Crizac Ltd (NSE: CRIZAC), a B2B education platform specializing in international student recruitment, on Wednesday reported a 17.2% increase in consolidated net profit for the third quarter ended December 31, 2025, supported by steady growth in operating revenue.
The company’s board also approved an interim dividend of ₹8.00 per equity share for the financial year 2025-26.
Financial Performance Overview
For the quarter under review, the Bengaluru-based firm posted a consolidated net profit of ₹505.28 million ($6.1 million), up from ₹432.95 million in the same period last year. Revenue from operations grew 28% year-on-year to ₹2,786.36 million, compared to ₹2,176.70 million in the year-ago quarter.
The company’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) stood at ₹646.09 million, reflecting an EBITDA margin of 23.19%. While revenue saw substantial gains, operating margins faced relative pressure compared to the previous year’s 28.5% margin, primarily due to a 37% rise in total expenditure.
Key Financial Metrics (Consolidated)
| Metric (₹ in Millions) | Q3 FY2026 | Q3 FY2025 | Change (%) |
| Total Revenue | 2,786.36 | 2,176.70 | +28.0% |
| Total Expenses | 2,130.27 | 1,555.10 | +37.0% |
| Profit Before Tax | 673.54 | 599.75 | +12.3% |
| Net Profit (PAT) | 505.28 | 432.95 | +17.2% |
| Earnings Per Share (₹) | 2.85 | 2.47 | +15.4% |
Dividend and Shareholder Returns
The board declared an interim dividend of ₹8.00 per share (400% of the face value of ₹2.00 each). This follows the company’s July 2025 initial public offering and marks a significant payout for the current fiscal year.
- Record Date: February 4, 2026
- Payment Date: Scheduled on or before February 26, 2026
The stock responded positively to the announcement, with shares of Crizac Ltd closing 4.94% higher at ₹251.40 on the National Stock Exchange (NSE). Despite Wednesday’s rally, the stock remains approximately 35% below its 52-week high of ₹388.00, reflecting broader volatility in the education services sector over the last six months.
Balance Sheet and Operational Highlights
Crizac, which connects recruitment agents with universities in the UK, Canada, Australia, and New Zealand, continues to operate with a debt-free balance sheet.
A notable operational highlight was the improvement in the company’s working capital cycle. Debtor days decreased to 15.7 days as of December 31, 2025, a sharp reduction from the 70-80 day range reported in previous fiscal years. Management attributed this improvement to more efficient collection processes and a shift in the timing of university commission payouts.
“The consistent profit improvement demonstrates the company’s resilience and operational capabilities in the current market environment,” the company noted in its performance overview.
Strategic Outlook
During the quarter, Crizac continued its diversification strategy, including the integration of its UK-based subsidiary and the expansion of services into the Middle East and Oceania. In January 2026, the company also moved toward vertical integration by approving an investment for a majority stake in Global Tree, an Indian immigration and test-preparation consultancy.
The financial results were reviewed by statutory auditors M/s. Singhi & Co, who issued an unmodified limited review report.
Reasons to Pass on CRIZAC
- Margin compression: EBITDA margin declined to 23.19% from 28.5% a year earlier, reflecting cost pressures despite strong revenue growth.
- Rising expense base: Total expenditure increased 37% year on year, outpacing revenue growth and raising questions around operating leverage.
- Sector volatility: Shares remain about 35% below the 52-week high, underscoring persistent volatility in the education services sector.
- Regulatory and policy exposure: The business is sensitive to visa and immigration policies in key destination markets such as the UK, Canada, Australia and New Zealand.
- Concentration risk: Revenue remains closely tied to international student recruitment flows, leaving earnings vulnerable to shifts in global mobility trends.
- Execution risk from expansion: Ongoing geographic expansion and integration of the UK subsidiary add operational complexity.
- Acquisition integration risk: The proposed majority investment in Global Tree introduces integration and execution risk with uncertain near-term returns.
- Capital allocation considerations: A sizable interim dividend soon after the IPO may limit retained capital available for growth initiatives.