Veranda Learning Solutions Ltd
Incorporated in 2018, Veranda Learning Solutions Ltd is developing & managing an integrated online-to-offline (O2O) EdTech platform which offers a wide range of learning programs for learners preparing for competitive and professional exams[1]
- Market Cap ₹ 2,245 Cr.
- Current Price ₹ 233
- High / Low ₹ 272 / 129
- Stock P/E 34.8
- Book Value ₹ 99.6
- Dividend Yield 0.00 %
- ROCE 12.8 %
- ROE 3.84 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is expected to give good quarter
- Company has delivered good profit growth of 36.9% CAGR over last 5 years
- Debtor days have improved from 37.3 to 25.5 days.
Cons
- Promoter holding is low: 33.8%
- Company has a low return on equity of -24.0% over last 3 years.
- Promoters have pledged 30.4% of their holding.
- Earnings include an other income of Rs.111 Cr.
- Company's cost of borrowing seems high
- Promoter holding has decreased over last 3 years: -26.3%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Consumer Services Other Consumer Services E-Learning
Part of BSE Consumer Discretionary
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| 3 | 75 | 161 | 362 | 358 | 482 | 525 | |
| 10 | 114 | 233 | 307 | 313 | 316 | 343 | |
| Operating Profit | -8 | -39 | -72 | 55 | 44 | 166 | 183 |
| OPM % | -300% | -52% | -44% | 15% | 12% | 34% | 35% |
| 0 | 1 | 38 | 8 | 5 | 124 | 111 | |
| Interest | 0 | 9 | 11 | 79 | 131 | 78 | 58 |
| Depreciation | 1 | 14 | 45 | 67 | 164 | 58 | 59 |
| Profit before tax | -8 | -61 | -89 | -83 | -246 | 154 | 177 |
| Tax % | -0% | -4% | -11% | -7% | 2% | 15% | |
| -8 | -58 | -79 | -77 | -252 | 130 | 158 | |
| EPS in Rs | -11.83 | -14.20 | -12.86 | -11.66 | -33.25 | 10.97 | 15.03 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 185% |
| 3 Years: | 44% |
| TTM: | 32% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 37% |
| 3 Years: | 30% |
| TTM: | 129% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 6% |
| 1 Year: | 9% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -32% |
| 3 Years: | -24% |
| Last Year: | 4% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 7 | 41 | 62 | 69 | 74 | 96 |
| Reserves | -7 | 36 | 244 | 307 | 183 | 862 |
| 7 | 203 | 306 | 583 | 660 | 382 | |
| 5 | 100 | 275 | 667 | 947 | 476 | |
| Total Liabilities | 12 | 380 | 887 | 1,626 | 1,863 | 1,817 |
| 4 | 255 | 734 | 1,432 | 1,612 | 1,268 | |
| CWIP | 2 | 0 | 3 | 10 | 0 | 0 |
| Investments | 0 | 0 | 0 | 5 | 5 | 394 |
| 6 | 125 | 150 | 180 | 246 | 155 | |
| Total Assets | 12 | 380 | 887 | 1,626 | 1,863 | 1,817 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| -5 | -39 | 15 | 27 | 32 | 106 | |
| -6 | -225 | -342 | -231 | -49 | -103 | |
| 12 | 313 | 363 | 139 | 51 | -26 | |
| Net Cash Flow | 0 | 48 | 36 | -65 | 34 | -24 |
| Free Cash Flow | -11 | -43 | -75 | 14 | 20 | 92 |
| CFO/OP | 65% | 88% | -28% | 49% | 92% | 71% |
Ratios
Consolidated / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 46 | 17 | 12 | 39 | 47 | 25 |
| Inventory Days | 1,011 | |||||
| Days Payable | 4,731 | |||||
| Cash Conversion Cycle | -3,674 | 17 | 12 | 39 | 47 | 25 |
| Working Capital Days | -993 | -438 | -126 | -435 | -431 | -71 |
| ROCE % | -37% | -25% | -0% | -8% | 13% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Total Enrollments (Additional Learners) Students |
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| Number of Coaching Centers/PDCs Centers |
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| Commerce Test Prep Revenue Share % of total revenue |
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| Government Test Prep Revenue Share % of total revenue |
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| K-12 Schools Operated Schools |
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| K-12 Students Students |
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| Student Collections INR Crores |
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| JK Shah + Tapasya College of Commerce Students Students |
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Extracted by Screener AI
Documents
Announcements
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Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015
- J.K. Shah Commerce Education allotted ₹110 crore NCDs on September 24, 2026 to repay RBL Bank loan.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
- Veranda Learning fixes October 6, 2026 record date for Commerce vertical demerger and JSCEL share entitlement.
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Intimation Of Record Date Under The Composite Scheme Of Arrangement
- Record date fixed for October 6, 2026; shareholders get 1 JSCEL share for each VLS share.
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Disclosure Under Regulation 30 Of SEBI (LODR) Regulations 2015
- JSCEL approved Rs143 crore secured NCD issuance to repay RBL Bank loan and fund general corporate purposes.
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Disclosure under Regulation 30A of LODR
- Promoters executed pledge over Veranda shares for ₹111 crore personal credit facilities.
Annual reports
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Annual Report 2026
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Annual Report 2025
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Annual Report 2024
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Annual Report 2023
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Annual Report 2022
from bse
Concalls
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Aug 2026Transcript PPT REC
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Jun 2026Transcript PPT
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Feb 2026Transcript PPT
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Oct 2025Transcript PPT
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Sep 2025Transcript PPT
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Aug 2025Transcript PPT
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Nov 2024PPT
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Aug 2024PPT
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May 2024PPT
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Feb 2024Transcript PPT
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Dec 2023PPT
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Nov 2023PPT
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Aug 2023PPT
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May 2023PPT
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Feb 2023PPT
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Nov 2022PPT
Business Overview:[1]
a) VLSL is part of the Kalpathi AGS Group.
b) It provides education technology solutions, including training programs for competitive exams like State Public Service Commission, Banking, Insurance, Railways, IAS, CA, and professional upskilling.
c) The platform integrates technology, processes, and methodologies to deliver personalized learning experiences nationwide.
d) It offers diversified learning solutions in online, offline hybrid, and offline blended formats for students, aspirants, professionals, and corporate employees.