Crizac Ltd (NSE: CRIZAC) Q3 2026 Earnings Call dated Jan. 28, 2026
Corporate Participants:
Christopher Nagle — Chief Executive Officer
Vikash Agarwal — Chairman & Managing Director & Promoter
Manish Agarwal — Whole Time Director & CFO & Promoter
Analysts:
Gaurav Gupta — Analyst
Samad Patel — Analyst
Ayan Banerjee — Analyst
Savicha Jain — Analyst
Madhur Rathi — Analyst
Sidharth Jain — Analyst
Rahel Ayalew — Analyst
Umakant Sharma — Analyst
Smith Gala — Analyst
Azharuddin Jariwala — Analyst
Anupama — Analyst
Ankur Gulati — Analyst
Swetha Jain — Analyst
Presentation:
operator
Sa. It. Ladies and gentlemen, good day and welcome to Kryzak Limited 3Q FY26 results update. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask a question after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Gaurav Gupta. Thank you. And over to you, sir.
Gaurav Gupta — Analyst
Good afternoon, everyone and welcome to Krizak’s Q3FY26 earnings conference call. We have with us Dr. Vikash Agarwal, Chairman and Managing Director of the company. Mr. Manish Agarwal, the Chief Financial Officer of the company and Mr. Christopher Nagal, Chief Executive Officer of Krivac UK. Christopher. Sir, if you can start by giving your overview on three QFI 26 performance as well as outlook for FY 26 and beyond. And then we’ll open up for Q and A. Over to you, Christopher Sir.
Christopher Nagle — Chief Executive Officer
Thank you, Gaurav. And good evening to everybody. Greetings from London. I’m Christopher Nagle, CEO of KRISEC uk. And delighted to be speaking with you today. So, over the past year, we witnessed what was a transformative moment for Krisec with our IPO in July 2025. And you know, this was a validation of not just our business model. But. Also everything that we’ve been building since our founding in 2011. Today, I’m pleased to report that the momentum we’ve generated has carried through this quarter with significant results that underscore the global demand for quality student recruitment solutions. For context, CRISAC operates at the intersection of an expanding global education market and persistent inefficiencies in international student recruitment. We serve 350. We have more than 14,000 registered agents on our platform and we’ve processed more than 10 million student applications across more than 80 countries. Our scale is not just an accident. It reflects the genuine problem that we’re solving for universities and education agents around the world.
In Q3, we delivered revenue growth of 28% year on year, which means that we reached 278.6 crore in revenue. This performance reflects both organic momentum but also strategic investments we’ve made in emerging markets across Latin America and other continents. Our EBITDA margin of 23.19% demonstrates the operating leverage inherent in our asset light and tech LED model. This really is crucial. We’re scaling up application volumes without proportional increases in fixed costs or headcount, which is Precisely the dynamic that drives our sustainable margin expansion over time. Something that particularly excites us is the diversification of our sourcing base.
India remains our dominant market with about 50% of application volumes. But we are seeing accelerating growth from Asia excluding India and extremely robust expansion in Africa. This geographic diversification reduces our dependency on any single market and positions us for resilience and global growth. Our recent acquisition of Studies Planet Limited and the launch of our accommodation Facility platform represents strategic expansions into adjacent services within the international student journey. We’re not simply connecting students with universities. We’re really building an ecosystem that supports students throughout their entire overseas education experience. These moves enhance our value proposition to both institutions and to our agents.
And they create additional revenue streams with the same high operating leverage. It’s worth emphasizing as well the continued strength of our balance sheet. Krizak is still entirely debt free and fully self funded. Every ounce of growth that we’ve achieved over 15 years has come from internal cash generation. This capital discipline has been and is foundational to our success and it provides us with significant strategic flexibility to pursue growth opportunities and without constraints. Looking ahead, we’re focused on three strategic imperatives. The first is deepening institutional partnerships in developed markets like the uk, Canada and Australia where we’ve established strong footholds with leading universities.
Second, continuing our penetration of emerging source markets where we see substantial untapped potential for student mobility. And thirdly, enhancing our service offerings to capture a greater share of the international student value chain. Our team of 350 permanent employees and consultants across the UK and India brings together domain expertise, technical excellence and operational discipline. The leadership team shares a clear vision to establish KRISEC as the trusted digital backbone of global student recruitment. We strongly believe that the international education sector is structurally under saturated with technology solutions that genuinely improve outcomes for all participants. And we believe that we’re at the early stages of capturing that opportunity.
Our platform has achieved product market fit, unit economics are strong and our growth trajectory is accelerating. Thank you. And with that for context, I’ll hand over to our chairman and managing director Dr. Vikesh Agarwal.
