Crizac Limited (CRIZAC)
₹156.35 +2.63% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Crizac's revenue was ₹201 Cr (-4.0% year on year, -48.7% on the previous quarter), and net profit ₹46.2 Cr (+0.8% year on year); the operating margin was 30.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹201 | -4.0% | -48.7% |
| Operating profit | ₹61.2 | +1.1% | -35.6% |
| Net profit | ₹46.2 | +0.8% | -37.6% |
| EPS (₹) | 2.69 | +2.7% | -37.3% |
| Operating margin | 30.4% | — | — |
CRIZAC delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 36.34% of the CRIZAC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.24%. The price rose 2.63% on unusually low delivery, so more of the move than usual was intraday trading.
Delivery in the last 5 sessions: 62.8% · 47.5% · 46.1% · 52.5% · 36.3%
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
Crizac Limited announced the launch of its Partner Growth Program (PGP) aimed at its global network of over 17,400 registered counselling partners across 85+ countries. The initiative provides small and medium education counsellors with marketing support, white-label branding, and destination-specific certifications to improve recruitment productivity. The platform currently partners with 450+ institutions globally. No direct financial commitments, capital outlays, or immediate revenue projections were disclosed alongside the press release.
- Program opened to network of 17,400+ registered counselling partners across 85+ countries
- Platform supports recruitment for 450+ international educational institutions
- Offers marketing studio tools and discounted study-destination counsellor certifications
- No immediate capex or direct revenue commitments disclosed in the announcement
Crizac Limited has announced a minor revision to its proposed investment in Edument Consultancy Private Limited. Following shareholder Chandra Shekhar Sharma's withdrawal of consent to sell 107 CCPS (valued at Rs 1,03,654), Crizac received a refund of this amount. Consequently, the total acquisition consideration is revised downwards from Rs 1.25 Cr to Rs 1.24 Cr. Upon completion and conversion, Crizac will hold approximately 36.80% of Edument's fully diluted equity capital, down from the earlier targeted 37.41%.
- Proposed stake revised to ~36.80% fully diluted (5,337 CCPS) from earlier 37.41% (5,444 CCPS)
- Aggregate acquisition consideration revised from Rs 1,24,76,944 to Rs 1,23,73,290
- Shareholder Chandra Shekhar Sharma withdrew consent for sale of 107 CCPS worth Rs 1,03,654
- Refund of Rs 1,03,654 already received back by Crizac
At Crizac Limited's 15th Annual General Meeting held on September 11, 2026, shareholders approved the appointment of Mr. Christopher Flood Nagle as Non-Executive Non-Independent Director. Members also approved the re-appointment of Independent Directors Mr. Anuj Saraswat and Ms. Payal Bafna for second 3-year terms starting in February 2027 and March 2027, respectively. The company reported TTM revenue of ₹689 Cr and operates with a market cap of approximately ₹3,087 Cr.
- Shareholders approved appointment of Mr. Christopher Flood Nagle (DIN: 11838159) as Non-Executive Non-Independent Director at the 15th AGM on September 11, 2026
- Re-appointment of Independent Director Mr. Anuj Saraswat approved for a second term of 3 years from February 14, 2027 to February 13, 2030
- Re-appointment of Independent Director Ms. Payal Bafna approved for a second term of 3 years from March 21, 2027 to March 20, 2030
Crizac Limited has submitted the Scrutinizer's report and voting results for its 15th Annual General Meeting held on September 11, 2026. All six resolutions, including adoption of standalone and consolidated FY26 financial statements and director appointments, were passed with requisite majority (each receiving over 99.4% votes in favor). A total of 14,50,48,468 valid votes were cast representing 82.89% of the company's total 17,49,82,500 shares. The meeting had 43 shareholders attending via video conferencing, including 5 from the promoter group and 38 public shareholders.
