Veranda Learning Solutions Ltd Q3 FY26: ₹117 Cr Revenue, EBITDA Margin 45%, But Promoter Drama + Debt Gymnastics – EdTech Turnaround or Financial Acrobatics?
1. At a Glance – The EdTech Circus is Back 🎪
If EdTech companies were Bollywood movies, Veranda Learning would be that comeback hero who went bankrupt in the first half, took a training montage break, and is now doing slow-motion punches with dramatic background music.
Revenue up 52%. EBITDA exploding 328%. PAT suddenly positive like your friend after hitting the gym for 3 weeks. But behind all this glow-up… there’s debt refinancing, promoter pledging, restructuring, demergers, and AI buzzwords flying around like Diwali rockets.
So what is Veranda really?
A turnaround story? A financial engineering masterpiece? Or just another EdTech company trying to survive post-pandemic reality check?
Because let’s be honest — in India, EdTech is no longer about “learning”. It’s about cash flow, CAC, and corporate jugaad.
And Veranda seems to be playing all three games simultaneously.
2. Introduction – From EdTech Dreams to Balance Sheet Nightmares
Let’s rewind.
The company started in 2018 — peak EdTech optimism era. Everyone believed India’s future was online learning. Investors threw money like wedding guests throwing notes at a DJ.
Then reality hit.
Offline coaching came back. Students realized YouTube is free. Parents realized fees are not.
And suddenly — EdTech companies went from “future of India” to “future restructuring candidates”.
Veranda was no exception.
Losses piled up. Debt increased. Promoters diluted. ROE went into negative territory so deep that even auditors needed emotional support.
But then… Q3 FY26 happens.
Suddenly:
Profit appears
Margins expand
Debt refinancing begins
Demerger announced
AI enters the chat (obviously)
Classic corporate makeover.
But here’s the real question:
👉 Is this a genuine business turnaround? 👉 Or is this just financial restructuring doing cosmetic surgery?
Let’s investigate like a suspicious auditor who doesn’t trust anything without footnotes.
3. Business Model – WTF Do They Even Do?
At its core, Veranda is trying to be the Zomato + Byju’s + Allen hybrid nobody asked for.
They operate an O2O (Online-to-Offline) model:
Online courses
Offline coaching centers (200+)
Hybrid programs
Corporate training
Vocational courses
Basically, if it involves “learning”, they want a slice.
Segments:
Academic (K-12 + Higher Ed)
Commerce Test Prep (CA, CFA, etc.)
Government Exams (UPSC, SSC, Banking)
Vocational Training (BFSI skills)
And here’s the twist:
👉 69% revenue is offline.
So this is not really an EdTech company.
This is a coaching company pretending to be tech-enabled.
Revenue Mix FY24:
Learning Programs: ~92%
Books: 6%
Rental + Licensing: negligible
So basically:
👉 “We teach students, and sometimes sell books if they’re desperate.”
The Real Engine
The company itself admits:
👉 Growth is driven heavily by the commerce vertical (CA coaching)
Which explains why:
They want to demerge it
List it separately
Unlock value
Translation:
👉 “This is the only part actually making money.”
4. Financials Overview – Finally Some Good News (But Calm Down)
