Crizac544439Quarterly results

Q2 operating income down 36.7%; management guides Q3 growth of 10% to 12% and FY27 in line with FY26

Transcript of Crizac's Q2 FY27 earnings call held on 2 November 2026.

By ScoutQuest · Thu 5 Nov 2026, 5:19 PM IST · 3 min read

18.3%

Q2 FY2736.7%H1 FY2718.3%

Operating income decline year-on-year: 36.7% (Q2 FY27) and 18.3% (H1 FY27).

Q2 FY27 operating income: INR 1,027 million, down 36.7% year-on-year
Q3 FY27 revenue guidance: grow 10% to 12% over Q3 FY26
Interim dividend: INR 4 per equity share

A weak quarter, and the reason given

Operating income for Q2 FY27 was INR 1,027 million, a decline of 36.7% year-on-year, and profit after tax was INR 369 million. Management said the quarter was hit by external events: the conflict in West Asia between February and June disrupted international travel and led to widespread flight cancellations, and a sharp currency movement in a key source market made overseas education costlier. Many prospective students, mainly at post-graduate level, postponed their study plans.

The timing of revenue recognition explains the gap. Crizac books revenue only once the university confirms enrolment, which typically happens 45 to 90 days after the course begins. So the revenue reported in Q2 came mainly from applications processed in Q1 and before, the period most affected by the disruption.

First half at a glance

Operating income of INR 3,039 million, down 18.3% year-on-year.
Profit after tax of INR 840 million.

Guidance given by management

Q3 FY27 revenue expected to grow in the range of 10% to 12% over Q3 FY26.
FY27 revenue and profit expected to be in line with FY26, barring any black swan event, in line with the guidance given earlier.
H2 FY27 expected to be significantly stronger than H1 and ahead of H2 FY26.

Management said most students who will drive Q3 revenue have already secured admission and visa approval, and that a large share of the applications that will form the base for Q4 revenue has already been received and is being processed.

Dividend

The Board has declared an interim dividend of INR 4 per equity share.

Management described the payout as backed by a debt-free balance sheet and continued strong operating cash flow.

A policy signal from the largest market

In its 28 October budget, the UK government proposed a 2-year graduate visa for graduates of high-compliance universities with strong labour market outcomes, instead of the 18 months that would otherwise apply to all students from January 27. Which universities will qualify is yet to be defined. Management called the direction constructive and said it rewards compliance and student quality.

What management highlighted about the business

Depth of university partnerships, with relationships with its top partners running beyond 5 years.
Breadth of its counselling partner network and the number active in the first half.
Its technology platform and a committed investment in the in-house development of EduMentor, its AI-led student-university matching and mentorship platform.

Management said it continued to gain market share between FY24 and FY26 even as sponsored study visa volumes in its key markets fell, and that this points to universities consolidating recruitment partnerships around partners with strong compliance frameworks.

Destination diversification

Destinations outside the UK formed a noticeably larger share of total applications in H1 than in the first half of FY26, though their share of revenue is still small. Management said conversion in newer destinations typically starts slowly and deepens over time, and views that gap as headroom.

What to take away

The reported quarter reflects applications processed before the disruption, not the work done during it.
The forward-looking statements are management's expectations for Q3 and FY27, and their own wording ties the FY27 outlook to the absence of a black swan event.

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