🧠 At a Glance
Crizac Ltd is a B2B edtech matchmaking platform that connects 7,900+ agents with over 135 universities across the UK, Canada, Australia & beyond. They processed 5.95 lakh student applications in FY25. Now, promoters are exiting ₹860 Cr via OFS. Strong growth, global ops, and nearly zero debt — but is it worth 28x earnings with zero fresh capital raised?
1. 🎬 Introduction with Hook
🧑🎓 “From India to Ireland — one form, one agent, one Crizac.”
Crizac Ltd is the Shaadi.com of foreign admissions. But instead of confused uncles, it matches students with global universities — over 135 institutions in countries like the UK, Australia, and Canada.
The kicker? This IPO raises ₹860 Cr for the promoters — not for the company. Not ₹1 is going into expansion, tech, or hiring. Just a clean-off-the-table exit.
So is Crizac a rising edtech infrastructure play… or a cash-out before the bubble cools?
2. 🏗️ Business Model (WTF Do They Even Do?)
📚 B2B Global Student Recruitment Platform
Think of Crizac as the Amazon Seller Central for education agents:
- 🌍 Over 7,900 registered agents across 75+ countries
- 🏛️ Tied up with 135+ global higher ed institutions
- 📈 Processed 5.95 lakh applications in FY25 alone
- 📱 Runs on a proprietary tech platform (SaaS-ish backend for agents)
- 🧑💼 2,532 active agents in FY24 → 40% outside India
🚂 Their job: Match agents to universities, power student recruitment, and get paid a cut.
🧠 It’s not flashy, but it’s infrastructure. It’s cross-border B2B. It’s sticky — and surprisingly profitable.
3. 📊 Financials Overview – Profit, Margins, ROE, Growth
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹517.85 Cr | ₹763.44 Cr | ₹884.78 Cr |
| PAT | ₹112.14 Cr | ₹118.90 Cr | ₹152.93 Cr |
| EBITDA | ₹107.29 Cr | ₹72.64 Cr | ₹212.82 Cr |
| Net Worth | ₹221.37 Cr | ₹341.81 Cr | ₹505.71 Cr |
📈 Revenue CAGR (FY23–25): ~30%
💸 PAT CAGR (FY23–25): ~16%
🧈 EBITDA Margin FY25: 25.05%
🎯 ROE: 30.24%
🧠 Translation: Crizac isn’t just growing — it’s doing it profitably, and without debt.
4. 📉 Valuation – Is It Cheap, Meh, or Crack?
Let’s do the math:
- 💵 Price Band: ₹233–245
- 🧾 EPS (FY25): ₹8.74
- 🧮 P/E (FY25): ~28.03x
- 📘 Book Value: ₹28.89 → P/B = 8.48x
🔎 Not cheap, but let’s compare.
💰 EduInfra comps:
| Company | P/E | ROE | Comments |
|---|---|---|---|
| Global Education | ~25x | 28% | India-focused infra |
| UpGrad (unlisted) | NA | NA | Perennially loss-making |
| Veranda Learning | 200x+ | NA | 😂 |
🧮 Fair Value Range (EduInfra benchmark of 20x–24x): ₹175–₹210
5. 🍿 What’s Cooking – News, Triggers, Drama
- 🌍 Global presence: active agents across Nigeria, Vietnam, Sri Lanka, Nepal, Kenya, etc.
- 🔄 FY25 EBITDA bounceback after FY24 dip — now ₹212 Cr+
- 💸 IPO = 100% Offer for Sale. Promoters exiting partially. Company gets zero money.
- 💻 No AI, blockchain, or metaverse pitch — just classic B2B platform scale.
This isn’t a tech bubble — but it’s also not a discount ticket.
6. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
- 🏦 Total Borrowing: ₹0.08 Cr
- 🟢 Net Debt = practically zero
- 🏗️ Assets doubled from ₹304 Cr in FY23 → ₹879 Cr in FY25
- 📈 Net Worth doubled to ₹505 Cr
🧠 One of the cleanest balance sheets in the IPO season.
But… none of the ₹860 Cr will fund expansion or ops.
7. 💸 Cash Flow – Sab Number Game Hai
No full CFS available yet — but some guesses:
- PAT of ₹153 Cr
- Margins steady
- Capex likely modest given platform model
- High working capital biz (agent commissions, receivables?)
🧠 Cash conversion appears decent — but more data needed.
8. 🧮 Ratios – Sexy or Stressy?
| Ratio | Value | Verdict |
|---|---|---|
| ROE | 30.24% | Sexy 🔥 |
| ROCE | 40.03% | Damn |
| PAT Margin | 17.28% | Excellent |
| EBITDA Margin | 25.05% | Very solid |
| Debt/Equity | ~0 | Dream |
| P/E | 28.03x | High but defensible |
| Price/Book | 8.48 | A bit rich |
💥 Operationally strong.
🚨 Valuation… not dirt cheap.
9. 💰 P&L Breakdown – Show Me the Money
- FY23 to FY25 Revenue: +70%
- FY24 profit dipped slightly, then FY25 shot back
- EBITDA recovered post-FY24 dip, more than doubled
🧠 Likely due to cost control + volume leverage
Also: business isn’t capital-intensive — that explains high return ratios.
10. ⚔️ Peer Comparison – Who Else in the Game?
There are no direct peers in listed India space. But…
| Company | Revenue (₹ Cr) | PAT (₹ Cr) | P/E | ROE |
|---|---|---|---|---|
| Crizac | 884.78 | 152.93 | 28.03x | 30.24% |
| Veranda | 268 | -140 | NA | NA |
| Global Education | 120 | 30 | ~25x | 28% |
Crizac is ahead in size, margin, and returns. Only risk? Global macro + agent churn.
11. 🧩 Miscellaneous – Shareholding, Promoters
- 🧑💼 Promoters: Dr. Vikash, Pinky, Manish Agarwal
- 📊 Pre-IPO Holding: 100%
- 🛑 Post-IPO Holding: To be diluted — exact post-OFS stake TBD
- 👥 Employees: 329 across global ops
- 🧠 Consultants in 10+ countries
✅ Clean corporate structure
🚫 OFS means no fund infusion
12. 🧠 EduInvesting Verdict™
📢 “Global margins. Zero debt. And zero rupees for growth.”
Crizac Ltd is a rare Indian tech-ish platform that’s actually profitable. It’s growing. Its ROE would make even Warren Buffett blink. But at 28x earnings and a full exit by promoters, you’re basically buying second-hand equity.
👑 Verdict: Crizac looks solid — but this IPO isn’t fundraising. It’s monetizing.
📦 You’re not funding growth — you’re buying someone else’s Porsche.
✍️ Written by Prashant | 📅 June 30, 2025
Tags: Crizac IPO, Edtech IPO India, Global student platform IPO, B2B education IPO, Equirus Capital IPO, Anand Rathi IPO, EduInvesting IPO Review, July 2025 IPOs, Crizac Ltd OFS,