- All 6 resolutions passed with over 99.4% approval by shareholders at the AGM on September 11, 2026
- Consolidated FY26 financial statements approved with 14,50,48,377 votes in favor (100.00% rounded)
- Voting turnout stood at 82.89% of total equity, with 14,50,48,468 votes cast across 17,49,82,500 total shares
- 43 shareholders attended via video conference (5 promoter group, 38 public shareholders) from 66,561 record-date holders
- Reappointments of Independent Directors Anuj Saraswat and Payal Bafna approved for 3-year second terms starting early 2027
Crizac Limited held its 15th Annual General Meeting (AGM) on September 11, 2026, conducting standard business including the adoption of FY26 financial statements. Key agenda items included the appointment of Christopher Flood Nagle as Non-Executive Director and the reappointment of two Independent Directors for three-year terms starting early 2027. Management clarified that no stock options under ESOP 2026 will be granted below face value. The voting results under SEBI Regulation 44(3) will be submitted separately.
- 15th AGM conducted via Video Conferencing on September 11, 2026, running from 1:00 P.M. to 1:51 P.M.
- Proposed appointment of Christopher Flood Nagle as Non-Executive, Non-Independent Director
- Special resolutions presented for reappointment of two Independent Directors (Anuj Saraswat and Payal Bafna) for 3-year terms starting in 2027
- Company confirmed that no ESOPs under the 2026 plan will be granted below face value
Crizac Limited has issued the notice for its 15th Annual General Meeting (AGM) scheduled for Friday, September 11, 2026, at 1:00 PM IST via video conferencing. The company has submitted its Integrated Annual Report for FY 2025-26 pursuant to SEBI regulations. The cut-off date to determine shareholder voting eligibility is September 4, 2026. Remote e-voting will run from September 8 to September 10, 2026.
- 15th Annual General Meeting to be held on September 11, 2026, via Video Conferencing
- Cut-off date for determining voting rights fixed as September 4, 2026
- Remote e-voting window open from September 8, 2026, to September 10, 2026 (until 5:00 PM IST)
- Dispatched Integrated Annual Report for FY 2025-26 to eligible shareholders via email as on August 14, 2026
Crizac Limited has announced a two-month extension for the completion of its acquisition of Edument Consultancy Private Limited. The transaction, involving Compulsory Convertible Preference Shares (CCPS) and Compulsory Convertible Debentures (CCDs), was originally disclosed on June 15, 2026. The company cited pending documentation and closing formalities as the reason for the delay, with a new target completion date of October 12, 2026. Importantly, there are no changes to the underlying transaction terms or consideration.
- Revised completion date for the acquisition is now October 12, 2026
- Extension period of approximately 2 months from the previous expected timeline
- Original disclosure for the acquisition was filed on June 15, 2026
- Acquisition involves both Compulsory Convertible Preference Shares (CCPS) and Compulsory Convertible Debentures (CCDs)
Crizac reported a 4% YoY decline in Q1 FY27 revenue to ₹201.2 cr, reflecting seasonal troughs and a less favorable university partner mix. While total applications processed fell 6.2% to 1.04 lakh, student enrollments grew 15% YoY to 4,751, indicating higher conversion quality. Management has guided for flat revenue growth for the full year FY27, expecting a recovery in Q3 and Q4 to offset a weak first half. The company is actively diversifying, having acquired Innova Consultancy in July 2026 to enter the Netherlands and Mexico markets.
- Revenue from operations for Q1 FY27 stood at ₹201.2 cr, representing a 4% decline year-on-year.
- Student enrollment grew by 15% YoY to 4,751, despite a 6.2% drop in total applications processed (1.04 lakh).
- UK market share for student visas increased to 6% in FY26 from 3.5% in FY24; US market share rose to 13.9% from 9%.
- Management expects FY27 performance to be flat compared to FY26, citing near-term external headwinds and visa policy changes.
- Completed 100% acquisition of Innova Consultancy Limited in July 2026 to expand into Europe and Mexico.
Crizac Limited reported a 4% YoY decline in Q1 FY27 revenue to ₹201.2 cr, primarily due to seasonal troughs and a less favorable university mix. Despite lower application volumes (down 6.2% to 1.04 lakh), student enrollments grew 15% YoY to 4,751, reflecting improved conversion quality. The company is actively diversifying its 84% UK revenue concentration through the acquisition of Innova Consultancy (entry into Netherlands/Mexico) and a strategic investment in ForeignAdmits. Management expects flat growth for FY27, anticipating that strong demand in Q3 and Q4 will offset the weak first half.
