Chetana Education Limited (CHETANA)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Chetana Education's revenue was ₹51.0 Cr (+15.9% year on year, -13.6% on the previous half-year), and net profit ₹4.0 Cr (+33.3% year on year); the operating margin was 15.7%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹51.0 | +15.9% | -13.6% |
| Operating profit | ₹8.0 | +33.3% | -42.9% |
| Net profit | ₹4.0 | +33.3% | -55.6% |
| EPS (₹) | 1.99 | +17.8% | -56.8% |
| Operating margin | 15.7% | — | — |
CHETANA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the CHETANA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 89.16%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average. It closed at a price band (circuit) on 3 sessions in about the last 20.
Delivery in the last 5 sessions: 73.1% · 84.6% · 100.0% · 87.5% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Chetana Education Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited. It confirms that share certificates received for dematerialisation during the quarter were duly processed, verified, and cancelled within prescribed timelines. This is a purely standard procedural compliance filing.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarterly period ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 03, 2026
- Filing submitted to the exchange on October 07, 2026
Chetana Education Limited disclosed the voting results and Scrutinizer's Report for its 3rd Annual General Meeting held on September 04, 2026. All 6 resolutions presented were approved by shareholders with requisite majorities. Key approvals include the adoption of FY26 standalone and consolidated financial statements, re-appointment of Mr. Anil Rambhia as Chairman & MD, re-appointment of Mr. Rakesh Rambhia as Whole-Time Director, and approval of material related-party transactions for FY27. Total voting turnout stood at 76.06% on statutory adoption items across 20,400,000 total equity shares.
- All 6 ordinary and special resolutions approved with requisite majorities at the AGM held on September 04, 2026.
- Adoption of FY26 financials approved with 99.77% of votes cast in favor (15,481,600 votes).
- Re-appointment of Mr. Anil Rambhia as Chairman & MD and Mr. Rakesh Rambhia as Whole-Time Director passed with 99.59% favor.
- Material related party transactions for FY 2026-27 approved with 91.57% favor among voting non-promoters/institutions.
Chetana Education Limited successfully conducted its 3rd Annual General Meeting (AGM) on September 04, 2026, via video conferencing. Key resolutions tabled included the adoption of FY26 audited standalone and consolidated financial statements, the re-appointment of Anil Rambhia as Chairman & Managing Director, and Rakesh Rambhia as Whole-Time Director. Additionally, approval was sought for material related-party transactions for FY 2026-27. Final e-voting results will be declared within 48 hours.
- 3rd Annual General Meeting concluded on September 04, 2026, running from 11:00 AM to 11:26 AM IST.
- Special resolutions tabled for the re-appointment of Anil Rambhia (CMD) and Rakesh Rambhia (Whole-Time Director).
- Ordinary resolution tabled for the approval of Material Related Party Transactions for FY 2026-27.
- Secretarial audit reported one procedural qualification regarding pending e-Form CHG-1 filing for Kotak Mahindra Bank vehicle loans.
Chetana Education Limited has announced its 3rd Annual General Meeting (AGM) scheduled for September 04, 2026. The company has fixed August 28, 2026, as the Record Date/Cut-off Date to determine shareholder eligibility for participating in the meeting and remote e-voting. The book closure period will run from August 29 to September 04, 2026. This is a standard procedural announcement following the conclusion of the 2025-26 financial year.
- AGM scheduled for September 04, 2026, at 11:00 AM via Video Conferencing
- Record date for voting eligibility is fixed as August 28, 2026
- Remote e-voting period starts September 01 and ends September 03, 2026
- Company reported FY26 Revenue of ₹109.3 Cr and PAT of ₹13.5 Cr in the attached report summary
- Pending litigation filed by the company for recovery of dues involves ₹5.27 Cr across 200 cases
Chetana Education has announced its 3rd Annual General Meeting (AGM) for September 4, 2026, to be held via video conferencing. The record date for determining shareholder voting eligibility is August 28, 2026. The company reported FY26 revenue of ₹109.3 crore and a PAT of ₹13.5 crore. A key disclosure includes 200 pending criminal proceedings filed by the company (primarily for cheque bounces) involving ₹5.27 crore, which represents approximately 39% of its FY26 PAT.