Vikash Agarwal — Chairman & Managing Director & Promoter
Thank you Christopher. Good evening everybody. Thank you for being a part of our investor. Call. As Christopher mentioned, this quarter reaffirms the strength of Krisak business model, execution discipline and long term growth strategy. International market is very large but segmented and still at the early stage of digital adoption. KAISAC brings that trusted digital infrastructure for global student recruitment. We provide university with access to quality controlled application, global agent network and enabling agent with a faster turnaround time transparency and a connection access to premium institutions. These improvements translate directly into higher efficiency, better outcomes and scalable economics. Last year roughly 7.6 lakh students went abroad from India. If we talk about global student mobility that number is 80 lakhs.
Our current scale represents only a small share of that highly segmented global market. This provides a long Runway for growth. Each new agent, institution and geography added adds incremental revenue with attractive margin supported by our platform driven operating model. As Christopher mentioned, we continue to scale across high value developed market like uk, Ireland, Australia, New Zealand while expanding into multiple source markets including Asia, Africa and now Latin America. Krizak is a technology led asset light platform operating in a structurally growing market. This is not short term or cynical growth story but a scalable business model with defensible advantages, strong unit economics and clear visibility for long term value creation.
With that view, now I invite our CFO Mr. Manish Agarwal to take this financial performance and outlook.
Manish Agarwal — Whole Time Director & CFO & Promoter
Thank you Dr. Vitash. Good evening everyone and thanks for joining the call today. Myself Manish Agrawal and I’m pleased to share you the financial performance of Q3FY26. With a revenue of 278.63 crore, we were able to deliver a PAT of 50.52 crore which is a margin of around 18%. This result demonstrate strong execution, operating leverage and consistent profitability. Our business is seasonal in nature typically because of the admission cycle. Q3 is our strongest quarter driven by the thick international student recruitment. Our commission based asset light model support high margin and strong cash conversion costs scale largely with the volume.
While employee expenses have grown modestly highlighting the operational efficiency, we continue to generate healthy operating cash flow with minimal working capital need. This has also helped us in announcing cost, our first special interim dividend. Today we delivered a profit of 155 crores in FY25 and based on the current trend we are well positioned to exceed this performance in FY26. Most of our growth is organic and sustainable. We expect a normalized EBITDA margin of around 23 to 25% supported by scale, benefit and platform leverage. Our priority remains to reinvest in technology, key market and strategic opportunities over time.
We also intend to return the capital to shareholders as the business mature. Thank you. We are now open to questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and Two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Samad Patel for me. Please go ahead.
Samad Patel
Congratulations on great set of number. I have three questions. First one is that at large UK partner universities where we already contribute, let’s say significant part of their intake. Now the growth would be driven by market expansion or wallet share gain for from the other players. That is my first question.
Vikash Agarwal
It will come from both the things we expect to gain market share. As mentioned earlier, our market share, if you look at across the globe of the student we sent to our partner university, it’s less than 1%. Can this market share grow further? Answer is yes. So we expect market share to grow at the same time because of revenue, because of scale in volume, we expect a better revenue per student basis as well.
Samad Patel
Understood sir, that was really helpful. Now my second question is are there any regulatory development across our key geographies that we should be closely monitoring over let’s say next 6 to 12 months which can impact our volume growth positively or negatively?
Vikash Agarwal
I mean all the news are normally baked in our forecast. We believe some of the news, for example FTA with Europe which came yesterday, all these are very positive. We believe the numbers because of these impact. And again FTA was signed with New Zealand as well. So there are a lot of development which is coming up. And as far as student global movement is concerned, even though these regulations makes a big impact, but over the long time you’ll see that student destinations are fungible and they choose this mission which is more attractive and easy for them to get visa and see a better return on investment.
So any regulations and other things which are coming out at the moment, either those are already baked in or are coming quite positive.
Samad Patel
Understood sir, that was really helpful. And now my last question is on GlobalTree. So how do Global Tree’s unit economics and margin profile compare with existing business? Any particular flavor which you can give us on margin and unit economics? That would be really helpful.
Manish Agarwal
Hi Samarth, this is Manish. GlobalTree is a B2C company, whereas we are a B2B company. Our margins are relatively smaller compared to a B2C company. So in terms of margin of GlobalTree we expect it to be around 50%. We acquired that company on the 6th of January, so in the 4th quarter you will see the consolidation and revenue coming to our pill account.
Samad Patel
Understood sir, that was really helpful. That’s it from my side and I will get back in Queue for further questions.
Manish Agarwal
Thank you Samath.
operator
Thank you. The next question is from the line of Aman Banerjee from Incarre Capital. Please go ahead.
Ayan Banerjee
Hi sir. Thank you for the opportunity. Am I audible?
Vikash Agarwal
Yes.
Ayan Banerjee
Yes. So my first question was on our.
Vikash Agarwal
And we lost you.
operator
Sorry to interrupt. Requesting so Aman to please rejoin the queue while you have been disconnected. We’ll move on with the next question. The next question is from the line of Gaitav Shah. Please go ahead. Sorry to interrupt. The line of Govdasha has been disconnected. We move on to Savicha Jain. Please go ahead.
