Zee Learn Limited (ZEELEARN)

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Zee Learn Limited (ZEELEARN) · mywealthgrid

About

Zee Learn Limited operates in education within India's consumer discretionary sector, with a market capitalization of ₹261.5 Cr. Quarterly revenues fluctuate significantly (₹39–₹177 Cr range), suggesting either strong seasonality or a diversified revenue base. The stock trades at a P/E of 5.8 with ROE of 17.87%, indicating low valuation relative to profitability when operations run at capacity.

Face value: ₹1

Market cap

₹206 Cr

P/E

4.6×

P/B

0.9×

Dividend yield

ROE

17.9%

ROCE

11.9%

Debt / equity

1.44

OPM

23.7%

EPS (TTM)

₹1.4

Book value

₹7.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins are highly erratic (7.18%–34.96% across recent quarters) and two quarters posted net losses (₹−2.65 Cr in Dec 2025, ₹−6.14 Cr in Sep 2025), raising durability concerns.
Debt-to-equity ratio of 1.44 reflects moderate-to-high leverage, limiting financial flexibility for growth investment or managing downturns.
Stock has declined 20.28% over one year (52-week range ₹4.25–₹10.05), indicating market skepticism about business durability given recent operational volatility.
Verify root cause of margin and profitability volatility: whether driven by seasonality, execution inconsistency, demand volatility, or structural headwinds.

Generated analysis · source review pending

Growth drivers

ROE of 17.87% indicates efficient capital deployment; earnings growth could accelerate if revenue grows consistently.
Operating margins reach 34.96% in strong quarters, suggesting capacity for significant profit expansion if revenue base scales and fixed costs are absorbed.
P/E valuation of 5.8 relative to ROE of 17.87% implies upside if operational consistency improves.
Verify education-sector structural tailwinds (digital adoption, demographic growth, rising incomes) and whether company positioning captures this growth.

Generated analysis · source review pending

2,509 historical price candles were omitted because the exchange source has not been verified.

₹6.3+0.8%1Y

Quick read

rule-based

Pros

+Strong return on equity of 62.2% (3-yr avg)
+Healthy operating margin of 23.7%

Cons

−Low promoter holding of 15%

Research score

Structured signal from quality, growth, valuation and momentum.

50/100

Business quality: 34
Growth: 14
Valuation: 100

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	269	269	517	515	257	248	324	356	372	439
COGS	45	45	—	138	57	55	98	96	68	77
Gross profit	224	224	—	377	200	193	226	261	304	363
	122	122	—	209	157	145	201	164	201	259
	102	102	—	168	43	47	25	96	103	104
OPM %	38%	38%	—	32.7%	16.8%	19.1%	7.8%	27.1%	27.8%	23.7%
Depreciation	11	11	28	64	50	37	32	24	36	44
Interest	19	19	47	59	51	44	44	42	39	38
	4	4	32	10	56	34	-402	146	5	46
Profit before tax	76	76	115	56	-2	1	-452	176	33	68
Tax	26	26	—	31	19	14	10	21	20	29
Tax %	34.8%	34.8%	—	54.9%	947%	1,685.5%	2.1%	11.8%	61.3%	43.2%
	49	49	83	25	-21	-13	-462	156	13	39
PAT margin %	18.3%	18.3%	16.1%	4.9%	-8.2%	-5.3%	-142.4%	43.7%	3.4%	8.8%
EPS (₹)	1.5	1.5	2.3	1.3	-0.3	-0.1	-13.6	5	0.4	1.2
EPS adjusted (₹)	1.5	1.5	2.3	1.3	-0.3	-0.1	-13.6	5	0.4	1.2
	6.6%	6.6%	4.3%	0%	—	—	—	0%	0%	—
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	32	32	33	33	33	33	33	33	33	33	33
Reserves	218	218	321	399	438	432	430	-14	150	163	202
Minority interest	—	—	—	181	162	150	140	122	—	—	—
	372	377	242	379	318	387	399	421	330	355	338
	83	77	342	488	571	471	446	463	572	958	1,019
Total equity & liabilities	705	705	937	1,479	1,523	1,472	1,448	1,024	1,084	1,509	1,593
	114	16	337	131	429	419	403	64	93	90	99
CWIP	380	0	0	3	7	1	1	0	0	0	0
Investments	10	10	14	2	11	0	0	227	485	461	469
	201	679	587	1,343	1,076	1,053	1,044	733	507	958	1,025
Total assets	705	705	937	1,479	1,523	1,472	1,448	1,024	1,084	1,509	1,593

