The company runs K-12 schools and preschool franchises. Sounds respectable. But when your quarterly revenue is lower than the annual fees of some international schools in Gurgaon, yet your valuation screams “Silicon Valley unicorn,” investors need caffeine.
Q3 FY26 numbers (Dec 2025 quarter) show a revenue collapse of 71.6% YoY and profits swinging into loss territory. Yet the stock has doubled over the last year.
Are we funding education… or funding imagination?
Let’s open the report card.
2. Introduction – From Preschool to Premium Valuation
Shanti Educational Initiatives is part of the Chiripal Group based in Ahmedabad. On paper, it operates across:
Shanti Asiatic School (K-12)
Shanti Juniors (300+ preschools)
Shanti’s Hopskotch (premium preschool)
Consultancy services for education projects
Shanti Business School in Ahmedabad
It provides turnkey services — planning, establishing, running, managing, transforming schools. Essentially, it helps others open schools while also running its own.
In FY22 revenue split:
Sale of services: 43%
Interest income: ~23%
Education services: 5%
Franchise income: 5%
Pause. Why is interest income 23% in an education company? Are we teaching kids math or lending money?
Also worth noting:
Total investments as of March 2022: ~₹10 crore in equity instruments.
Significant related party loans and repayments.
Income Tax search operations in July 2022.
Share split from ₹10 face value to ₹1.
Promoter holding fell from 64% to 52.24% in Dec 2025.
And despite all this… P/E 635.
Tell me honestly — are we evaluating an education company or a concept stock?
3. Business Model – WTF Do They Even Do?
Let’s simplify.
They do three things:
Run schools directly
Franchise preschools
Consult for other educational institutions
The Shanti Asiatic School chain operates 6+ K-12 schools serving 25,000+ students.
Shanti Juniors claims 300+ preschools across 74+ cities.
Shanti Hopskotch is their “premium niche” preschool for aspirational parents who want global ambiance and hygienic environment. Because obviously toddlers now need global exposure.
They also provide:
Affiliation consulting
Infrastructure design
Academic support
Marketing services
So they’re part educator, part consultant, part franchise operator, part investment house.
And recently:
Acquired Uniformverse Pvt Ltd (school uniforms)
Incorporated Shanti Learning Foundation (Section 8)
Sold a subsidiary earlier
Issued letter of comfort for ₹49.90 million bank facility to Uniformverse
Education + Uniforms + Loans + Investments + Cyber attack in May 2024.
This is less “school chain” and more “education conglomerate experiment.”
But here’s the real question: is revenue scaling along with ambition?
4. Financials Overview – The Quarterly Shock
Quarterly Comparison (₹ Crores)
Metric
Latest Q3 FY26
Q3 FY25
Q2 FY26
YoY %
QoQ %
Revenue
5.83
20.55
11.42
-71.6%
-48.9%
EBITDA
-0.53
2.24
1.90
-123.7%
-127.9%
PAT
-0.61
1.95
2.62
-131.3%
-123.3%
EPS (₹)
-0.04
0.12
0.16
-133%
-125%
That is not a slowdown. That is a collapse.
Revenue fell 71.6% YoY. EBITDA turned negative. PAT flipped into loss.
