1. Opening Hook

When exports get hit by U.S. tariffs, paper prices refuse to cooperate, and EBITDA quietly sneaks out the back door, most managements panic. Navneet didn’t. They calmly blamed seasonality, tariffs, GST confusion, curriculum cycles, and promised “next year will be better.”

Classic education business playbook—ignore Q2, zoom out to H1, and remind everyone that schools don’t buy notebooks on Bloomberg terminals.

Q2 numbers looked ugly, but management sounded unusually confident about publications, CBSE traction, and a domestic stationery revival powered by Youva. Exports? Temporarily sulking. Indiannica? Still bleeding, but apparently “strategic.”

If you’re confused whether this was a bad quarter or just bad timing, good. That’s exactly where this concall wants you. Read on—because the optimism gets louder the deeper you go.

2. At a Glance

• Revenue ₹246 cr (↓9%) – Seasonality blamed; textbooks refused to show up on time.
• EBITDA ₹12 cr (↓40%) – Margins took a field trip, forgot to return.
• EBITDA Margin 4.9% – From 7.5% to “we’ll fix this next year.”
• Publication revenue +12% – Curriculum change doing God’s work.
• Export stationery ↓22% – Uncle Sam said “tariff laga do.”
• H1 EBITDA margin ~20% – Management: “Please judge us on this, not Q2.”

3. Management’s Key Commentary

“Publication segment grew 12% due to curriculum changes.”
(Translation: NCERT tweaks saved the quarter 😌)

“Domestic stationery remained flat due to lower paper prices.”
(Translation: Volumes up, realizations down—math betrayed us.)

“Export decline is temporary due to U.S. tariffs.”
(Translation: Biden please pick up the phone 😏)

“We are confident tariffs will normalize by December.”
(Translation: Hope is not a strategy, but we’re using it anyway.)

“Next year will be more meaningful for Youva brand.”
(Translation: Launch timing was terrible, blame the calendar.)

“Indiannica will be profitable at ₹65 crore revenue.”
(Translation: One more year, pinky promise 🤞)

4. Numbers Decoded

Key takeaway: Ignore Q2 in isolation—this business lives and dies by H1.

5. Analyst Questions (Decoded)

• Capex plans amid export slowdown?
  Management: “Still investing, just thinking harder.”
  (Translation: We won’t stop spending, just slower.)
• Youva brand traction?
  Management: “Better than expected.”
  (Translation: Early signs good, numbers small.)
• Diversifying away from U.S.?
  Management: “Trying Middle East & Europe.”
  (Translation: Volumes won’t match U.S.,