Savicha Jain
Hi sir. Thank you for giving this opportunity. I have a couple of questions. First is can you tell me how many applications were processed in this quarter? And in this. You know how many applications were processed mainly for uk then for Canada and then Ireland and then for other countries.
Manish Agarwal
Hi Samka. We did around 1.2 lakh applications.
Savicha Jain
Okay.
Manish Agarwal
Okay. Almost 50% came from 50% for India or you can say 50%. 90% were for UK and rest were for other countries.
Savicha Jain
Okay. Okay. And also you know in the other expense, other expense have shot up. And you’ve also mentioned this was for professional fees. And then one more line item. So if you could help me understand. You know what this professional fees was incurred towards. I assume this is a one off kind of an expense. This was incurred in this quarter. If you could just elaborate little bit on this.
Manish Agarwal
Sure. Our FY quarter three FY 26 other expenses are on a higher side because we engage lawyers consultant for due diligence and other things for acquisition purpose.
Savicha Jain
Okay, understood.
Manish Agarwal
We also engage consultant for IT security’s purpose who can like audit and check our system integrity so that we are on a safe zone. This has lead to increase in the professional fees.
Savicha Jain
Understood, Understood. And sir, would you be able to give us the revenue and the profit for our subsidiaries such as Global Tree Careers, the Studies Planet and you call Fseri Serve. Is it possible for the nine month.
Manish Agarwal
FY26 global tree we acquired on 6th of January FY26. So that has not been consolidated. Nothing has been recorded in the books yet for Q3 financials.
Savicha Jain
Okay.
Manish Agarwal
Coming to the other standalone companies, we acquired Study Planet.com Limited which is a Latin America based company. Their revenue was approximately once we are and almost 50% has been since we acquired. 51%. 51% has been booked in our account and balance as a minority interest.
Savicha Jain
Right. Right. And you. You call. Sir. Just a second. Is it possible I will get back to you on this. So just one more Question and I will rejoin the queue. So you’ve mentioned that you know we plan to get into the accommodation services and financial assistance services. So what exactly do we plan on this and by when do we plan to launch the services? Could you just broadly explain what are we planning to do in these two offerings?
Vikash Agarwal
So Savita, we have already launched the accommodation as a service in our platform.
Savicha Jain
Okay.
Vikash Agarwal
By this we are helping our agent and the student who wants to study abroad to choose the accommodation of their choice in and around the universities they propose to study. We have done a tie up with multiple state agents across the globe where we refer these students to them. They once the student has selected the accommodation, they lock the accommodation for those students and we get paid as a brokerage of two to four weeks of the rent for the referral we have made.
Savicha Jain
Okay.
Manish Agarwal
Hi, I’ve got the details. Our U Call FBD subsidiary has a turnover of 10.73 crores in quarter three. And Study Planet has 1.87 crores of the revenue.
Savicha Jain
Okay, okay, okay, okay. Okay. Considering accommodation services, where have we launched the geography? Have we launched this right now for uk?
Vikash Agarwal
I believe we’ve already launched for uk, Ireland, USA and we are looking at launching for Australia and other destinations.
Savicha Jain
Okay. And how much revenue have we booked in this for Q3? How much?
Vikash Agarwal
It’s a very negligible revenue because it’s just started. It will take a bit of time for it to become more popular with students.
Savicha Jain
And on the financial assistance side, what are we planning to do? Are we planning to tie up with the education loan and be at. We planning to refer students to them? What exactly we are planning to do there, Sir?
Vikash Agarwal
Yeah. We have already tied up with many of the education loan agencies where we will refer the students to them and we’ll get a referral fee from those NBFCs and banks.
Savicha Jain
Okay. Okay. Okay. Thank you sir. I will join the queue. Thanks.
Vikash Agarwal
Thank you.
operator
Thank you. The next question is from the line of Aman Banerjee from Incarrect Capital. Please go ahead.
Ayan Banerjee
Hi sir. Thank you for the opportunity. So my first question was with our UK geography. So we might see some rules getting stricter and some rules new rules applicable from April of this year. So what’s our outlook there? We might see a drop in our applications.
Vikash Agarwal
Christopher.
Vikash Agarwal
Hi. Yeah, thank you for the question. The major recent sort of change or news item for the UK market was the launch of a new international education strategy from the UK government. This was basically a very positive announcement. The government put in a new and much Higher target to boost its international education exports to 40 billion pounds sterling a year by 2030. And they also put a target for universities to diversify their source countries for students much more. So obviously those two things suit Krizak very well that there’s an ambition for the market size to grow and there’s an ambition to diversify geographically from source market which is a big strength of Kryzaks.
So yeah, that’s the main sort of update in terms of regulation from the UK as well as that there’s increasing focus and awareness in the government as the industry expands and the market expands. Increased regulation around agents and more rules is a benefit for Kraznac just because it raises the barriers to entry and entrenches our position as the, as one of the largest senders to the uk.