- Q1 FY27 revenue reached ₹201.2 cr, representing a 4% YoY decline from the previous year.
- Student enrollments grew by 15% YoY to 4,751, even as total applications processed fell 6.2% to 1.04 lakh.
- UK market share for student visas granted increased to 6% in FY26, up from 3.5% in FY24.
- US study visa market share for Indian students rose significantly to 13.9% from 9% in the prior period.
- Management guided for flat full-year growth for FY27, expecting a recovery in the second half of the fiscal year.
Crizac Limited has made the audio recording of its Q1 FY27 earnings conference call available to the public, following the call held on August 4, 2026. The call discussed the unaudited financial results for the quarter ended June 30, 2026. This is a standard regulatory disclosure under SEBI Listing Regulations to ensure transparency for all shareholders. Investors can access the recording via the company's official website to review management's commentary on the quarter's performance.
- Audio recording of the Q1 FY27 earnings call held on August 4, 2026, is now available.
- The call pertains to the unaudited financial results for the quarter ended June 30, 2026.
- Company reported FY26 annual revenue of ₹488.17 cr with an operating margin of 25.92%.
- Management previously indicated a growth target of 25-30% and expansion into new markets to reduce 84% UK revenue concentration.
Crizac Limited reported a mixed Q1 FY27 with operating income declining 4.0% YoY to ₹201.2 cr, attributed to seasonal troughs and a less favorable university mix. Despite the revenue dip, PAT grew 2.9% YoY to ₹47.1 cr as PAT margins expanded by 152 bps to 22.6%. Operationally, student enrollments rose 15% YoY to 4,751, even as total applications processed fell 6.2% to 1.04 lakh. The company is aggressively diversifying away from its 80%+ UK revenue concentration through the July 2026 acquisition of Inova Consultancy, marking entry into the Netherlands and Mexico.
- Operating income for Q1 FY27 stood at ₹201.2 cr, a 4.0% YoY decline from ₹209.6 cr.
- PAT increased 2.9% YoY to ₹47.1 cr, supported by an asset-light model and 22.6% margins.
- Student enrollments grew 15.0% YoY to 4,751, indicating improved platform conversion rates.
- Acquired 100% of Inova Consultancy Limited in July 2026 to expand into the Netherlands and Mexico.
- EBITDA margins expanded sequentially by 585 bps to 29.8% in Q1 FY27 compared to Q4 FY26.
Crizac reported a 4.0% YoY decline in Total Income to ₹2,084 Mn for Q1 FY27, primarily due to seasonality and a shift in university partner mix. Despite a 6.2% drop in applications to 1.04 lakh, PAT grew 2.9% YoY to ₹471 Mn, with PAT margins expanding 152 bps to 22.6%. The company is aggressively diversifying its 84% UK revenue base through the acquisition of Inova Consultancy (July 2026) and an investment in ForeignAdmits (June 2026). Management noted that while overall study-visa volumes for Indian students contracted, Crizac's market share in key destinations increased.
- Total Income of ₹2,084 Mn in Q1 FY27, a 4.0% YoY decline from ₹2,172 Mn.
- PAT grew 2.9% YoY to ₹471 Mn, supported by a PAT margin expansion to 22.6%.
- Student enrolments rose 15.0% YoY to 4,751, despite a 6.2% decline in applications processed (1.04 lakh).
- Acquired 100% of Inova Consultancy Limited in July 2026, marking entry into the Netherlands and Mexico markets.
- EBITDA margin expanded 585 bps sequentially to 29.8% compared to Q4 FY26.
Crizac Limited has amended the appointment terms of Mr. Manish Agarwal, a Whole-time Director, effective August 3, 2026. The modification specifies that he will now be liable to retire by rotation in accordance with Section 152 of the Companies Act, 2013. All other terms of his appointment, including remuneration, tenure, and responsibilities, remain unchanged. This is a procedural governance update to align with statutory requirements.
