CRIZAC - Crizac
📢 Recent Corporate Announcements
Crizac Limited has issued a postal ballot notice to seek shareholder approval for the ratification and expansion of its 'Crizac-ESOP 2026' plan. The company proposes to add 69,99,300 new options, significantly increasing the total pool to 1,22,48,775 options. The resolution also includes extending the grant of options to employees of current and future subsidiaries or associate companies. Shareholders can participate in the e-voting process from February 21, 2026, to March 22, 2026, with results expected by March 24, 2026.
- Proposed addition of 69,99,300 options to the existing Crizac-ESOP 2026 scheme.
- Total ESOP pool size to be increased to 1,22,48,775 options upon shareholder approval.
- Ratification of the ESOP plan originally approved on March 21, 2024, prior to the company's listing.
- Expansion of the scheme to cover employees of subsidiary and associate companies, both in India and abroad.
- Remote e-voting period set for February 21, 2026, through March 22, 2026.
Crizac Limited reported a strong Q3 FY26 with revenue increasing 28% YoY to INR 278.63 crores and a PAT of INR 50.52 crores. The company maintained a healthy EBITDA margin of 23.19%, supported by its asset-light, tech-led recruitment platform. Management announced the company's first special interim dividend and highlighted the strategic acquisition of Global Tree to expand into the B2C segment. Crizac remains debt-free and expects to exceed its FY25 profit of INR 155 crores in the current fiscal year.
- Revenue reached INR 278.63 crores in Q3 FY26, a 28% year-on-year growth driven by global student recruitment demand.
- Processed 1.2 lakh student applications in Q3, with approximately 90% of applications focused on the UK market.
- Reported a PAT of INR 50.52 crores for the quarter, representing an 18% net profit margin.
- Acquired B2C company Global Tree on January 6, 2026, which is expected to operate at high margins of approximately 50%.
- Company remains entirely debt-free and self-funded with a normalized EBITDA margin target of 23% to 25%.
Crizac Limited has officially released the audio recording of its earnings conference call held on January 28, 2026. The call focused on the company's unaudited financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all shareholders. Investors can now access the full discussion regarding the company's operational and financial trajectory on the corporate website.
- Audio recording of the Q3 FY26 earnings call is now available for public access.
- The conference call was conducted on January 28, 2026, following the results announcement.
- Covers financial and operational performance for the nine months ended December 31, 2025.
- Compliance maintained under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations.
Crizac Limited reported a robust 28.01% YoY growth in revenue for Q3 FY26, reaching ₹2,786.36 million, fueled by rising international student enrollments. The company maintained a healthy EBITDA margin of 23.19%, despite a 60.72% surge in employee benefit expenses due to ESOP issuances. Profit After Tax (PAT) reached ₹505.28 million, representing a 17.70% margin. The company continues to operate a debt-free, asset-light B2B model, leveraging a network of over 14,000 agents and 350+ global institutions.
- Revenue from operations grew 28.01% YoY to ₹2,786.36 Mn in Q3 FY26.
- EBITDA increased by 17.01% YoY to ₹646.09 Mn, though margins softened slightly to 23.19%.
- Employee benefit expenses rose 60.72% YoY to ₹73.64 Mn, primarily driven by ESOP costs.
- The company remains debt-free with growth entirely funded through internal accruals.
- Global scale reached 80+ sourcing countries and 10 lakh+ student applications processed to date.
Crizac Limited reported a strong performance for Q3 FY26, with consolidated revenue growing 28% year-on-year to ₹278.8 crore. Net profit for the quarter increased by 16.7% to ₹50.5 crore compared to the same period last year. The Board has declared an interim dividend of ₹8 per share (400% of face value) with a record date of February 4, 2026. Additionally, the company is seeking shareholder approval to enhance its ESOP pool to attract and retain talent across its global subsidiaries.
- Consolidated Revenue from Operations grew 28% YoY to ₹27,883.60 Lakhs in Q3 FY26.
- Net Profit after Tax increased to ₹5,052.77 Lakhs from ₹4,329.47 Lakhs in the previous year's quarter.
