✅ At a Glance
| Metric | FY24 | FY25 | Change |
|---|---|---|---|
| Revenue from Operations | ₹1,445 Cr | ₹1,564 Cr | 🔼 +8.2% |
| Net Profit (PAT) | ₹174 Cr | ₹223 Cr | 🔼 +28% |
| EPS (Standalone) | ₹6.91 | ₹8.85 | 🔼 +28.0% |
| CMP (as of 19 May 2025) | ₹147.20 | ||
| TTM P/E | ~16.6x |
Profit is up, but education stocks toh election se pehle hi syllabus khatam kar chuke the. Is it time to revise the rerating chapter?
🧾 About the Company
Navneet Education Ltd is the OG of Indian schoolbooks. If you ever memorised a chapter summary or drew a pointless map of Madhya Pradesh, blame Navneet.
They operate in:
- Publication (Textbooks, Guides, Workbooks)
- Stationery (India + Overseas)
- Digital EduTech (slowly emerging)
This is the textbook equivalent of a boring-but-profitable uncle who always brings kaju at Diwali.
🧑🏫 Key Management
| Name | Role |
|---|---|
| Gnanesh D. Gala | Managing Director |
| R. Gopalan | Chairman |
| Shreepal K. Shah | CFO |
| Deloitte Haskins & Sells | Auditor (valid peer review till Feb 2026) |
📊 FY25 Standalone Financials
| Item | FY24 | FY25 | Change |
|---|---|---|---|
| Revenue (Op) | ₹1,445 Cr | ₹1,564 Cr | 🔼 +8.2% |
| Other Income | ₹23.3 Cr | ₹22.5 Cr | ❌ Flat |
| Total Income | ₹1,468 Cr | ₹1,586 Cr | 🔼 |
| Total Expenses | ₹1,225 Cr | ₹1,275 Cr | 🔼 |
| PBT | ₹242 Cr | ₹310 Cr | 🔼 +28.1% |
| Tax | ₹68 Cr | ₹87 Cr | 🔼 |
| PAT | ₹174 Cr | ₹223 Cr | 🔼 +28.2% |
| EPS | ₹6.91 | ₹8.85 | 🔼 +28.0% |
Even without New Education Policy buzz, Navneet quietly compounding like CBSE syllabus — same every year but somehow harder.
💰 Segmental Revenue Split (FY25)
| Segment | Revenue (₹ Cr) |
|---|---|
| Publication | ₹837 Cr |
| Stationery | ₹693 Cr |
| EduTech/Other | ₹34 Cr est. |
Textbook biz still rules the board — stationery contributes decently. EduTech? Absent note submitted.
🧮 Fair Value (FV) Calculation
- EPS (TTM): ₹8.85
- Fair P/E (Conservative): 18x
👉 FV = ₹8.85 × 18 = ₹159.30
CMP = ₹147.20
📈 Upside: ~8.2%
Not a screaming buy — but for long-term SIP in slow compounders, it’s like Sanskrit optional: peaceful and less competition.
💼 Balance Sheet Snapshot
| Item | ₹ Cr |
|---|---|
| Equity + Reserves | ₹1,248 Cr |
| Total Assets | ₹2,195 Cr |
| Total Liabilities | ₹947 Cr |
| Cash & Equivalents | ₹104 Cr |
| Inventory | ₹412 Cr |
| Receivables | ₹588 Cr |
📦 High receivables = schools & governments still haven’t paid up.
🧨 Related Party Stuff
- Directors paid: ₹10.5 Cr
- Loans to subs = ₹49.2 Cr
- Rental payments to promoters = ₹4.3 Cr
Nothing shady. Just Gujarati-style family enterprise expenses.
⚠️ Risks & Red Flags
- High seasonal dependency — revenue skewed to Q1/Q2 every year
- Government orders = delay-prone
- Low EduTech exposure = no tech narrative
- Private schooling segment under threat from low-cost boards
🧠 EduInvesting Take
“Navneet is the most Gujarati business ever — slow, profitable, dividend-paying, and too boring to short.”
It won’t become a multibagger overnight, but compounding + zero drama is what makes it outlast unicorns.
Textbooks won’t die, India won’t stop having kids, and exams aren’t going anywhere.
🏁 Final Verdict
- ✔️ Steady growth
- ✔️ Clean balance sheet
- ❌ No buzz factor
- ❌ Valuation already fair
“Perfect for low-volatility investors who like SIPs, sugar-free tea, and watching CNBC in mute mode.”
Tags: Navneet Education FY25 results, Navneet share price, textbook stock, stationery stocks India, FY25 EPS 8.85, fair value ₹159, EduInvesting analysis, dividend paying education stocks