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Educational services and related activities	312.57	78.61	937.01	871.25	65.76	119.54
Training, manpower and related activities	104.9	-0.09

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	73.3%	77.7%	77.7%

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	15.05%	15.05%	15.05%	15.05%	15.02%	15.01%	15.01%	15.01%	15.01%	15.01%	15.01%	14.98%
	10.6%	6%	6%	6%	5.98%	6.38%	6.41%	6.45%	6.57%	6.39%	6.38%	6.51%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0%	0%	0%	0.17%	0.22%	0.3%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	74.33%	78.93%	78.93%	78.93%	78.98%	78.59%	78.58%	78.54%	78.42%	78.43%	78.39%	78.21%
No. of shareholders	—	—	—	—	—	—	—	—	1,61,318	1,58,348	1,56,021	1,54,521

Promoter holding down 0.07 percentage points since Sep 2023.

53 deals · 30 Dec 2021 – 23 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
23 Jun 2026	SULOCHANA JALAN	Bulk	NSE	Buy	22,29,330	₹9.72	₹2.17 Cr
8 Apr 2026	RATTANINDIA FINANCE PRIVATE LIMITED	Bulk	NSE	Sell	17,01,670	₹5.04	₹0.86 Cr
22 Nov 2024	MANSI SHARE AND STOCK ADVISORS PVT LTD	Bulk	NSE	Buy	18,70,744	₹7.83	₹1.46 Cr
22 Nov 2024	MANSI SHARE AND STOCK ADVISORS PVT LTD	Bulk	NSE	Sell	42,574	₹7.93	₹0.03 Cr
21 Oct 2024	NIRJHAR GUPTA	Bulk	NSE	Sell	19,99,900	₹9.88	₹1.98 Cr
3 Oct 2024	MANSI SHARE AND STOCK ADVISORS PVT LTD	Bulk	NSE	Sell	18,09,000	₹9.82	₹1.78 Cr
3 Oct 2024	MANSI SHARE AND STOCK ADVISORS PVT LTD	Bulk	NSE	Buy	9,000	₹9.14	₹0.01 Cr
4 Jun 2024	MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	BSE	Buy	17,22,835	₹7.89	₹1.36 Cr
30 Jan 2024	MANSI SHARE AND STOCK ADVISORS PVT LTD	Bulk	NSE	Buy	20,00,000	₹6.90	₹1.38 Cr
9 Jan 2024	MANSI SHARE AND STOCK ADVISORS PVT LTD	Bulk	NSE	Buy	20,00,000	₹8.50	₹1.70 Cr

1–10 of 53

1 / 6

Mr. Surender SinghNon-Executive - Non Independent Director-Chairperson
Ms. Nanette D'sa RalphNon-Executive - Non Independent Director
Mr. Dattatraya Ramchandra KelkarNon-Executive - Non Independent Director
Mr. Karunn KandoiNon-Executive - Independent Director
Mr. Manish RastogiExecutive Director-CEO
Mr. Parag AgarawalNon-Executive - Independent Director
Mr. Shiv Kumar GuptaNon-Executive - Independent Director
Mr. Rakesh ChaturvediChief Financial Officer
Mr. Anil GuptaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Zee Learn Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

4

Dividend dividend17 Sept 2019 · ex-date₹0.1
Dividend dividend12 Sept 2018 · ex-date₹0.1
Final dividend19 Sept 2017 · ex-date₹0.05
Interim dividend3 Nov 2016 · ex-date₹0.05

1

Board meeting to consider results29 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

17 announcementsExport CSV

29 Sept 2026, 6:56 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

28 Sept 2026, 1:59 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

27 Sept 2026, 12:26 amCompany Update

Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015.

General PDF

16 Sept 2026, 11:05 pmCompany Update

Intimation Pursuant To Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015.

