CL Educate Limited has released its investor presentation for Q3FY26 and nine months period ended December 31, 2025, revealing mixed financial performance with strong revenue growth offset by operational challenges. The education technology company conducted an earnings call on February 06, 2026, to discuss its unaudited financial results.

Financial Performance Overview

The company demonstrated robust top-line growth with consolidated revenue increasing significantly across its business segments. Business EBITDA showed exceptional improvement, though bottom-line performance faced headwinds from increased costs.

Segment-wise Performance

EdTech Division

The EdTech segment faced challenges with revenue declining to ₹127 crore from ₹150 crore in the previous year, representing a 15% decrease. Business EBITDA for this division dropped 39% to ₹18.6 crore from ₹30.7 crore.

Key highlights from the EdTech business include renewed interest in MBA coaching following a difficult CAT exam, steady performance in the Law segment, and growth in Platform Monetization with carry-forward revenue at ₹1.9 crore versus ₹0.4 crore last year. The division launched newer variants at multiple price points and expanded AI-driven academic support.

MarTech Division

The MarTech segment showed steady growth with revenue increasing 9% to ₹121 crore, comprising ₹81 crore from India operations and ₹41 crore from international markets. EBITDA grew 10% to ₹11.6 crore.

New client acquisitions included PwC, Himalaya, and Zoho, while the APAC region added marquee accounts like Autodesk, H2O, Certis, and Xiamen Airlines. The Utsav social events vertical generated ₹6 crore in nine-month revenue.

DEX (Digital Examination Solutions)

The DEX division delivered strong performance with revenue growing 12% to ₹194 crore and business EBITDA increasing 24% to ₹42 crore. The division achieved 100% client rollover post-acquisition and conducted nearly 70 lakh exams during the year, including approximately 25 lakh certification and accreditation exams and 45 lakh recruitment and entrance exams.

SATHI Platform Launch

CL Educate launched SATHI in January 2026, a comprehensive assessment platform measuring Critical Thinking, Creativity, Communication, and Collaboration skills. The platform addresses the evolving needs of educational institutions beyond traditional domain knowledge testing.

The platform has empaneled 18 institutions offering 907 courses, with revenue potential from universities at ₹2.5 lakh per suite per year and schools at ₹2 lakh per class per year.

Operational Challenges

The company's net loss of ₹15.7 crore was primarily attributed to increased finance costs and depreciation totaling ₹68 crore compared to ₹15 crore in the previous year. This included actual interest costs of ₹21 crore and IND AS impact of ₹28 crore. Additionally, one-time exceptional expenses due to changes in labor codes amounted to ₹5.3 crore.

Business Outlook

CL Educate continues to strengthen its market position across multiple verticals, maintaining dominant market shares of 30-35% in MBA preparation and 35-40% in Law entrance coaching. The company operates 150+ centers across India and has expanded its international presence to 5+ locations in UAE and 9 locations across Asia and Africa, serving 400+ institutional clients.

CL Educate Limited has amended its Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI) to align with recent regulatory changes. The amendment was approved by the Board of Directors on February 05, 2026, and has been communicated to both BSE and NSE exchanges.

Regulatory Compliance Enhancement

The amended code incorporates recent amendments to the SEBI (Prohibition of Insider Trading) Regulations, 2015, ensuring comprehensive compliance with current regulatory standards. Company Secretary and Compliance Officer Rachna Sharma (ICSI Membership No.: A17780) has formally notified the exchanges about this regulatory update.

Key Framework Components

The updated code establishes comprehensive practices and procedures for fair disclosure of UPSI. The framework includes strict adherence to principles ensuring prompt disclosure of price-sensitive information and uniform dissemination to avoid selective disclosure.

UPSI Categories Covered

The code defines extensive categories of information considered as UPSI, including:

• Periodical financial results and dividend declarations
• Capital structure changes and securities transactions
• Mergers, acquisitions, and major business expansions
• Key managerial personnel changes and rating modifications
• Fund raising initiatives and management control agreements
• Fraud, defaults, and regulatory actions
• Litigation outcomes and guarantee provisions
• License grants, withdrawals, and regulatory approvals

Enhanced Governance Mechanisms

The amended code introduces robust governance structures including designation of the Compliance Officer as Chief Investor Relations Officer for UPSI dissemination. A structured digital database system will maintain records of persons with whom UPSI is shared, incorporating adequate internal controls and audit trails.

Investigation and Compliance Procedures

The code establishes comprehensive procedures for investigating actual or suspected UPSI leaks. An Inquiry Committee comprising the Managing Director, Chief Financial Officer, and Chief Investor Relations Officer will conduct preliminary inquiries and determine appropriate disciplinary actions.

Implementation and Accessibility

The amended code has been uploaded on the company's official website at www.cleducate.com for stakeholder access. The comprehensive framework ensures adherence to legitimate purpose sharing of UPSI while maintaining strict confidentiality obligations through contractual agreements with relevant parties.