1. At a Glance – The School That Prints Profit From Thin Air?
Market Cap: ₹162 Cr
Current Price: ₹91.9
3-Month Return: -16.4%
Stock P/E: 8,087
ROCE: 6.62%
ROE: 5.54%
Debt: ₹0.72 Cr
Promoter Holding: 74.01%
Welcome to VJTF Eduservices Ltd, a company that just reported ₹0.93 Cr quarterly sales and somehow delivered ₹1.35 Cr net profit in Q3 FY26. Yes, you read that correctly. Revenue less than ₹1 Cr. Profit more than ₹1 Cr.
Quarterly sales jumped 3,200% YoY. Quarterly profit rose 160% YoY. And the market said, “Cool story bro,” and gave it a P/E of 8,087.
This is not a typo.
This is a micro-cap education services company with a history of slump sales, acquisitions, property purchases, and one massive pre-school business sale worth ₹89.94 Cr in Jan 2024.
Is this a turnaround story?
Is this a post-slump-sale balance sheet reshuffle?
Or is this the most dramatic example of “Other Income is my best friend”?
Buckle up. We are entering the Witty School of Financial Wizardry.
2. Introduction – From Schools to Slump Sales
Founded in 1984, VJTF Eduservices operates in K–12 educational services — curriculum design, teacher training, school management, international programs like IGCSE, and inclusive education.
Sounds noble, right?
But here’s where it gets spicy.
In August 2023, the company approved a slump sale of business undertaking.
In January 2024, it completed the sale of its pre-school business for ₹89.94 Cr.
It also acquired:
- 100% of VJTF Infraschool Services (Jan 2023)
- 51% of HAPPYMONGO (April 2023)
So essentially, it sold one business and bought others.
This is not a plain-vanilla school operator. This is an education company playing musical chairs with assets.
The FY24 numbers exploded because of this transaction — sales jumped to ₹96.22 Cr from ₹0 in FY23.
Now fast forward to FY26 Q3:
Sales are back to sub-₹1 Cr levels.
But profit appears healthy.
So what exactly is happening here?
Are they rebuilding?
Are they asset-light now?
Or is this a holding-company-style income structure?
Let’s decode.
3. Business Model – WTF Do They Even Do?
At core, VJTF provides:
- Curriculum design
- Teacher training
- Institutional management
- Quality audits
- HR support
- Franchise/lease/JV school arrangements
They operate under brands like:
- Witty Kids
- Witty International School
- Witty Inclusive & Special Education
- Witty Institute of Teacher Training
They run:
- Malad flagship school (1,400+ students)
- Udaipur semi-urban pilot school
- Bhilwara rural franchise
But here’s the twist.
FY22 revenue breakup:
- Course & fees: 55%
- Interest income: 12%
- Lease liability written back: 23%
- Others: 10%
Pause.
23% from lease
