1. Opening Hook
While America debates who deserves an H-1B visa, Indian students are quietly saying“Cheerio!”to the UK instead. Crizac — the middleman between those dreams and the student loan EMIs — had another blockbuster quarter. Revenue jumped, margins flexed, and the company proved again that every immigration rule has a silver lining (for someone).CEO Vikash Agarwal calls it “consistent growth.” We call it “US visa tears turned into British pounds.”Stick around — this call had it all: forex magic, loan launches, Middle East expansions, and margin mysteries that make even auditors blush.
2. At a Glance
- Revenue ₹162 cr (↑30% YoY)– Students still applying abroad despite world chaos; inflation be damned.
- PAT ₹48 cr (↑141% YoY)– Profit jumped faster than a student switching from US to UK.
- EBITDA 39%– CFO swears it’s “bonuses + forex,” not divine intervention.
- UK share ~90%– Brexit may be old news, but Britain still funds Crizac’s lunch.
- Guidance 25–30% growth– “Conservative,” said every CEO before beating it.
- Agents 4,600 active– Global sales army armed with Excel sheets and hope.
- Universities 250 ties (vs 170 LY)– The admissions Tinder is busy swiping right.
3. Management’s Key Commentary
Vikash Agarwal:“Revenue grew 30%, PAT more than doubled to ₹48 cr.”(Translation: We’re basically doing IIT-level math with UK visas.)
On H-1B rules:“Any negative news for US is positive for us.”(Translation: Uncle Sam sneezes, Crizac catches profits.)
On margins:“We maintain 25% guidance despite strong quarter.”(Translation: Don’t expect another forex fairy next time 😏.)
On UK dependency:“Down from 95% to under 90%.”(Translation: Still addicted, just pretending to diversify.)
On new ventures:“Accommodation service live; loan biz launching Q3.”(Translation: Students can now owe Crizac both rent and debt.)
On expansion:“Subsidiary in UAE, tie-ups in Middle East, Oz & NZ coming.”(Translation: Wherever there’s Wi-Fi and an IELTS center, we’ll be there.)
CFO Manish:“Cash flow negative due to university payment delays.”(Translation: The cheques
are in the mail, promise.)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Change | One-Line Analysis |
|---|---|---|---|
| Revenue (₹ cr) | 162 | +30% | UK visa chaos = Indian startup boom. |
| PAT (₹ cr) | 48 | +141% | “Study abroad” pays better than MBAs. |
| EBITDA Margin | 39% | +1,400 bps | Forex + bonuses = CFO’s bonus. |
| Active Agents (count) | 4,600 | +20% | The world’s most persuasive people. |
| Partner Universities | 250 | +47% | Everyone wants an Indian pipeline. |
| UK Revenue Mix | 90% | −5 ppt | Still one-country show. |
| Guidance FY26 Growth | 25–30% | Flat | Under-promise, over-enroll. |
| Conversion Rate (App→Enroll) | 8–10% | Stable | Admissions harder than HDFC loans. |
Bonus: CFO admits ~₹4 cr forex gain juiced the quarter. Without it, margins would’ve chilled near 25%.
5. Analyst Questions
Sequent Investments:“US visa reforms impact?”→“Negative for US = positive for us.”(They just monetized geopolitics.)
Ashmo Research:“Middle East expansion?”→“Subsidiary set up in UAE.”(Because Dubai’s real export is degrees.)
Sapphire Capital:“Geo mix?”→“India 50%, Africa 25%, SE Asia & China 25%.”(Crizac = UN of admissions.)
Emkay:“Why ignore US market?”→“We like money, not immigration headaches.”
Dhana Laxmi:“How many students apply directly?”→“Only 30–35%.