Ayan Banerjee
Got it, got it. That was very helpful. So second question was sir, that we are seeing a trend change. I mean in terms of students as their destination country. We are seeing a lot, a lot of new applications towards Canada. So but you know, we are not at all there in that market. So are we, are we planning to, you know, start anything there?
Vikash Agarwal
Yes, Aman, we are adding institutions and universities in Canada as well. Though having said that, UK is still the by far the most popular destination for the students going abroad. But yes, you are right. We are adding other destination institutions in our portfolio.
Ayan Banerjee
Okay sir, okay. Thank you so much.
Vikash Agarwal
Thank you.
Vikash Agarwal
Thank you.
operator
Thank you. The next question is from the line of Gaitav Shah Pramandrati. Please go ahead. The person you are speaking with has. Put your call on hold. Please stay on the line Arch is representing. We’ll move on with the next participant. The next question is from the line of Madhurati from Counter Investments. Please go ahead.
Madhur Rathi
Firstly, since we have a over dependence on UK market and I think the previous speaker also alluded to this, the fact that visa approvals might be hard to come by especially in case of change of government in UK and Reform party coming in power if at all. And so secondly now what will it take for us to break into new geographies like Canada and Australia? And in fact the macro environment for visa is getting tougher in all of these geographies. So is that a major headwind for us going forward?
Vikash Agarwal
Yeah, thank you for the question. Again. I think in the UK just to comment on the government situation that the next election is not for more than three and a half years. So we’re not really sort of anticipating too much change in the near or even in the media term in the medium term, our strategy is never to try and predict politics or geopolitical changes. Our strategy is to de risk through diversification globally. It’s true that our strength in the UK obviously gives us a dependence on the UK and that’s reflected in the numbers at the moment we’re working aggressively to expand to diversify on the destination market side.
This we believe is going to be done more efficiently through inorganic growth and it’s a key pillar of our MA strategy going forward.
Madhur Rathi
What about what’s our strategy to break into newer markets like Canada, Australia, etc.
Vikash Agarwal
I mean as Christopher said, we are looking at adding into different decision market like Canada, New Zealand and Australia any equation what we make. For example, you know, in this quarter we’ve acquired the global tree that has brought few Australian contracts to our kitty. We expect few other acquisitions which we are already talking should bring more and more universities in those destinations you have mentioned to our KT and we should be able to diversify and recruit for those destinations in coming future.
Madhur Rathi
Now sir, what is our market share with the institutions in UK like I mean are we the single source supplier to them or they have multiple platforms like ours?
Vikash Agarwal
I mean most of the universities work with multiple platforms like ours. Right.
Madhur Rathi
And now for example if we need to enter Canada, so I mean is there some, some cash burn that we will have to, I mean to penetrate the market or is it that our existing tech platform we can just add any institution without any increase in expenses.
Vikash Agarwal
In our existing tech platform we have that capabilities to add any new institution without any additional cost.
Madhur Rathi
So irrespective of the geography, it is just a matter of like getting in touch with the university and getting them enrolled on our platform.
Vikash Agarwal
Yeah, I mean it’s not as simple but yes, if the university grant us the license to recruit, we can do.
Madhur Rathi
That Now I mean the existing university in let’s say Canada, they must already Indian students are going over there. So what is the proposition that we are offering them which is over and above the competitors? I mean the competitors also would be having a similar tech platform like ours. So what is our edge due to which we hope to get that additional business in new geographies?
Vikash Agarwal
It’s not only about tech, it’s also about the quality of students, the sourced countries from which you are bringing those diversified student crowd to the universities which makes us more attractive to our partner of the first part universities. We can bring in better quality, better quantity and a very diversified crowd to any institutions we supposed to work or we are currently working with.
Madhur Rathi
So Will the margins in the new business, in new geographies, will they be equal or lower at least in the initial period?
Vikash Agarwal
I mean it will be lower at the initial period but with scale of volume should become same as existing one.
Madhur Rathi
And so lastly, in your best judgment considering everything, at what rate do you think that we can grow our business over the next five years?
Christopher Nagle
Let’s say. I mean between 20 to 25% is what we have projected. And that was on our growth story.
Madhur Rathi
Thank you very much.
Vikash Agarwal
Thank you.
operator
Thank you. The next question is from the line of Virajain from. Yes, securities. Please go ahead.
Sidharth Jain
Yeah. Hi, this is Siddharth here, not Viraj. So a couple of questions from my side. So one, like you mentioned, your other expenses is because of some professional fees for the due diligence that you all must have incurred for acquisition. But so your base quarter fees were extremely low. Less than a crore. So going forward, what can be a reasonable or an average number that we can expect?
Manish Agarwal
Your question has two parts. First, our Q3FY25 numbers are low. And second, our Q3FY26 number high. I’ll take the first part. First. The Q3FY25 numbers are low because of certain write backs of expenses which we have done after getting the SEBI direction and approval which was charged to the selling shareholder since it was OFS Co. Which has booked the expenses had little it back. That’s why the Q3 expenses are low. And coming to Q3 FY26. As said, we have hired consultants for IT security acquisition. These have led to increase in professional fees. We don’t expect this to continue forever.
