1. At a Glance – Blink and You’ll Miss the Cash Machine
Crizac Ltd is that rare Indian IPO baby that came listed, printed money, flexed absurd return ratios, and then calmly reminded investors why concentration risk is a silent killer. Market cap sitting around ₹4,362 crore, stock lounging at ₹251, down ~17% in 3 months and ~24% in 6 months, while ROCE casually flashes 47.9% and ROE struts at 36.2%. Sales for TTM clock in at ₹991 crore, PAT at ₹194 crore, and debt… basically ₹0.08 crore, which is accounting dust.
Quarterly numbers? Q3 FY26 sales ₹279 crore, PAT ₹50–51 crore, EPS ₹2.85. Margins remain juicy with OPM ~24%. Sounds perfect? Not so fast. 96.12% of revenue comes from the UK and top 3 institutions contribute 64% of revenue. That’s not diversification; that’s a tightrope walk over a visa policy meeting.
So yes, Crizac is profitable, asset-light, and high-return. But it’s also one Home Office press release away from a heart attack. Curious already? Good. Let’s dig.
2. Introduction – From Agent WhatsApp Groups to a ₹4,300 Cr Platform
Crizac Ltd was incorporated in 2011, quietly building pipes between education agents and foreign universities, long before “study abroad” became every second Instagram reel. It is not an EdTech selling dreams directly to students. It is a B2B plumbing business that universities can’t easily shut off.
The company connects thousands of recruitment agents with universities across the UK, Canada, Ireland, Australia, and New Zealand, handling applications, tracking conversions, and making sure universities don’t get flooded with garbage leads. In return, Crizac earns a percentage of the student’s first-year tuition fee. Simple. Scalable. Highly profitable.
By FY24, the platform had processed ~5.95 lakh student applications, partnered with 135+ global institutions, and onboarded ~7,900 agents across 75+ countries. That’s not a startup anymore; that’s infrastructure.
Then came the IPO in July 2024, raising ₹1,000 crore, listing on BSE and NSE, and instantly landing on every “new-age profitable IPO” watchlist.
But profitability doesn’t mean invincibility. The company’s entire revenue model is welded to international student mobility, visa regimes, and geopolitical mood swings.
If you think this is a boring consultancy business, you’re already underestimating both the upside and the risk.
3. Business Model – WTF Do They Even Do? (Explained Like You’re Late for a Flight)
Crizac runs a two-sided B2B marketplace:
- On one side: Recruitment agents across India, Africa, Asia, and other regions.
- On the other: Universities abroad desperate for international students to fill classrooms and balance budgets.
Crizac’s proprietary technology platform sits in the middle, acting like a traffic cop with spreadsheets.
What agents get:
- Access to real-time university information
- Course filtering and eligibility checks
- Application tracking dashboards
- Marketing material
- Faster processing (less email begging)
What universities get:
- Filtered applications
- Reduced fraud and low-quality leads
- Access to a rated agent network
- Outsourced admission office services
And the killer feature:
Agent Rating System (1–10) based on conversion and quality. Bad agents get sidelined. Good agents get priority. Universities stay happy. Crizac stays paid.
Revenue comes primarily from commission on first-year tuition fees, plus administrative and admission-related services. No inventory. No capex-heavy nonsense. Just volume, compliance, and data.
The model scales beautifully as long as international student flows keep rising. And that “as long as” is the entire investment debate.
4. Financials Overview – Numbers That Slap, With a Few Red Flags
EPS Annualisation Rule Applied
Latest quarter EPS (Dec 2025 / Q3 FY26): ₹2.85
Average of Q1, Q2, Q3 EPS = (2.62 + 2.76 + 2.85) / 3 ≈ ₹2.74
Annualised EPS = ₹2.74 ×
