1. At a Glance – Passport Stamp, Balance Sheet Thump

Landmark Global Learning Ltd is that familiar Punjabi uncle of the stock market who promises “Canada ka rasta bilkul pakka hai” but then hands you a balance sheet that says “Thoda ruk ja beta”. With a market cap of roughly ₹112 Cr and a current price hovering around ₹54, the stock has already lost its visa appointment slot in the last three months, down nearly 10%. The company trades at a reported P/E of 11, which on paper looks cheaper than most travel and education cousins who behave like they own a private jet. ROCE of ~28.8% and ROE of ~21% sound like a topper’s report card. But then you look at the latest half-yearly results and the mood shifts faster than Canadian visa rules. Sales for Sep 2025 half-year dropped to ₹15.6 Cr from ₹19.6 Cr in Mar 2025, operating margins collapsed from a jaw-dropping 51% to a “what even is this?” 4.8%, and PAT crashed 61% QoQ. This is a company that looks brilliant in annual summaries but suddenly forgets its English test in the latest exam. Curious? You should be. Slightly worried? Also yes.

2. Introduction – From IELTS Coaching to Investor Stress Management

Landmark Global Learning started in 2010, long before “study abroad” reels flooded Instagram and every second person in Punjab decided their child must say “sorry” at least 14 times a day. The company built itself as a one-stop shop for global education and immigration consultancy. Career counselling, admission support, visa processing, language training — basically everything short of packing your winter jacket.

The business is heavily tilted toward global education consultancy, contributing about 84.5% of revenue, with immigration services making up the remaining 15.5%. Canada is the hero, villain, and entire movie set here — 69.5% of revenue comes from exports, and that export is basically Canada wearing different hoodies.

The company raised about ₹40.3 Cr through its IPO and listed in January 2025, promising branch expansion, advertising blitzkrieg, inorganic growth, and general corporate purposes — which in Indian corporate language means “we’ll figure it out”.

On paper, everything looked like a smooth PR-approved dream run. In reality, the latest numbers suggest the company might need counselling itself. So is this a temporary visa delay or a structural rejection? Let’s dig.

3. Business Model – WTF Do They Even Do?

Imagine a travel agent, a career counsellor, an IELTS teacher, and a visa consultant all sitting in one office arguing over coffee. That’s Landmark Global Learning.

Their primary business is global education consultancy. Students come in confused, parents come in stressed, and Landmark steps in as the middleman who knows which Canadian college accepts whom, at what IELTS score, and how much GIC needs to be shown without selling ancestral land.

They have tie-ups with 35+ foreign institutions, mostly in Canada. Landmark markets these institutions, recruits students, helps with applications, and assists in visa processes. Institutions get students, students get dreams, and Landmark gets commissions. Simple, scalable, and dangerously dependent on foreign policy mood swings.

Immigration services add another layer — tourist visas, business visas, PR support. This is the seasoning, not the main dish.

Geographically, operations are concentrated in Punjab, Chandigarh, and Vadodara, with franchises in Jammu, Jind, and Karnal. Translation: heavy North India exposure. If student sentiment in Punjab sneezes, Landmark catches pneumonia.

Does this business have high margins? Historically yes. Is it asset-light? Absolutely. Is it cyclic and policy-dependent? Oh, very much.

4. Financials Overview – Numbers That Went Abroad and Didn’t Call Back

Result Type Lock: The latest results are Half Yearly Results. EPS annualisation will therefore be latest EPS × 2.

Half-Yearly Performance Table (Figures in ₹ Crores)

Now pause. Take a sip of water. These are not small fluctuations; this is a margin cliff dive without parachute.

Annualised EPS = ₹1.00 × 2 = ₹2.00
At CMP ₹54.4, recalculated P/E ≈ 27.2x, not the headline 11x everyone keeps quoting from trailing numbers.

So the valuation story changes the moment you stop looking in the rear-view mirror. Are these numbers a one-off accident or a warning sign? Comment section, what do you think?

5. Valuation Discussion – Fair Value Range Only, No Visa Guarantees

1) P/E Method

Using annualised EPS of ₹2.00.

• Conservative P/E: 15x → ₹30
• Optimistic P/E: 22x → ₹44

2) EV/EBITDA Method

Latest EBITDA annualised ≈ ₹1.5 Cr
EV ≈ ₹109 Cr