It will settle down in between the two end.
Sidharth Jain
Understood. Okay. And second, you said that the applications processed in Q3 were around 1.2 lakhs. Correct? 1.000. Approximately 1 lakh. What was the acceptance rate on those applications?
Vikash Agarwal
Normally acceptance rate is roughly 10%. So we get our commission basis the acceptance rate. Correct. Like how many applications accepted? Yes.
Sidharth Jain
Okay. Okay. Also from a strategy point of view, I want to understand our recent acquisitions that we’ve done. They are kind of hinting that we are now moving or tilting towards a B2C. Any. Any change in long term strategy for the company For. Or do you think that B2C is now the next growth lever or just wanted your thoughts on that.
Vikash Agarwal
We believe that B2B platform still has a lot of growth story and everything. Scalability can come only via this method. As far as B2C acquisition is concerned, most of these are done on A strategic basis. For example the study planet, what we got in Latin America, we had zero footprint in Latin. So that geography, the knowledge of that geography was not with us doing acquisition helped us develop that footprint and it will also help us grow as a B2B in that region as well.
Sidharth Jain
Okay, so but just going with you all must be having the data also. So the largest exporter of students for foreign education has been primarily India and China. So these countries like Latin American countries. Do you see any meaningful growth coming from those countries? Because the past has not shown? Do you see that future might hold or be any better?
Vikash Agarwal
These help us in diversification of the students going to our partner university which in turn help us to get more contract a better deal with our universities. These are the levers which we use when we negotiate with our existing university partner or when we approach a new university partner.
Sidharth Jain
Got it? And what if you can just explain what is the policy impact, UK policy impact for the change in visa like from 24 months post study visa it has been brought down to 18. So what is the impact that you all are seeing now?
Vikash Agarwal
We have not seen any impact. This was announced almost, almost a year back and you know we have been growing between 25 to 35% year on year basis and each quarter. So we have not seen any setback impact on that. Just to add to it, these 18 months is given to the student to find a job. If a student gets a job, they can change their visa status to a work permit where they can stay back and work for a longer period.
Sidharth Jain
The last one final question. In terms of your source and destination market both which are the markets that you all are most excited about? Ex of UK.
Vikash Agarwal
Middle east is one. We are quite excited and it’s growing quite good. Ireland, we have already cracked and we are doing a good number of Ireland with a market share of almost closer to 10%. We are looking at expanding into New Zealand and Australia in coming days. In terms of definitely India is our biggest market, but we are looking at expanding into new geographies like multiple countries in Africa, Central Asia.
Sidharth Jain
And how’s China, how is China performing? I mean how is China in the.
Vikash Agarwal
QQ3 China is growing year on year basis for us again China is one of the most matured markets so the growth will be slow. But as a company we have been growing in China at a decent pace.
Sidharth Jain
Perfect sir, thank you so much. That’s all from my side sir, thanks.
operator
Thank you. Ladies and gentlemen, to ensure management can answer all questions, please limit your questions to two per Participant, the next question is from the line of Rahel from Sapphire Capital. Please go ahead.
Rahel Ayalew
Good evening sir, can you hear me?
Vikash Agarwal
Yes.
Rahel Ayalew
It’s a club view of my questions together. So firstly the loan segment you had mentioned that you know expected to go on stream from quarter three. So has it started already and has it been reflected in the numbers? Secondly, why was gross, why were gross margins low in this quarter three? And the next question will be the growth rate you have mentioned 20, 25% over the next few years expect to grow. However, so far you know you’ve done in the range of like 25, 30% in the preceding quarters as well as this current quarter. So why are we, are we guiding like on a conservative basis? Yeah, those are questions.
Manish Agarwal
Okay, let me answer it. In terms of loan. Yes, we have started the loan in our platform loan as a service and it’s already started. The initial revenue are small. We expect it to increase once it become more popular. And now coming to your second question, why gross margin has gone down? The gross margin has gone down when you compare IT to quarter two of FY26. But if you see the nine month result for FY26 and FY25, our gross EBITDA margin remains same as around 29%. Our business is seasonal in nature. So every quarter is different.
Hope this answer your question. And the third part was like projection what we are offering. We are saying we will be continue growing at 20, 25%. This is a conservative number. Hello, Ryan.
Rahel Ayalew
Yes, I’m there. I’m there. Okay. Yes, yes. Just quickly so the ratio stays the same to us, right. In terms of first half and second half share of revenues. So first half is always lower. 30% and the second half is around.
Manish Agarwal
And second half is around 60, 65%.
Rahel Ayalew
That’s right. Got it. Yes. Okay. Thank you sir, all the best to you.
Manish Agarwal
Thank you.
operator
Thank you. The next question is from the line of Makan Sharma from Vyansh Ventures. Please go ahead. Yeah.