- 3rd Annual General Meeting scheduled for September 4, 2026, at 11:00 AM IST
- Record date for voting eligibility set for August 28, 2026
- FY26 Revenue from operations reported at ₹109.3 crore with PAT of ₹13.5 crore
- 200 criminal proceedings filed by the company for recovery, involving ₹5.27 crore
- Provision of ₹53.95 lakhs recognized for doubtful trade receivables and loans
Chetana Education's board has approved the re-appointment of CMD Anil Rambhia and WTD Rakesh Rambhia for three-year terms starting February 2027. The board also cleared significant Related Party Transactions (RPTs), including reciprocal loan facilities of up to ‡20 crore each for both directors at a 9% interest rate. These loan limits to directors represent approximately 43% of the company's current Net Worth (‡93 Cr). Additionally, a lease agreement for operational premises was approved at ‡22.29 lakh per month with a 7% annual escalation.
- Re-appointment of CMD Anil Rambhia and WTD Rakesh Rambhia for 3 years effective February 07, 2027.
- Approval of unsecured loan facilities from Directors to the company up to ‡20.00 crore each at 9% interest.
- Approval of financial advances/loans from the company to Directors up to ‡20.00 crore each at 9% interest.
- Lease rent of ‡22,29,166 per month approved for Chetana Book Depot, a partnership firm involving directors.
- The 3rd Annual General Meeting (AGM) is scheduled for September 04, 2026, via video conferencing.
Chetana Education Limited has informed the exchange that it is exempt from filing the quarterly Corporate Governance report under Regulation 27(2) of SEBI (LODR) Regulations. This exemption applies because the company is listed on the NSE Emerge (SME) platform as of June 30, 2026. Such exemptions are standard for SME-listed entities to reduce the compliance burden compared to mainboard companies.
- Exemption claimed under Regulation 15(2)(b) of SEBI (LODR) Regulations, 2015
- Non-applicability of Regulation 27(2) for the Q2 FY 2026-27 reporting period
- Company remains listed on the NSE Emerge platform as of June 30, 2026
- TTM revenue stands at Rs 212 Cr with a healthy OPM of 20.8%
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 9.6% in FY25 to INR 102.5 Cr from INR 93.5 Cr in FY24. H1FY26 revenue stood at INR 58.5 Cr, a marginal 1% YoY increase. The digital segment (Dijaa Education) contributed INR 0.11 Cr in its first quarter of operations (Q2 FY26).
Geographic Revenue Split
Maharashtra accounts for approximately 50% of total revenue. The company has a presence in 18 states through 22 branches and international presence in the UAE and Sri Lanka.
Profitability Margins
PAT margin improved from 12.57% in FY24 to 13% in FY25 (INR 13.6 Cr). H1FY26 PAT margin stood at 16% (INR 9.4 Cr), though absolute PAT declined 7% YoY from INR 10.1 Cr due to higher base and moderation in sales activity.
EBITDA Margin
EBITDA margin was 21% in FY25 (INR 21.6 Cr). In H1FY26, the margin improved to 24% (INR 13.8 Cr) compared to 13% in H2FY25, driven by disciplined cost management, though it was down from 27% in H1FY25.
Capital Expenditure
The company follows an asset-light model with no major manufacturing facilities. IPO proceeds of INR 45.9 Cr were utilized for debt repayment (27%) and working capital. No major capex plans are disclosed for the near term.
Credit Rating & Borrowing
Assigned CARE BBB-; Stable / CARE A3 in December 2025. Previously rated [ICRA]BB+ (Stable). Interest coverage ratio significantly improved from 5.74x in FY24 to 19.70x in H1FY26 due to debt reduction from IPO proceeds.
Operational Drivers
Raw Materials
Paper is the primary raw material, representing the bulk of production costs for the 10 million+ books produced annually. The company also invests in content through 400+ contractual authors.
