Landmark Global Learning Reports H1FY26 Results with International Expansion Plans
Landmark Global Learning's H1FY26 results showed revenue decline to ₹15.60 crores from ₹18 crores due to challenging overseas education market conditions including visa scrutiny and elongated conversion cycles. Despite current headwinds, the company is pursuing aggressive international expansion with Dubai campus launch expected in Q4 FY26 and Paris campus in Q1 FY27, targeting ₹150 crores revenue and ₹50 crores profit by FY28.
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Landmark Global Learning Limited has released its H1FY26 earnings conference call transcript, revealing mixed financial performance amid challenging market conditions while outlining ambitious international expansion plans. The company, formerly known as Landmark Immigration Consultants Limited, conducted its earnings call on December 18, 2025, to discuss operational and financial performance for the half-year ended September 30, 2025.
Financial Performance Overview
The company's financial results for H1FY26 reflected the challenging environment in the overseas education advisory sector:
| Metric: | H1FY26 | H1FY25 | Change |
|---|---|---|---|
| Total Revenue: | ₹15.60 crores | ₹18.00 crores | Decline |
| EBITDA: | ₹74 lakhs | Higher (previous year) | Compressed |
| Profit After Tax: | ₹2.10 crores | Higher (previous year) | Lower |
According to Chief Operating Officer Pankaj Dawar, the revenue decline was primarily driven by deferred enrollments and elongated conversion cycles during the period. The margin compression reflected operational leverage impact, as fixed costs were absorbed over a lower revenue base.
International Campus Expansion
Despite current challenges, the company announced significant expansion initiatives with two international campuses in development:
| Campus Location: | Status | Expected Launch |
|---|---|---|
| Dubai: | License pending (expected in 1-2 weeks) | Q4 FY26 |
| Paris, France: | Application process started | Q1 FY27 |
| Business Model: | Asset-light rental model | Breakeven within first year |
The company has hired Mr. Mihai Ivan (Mike) as Director of Global Strategy, bringing over 26 years of experience in the international education industry. Mike is leading the setup process for both Dubai and France campuses, focusing on curriculum development and institutional establishment.
Market Challenges and Industry Context
The overseas education advisory industry experienced significant headwinds during H1FY26. Chairman and Managing Director Jasmeet Singh Bhatia highlighted several factors impacting the sector:
- Increased visa scrutiny and evolving immigration policies
- Higher financial thresholds for international students
- Global macro uncertainty affecting student decisions
- Longer processing timelines and enhanced compliance requirements
- Moderation in education loan disbursements for overseas studies
Geographic Revenue Distribution and Future Outlook
Canada remains the company's primary market, contributing over 70% of revenue, though this percentage has decreased from previous levels. The UK and Germany markets have grown significantly, with their combined contribution increasing from less than 10% to a more substantial portion of the business.
Management provided ambitious financial targets:
| Financial Target: | FY26 | FY27 | FY28 |
|---|---|---|---|
| Revenue Target: | Flat (similar to FY25) | ₹80-90 crores | ₹150 crores |
| PAT Margin Target: | Challenging year | 20-25% | ₹50 crores profit |
The company is also expanding its student recruitment operations to Bangladesh (started two months ago), with plans to begin operations in Africa, Nepal, and Pakistan soon. These initiatives are expected to support the achievement of the aggressive FY28 revenue target of ₹150 crores with ₹50 crores profit.
