Aptech Ltd, the OG of Indian training institutes (since 1986), is still hustling in 2025 with 1,000+ centers across IT, animation, aviation, beauty, and even preschools. FY25 revenue ₹476 Cr, PAT ₹21 Cr, and market cap ~₹753 Cr at a 36x P/E. Basically, students learn Photoshop while shareholders learn patience. Throw in Nigeria’s 250% currency crash, a Hollywood strike hurting animation courses, and a CEO resigning mid-flight—it’s less “skill development” and more “serial drama.”
2. Introduction
Aptech is that uncle who opened a computer training center in the 90s and somehow still survives against YouTube tutorials and Coursera. But unlike the uncle, Aptech diversified—Arena Animation, MAAC, Lakmé Academy, Aviation schools, Preschools. If there’s a human with spare time, Aptech will try to train them.
The business runs on two engines:
Global Retail (87% FY24): Franchise-led, 1,026 centers across India and 190 abroad. Brands like MAAC and Arena ride the VFX/Gaming boom, while Lakmé Academy and Aptech Aviation lure students dreaming of airline jobs and Instagram beauty careers.
Institutional (13% FY24): Assessments, digital exams, training for corporates and governments. Once 43% of revenue, now shrunk to 13% because two large customers ghosted them harder than Tinder matches.
Problems? Oh, plenty. The US writers’ strike froze animation demand. Nigeria (their second-biggest market) devalued its currency so badly that course fees collected felt like Monopoly money. Domestic beauty segment faces pricing wars from both Lakmé salons and your friendly neighbourhood “Shalu Beauty Parlour.”
So yes, Aptech is still teaching—but investors are wondering: is this teaching moment profitable, or just another cautionary case study?
3. Business Model – WTF Do They Even Do?
Think of Aptech as the Byju’s of the old school—except no VC billions, just franchise partners and student enrollments.
Domestic Retail (90% of Retail): 836 centers in India. Shifted from royalty-based to student delivery model (Aptech takes student fees directly). Course categories: animation/VFX, gaming, beauty, aviation, IT skills.
International Retail (10%): 190 centers across 5 continents. Strong in Nigeria, South Asia, Egypt, Vietnam, now entering Senegal. Bookings up 28% in FY24.
Institutional Business: Government exams, corporate training rollouts, LMS platforms. In FY24, revenues fell 68% because top clients stopped calling.
Translation: Aptech sells dreams (airline jobs, gaming careers, animation awards). The dreams sometimes come true, but shareholders are left living in suspense.