Import Sources
Sourced primarily from domestic paper mills and suppliers in India to support its Mumbai-based operations and warehouse in Bhiwandi.
Key Suppliers
Not specifically named, but the company engages in responsible procurement from the paper industry and utilizes over 400 contractual authors for content development.
Capacity Expansion
Current capacity allows for the production of approximately 10 million+ books (FY25). The company operates an asset-light model, outsourcing manufacturing while maintaining a catalogue of 750+ titles.
Raw Material Costs
Raw material costs are susceptible to volatile paper prices. The company manages this through an asset-light model and responsible procurement, though specific cost % of revenue is not disclosed.
Manufacturing Efficiency
The company does not operate direct manufacturing facilities, focusing instead on content creation and distribution efficiency through 22 branches.
Logistics & Distribution
Distribution is handled through 22 branches and a sales team of 250+ employees to reach 30,000+ schools.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be driven by the rollout of the 'DottStar' OTT platform (150 schools already onboarded) and an expected surge in demand in Q4 FY26 following CBSE and State Board syllabus changes. The company is also leveraging its 15 distinct brands to cross-sell digital and physical products.
Products & Services
K-12 textbooks, workbooks, supplementary learning materials, QR code-enabled books, and the DottStar digital OTT learning platform.
Brand Portfolio
Chetana, DottStar (OTT platform), and 15 other distinct brands covering 750+ titles.
New Products/Services
Launched 'DottStar' OTT platform in June 2025; introduced QR code-linked books that provide educational videos to enhance the interactive learning experience.
Market Expansion
Expanding digital footprint to 150+ schools; targeting stronger demand from Q4 FY26 onwards across 18 Indian states and international markets like UAE and Sri Lanka.
Market Share & Ranking
Established player in the West India zone (Maharashtra) with a 48-year legacy; specific national ranking not disclosed.
Strategic Alliances
Maintains relationships with 400+ contractual authors and 500+ distributors; Dijaa Education Ltd is a 100% wholly-owned subsidiary for Edtech.
External Factors
Industry Trends
The industry is shifting toward 'Phygital' models (physical books with digital links). The K-12 segment is growing but faces disruption from Edtech platforms and free government resources.
Competitive Landscape
Highly competitive and fragmented; competes with local publishers, national brands, and digital-first Edtech startups.
Competitive Moat
Moat is built on a 48-year brand legacy, a massive library of 750+ titles, and deep-rooted relationships with 400+ authors and 30,000 schools, which are difficult for new entrants to replicate quickly.
Macro Economic Sensitivity
Highly sensitive to changes in the National Education Policy (NEP) and state-level curriculum changes which dictate product obsolescence and renewal cycles.
Consumer Behavior
Increasing preference for interactive and video-based learning, prompting the company's shift toward QR code books and OTT platforms.
Geopolitical Risks
Exposure is limited primarily to domestic regulatory changes in the Indian education system.
Regulatory & Governance
Industry Regulations
Subject to curriculum standards set by CBSE and State Boards; compliance with the National Education Policy (NEP) is critical for content alignment.
Environmental Compliance
Exposed to tightening regulations on the paper industry; the company aims to reduce its carbon footprint via import substitution and responsible procurement.
Taxation Policy Impact
Effective tax rate is approximately 25-26% based on PBT of INR 12.6 Cr and Tax Expense of INR 3.2 Cr in H1FY26.
Legal Contingencies
No major pending court cases or legal disputes with specific values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Seasonality of revenue (concentrated around the start of the academic year) and high working capital intensity (NWC/OI of 76% in FY24) pose liquidity risks.
Geographic Concentration Risk
High geographic risk with ~50% of revenue coming from a single state (Maharashtra).
Third Party Dependencies
Heavy reliance on 400+ contractual authors for content and 500+ distributors for market reach.
Technology Obsolescence Risk
Risk of physical books being replaced by purely digital content; mitigated by the launch of DottStar and QR code books.
Credit & Counterparty Risk
Receivable days are elevated at 225 days (FY25), indicating potential credit risk from distributors and schools.
