📌 At a Glance
Crizac Ltd is a B2B global student recruitment platform that connects Indian agents with international universities in the UK, Canada, and beyond. With FY25 revenue at ₹849 Cr and ROCE of 48%, it’s more profitable than most D2C startups pretending to be unicorns. But… is a 39x P/E justified for a middleman?
1. 🎬 Introduction with Hook
“Forget BYJU’S. This is how you make money from education without burning cash or brains.”
While India’s EdTech graveyard is littered with losses, Crizac is pulling a stealth IPO and then moonwalking to ₹6,000 Cr market cap — without spending a rupee on celebrity ads or VC drama.
You’ve probably never heard of them. But UK universities definitely have.
2. 🎓 WTF Do They Even Do? (Business Model)
- Crizac runs a B2B international student recruitment platform
- Helps UK, Canada, Ireland, Aus, NZ colleges reach Indian agents
- Core offerings:
- 🔁 Admission back-end services
- 🎯 Brand/marketing for foreign unis
- 🧾 Application processing
- 📊 Conversion analytics
Think of it as a college admission CRM… for the entire world.
3. 💰 Financials Overview – Profit, Margins, ROE, Growth
| Metric | FY24 | FY25 | YoY Growth |
|---|---|---|---|
| Revenue | ₹530 Cr | ₹849 Cr | +60% 🚀 |
| Net Profit | ₹118 Cr | ₹153 Cr | +30% |
| OPM | 28% | 25% | |
| ROCE | 93% | 48% | |
| ROE | 49% | 36% |
✅ Revenue compounding at 48% CAGR (3Y)
✅ Net Profit CAGR: 32%
⚠️ Margin compression = scalability catching up
4. 📊 Valuation – Is It Cheap, Meh, or Crack?
| Metric | Value |
|---|---|
| CMP | ₹338 |
| EPS (TTM) | ₹8.74 |
| P/E | 38.8x |
| Market Cap | ₹5,921 Cr |
| Book Value | Not declared yet |
| EV/EBITDA | ~27x (est.) |
Fair Value Range:
Assume FY26 EPS = ₹12.5
Apply P/E range of 25x–30x (for a profitable, niche platform)
👉 FV Range = ₹310 – ₹375
So current price is… close to full unless growth surprises again.
5. 🔥 What’s Cooking – News, Triggers, Drama
- ✅ Appointed new CS & Compliance Officer
- ✅ Appointed MUFG Intime as RTA (recently listed)
- 🧑💼 Tight board-level compliance as per SEBI updates
- 🔒 Trading window closed ahead of June quarter
- 🚫 No debt, no dividend — pure growth mode
- 🧾 Very little media presence — Silicon Valley stealth vibes
No scandals. No noise. Just profit.
6. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
| Metric | FY24 | FY25 |
|---|---|---|
| Equity | ₹35 Cr | |
| Reserves | ₹304 Cr → ₹468 Cr | |
| Borrowings | ₹0 ✅ | |
| Total Assets | ₹591 Cr → ₹878 Cr | |
| Fixed Assets | ₹128 Cr → ₹93 Cr (asset-light pivot?) |
💡 Almost zero debt
💡 Clean reserves
💡 Tech-led infra = lean & light
7. 💵 Cash Flow – Sab Number Game Hai
| FY | CFO | CFI | CFF | Net Flow |
|---|---|---|---|---|
| FY24 | ₹101 Cr | -₹67 Cr | ₹0 | ₹35 Cr |
| FY25 | ₹187 Cr | -₹149 Cr | ₹0 | ₹39 Cr |
- ✅ Massive free cash generation
- ✅ No borrowings or dilution
- ⚠️ Capex investment increasing (likely in tech/infra)
8. 📐 Ratios – Sexy or Stressy?
| Metric | FY24 | FY25 |
|---|---|---|
| ROCE | 93% | 48% ✅ |
| ROE | 49% | 36% ✅ |
| Debtor Days | 116 | 110 ⚠️ |
| Working Capital Days | -33 | -34 ✅ |
✅ Negative working capital
✅ No payables or inventory headache
⚠️ Debtors increasing = scaling risk?
9. 💸 P&L Breakdown – Show Me the Money
- FY25 Revenue: ₹849 Cr
- EBITDA: ₹213 Cr
- PAT: ₹153 Cr
- Other Income: ₹35 Cr
- No interest expense. Negligible depreciation.
- EPS: ₹8.74
“They make ₹150 Cr+ profit… without even touching a brick.”
10. ⚔️ Peer Comparison – Who Else in the Game?
| Company | P/E | ROE | OPM | Market Cap |
|---|---|---|---|---|
| IndiaMART | 29x | 26.9% | 34.1% | ₹15,525 Cr |
| Just Dial | 13x | 13.5% | 29.4% | ₹7,881 Cr |
| InfoEdge | 103x | 2.7% | 30.2% | ₹92,011 Cr |
| Matrimony | 25x | 17% | 12.7% | ₹1,150 Cr |
| Crizac | 39x | 36.2% | 25.0% | ₹5,921 Cr |
Crizac = profitability like IndiaMART, scale like Just Dial, valuation like a small SaaS.
11. 🧪 Miscellaneous – Shareholding, Promoters
⛔ No official shareholding data available post-IPO
⛔ Recent listing = No promoter trend yet
✅ But: All filings, appointees, and board structure = compliant & lean
Assume founder-led + institution-backed setup.
12. 🎭 EduInvesting Verdict™
What We Love:
- 🧲 Hyper-efficient business model
- 💰 No debt, no dilution
- 💻 Asset-light, global play on education migration
- 🔥 48% ROCE is absurdly good
- 🚀 60% revenue growth in FY25
What Gives Us Pause:
- 🤐 Lack of public commentary or promoter visibility
- ⚠️ Valuation already high at 39x P/E
- 📉 OPM slightly dipping = future scalability test
Verdict: The cleanest education business India never talks about. Looks like SaaS, earns like FMCG.
Fair Value Range = ₹310 – ₹375
✍️ Written by Prashant | 📅 July 11, 2025
SEO Tags: Crizac Ltd stock analysis, Crizac IPO review, education platform stock India, international student recruitment stock, Crizac vs IndiaMART, asset-light B2B education business