Umakant Sharma
Hi. Thank you for the opportunity. Chief, couple of quick questions. Could you just talk a little bit about how have you diversified the revenue from a university standpoint, from a geographical university standpoint. What was those numbers let’s say last year same quarter. And what is that those numbers let’s say this year across uk, Canada or other geographies, Ireland.
Manish Agarwal
Hi. Our concentration is still lies with UK and almost 90% of revenue comes from UK. If you compare it from last year or last, last year it has come down from 95 to 90. We have grown in other market like Ireland, Middle East, Dubai specifically, which are contributing around 3 to 5% of our revenue.
Umakant Sharma
Got it. And, and let’s say when you when you guys at the board level said and discuss the strategy from a you know, futuristic standpoint, let’s say three or five years down the line, how do you spanning out. Let’s say how, what, what aspirational I aspirationally are you guys looking at the split looking like for let’s say when we are sitting in 28 or 29.
Manish Agarwal
F29 like when we started our source market was 100% India. Now we were able to reduce it to 50% and have expanded to different source market which contribute rest of 50%. Similar sorry point of view, we would like to reduce UK to 50% so maybe five year down the line we would want UK to be 50% and rest other countries to be 50% of. Our revenue and which would be those countries which would be a key countries. Comprising the balance of T us, Australia and Canada.
Umakant Sharma
Got it. The second question which I have is you know when you think about from an employee which we have employee headcount which is about 350od. Right. Could you just talk how are you viewing that employee headcount meaning from a use case standpoint, how much would be targeted more towards the agent acquisition? How much would be directed towards the university side acquisition and the last one, how much would be allocated towards the running of the tech side?
Vikash Agarwal
I mean in terms of employee division, majority of them are responsible for agent and university relationship. Roughly 15% to 20% of them are on it side who helps develop tech and maintain them. So rest all would be in our business department. That would be the agent acquisition. Right. When you say business development agent acquisition and university acquisition.
Umakant Sharma
Got it, got it. And.
operator
Yeah, I request you to kindly rejoin the queue for the follow up question.
Umakant Sharma
I just have one quick follow up actually this was not. This was just a follow up question on that. Yeah, thanks. So just one. Just from a strategy standpoint, could you also just touch down a little bit about what’s the thought process on the acquisition? Would these acquisitions be led by newer. We are looking at new university. This would be driving the acquisition to add in our portfolio or new geographies within the universities or would it be led by the agent acquisition side?
Vikash Agarwal
It will be. It depends upon the proposition but normally it will be for diversifying into new decision market or new source market. Largely towards the geographical standpoint. Right. From a university standpoint. We will only acquire some any company which is ebitda, ACCRETIVE will not just go and acquire anything at any price.
Umakant Sharma
Got it, got it. Makes sense. And just one final bookkeeping question. This thing, could you just touch a little bit? Could you just tell me what would the normalized other expenses look like? Let’s say going ahead.
Manish Agarwal
I said we are growing, our revenue is growing. So expenses will also grow. But yes, in current quarter this expenses is on a higher side. If you I see immediately next quarter I think it will be on a lower than this. So.
Umakant Sharma
So let’s say if we remove the acquisition related expenses and you know, the legal formalities and all of that, how much would that number look like? X of that? Could you throw some color around that last quarter around. Okay, got it, got it. Perfect. Thanks. And all the best.
Manish Agarwal
Thank you.
operator
Thank you. The next question is from the line of Smith Gala from RSPN Ventures. Please go ahead.
Smith Gala
Yeah, thank you for the opportunity. In continuation to the seasonality point which you mentioned previously on the call which affects our gross margins, can you help me understand what the seasonality is in detail?
Vikash Agarwal
Each university or destination country has a different intake. If I talk about UK September, October is their largest intake where all the masters and undergrad courses are offered in every university. Followed by January, February there is another intake. So student who miss or cannot make in the September can apply and go in January. And there is a mid intake which is in May. So there are handful of universities which also offers may intake. This multiple intake scenario brings seasonality to the business. Whenever our universities, it takes some time for the universities for a student to join the university and the university to pay us renovation fees based on when they pay, we recognize revenue and that payment would be higher in quarter three and quarter four compared to quarter one and two where the intake is low.
Smith Gala
Okay, okay, that was helpful. Second, I wanted to understand why are we exposed to the forex exposure? Like is it not a natural hedge for us that we collect from the university? We record revenue revenue when we collect from the university and then pay majority of it to the agents. And so still we are booking a lot of forex losses or gains depending on the currency movement. And why are we not hedging it?
Manish Agarwal
Hi Smith. We book majorly of our revenue in the same currency, majorly pound and we pay the agent in the same currency. But a substantial part of money comes to India which comes in inr. So we do our forward hedging to avoid the current adverse currency movement. So that’s why you see the whatever forex gain or loss this is for hedging Purpose only.
Smith Gala
Okay. And so you can help me. When does we. When do we book revenue and when the commission is paid to the agent.
Manish Agarwal
We book the revenue. Once the university confirm us the amount of commission due to us. Once we receive the money from the university we immediately pay to the agent. Okay.
