1. At a Glance
Veranda Learning Solutions Ltd (NSE: VERANDA) just dropped its Q2 FY26 results, and the numbers are juicier than a coaching class samosa during a 10-minute break. With a market cap of ₹2,440 crore and a CMP of ₹254, the Kalpathi AGS-backed EdTech player reported a revenue of ₹126.7 crore, a sharp turnaround from its FY25 misery. EBITDA clocked in at ₹48.3 crore and PAT strutted at ₹23.3 crore, thanks largely to one-time gains from its grand commerce demerger and ₹357 crore QIP.
The quarter was more dramatic than a CAT aspirant’s results day — exceptional gain of ₹133 crore, new associate company SNVA post divestment, and the company’s legendary CA vertical J.K. Shah Classes now officially demerged. Promoter holding? A shaky 34% — because apparently, they’ve been sharing more than just educational content lately.
ROCE stands at a meager 3.01%, ROE at -0.56%, and if you thought EdTech was a tech business, surprise! It’s a game of debt, dilution, and divestments.
But the cherry on top? They’re calling this an “asset-light transformation.” Translation: “Humne sab bech diya, ab brand se kamaayenge.”
2. Introduction
Once upon a time in Chennai, a group of ex-techpreneurs looked at Byju’s burning cash and thought, “Yeh hum bhi kar sakte hain.” Thus was born Veranda Learning Solutions, the Kalpathi AGS Group’s late but loud entry into India’s crowded EdTech mandir. Founded in 2018, Veranda didn’t chase unicorn status; it chased relevance in a world where offline coaching was still king.
Their pitch? “Integrated O2O Learning” — basically, classroom coaching with Wi-Fi. The company now spans 200+ centers across 15 states, teaching everyone from PSC aspirants to CA dreamers, from coding enthusiasts to commerce nerds.
FY25 was a year of both hustle and heartbreak. While revenue doubled in two years, profits played hide and seek. The FY26 story, though, looks like a commercial movie: mergers, demergers, QIPs, and a few emotional breakdowns in investor WhatsApp groups.
Veranda’s empire stretches across brands like J.K. Shah Classes, Veranda IAS, Edureka, Veranda RACE, and more — each a different personality: one teaching finance, another civil services, another tech skills, all shouting “Enroll Now” in slightly different fonts.
Is Veranda India’s next multi-brand education giant or just a smart packaging of multiple tired brands? Stick around; the next 13 sections will make you laugh, cry, and probably question your CAT percentile.
3. Business Model – WTF Do They Even Do?
Veranda Learning’s model can be best described as “a coaching mall with an EMI counter.”
They run both online and offline coaching through a network of brands and acquisitions. Think of it as the Big Bazaar of Indian EdTech, except instead of grocery aisles, they’ve got IAS, CA, and SSC classrooms.
Their verticals:
- Government Test Prep: Through Veranda RACE, Talent Academy, and Sreedhar’s CCE — the holy trinity of South Indian exam warriors.
- Commerce & Finance: The J.K. Shah Classes empire, teaching CAs since the 1980s, and recently reborn under Veranda’s cash umbrella.
- IT & Upskilling: Edureka, serving coders who want to upskill without quitting their jobs or their Netflix subscriptions.
- Higher Education: Veranda K12 &
