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:

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:

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:

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.

Landmark Global Learning Limited , a company transitioning from a private to a public listed entity, has announced a significant change in its auditing arrangements. M/s. Sukhpal Singh & Co., Chartered Accountants, the company's statutory auditors, have tendered their resignation effective August 13, 2025, citing an inability to meet the expanded compliance obligations that come with the company's new status.

Reasons for Resignation

The auditing firm, in their resignation letter, pointed to several factors that led to their decision:

1. The company's transition to a listed public entity
2. Significantly expanded compliance obligations
3. Increased regulatory scrutiny
4. Enhanced audit responsibilities

Sukhpal Singh, the proprietor of Sukhpal Singh & Co., stated in the resignation letter, "Regrettably, I am currently unable to allocate the level of time and attention required to fulfil the role to the standard expected."

Company's Response

Landmark Global Learning Limited has confirmed that no concerns were raised by the resigning auditors regarding the company's management. The company also stated that there were no material reasons for the resignation beyond those mentioned in the auditor's letter.

Audit Timeline and Future Steps

• The auditors were initially appointed on September 30, 2023, with their term scheduled to expire at the conclusion of the Annual General Meeting (AGM) in 2028.
• Prior to their resignation, the auditors had completed the audit of financial statements for the year ended March 31, 2025, submitting their report on May 30, 2025.
• The company's Audit Committee and Board will consider appointing new statutory auditors to fill the vacancy created by this resignation.

Regulatory Compliance

In compliance with SEBI (Securities and Exchange Board of India) regulations, Landmark Global Learning Limited has made the necessary disclosures regarding the auditor's resignation. The company has submitted the required documentation, including:

1. The auditor's resignation letter dated August 13, 2025
2. Annexures as mandated by SEBI Listing Regulations and SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024

The company's Chief Financial Officer, Digvijay, signed off on the regulatory filings, ensuring transparency in the process of the auditor's resignation.

As Landmark Global Learning Limited navigates this transition, the appointment of new statutory auditors will be a key focus for the company's leadership in the coming weeks. Stakeholders will likely be watching closely to see how the company manages this change and ensures continued compliance with its expanded obligations as a listed entity.