- Amendment to terms of appointment for Whole-time Director Mr. Manish Agarwal effective August 3, 2026
- Director is now liable to retire by rotation as per Section 152 of the Companies Act, 2013
- No changes made to remuneration, tenure, or duties of the director
- Company maintains a market capitalization of approximately Rs 5,000 Cr
Crizac Limited has restructured its board, appointing Mr. Christopher Flood Nagle as the new Chairperson effective August 4, 2026. Dr. Vikash Agarwal, the previous Chairperson, will continue as Managing Director to focus on strategic management and executive responsibilities. Additionally, Ms. Pinky Agarwal has resigned as a Non-Executive Director, and two Independent Directors, Mr. Anuj Saraswat and Ms. Payal Bafna, have been re-appointed for second 3-year terms starting in early 2027. These changes occur as the company maintains a high 84% revenue concentration in the UK and targets 25-30% growth through international expansion.
- Mr. Christopher Flood Nagle appointed as Chairperson effective August 4, 2026, bringing international education sector expertise.
- Dr. Vikash Agarwal relinquished the Chairperson role on August 3, 2026, to focus exclusively on Managing Director duties.
- Two Independent Directors re-appointed for 3-year terms: Mr. Anuj Saraswat (Feb 2027-2030) and Ms. Payal Bafna (Mar 2027-2030).
- Ms. Pinky Agarwal resigned as Non-Executive Director effective August 3, 2026, citing other professional commitments.
- Board committees (NRC and Risk Management) reconstituted following the resignation and new appointment.
Crizac Limited has announced its 15th Annual General Meeting (AGM) to be held on September 11, 2026, via video conferencing. The company has fixed September 4, 2026, as the cut-off date to determine shareholder eligibility for voting on resolutions. This meeting will review the performance for the financial year ended March 31, 2026, during which the company recorded a revenue of ₹488.17 cr and a PAT of ₹96.34 cr. The Annual Report for FY26 will be dispatched to shareholders shortly.
- 15th Annual General Meeting scheduled for September 11, 2026, at 1:00 PM IST
- Cut-off date for determining voting eligibility is Friday, September 4, 2026
- Meeting pertains to the financial year ended March 31, 2026 (FY26)
- FY26 annual revenue stood at ₹488.17 cr with an operating margin of 25.92%
Financial Performance
Revenue Growth by Segment
Revenue from operations grew 24.92% YoY to INR 162.25 Cr in Q2 FY26 compared to INR 129.88 Cr in Q2 FY25. The growth is primarily driven by a 47.2% increase in student applications processed, reaching 99,685 in Q2 FY26. The company follows a seasonal trend where H1 contributes ~30% and H2 contributes ~70% of annual revenue.
Geographic Revenue Split
The UK remains the primary destination market, though concentration is reducing from >90% to ~84% as of Q2 FY26. Ireland has grown to contribute ~7% of revenues. Source markets are dominated by India, with increasing contributions from Asia (ex-India) and West Africa (Nigeria).
Profitability Margins
PAT for Q2 FY26 stood at INR 48.33 Cr, representing a 28.45% PAT margin, a significant increase from 14.81% in Q2 FY25. This was driven by higher-margin university mixes and a recovery of INR 4 Cr in forex losses from the previous quarter.
EBITDA Margin
Operating EBITDA margin reached 39.00% in Q2 FY26, up from 24.89% YoY. This spike is attributed to one-time annual bonuses from universities and a favorable GBP/INR forex gain of INR 4 Cr. Management guides for a sustainable long-term EBITDA margin of 24-25%.
Capital Expenditure
The company maintains a light asset model as a platform business. Property, Plant, and Equipment stood at INR 10.90 Cr as of FY25. Significant investments are directed toward the proprietary technology platform rather than heavy physical infrastructure.
Credit Rating & Borrowing
Crizac is a debt-free company with a finance cost of only INR 0.005 Cr in Q2 FY26. The company maintains strong liquidity with cash and cash equivalents of INR 88.83 Cr as of FY25.
Operational Drivers
Raw Materials
The primary 'raw material' cost is the Cost of Services, which consists of commissions paid to channel partners (agents), representing 56.26% of revenue in Q2 FY26.
