KEEPLEARN - DSJ Keep Learn
📢 Recent Corporate Announcements
DSJ Keep Learning Limited reported a weak set of numbers for Q3 FY26, swinging to a net loss of ₹54.19 Lakh from a profit of ₹13.44 Lakh in the year-ago period. Revenue from operations saw a sharp decline of 35% YoY, falling to ₹145.34 Lakh. For the nine-month period ended December 2025, the company recorded a net loss of ₹20.73 Lakh compared to a profit of ₹36.81 Lakh in the previous year. The board also approved a proposal to change the company's name, subject to necessary regulatory and shareholder approvals.
- Revenue from operations decreased to ₹145.34 Lakh in Q3 FY26 from ₹223.70 Lakh in Q3 FY25.
- Net loss for the quarter stood at ₹54.19 Lakh compared to a net profit of ₹13.44 Lakh in the same quarter last year.
- Total expenses of ₹197.97 Lakh significantly outpaced total income of ₹144.25 Lakh during the quarter.
- Nine-month net loss reached ₹20.73 Lakh, a sharp reversal from the ₹36.81 Lakh profit in 9M FY25.
- Board approved a change of company name, pending ROC and shareholder approval.
DSJ Keep Learning Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that securities received for dematerialization during the quarter ended December 31, 2025, were processed within prescribed timelines. This filing ensures that physical share certificates were mutilated, cancelled, and the depository's name was updated in the company's records. This is a standard administrative procedure for listed entities to maintain shareholding integrity.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Registrar MUFG Intime India Private Limited confirmed processing of all demat requests.
- Physical certificates were mutilated and cancelled after due verification by the depository participant.
- The name of the depositories has been substituted in the register of members as the registered owner.
DSJ Keep Learning Limited has informed the stock exchanges that its trading window for dealing in securities will be closed starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial results for the quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons until 48 hours after the un-audited financial results are declared. The specific date for the board meeting to approve these results will be announced separately.
- Trading window closure effective from Thursday, January 1, 2026.
- Closure pertains to the financial results for the quarter and nine months ending December 31, 2025.
- Window to reopen 48 hours after the official declaration of un-audited financial results.
- The restriction applies to all designated persons and insiders as per the Company's Code of Conduct.
Financial Performance
Revenue Growth by Segment
The Education activities segment, which constitutes 100% of the company's operations, generated revenue of INR 997.60 Lakhs in FY25, representing a growth of 118.8% compared to INR 455.95 Lakhs in the previous half-year period. For the half-year ended September 30, 2025, revenue reached INR 499.02 Lakhs, a 9.4% increase YoY.
Geographic Revenue Split
The company primarily operates within India, with registered offices in Mumbai and New Delhi. Specific percentage splits by region are not disclosed in available documents.
Profitability Margins
Net Profit Margin declined to 3.25% in FY25 from 5.09% in FY24, a 36.1% relative decrease. This compression was driven by a 123.8% surge in employee benefit expenses (INR 406.54 Lakhs) and a 123.1% increase in other operational expenditures (INR 521.41 Lakhs) as the company scaled its Campus Enablement teams.
EBITDA Margin
Core profitability (PBT margin) stood at 4.88% in FY25, down from 6.78% in the prior period. The decline is attributed to rapid scaling costs and a 98.2% increase in finance costs to INR 13.60 Lakhs.
Capital Expenditure
Property, Plant, and Equipment (PPE) were valued at INR 44.62 Lakhs at the end of FY25. Depreciation for the year increased by 92.2% to INR 30.27 Lakhs, reflecting investments in operational infrastructure.
Credit Rating & Borrowing
The Debt-Equity ratio improved significantly by 97.92% to 0.26 in FY25 from 12.56 in FY24. This was achieved through substantial debt repayment and equity capital infusion via a Rights Issue. Total borrowings as of September 30, 2025, stood at approximately INR 1.04 Cr.
Operational Drivers
Raw Materials
As a service-oriented education firm, physical raw materials are minimal. Human capital is the primary driver, with Employee Benefit Expenses accounting for 40.7% of total revenue (INR 406.54 Lakhs).
Key Suppliers
Not disclosed; the company focuses on partnerships with academic institutions and hiring platforms for talent acquisition.
Capacity Expansion
The company employed 57 personnel as of March 31, 2025. Rapid scaling is planned for the Campus Enablement and kOS teams to support growth in the coming financial year.
Raw Material Costs
Not applicable for the service industry; however, total operational expenses grew 122.0% YoY to INR 972.11 Lakhs in FY25.
Manufacturing Efficiency
Not applicable; efficiency is measured by the 'ramp-up' time and alignment of new hires in the Campus Enablement and kOS teams.
Logistics & Distribution
Not applicable; services are delivered through digital platforms and on-campus enablement.
Strategic Growth
Growth Strategy
Growth will be achieved through the rapid scaling of Campus Enablement and kOS teams, supported by consolidated hiring operations to reduce turnaround time for business-critical roles. The company is deepening partnerships with academic institutions and rolling out quarterly engagement initiatives within keeplearning.live to strengthen leadership depth and reduce attrition.
Products & Services
Campus Enablement services, kOS (Keeplearning Operating System) technology platform, and keeplearning.live digital education services.
Brand Portfolio
KEEPLEARN, keeplearning.live, and kOS.
New Products/Services
Rapid scaling of the kOS platform and Campus Enablement programs; specific revenue contribution percentages for new launches are not disclosed.
Market Expansion
Expansion into new cities is underway to increase the footprint of Campus Enablement services.
Market Share & Ranking
Not disclosed; the company faces competition from local players in each city of expansion.
Strategic Alliances
Strategic partnerships with academic institutions for product delivery and hiring platforms for talent sourcing.
External Factors
Industry Trends
The education industry is shifting toward technology-integrated 'Campus Enablement' and proprietary learning operating systems. The company is positioning itself for this shift with a current revenue growth rate of 118.8% in its education segment.
Competitive Landscape
The landscape is fragmented with significant competition from local players in every city of expansion.
Competitive Moat
The moat is built on proprietary technology IP (kOS) and brand equity. This is sustainable as long as the company maintains its rapid scaling and leadership depth to outpace local competitors.
Macro Economic Sensitivity
Sensitive to changes in Government regulations, tax regimes, and general economic developments within India.
Consumer Behavior
Increasing demand for consumer-centric services and high-quality, technology-enabled education.
Geopolitical Risks
Economic developments in India and other countries where the company conducts business are cited as incidental risk factors.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Environmental Compliance
Not disclosed; minimal environmental impact as a service provider.
Taxation Policy Impact
Current tax provision for FY25 was INR 13.50 Lakhs. The company is subject to changes in Indian tax regimes.
Legal Contingencies
No specific pending court cases or case values in INR were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Key risks include competition from local players, cyclical demand in principal markets, and the availability of skilled human resources for rapid scaling.
Geographic Concentration Risk
Operations are concentrated in India, specifically Mumbai and New Delhi.
Third Party Dependencies
High dependency on academic institutions for the delivery of Campus Enablement programs.
Technology Obsolescence Risk
The company faces the risk of technology obsolescence, which it addresses through continuous IP development in its kOS platform.
Credit & Counterparty Risk
Debtors turnover ratio of 3.42 in FY25 (up from 3.21 in FY24) indicates moderate efficiency in managing receivables.