- Declared an interim dividend of ₹8.00 per share on a face value of ₹2.00, payable by February 26, 2026.
- Nine-month (9M FY26) Net Profit stands at ₹14,467.56 Lakhs on a total income of ₹67,255.13 Lakhs.
- Board approved the enhancement of the Crizac Employee Stock Option Plan 2026 pool.
Crizac Limited has officially declared an interim dividend of ₹8 per equity share for the financial year 2025-26. The company has designated February 4, 2026, as the record date to identify eligible shareholders for this payout. Based on a face value of ₹2 per share, this represents a significant 400% dividend payout. The company expects to complete the disbursement of funds to eligible members by February 26, 2026.
- Interim dividend of ₹8 per equity share announced for FY 2025-26
- Record date for determining eligibility is fixed as February 4, 2026
- Dividend payout represents 400% of the ₹2 face value per share
- Payment completion scheduled on or before February 26, 2026
Crizac Limited has declared an interim dividend of ₹8 per equity share for FY 2025-26, with a record date set for February 4, 2026. The company reported strong Q3 FY26 results, with consolidated revenue increasing 28% YoY to ₹278.8 crore. Net profit for the quarter grew to ₹50.5 crore from ₹43.3 crore in the previous year's corresponding quarter. Additionally, the board has approved the enhancement of the Employee Stock Option Plan (ESOP) 2026 to include subsidiary employees.
- Interim dividend of ₹8 per share declared on a face value of ₹2 (400% payout).
- Consolidated Revenue from Operations grew 28.1% YoY to ₹27,883.60 Lakhs in Q3 FY26.
- Net Profit after Tax (PAT) increased 16.7% YoY to ₹5,052.77 Lakhs for the quarter ended December 2025.
- 9-month FY26 PAT stands at ₹14,467.58 Lakhs, a significant 37.7% increase over 9M FY25.
- Record date for dividend is February 4, 2026, with payment to be completed by February 26, 2026.
Crizac Limited reported a strong performance for Q3 FY26 with consolidated revenue reaching ₹278.6 crore, a significant sequential jump from ₹162.3 crore in Q2. Net profit for the quarter stood at ₹50.5 crore, up from ₹43.3 crore in the same period last year. The company declared a substantial interim dividend of ₹8 per share (400% of face value) with a record date of February 4, 2026. Additionally, the board approved the expansion of the Employee Stock Option Plan (ESOP) 2026 to include subsidiary employees, subject to shareholder approval.
- Consolidated Revenue from Operations grew 28% YoY to ₹27,863.60 Lakhs in Q3 FY26
- Net Profit for the nine-month period ended Dec 2025 surged 37.7% to ₹14,467.58 Lakhs
- Declared an Interim Dividend of ₹8.00 per equity share on a face value of ₹2.00
- Earnings Per Share (EPS) for 9M FY26 increased to ₹8.23 from ₹6.00 YoY
- Board approved enhancement of ESOP pool and grants for subsidiary employees via Postal Ballot
Crizac Limited has declared a substantial interim dividend of ₹8 per equity share for FY 2025-26, with the record date set for February 4, 2026. The company reported a strong financial performance for Q3 FY26, with consolidated revenue growing 28% YoY to ₹278.6 crore. Net profit for the quarter increased to ₹50.5 crore from ₹43.3 crore in the previous year's corresponding quarter. Additionally, the board has approved an enhancement of the ESOP pool under the Crizac Employee Stock Option Plan 2026.
- Declared interim dividend of ₹8.00 per equity share (400% of face value) with a record date of Feb 4, 2026.
- Consolidated Revenue from Operations grew 28% YoY to ₹27,863.60 Lakhs in Q3 FY26.
- Net Profit after Tax increased 16.7% YoY to ₹5,052.77 Lakhs for the quarter ended December 31, 2025.
- Nine-month (9M FY26) Net Profit surged to ₹14,467.58 Lakhs compared to ₹10,505.11 Lakhs in 9M FY25.
- Board approved the ratification and enhancement of the Crizac Employee Stock Option Plan 2026.