Smith Gala
Okay. Thank you. I’ll join back the queue.
Manish Agarwal
Thank you.
operator
Thank you. The next question is from the line of Azaruddin Zariwala from Samiksha Capital. Please go ahead.
Azharuddin Jariwala
Yeah. Am I audible?
Vikash Agarwal
Yes.
Azharuddin Jariwala
So thank you for taking my question. I just want to ask something like. We all our two segments like commodity and low financial service segment is came live in this quarter. So how can. How do we expect to contribute this segment meaningfully in next year down the line?
Vikash Agarwal
I mean considering this will take some time, I believe it will take between two to three years before it becomes a substantial line item. These services are added to increase the LTV of the student but at the same time provide a better service to our client partners. Both the agent and the students they recruit. So objective is not just to create revenue immediately from this one but to provide a better service which will help us gain more market share from the agents. But it will take two to three years before it becomes substantial.
Azharuddin Jariwala
Okay. And on the recent acquisition we did of the Study Planet can you show some key financial metrics of the company like Revenue, EBITDA and PET?
Manish Agarwal
Study Planet is a B2C company. For quarter three the revenue was 1.87 crores. And I have the pads, I have a patch figure with me. It’s 1.19 crores.
Azharuddin Jariwala
And can you please give us on an annual basis like FY25.
Manish Agarwal
FY25 didn’t acquire them. We acquired them in only 23-10-2025. Yeah.
Azharuddin Jariwala
Yeah. But. Okay. Yeah, that’s all right.
operator
Thank you. The next question is from the line of Anupama from Ratnataria Capital. Please go ahead.
Anupama
Yeah. Hi. So Mike, I had just two questions on the application side. The number of applications that you mentioned at 1.1 lakh. Is it a total applications processed in this quarter or is it like a outstanding number?
Manish Agarwal
No, this is a total number of application process in this quarter. 1.02 lakhs.
Anupama
Okay. And out of that 15 gets enrolled, is it, Is that right?
Vikash Agarwal
No. Average around 10%.
Anupama
10%. Okay. Is it possible actually to give that numbers out like the number of enrolled applicants because it will be easier for us to see the seasonality. The seasonality?
Vikash Agarwal
Actually, I mean normally we disclose applications to give you a idea about seasonality. But in future, if this is something which you want will integrate that into our system.
Anupama
Right, yeah, actually that will be really helpful because right now if I see last three quarters, it looks like almost similar around 1 lakh applications, like a 5%, maybe 5 to 10% movement.
Manish Agarwal
The plat also remains in the same line. We normally don’t give the student number because we feel it might affect the business as a whole. If we give a specific number for a specific university, the computer might jump in which might jumble up our business model.
Anupama
Right, right. Yeah, you know, not for specific universities, just like as a enrollment number. So like just to see the seasonality actually. But yeah, that, that’s perfect. And actually second question was on the UK visa, like I was reading an article on the. There’s a BCA rule and some of the universities have been like blacklisted and you know, they have made it stricter for the university. So I just wanted to understand like even one of the universities mentioned in the DRHP of Skysack also, I think Glasgow Caledonian University. So I just wanted to understand what is your take on it and how.
Vikash Agarwal
Do you see that? Christopher?
Christopher Nagle
Yeah, thank you. So the change that you’re referring to was that for a UK university to sponsor or to accept international students, previously they had a limit of 10% visa refusals. Before they would have a review of the license, that limit has been changed to 5%. This doesn’t have any material effect on our business because the refusal rate of the students who apply through our platform is extremely low and nowhere near close to the new benchmark. It actually creates a further barrier to entry because of our sophisticated compliance process. It ends up being a competitive advantage for us because our visa refusal rate is so low.
Coming to your question about, I think blacklist is not the correct word. If a university has a rising visa refusal rate, then they have a consultation with the regulator and that gets reported. But none of our clients have had their ability to recruit international students. Affected. University which you refer is not blacklisted. They were under action plan and things are resolved between UKVI and the university. They are still recruiting international students from India and rest of the world.
Anupama
Okay, okay. Yeah, that’s actually very good to hear then. And this actually since you mentioned, what is our visa refusal rate like for Kryzak? Like what percentage of applications could be.
Vikash Agarwal
There, like below the threshold of 5% which is given by UKBI? We are way, way, way below that.
Anupama
Okay, great. Thank you so much.
operator
Thank you. The next question is from the line of ankur Gulati from Genuity Capitals. Please go ahead. Hi.
Ankur Gulati
Thanks. A quick request. Last time around. Hello.
Vikash Agarwal
Yeah.
Ankur Gulati
Okay. There were two pages in the last quarterly reports which had the KPI. So if you guys can please include it next time around. It helps the. It has the application processed in number of activations. So that will be great. Second, Q4 is typically 40%. Right. Seasonal advice almost. Okay. And when you see Q4, F25 was 19%. Is. Is that fair that usually Q4 will have a lower EBITDA margin? That’s how it should be. You should be reading it.
