but that is taking four-five years.
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