Any current/future new fundraising through debt or equity?

Currently, S Chand and Company Limited is largely debt-free for three quarters, with some debt only at the end of Q3 due to capex and an acquisition. As of March FY25, net cash was approximately INR 103 crores, expected to increase to INR 120-125 crores at the end of the current year and INR 150+ crores by end of June. No active discussions on new acquisitions or fundraising as of now. Management is open to the idea of buybacks depending on cash flow and liquidity but no firm plans announced. No specific mention of new fundraising through debt or equity during the call. Management will review

Any current/future capex/capital investment/strategic investment?

S Chand and Company completed the acquisition of CPD Singapore in January 2026, expanding into International Curriculum products for India, South Asia, and the Middle East. The acquisition is part of a strategy to fill portfolio gaps and drive growth in international school segments. The company is actively engaged in exploring further M&A opportunities to complement its portfolio. Capex was undertaken during FY26, contributing to a temporary debt position in Q3. No specific details disclosed about future capital expenditures or strategic investments beyond current M&A focus. Management remain

Future growth expectations in sales/revenue/volumes?

The current syllabus change (NCF) is spread over 5-6 years, unlike earlier rapid changes over 2-3 years, resulting in moderate growth initially. The full impact of the new syllabus is expected in the next 2 years, leading to a decent growth phase. Historically, syllabus changes have resulted in 15%-20% growth over 2-3 years; this time growth is normalized due to gradual implementation. Post the syllabus change phase, normalized growth is expected at 8%-10% annually in the traditional publishing business. New initiatives like AI dataset licensing and acquisitions in international curricula (CPD

Future growth expectations in earnings/operating earnings/profits/EPS?

Post new curriculum adoption (NCF), the company anticipates decent growth over the next 2 years with normalized growth thereafter. Normalized growth in traditional publishing is expected at 8%-10% annually. Potential incremental growth through acquisitions and new segments like AI dataset licensing and international curriculum (from CPD Singapore acquisition). The AI dataset content licensing segment is expected to grow 50%+ YoY, targeting revenues over Rs 300 million in FY26. EBITDA margins guidance remains strong at 18%-20%, driven by product mix, content licensing, pricing realizations, and

Current/ Expected Orderbook/ Pending Orders?

The company did not explicitly mention a specific current or expected order book value during the call. However, they are quite confident of achieving their revenue target of over INR 800 crores for FY26, with around INR 550 crores expected in the last quarter. The revenue gap due to syllabus revision resulted in some revenues being deferred from Q3 to Q4, indicating a strong order pipeline going into the last quarter. Schools have adopted the new curriculum in majority of classes, which is expected to boost business over the next 2 years as implementation becomes widespread. The management ex

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S Chand & Company LtdQ4 FY27Printing & Publication

S Chand & Company Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹151P/E: 11.4Market Cap: ₹568 CrSector: Printing & Publication

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

→The current syllabus change (NCF) is spread over 5-6 years, unlike earlier rapid changes over 2-3 years, resulting in moderate growth initially.
→The full impact of the new syllabus is expected in the next 2 years, leading to a decent growth phase.
→Historically, syllabus changes have resulted in 15%-20% growth over 2-3 years; this time growth is normalized due to gradual implementation.
→Post the syllabus change phase, normalized growth is expected at 8%-10% annually in the traditional publishing business.
→New initiatives like AI dataset licensing and acquisitions in international curricula (CPD Singapore) may boost growth further.
→The TestCoach digital platform and CUET exam prep are growth areas but will take 4-5 years to scale significantly.
→Overall, management is confident of achieving INR 800+ crores revenue for FY26 and steady growth in coming years.

Margin guidance

Category 3

→Post new curriculum adoption (NCF), the company anticipates decent growth over the next 2 years with normalized growth thereafter.
→Normalized growth in traditional publishing is expected at 8%-10% annually.
→Potential incremental growth through acquisitions and new segments like AI dataset licensing and international curriculum (from CPD Singapore acquisition).
→The AI dataset content licensing segment is expected to grow 50%+ YoY, targeting revenues over Rs 300 million in FY26.
→EBITDA margins guidance remains strong at 18%-20%, driven by product mix, content licensing, pricing realizations, and operational efficiencies.
→Digital initiatives like TestCoach and international curriculum offerings (IGCSE, IB) present long-term growth opportunities but will take 4-5 years to scale meaningfully.
→Management is confident of achieving FY26 revenue target of INR 800+ crores with sustained EBITDA margins and working capital improvements.

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Fundraise plans

→Currently, S Chand and Company Limited is largely debt-free for three quarters, with some debt only at the end of Q3 due to capex and an acquisition.
→As of March FY25, net cash was approximately INR 103 crores, expected to increase to INR 120-125 crores at the end of the current year and INR 150+ crores by end of June.
→No active discussions on new acquisitions or fundraising as of now.
→Management is open to the idea of buybacks depending on cash flow and liquidity but no firm plans announced.
→No specific mention of new fundraising through debt or equity during the call.
→Management will review cash position and consider related decisions during the May board meeting.

Order book

→The company did not explicitly mention a specific current or expected order book value during the call.
→However, they are quite confident of achieving their revenue target of over INR 800 crores for FY26, with around INR 550 crores expected in the last quarter.
→The revenue gap due to syllabus revision resulted in some revenues being deferred from Q3 to Q4, indicating a strong order pipeline going into the last quarter.
→Schools have adopted the new curriculum in majority of classes, which is expected to boost business over the next 2 years as implementation becomes widespread.
→The management expects decent growth in the next couple of years due to curriculum changes slowly rolling out over 5-6 years.
→Inventory management and working capital efficiency improvements reflect readiness to meet demand in the peak season.
→No direct numerical figures related to pending orders or orderbook were disclosed.

Capex plans

Yes

→S Chand and Company completed the acquisition of CPD Singapore in January 2026, expanding into International Curriculum products for India, South Asia, and the Middle East.
→The acquisition is part of a strategy to fill portfolio gaps and drive growth in international school segments.
→The company is actively engaged in exploring further M&A opportunities to complement its portfolio.
→Capex was undertaken during FY26, contributing to a temporary debt position in Q3.
→No specific details disclosed about future capital expenditures or strategic investments beyond current M&A focus.
→Management remains open to acquisitions and will evaluate cash flow and liquidity around May 2026 for possible buybacks or investments.
→Ongoing investments in digital initiatives like TestCoach and SmartK are planned, but no large-scale EdTech capital investments currently underway; focus is on long-term and revenue-generating platforms.

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