Manish Agarwal
Yeah. In terms of margin it might be lower. But in terms of absolute term it will be higher. Sorry. Compared to absolute terms compared to. If you compare the EBITDA margin in absolute terms in rupees, it will be higher compared to quarter one, two and three. But if you compare as a percentage of total revenue, then obviously it will be low.
Ankur Gulati
That’s right. And sir, what percentage of your total revenue do you guys hedge? Is it 100% hedged or is there some open exposure as well?
Manish Agarwal
No, like I said, we pay the agent directly in the same currency. So we normally hedge around 30% of the revenue which comes to India.
Ankur Gulati
Okay. And the Depreciation is now 5.5 crores per quarter which used to be 11 odd crores in last financial year. So anything specific which has changed, we.
Manish Agarwal
Use WDV method of depreciation. So it will start, it will keep on going down unless. And we have something new.
Ankur Gulati
Got it. Okay. Thanks. All the rest.
Manish Agarwal
Thank you.
Vikash Agarwal
Thank you.
operator
Thank you. The next question is from the line of Swetha Jain from answer please. Go ahead.
Swetha Jain
Hi. So I just want to understand on the loan parking that we refer, how much fees do we get from the MBFCS on every loan that we refer to them?
Vikash Agarwal
Yeah, it varies. But it follows in the range of 0.8 to 2%.
Swetha Jain
0.8 to 2% on the ticket size, right?
Vikash Agarwal
That’s correct.
Manish Agarwal
On the loan amount.
Swetha Jain
On the loan amount. Okay. Okay. And also sir, I wanted to understand what is the revenue per student that we made in this quarter and what was that last quarter? If you can help me understand that.
Vikash Agarwal
I mean revenue in general is very similar whether it’s this quarter or last quarter. And revenue per student does not change on quarter to quarter basis.
Swetha Jain
Okay, so what was that, sir? This quarter.
Manish Agarwal
This is something confidential information which might affect our computer.
Swetha Jain
No problems. No problem, sir. I understand, sir. And on the accommodation business, I want to understand what kind of margins or what is the Unit economics Or you know how like you know there also we are making some commission. Right. So what is the commission per student or the per whatever, you know, fees. Like how do we make our fees there?
Vikash Agarwal
Between 100 pound to 300 pounds.
Swetha Jain
100 pound to 300.
Vikash Agarwal
Yeah. 10,000 to 30,000 rupees per student.
Swetha Jain
Okay. On the per accommodation, Support students for the accommodation, right?
Vikash Agarwal
Yeah, that’s correct.
Swetha Jain
Okay. Okay. So this is obviously, this is like a one, one time kind of a thing, right. Because there is nothing recurring. Right. So when we do the accommodation just for the entire course, right. If the, the student is an undergrad student, you provide the accommodation. The arrangement is done for four years is what I understand.
Vikash Agarwal
Normally they do a agreement for 51 weeks. One year and we get paid for one year. But if the student decides to change the accommodation, we get paid again.
Swetha Jain
Sir. And any agents added in this quarter or have we lost any agents? And how many agents are there? As on December.
Vikash Agarwal
We have added agents on our platform. Those additions happens on a regular basis. And as of today There are roughly 14,000 agents which are registered.
Swetha Jain
Okay. And so what is the cash that we have on our books? As on 31st December, as on 21st.
Manish Agarwal
December we have around 300 crores in form of this amount which I’ve told you is excluding the dividend which we are offering. So it comes to around 450 crores as on 31st December.
Swetha Jain
Okay. So I want to understand the kind of acquisition that we are planning. You know, whatever we have in mind for next three to four quarters or for next one year. Would this cash suffice? The kind of acquisition or the kind of growth we are targeting, you know, whichever geographies or we are planning to take some debt.
Vikash Agarwal
No, I mean we believe company has sufficient cash to get any of the equation they want. So we don’t believe in near future we are looking at taking an India. Okay. Depending on the scenario. But as of now we don’t have any debt and we don’t plan to take any debt in immediate future.
Swetha Jain
Okay. And so this planet.com acquisition was for what amount?
Vikash Agarwal
It was 6C I update.
Manish Agarwal
No, no. The enterprise value was around 8 crore and we invested around 4 crores.
Swetha Jain
Okay. Okay. And so just to follow up, I think one of the previous participants asked you the acceptance rate on the applications. I missed that number.
Vikash Agarwal
Roughly 10%.
Swetha Jain
10%. Okay. Okay. Thank you so much.
Manish Agarwal
Thank you.
operator
Thank you ladies and gentlemen. That was the last question. I would now like to hand the conference over to the management for the closing comments. Over to you.
Vikash Agarwal
Thank you very much for joining the management. As mentioned earlier, Kreisact is a high margin, cash generative, capital efficient company with a strong growth visibility and a robust balance sheet. We believe this positions us well to deliver long term shareholder value. Thank you very much.
operator
On behalf of Equeria Securities Private Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.