Jetking Infotrain Ltd Q2 FY26 – When Your IT Training Institute Decides to Buy Bitcoin and Teach the Metaverse
1. At a Glance
Jetking Infotrain Ltd — once known for teaching people how to fix your printer drivers — has now evolved into a blockchain-loving, cloud-hacking, AI-dropping, crypto-holding training powerhouse. Incorporated in 1983, this Mumbai-based IT training company has gone from floppy disks to fungible tokens without flinching. As of Q2 FY26, Jetking’s market cap stands at around ₹93.4 crore, with a current price of ₹148 per share — down a dramatic 54.6% in the last 3 months, proving once again that diversification into Bitcoin doesn’t guarantee moon landings.
Revenue in the latest quarter clocked ₹7.16 crore, up 19.9% YoY, while PAT jumped to ₹3.41 crore, a massive 626% surge. The company is almost debt-free with a Debt-to-Equity ratio of 0.03, and sports a P/E of 19.7, below the industry average of 23.7 — suggesting either undervaluation or just plain investor confusion.
The stock’s one-year return of 94% still gives it bragging rights, even though the last quarter felt like an altitude crash from ₹400 highs. ROE is a modest 6.53%, and ROCE stands at 7.56%, both suggesting that Jetking earns less on equity than a decent FD but has way more drama attached.
Still, for a company that used to produce network engineers and now talks about “Metaverse diplomas,” the comeback story looks spicy.
2. Introduction
Ah, Jetking — the nostalgia of every 2000s engineering dropout who wanted to “do something in computers.” From assembling desktops in Goregaon to teaching “Cloud Computing” before half the students even had broadband, Jetking has seen the full cycle of India’s IT training evolution.
In the last few years, it has repositioned itself from a mere hardware-and-networking brand to a digital education play — think of it as the “PhysicsWallah” for hardware kids who discovered coding too late. But Jetking isn’t just talking tech — it’s literally walking into crypto land. After altering its Memorandum of Association in FY24 to legally allow investing in virtual digital assets (VDAs), Jetking bought actual Bitcoin with funds raised via preferential allotments.
Yes, you read that right — your neighborhood IT training institute now holds Bitcoin in its books. It’s like your school buying NFTs instead of textbooks.
Meanwhile, the education arm continues with its hybrid franchise strategy — COCO in metros, FICO in tier-2 towns. The balance sheet looks cleaner than many edtech unicorns burning investor cash, and profitability is finally back after years of losses.
But can Jetking’s blend of education, blockchain, and Bitcoin really scale? Or is this a shiny distraction to keep investors interested while student enrollments stay static? Strap in — the next sections decode the madness.
3. Business Model – WTF Do They Even Do?
Jetking Infotrain is basically an IT skill factory with courses spanning from the basics of computer hardware to futuristic metaverse engineering. The business serves two customers — students and recruiters. For students, it sells the dream of employability through diplomas in Cloud Computing, Ethical Hacking, and Blockchain. For recruiters, it promises job-ready manpower — though the recruiter list looks thinner than a government IT job roster.
The course basket includes:
Jetking Diploma in Cloud Computing
Jetking Diploma in Ethical Hacking
Jetking Master’s in Cloud Computing
Jetking Diploma in Blockchain
Jetking Diploma in Metaverse
The first three courses form 81% of enrollments, showing that the average Jetking student is still chasing certifications rather than decentralization. The company operates on two business models:
COCO (Company Owned Company Operated): Used in metros like Mumbai, Delhi, and Bangalore — Jetking runs the centers, controls quality, and absorbs the costs.
FICO (Franchise Invested Company Operated): Franchise puts up the money; Jetking runs the show. Perfect jugaad to scale without capital.
Now, they’re expanding across India, Nepal, and Southeast Asia, which sounds grand until you realize that “international operations” might just mean a training center in Kathmandu with two Raspberry Pis and one teacher on Zoom.
But the twist? Jetking’s MOA now lets it trade and hold crypto. They’ve already bought Bitcoin worth over ₹6 crore, calling it “digital diversification.” Maybe they’re preparing students for a future where diplomas are NFTs.
4. Financials Overview
Quarterly Results Lock: Q2 FY26
Let’s break down the Q2 FY26 numbers like a finance nerd with a sense of humour.
Metric
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue
₹7.16 Cr
₹5.97 Cr
₹6.10 Cr
+19.9%
+17.4%
EBITDA
₹1.66 Cr
₹0.78 Cr
₹0.14 Cr
+112.8%
+1,085%
PAT
₹3.41 Cr
₹0.47 Cr
₹0.80 Cr
+626%
+326%
EPS (₹)
5.41
0.80
1.27
+576%
+326%
Annualized EPS = 5.41 × 4 = ₹21.64, giving a forward P/E of around 6.8x — cheaper than a used motherboard at Lamington Road.
Commentary: The numbers scream “turnaround.” Jetking went from a barely profitable Q1 to an explosive Q2. But before you picture Lambos outside Jetking’s Dadar HQ, remember: other income is a chunky part of profit — ₹2.36 Cr this quarter came from it, mostly from “net gain on fair value changes” (read: crypto and investments).
So yeah, profits rose, but some of that came from Bitcoin’s mood swings.
5. Valuation Discussion – Fair Value Range Only
Let’s get our calculators ready (and try not to cry).
(a) P/E Method: Current EPS (TTM) = ₹7.59 Industry P/E = 23.7 Fair value range = ₹7.59 × (18 – 23.7) = ₹136 – ₹180