Import Sources
Services are sourced globally through a network of 13,500+ registered agents across 80+ countries, with heavy concentration in India and emerging growth in West Africa.
Key Suppliers
The company relies on 13,500+ registered agents and 250+ global higher education institutions. Key university partners are located primarily in the UK, Ireland, and North America.
Capacity Expansion
Current capacity is measured by application processing volume, which reached 99,685 in Q2 FY26. Expansion is focused on onboarding ~2,000 new agents per quarter to increase student sourcing capacity.
Raw Material Costs
Cost of Services was INR 91.28 Cr in Q2 FY26 (56.26% of revenue). These costs are highly variable and move in direct proportion to revenue, limiting operating leverage as the business scales.
Manufacturing Efficiency
Efficiency is driven by the proprietary tech platform. Employee costs are expected to grow at a slower rate than the 25-30% top-line growth due to increased automation in application processing.
Logistics & Distribution
Distribution is digital via the B2B platform. The primary cost is the commission paid to agents, which is the 'distribution' expense for student acquisition.
Strategic Growth
Expected Growth Rate
25-30%
Growth Strategy
Growth will be achieved by expanding into new destination markets including the USA, Middle East, Australia, and New Zealand to reduce UK concentration. The company is also diversifying revenue streams by launching student loans (Q3 FY26), accommodation services (already live), and forex services.
Products & Services
Educational consultancy services, student application processing, international student recruitment, and student accommodation referrals.
Brand Portfolio
Crizac (B2B Education Platform).
New Products/Services
Accommodation services (live) and Student Loan services (launching Q3 FY26) are expected to contribute to revenue growth in FY27 as they mature.
Market Expansion
Targeting expansion into Australia and North America within the next 1-2 years to diversify the current 84% UK revenue base.
Market Share & Ranking
Crizac is a leading B2B student recruitment platform in India, particularly for the UK market, with a market capitalization of approximately INR 5,000 Cr.
Strategic Alliances
Partnerships with 250+ global universities and 13,500+ recruitment agents globally.
External Factors
Industry Trends
The international education market is growing at ~25-30% annually. The industry is shifting toward integrated 'one-stop' platforms that offer loans, insurance, and housing alongside admissions.
Competitive Landscape
Competes with other global ed-tech aggregators and traditional recruitment agencies. Competitive edge lies in the depth of the UK university portfolio.
Competitive Moat
Moat is built on a dual-sided network effect: a large agent network (13,500+) attracts universities, and a diverse university portfolio (250+) attracts more agents. This is sustainable due to the high time-cost for competitors to build similar global institutional relationships.
Macro Economic Sensitivity
Highly sensitive to international education trends and student visa regulations in the UK and USA. US H-1B visa rule changes have created sentimental shifts in student demand.
Consumer Behavior
Students are increasingly seeking diversified destinations (Ireland, Canada) and integrated financial services (loans/forex) during the application process.
Geopolitical Risks
Trade barriers or restrictive immigration policies in the UK could disrupt the core business model which relies on student mobility.
Regulatory & Governance
Industry Regulations
Subject to international student visa regulations (e.g., UK Home Office rules, US H-1B rules) and SEBI listing obligations. Compliance with SEBI Regulation 74(5) regarding share dematerialization was confirmed for Q3 2025.
Environmental Compliance
Minimal impact as a service-based technology platform.
Taxation Policy Impact
Effective tax rate for Q2 FY26 was approximately 20% (INR 21.94 Cr tax on INR 109.38 Cr PBT).
Legal Contingencies
No major pending litigation or court cases with significant financial values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Regulatory changes in UK immigration policy pose a potential 70-80% risk to the current revenue base. Forex volatility remains a constant risk to quarterly margin stability.
Geographic Concentration Risk
84% of destination revenue is concentrated in the UK; India is the primary source market.
Third Party Dependencies
High dependency on 13,500+ third-party agents for 100% of student sourcing.
Technology Obsolescence Risk
The business must constantly update its proprietary platform to handle increasing application volumes (currently ~100k/quarter) and integrate new services like loans.
Credit & Counterparty Risk
Receivables are primarily from established global universities. The company mitigates credit risk by only paying agent commissions after receiving funds from the institutions.