General PDF

4 Sept 2026, 12:45 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

2 Sept 2026, 10:19 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

2 Sept 2026, 8:48 pmAGM/EGM

Notice Of 16Th Annual General Meeting Of The Company For The Financial Year 2025-26 Pursuant To Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

AGM PDF

31 Aug 2026, 9:32 pmAGM/EGM

Zee Learn Ltd - 533287 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report

Postal Ballot PDF

Date	Category	Subject	Filing
29 Sept 2026, 6:56 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 1:59 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

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Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Shanti Educational Initiatives LimitedSEILSEIL	₹3,006 Cr	₹3,006 Cr	₹0 Cr	₹0 Cr	—	₹0 Cr	—	—	—	—
Niit Learning Systems LimitedNIITMTSNIITMTS	₹2,633 Cr	₹2,900 Cr	₹2,066 Cr	₹370 Cr	18.8%	₹256 Cr	12.7%	19.4%	18%	40
Niit LimitedNIITLTDNIITLTD	₹1,161 Cr	₹1,161 Cr	₹402 Cr	₹-7 Cr	-3.4%	₹9 Cr	1.5%	2.2%	0.9%	-885
Aptech LimitedAPTECHTAPTECHT	₹505 Cr	₹505 Cr	₹517 Cr	₹33 Cr	6.3%	₹24 Cr	4.7%	15.2%	9.4%	3
Career Point Edutech LimitedCPEDUCPEDU	₹321 Cr	₹321 Cr	₹51 Cr	₹26 Cr	50.5%	₹24 Cr	44.8%	46.3%	34.6%	98
Cl Educate LimitedCLEDUCATECLEDUCATE	₹314 Cr	₹547 Cr	₹530 Cr	₹48 Cr	8.8%	₹-24 Cr	-4.8%	4.8%	-9.9%	-2,559
Zee Learn LimitedZEELEARNZEELEARN	₹206 Cr	₹545 Cr	₹424 Cr	₹107 Cr	23.7%	₹45 Cr	8.8%	11.9%	17.9%	63
Golden Crest Education & Services LtdGOLDENCRESTGOLDENCREST	₹169 Cr	₹169 Cr	₹0 Cr	₹0 Cr	47.6%	₹0 Cr	42.9%	2.2%	1.7%	269
VJTF Eduservices LtdVJTFEDUVJTFEDU	₹120 Cr	₹121 Cr	₹2 Cr	₹-13 Cr	32.8%	₹9 Cr	1.6%	7.8%	1%	-37
Compucom Software LimitedCOMPUSOFTCOMPUSOFT	₹103 Cr	₹152 Cr	₹33 Cr	₹1 Cr	7.6%	₹3 Cr	8.4%	2%	2%	317
Ascensive Educare LtdASCENSIVEASCENSIVE	₹75 Cr	—	₹59 Cr	₹6 Cr	10.3%	₹3 Cr	5.8%	—	—	—
Ironwood Education LtdIRONWOODIRONWOOD	₹73 Cr	₹112 Cr	₹53 Cr	₹8 Cr	15.6%	₹4 Cr	7.4%	15.6%	14.8%	4,186

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	73.3%	77.7%	77.7%

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	47	189	104	99	12	63	42	50	83	108
	-42	-9	-106	-141	24	-6	-12	-6	-13	-6
	-5	-173	5	36	-38	-37	-30	-51	-63	-71
Net cash flow	—	—	—	—	-2	20	0	-7	7	31
Free cash flow	47	173	—	—	10	61	38	48	72	95
CFO / Operating profit %	—	184.8%	101.8%	—	27.4%	131.9%	166.2%	52.3%	80.2%	103.8%

Leverage
Current ratio	0.72	0.46	0.54	0.48	0.38	0.75	0.91	1.01

Return ratios
Return on assets %	5.6%	1.6%	-1.4%	-0.9%	-45.1%	14.4%	0.8%	2.4%

Zee Learn Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

4

1

Announcements

4

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

0 · revenue

Working capital
Receivable days	37	47	130	152	30	39	40	39

Zee Learn Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends4

Board meetings1

Announcements

Dividends4

Board meetings1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Ratio timeline

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

0 · revenue

4

1

4

1