Jaro Institute of Technology Management & Research Ltd (Q2 FY26): From Lecture Halls to ₹252 Cr Sales — The Professor Who Just Listed
1. At a Glance
Welcome to Jaro Institute of Technol. Mgt. and Research Ltd, the latest edtech professor who decided to go public and instantly teach Dalal Street what “upskilling” truly means — especially when your stock slips -7.14% on October 17, right after the IPO hangover.
At a market cap of ₹1,433 crore and a current price of ₹647, Jaro sits in the mid-cap classroom between the disciplined topper MPS Ltd and the “please mute yourself” backbencher Veranda Learning.
Revenue? ₹252 crore in FY25, growing 26.7% YoY. Profit after tax? ₹51.7 crore, up 27.5%. ROE? A stonking 35.8%, enough to make traditional universities wonder if they should start offering a crash course in capitalism.
Operating margin? 32%. Debt-to-equity? 0.13. IPO proceeds of ₹900 crore? Mostly for marketing and debt repayment — because clearly, the best education business lesson is “spend ₹80 crore to make people remember your ad jingle.”
2. Introduction
Once upon a time, Indian students chased degrees. Now degrees chase them — on Instagram reels, LinkedIn posts, and late-night “limited-time enrolment” WhatsApp messages.
Enter Jaro Education, the OG of online upskilling before upskilling became a buzzword that startups slapped on every PowerPoint. Incorporated in 2009, Jaro started by tying up with business schools. Fifteen years later, they’ve turned into a matchmaking service between universities and learners — Tinder, but for PGDMs and MBAs.
The IPO, a ₹900 crore blockbuster launched in September 2025, marked Jaro’s formal graduation — from private tutoring to listed professor. And with 36 institutional partners (including 7 IIMs and 7 IITs), the company has essentially built a “Zoom campus” where everyone from a mid-career banker to a confused 20-year-old can find a degree without leaving their Wi-Fi zone.
But, every class has its quirks — the attendance may be 100%, but the cash flow isn’t. Working capital days have ballooned from 150 to 227, meaning the company might be waiting longer for its tuition fees than a professor waiting for his UGC grant.
Still, with a 39.9% ROCE and 2.03 current ratio, Jaro’s balance sheet says “dean of finance,” not “struggling tuition teacher.”
3. Business Model — WTF Do They Even Do?
Let’s break this down without falling asleep like an MBA student in the second hour of “Managerial Accounting.”
Phase 1 – Pre-Onboarding: They woo universities through three channels — tenders, direct business development, and referrals. Basically, half corporate hustle, half cold calling.
Phase 2 – Post-Onboarding: Once a university says “haan bhai,” Jaro transforms into a consultant — designing courses, pricing them, and forecasting student demand. They even prepare a “Program Description Sheet (PDS)” — essentially a Tinder bio for each degree: who it’s for, how long it lasts, and how much it’ll cost.
Phase 3 – Launch and Marketing: This is where the real Bollywood begins — social media campaigns, webinars, corporate tie-ups, and “Jaro Connect.” Imagine Shark Tank meets university fair meets influencer marketing.
Phase 4 – Onboarding & Fee Collection: Finally, students sign up, pay the fees, and begin their academic journey — mostly on platforms Jaro helps manage. The firm takes a share of the enrolment revenue and additional service income.
The company’s 81% revenue comes from enrolments and related services; the rest, 19%, from ancillary streams. They’ve opened 22 offices and 17 immersive tech studios (mostly inside IIMs). Basically, it’s a hybrid model — half SaaS, half sales office, all hustle.
4. Financials Overview
Source table
Metric
Latest Qtr (Sep 2025)
YoY Qtr (Sep 2024)
Prev Qtr (Jun 2025)
YoY %
QoQ %
Revenue
₹80.4 Cr
₹74 Cr
₹61 Cr
8.2%
31.8%
EBITDA
₹26 Cr
₹30 Cr
₹14 Cr
-13%
+85%
PAT
₹17 Cr
₹20 Cr
₹8 Cr
-15.4%
+112%
EPS (₹)
7.68
9.94
3.72
-22.7%
+106%
Annualised EPS = ₹7.68 × 4 = ₹30.7 At ₹647, P/E ≈ 21x annualised earnings — cheaper than some edtech unicorns that haven’t seen a profit since Independence.
Commentary: The June quarter looked like summer vacation, but September brought students (and profits) back. EBITDA margin of 33% remains elite, though YoY profit dropped due to IPO costs and expansion.
5. Valuation Discussion – Fair Value Range Only
Let’s get nerdy.
Method 1: P/E Method Industry PE: ~27.5x Company EPS (FY25): ₹25.5 Fair Range: ₹25.5 × (25x–30x) = ₹637 – ₹765