Crizac Limited reported a strong performance for Q3 FY26, with consolidated revenue growing 28.1% year-on-year to ₹27,883.60 Lakhs. Net profit for the quarter increased to ₹5,052.77 Lakhs, up from ₹4,329.47 Lakhs in the previous year. The board has declared a significant interim dividend of ₹8.00 per share (400% of face value) with a record date of February 4, 2026. Furthermore, the company is enhancing its ESOP pool to include subsidiary employees, indicating a focus on long-term talent retention.
- Consolidated Revenue from Operations grew 28.1% YoY to ₹27,883.60 Lakhs in Q3 FY26.
- Net Profit after Tax (PAT) increased by 16.7% YoY to ₹5,052.77 Lakhs for the quarter.
- Declared an Interim Dividend of ₹8.00 per equity share on a face value of ₹2.00.
- 9-Month FY26 PAT stands at ₹14,467.58 Lakhs, representing a 37.7% growth over 9M FY25.
- Board approved the enhancement of the ESOP pool and ratification of the Crizac-ESOP 2026 plan.
Crizac Limited has announced its earnings conference call scheduled for Wednesday, January 28, 2026, at 05:00 PM IST. The call will focus on the company's financial results for the third quarter and the nine-month period ended December 31, 2025. Senior management, including the Chairman & MD, CFO, and the CEO of Crizac UK, will be present to discuss performance and the future outlook. This routine regulatory filing ensures transparency for institutional investors and analysts following the company's performance.
- Earnings conference call scheduled for January 28, 2026, at 5:00 PM IST.
- Discussion will cover financial performance for Q3 FY26 and the nine months ended Dec 31, 2025.
- Management participants include Dr. Vikash Agarwal (MD) and Mr. Manish Agarwal (CFO).
- Universal dial-in numbers provided are +91 22 6280 1224 and +91 22 7115 8125.
- International toll-free access is available for major hubs including USA, UK, and Singapore.
Crizac Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by the company's Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, covers the period from October 1, 2025, to December 31, 2025. The RTA confirmed that no requests for dematerialization or rematerialization of shares were received during this specific quarter. This filing is a standard regulatory requirement for listed entities in India to ensure proper share accounting.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Registrar MUFG Intime India Private Limited confirmed zero dematerialization requests received.
- Zero rematerialization requests were processed during the three-month period.
- The filing confirms adherence to SEBI (Depositories and Participants) Regulations, 2018.
- The document was officially signed and submitted to the exchanges on January 12, 2026.
Crizac Limited has entered into an agreement to acquire a controlling 51.04% stake in Global Tree Careers Private Limited (GTCPL), a B2C overseas education and immigration consultancy. The deal includes a primary cash infusion of ₹10 crore for a 24.20% stake, while the remaining 26.84% will be acquired via secondary purchase at a price linked to future performance. GTCPL reported a turnover of ₹25.97 crore for FY25 and maintains a strong brand presence in Telangana and Andhra Pradesh. This acquisition is a strategic move to expand Crizac's footprint in the education services industry and is expected to close by March 31, 2026.
- Acquisition of 51.04% equity stake, making GTCPL a subsidiary of Crizac Limited.
- Primary investment of ₹10.00 crore at a per-share price of ₹31,345 for a 24.20% stake.
- Secondary purchase of 26.84% stake with consideration dependent on GTCPL's future performance.
- Target company GTCPL reported FY25 turnover of ₹25.97 crore and assets of ₹29.80 crore.
- Strategic expansion into the B2C overseas education and immigration consultancy segment.
Crizac Limited has notified the exchanges that its trading window will be closed from January 1, 2026, for all designated persons and their relatives. This action is taken in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015, preceding the announcement of financial results for the period ending December 31, 2025. The window will remain shut until 48 hours after the un-audited financial results are declared. The date for the board meeting to consider these results will be communicated separately.
- Trading window closure starts on January 1, 2026.
- Closure covers the quarter and nine-month period ending December 31, 2025.
- Window reopens 48 hours after the financial results are publicly disclosed.
- Board meeting date for results approval to be intimated in due course.
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.