Zee Learn Ltd Q2 FY20 Share Price & Earnings Call Analysis

Financials of Zee Learn Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Zee Learn Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +15.05%15.05%15.05%15.01%15.01%15.01%15.01%15.01%15.01%15.01%14.98%14.98%
FIIs +5.99%5.99%5.99%5.98%6.38%6.41%6.45%6.57%6.39%6.38%6.51%6.35%
DIIs +0.01%0.01%0.01%0.03%0.03%0.00%0.00%0.00%0.17%0.22%0.30%0.30%
Public +78.94%78.95%78.94%78.98%78.58%78.58%78.54%78.42%78.44%78.38%78.20%78.36%
No. of Shareholders1,48,6261,43,4401,41,4941,49,0411,63,2281,68,8491,66,7211,61,3181,58,3481,56,0211,54,5211,51,584

Pros & Cons

Zee Learn Ltd

Key positives and risks surfaced from the company insights section.

Pros
  • Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Operational K-12 Schools (Mount Litera Zee School) schools 103 Annual Report - 31 Mar 2016 “Mount Litera Zee School is now the second largest chain of schools in the private-unaided category with over 103 schools in 98 cities” Page 4 · Source 115 Annual Report - 31 Mar 2017 “Mount Litera Zee School is now the second largest chain of schools in the private-unaided category with over 115 schools in 105 cities” Page 3 · Source 122 Annual Report - 31 Mar 2018 “The Company signed 14 schools and added 7 K-12 Mount Litera Zee Schools, taking the total count to 122, including 5 Company managed schools” Page 11 · Source 129 Annual Report - 31 Mar 2019 “During FY19, Mount Litera Zee Schools (MLZS) continued its growth story with 129 operational schools” Page 36 · Source 145 Credit Rating - 02 Apr 2020 “145 K-12 schools through its leading brands Kidzee and Mount Litera Zee School (MLZ)” Page 4 · Source 110 Annual Report - 31 Mar 2021 “Number of National Locations: 750 + for Kidzee and 110 + for MLZS” Page 46 · Source 59 Annual Report - 31 Mar 2022 “Mount Litera Zee School Operational K-12 Schools INDIA TOTAL 59” Page 11 · Source 100 Annual Report - 31 Mar 2023 “Mount Litera Zee School Operational K-12 Schools INDIA TOTAL 100” Page 13 · Source 106 Annual Report - 31 Mar 2024 “106 Total operational K-12 schools” Page 15 · Source 113 Annual Report - 31 Mar 2025 “Total operational K-12 schools 110+ (rounded from 113)” Page 9 · Source 128 Annual Report - 31 Mar 2026 “Grand Total 2506 615 128 14 62” Page 16 · Source Operational Preschools (Kidzee) centers 1,550 Annual Report - 31 Mar 2016 “more than 1500+ pre-schools in 550 + cities” Page 4 · Source 1,705 Annual Report - 31 Mar 2017 “1,705 pre-schools in 650+ cities” Page 3 · Source 1,825 Annual Report - 31 Mar 2018 “1,825 operational preschools in over 750 cities across India and Nepal” Page 11 · Source 1,933 Annual Report - 31 Mar 2019 “FY19 was a landmark year for Kidzee as it continued its growth story and crossed 1933 operational centres” Page 38 · Source 2,000 Credit Rating - 02 Apr 2020 “ZLL currently operates around 2000 preschools in 750 cities” Page 4 · Source 750 Annual Report - 31 Mar 2021 “Number of National Locations: 750 + for Kidzee” Page 46 · Source 1,594 Annual Report - 31 Mar 2022 “GRAND TOTAL 1594” Page 11 · Source 1,901 Annual Report - 31 Mar 2023 “INDIA TOTAL 1901” Page 13 · Source 2,081 Annual Report - 31 Mar 2024 “2,081 Total operational preschools” Page 15 · Source 2,235 Annual Report - 31 Mar 2025 “Total operational preschools 2,200+” Page 9 · Source 2,506 Annual Report - 31 Mar 2026 “Grand Total 2506 615 128 14 62” Page 16 · Source Permanent Employees (Standalone) employees ・Standalone data 285 Annual Report - 31 Mar 2016 “Number of permanent employees on the rolls of the Company: 285 (As on March 31, 2016)” Page 75 · Source 272 Annual Report - 31 Mar 2017 “Number of permanent employees on the rolls of the Company 272 (As on March 31, 2017)” Page 97 · Source 285 Annual Report - 31 Mar 2018 “Number of permanent employees on the rolls of the Company... 285 (as on March 31, 2018)” Page 63 · Source 301 Annual Report - 31 Mar 2019 “Number of permanent employees on the rolls of the Company 301 (as on March 31,2019)” Page 43 · Source 253 Annual Report - 31 Mar 2021 “Number of permanent employees on the rolls of the Company 253 (as on March 31, 2021)” Page 33 · Source 193 Annual Report - 31 Mar 2022 “Number of permanent employees on the rolls of the Company - 193 (As on March 31, 2022)” Page 61 · Source 261 Annual Report - 31 Mar 2023 “Number of permanent employees on the rolls of the Company 261 (As on March 31, 2023)” Page 66 · Source 316 Annual Report - 31 Mar 2024 “headcount increased from 261 employees in FY23 to 316 employees in FY24” Page 35 · Source 397 Annual Report - 31 Mar 2025 “397plus employees as of March 31” Page 6 · Source 486 Annual Report - 31 Mar 2026 “486 (As on March 31, 2026)” Page 82 · Source Total Cities Covered (Pan-India) cities 550 Annual Report - 31 Mar 2016 “more than 1500+ pre-schools in 550 + cities” Page 4 · Source 650 Annual Report - 31 Mar 2017 “1,705 pre-schools in 650+ cities” Page 3 · Source 750 Annual Report - 31 Mar 2018 “1,825 operational preschools in over 750 cities” Page 11 · Source 800 Annual Report - 31 Mar 2019 “Kidzee has more than 1,900 operational pre-schools in over 800 cities across India and Nepal” Page 35 · Source 750 Credit Rating - 02 Apr 2020 “around 2000 preschools in 750 cities” Page 4 · Source 623 Annual Report - 31 Mar 2022 “expanding its network to more than 623 cities in India” Page 29 · Source 600 Annual Report - 31 Mar 2023 “Cities presence 600+” Page 14 · Source 600 Annual Report - 31 Mar 2024 “600+ cities” Page 10 · Source 600 Annual Report - 31 Mar 2025 “600+ Cities” Page 9 · Source 620 Annual Report - 31 Mar 2026 “With a presence across 620+ cities in India” Page 13 · Source Total Students Served (Annual, across network) students 156,600 Annual Report - 31 Mar 2016 “Kidzee: ~1,16,600 children ... MLZS: ~40,000 students” Page 56 · Source 205,000 Annual Report - 31 Mar 2018 “served 230,000+ students during FY18 as against 205,000+ students during FY17” Page 49 · Source 230,000 Annual Report - 31 Mar 2018 “the Company served 230,000+ students during FY18” Page 49 · Source 230,000 Annual Report - 31 Mar 2019 “Through network of pre-school centres, K-12 schools and Youth centres, the Company served 230,000+ students during FY19” Page 36 · Source 125,000 Annual Report - 31 Mar 2022 “Through network of pre-school centres, K-12 schools and Youth centres, the Company is serving 1,25,000+ students” Page 29 · Source 220,000 Annual Report - 31 Mar 2024 “Through network of pre-school centers, K-12 schools and Youth centers, the Company serves 220,000+ students” Page 38 · Source 230,000 Annual Report - 31 Mar 2026 “serving 2,30,000+ students” Page 42 · Source Pre-operational Preschools (Kidzee Pipeline) centers 247 Annual Report - 31 Mar 2022 “Kidzee Preoperational Preschools 247” Page 11 · Source 415 Annual Report - 31 Mar 2023 “Preoperational Preschools 415” Page 13 · Source 477 Annual Report - 31 Mar 2024 “477 Total pre-operational preschools” Page 15 · Source 490 Annual Report - 31 Mar 2025 “Preoperational Preschools 490” Page 9 · Source 615 Annual Report - 31 Mar 2026 “Grand Total 2506 615 128 14 62” Page 16 · Source Pre-operational K-12 Schools (MLZS Pipeline) schools 92 Annual Report - 31 Mar 2022 “Mount Litera Zee School Pre-operational K-12 92” Page 11 · Source 8 Annual Report - 31 Mar 2024 “8 Total pre-operational K-12 schools” Page 15 · Source 12 Annual Report - 31 Mar 2025 “Pre-operational K-12 Schools 12” Page 9 · Source 14 Annual Report - 31 Mar 2026 “Grand Total 2506 615 128 14 62” Page 16 · Source Operational Vocational Centers (ZICA + ZIMA) centers 30 Annual Report - 31 Mar 2025 “Total operating centres 30+ (ZICA 28 + ZIMA 2)” Page 9 · Source 62 Annual Report - 31 Mar 2026 “Total operating centres” Page 15 · Source
Cons
No explicit risk notes available.
Raw Insights
  • Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Operational K-12 Schools (Mount Litera Zee School) schools 103 Annual Report - 31 Mar 2016 “Mount Litera Zee School is now the second largest chain of schools in the private-unaided category with over 103 schools in 98 cities” Page 4 · Source 115 Annual Report - 31 Mar 2017 “Mount Litera Zee School is now the second largest chain of schools in the private-unaided category with over 115 schools in 105 cities” Page 3 · Source 122 Annual Report - 31 Mar 2018 “The Company signed 14 schools and added 7 K-12 Mount Litera Zee Schools, taking the total count to 122, including 5 Company managed schools” Page 11 · Source 129 Annual Report - 31 Mar 2019 “During FY19, Mount Litera Zee Schools (MLZS) continued its growth story with 129 operational schools” Page 36 · Source 145 Credit Rating - 02 Apr 2020 “145 K-12 schools through its leading brands Kidzee and Mount Litera Zee School (MLZ)” Page 4 · Source 110 Annual Report - 31 Mar 2021 “Number of National Locations: 750 + for Kidzee and 110 + for MLZS” Page 46 · Source 59 Annual Report - 31 Mar 2022 “Mount Litera Zee School Operational K-12 Schools INDIA TOTAL 59” Page 11 · Source 100 Annual Report - 31 Mar 2023 “Mount Litera Zee School Operational K-12 Schools INDIA TOTAL 100” Page 13 · Source 106 Annual Report - 31 Mar 2024 “106 Total operational K-12 schools” Page 15 · Source 113 Annual Report - 31 Mar 2025 “Total operational K-12 schools 110+ (rounded from 113)” Page 9 · Source 128 Annual Report - 31 Mar 2026 “Grand Total 2506 615 128 14 62” Page 16 · Source Operational Preschools (Kidzee) centers 1,550 Annual Report - 31 Mar 2016 “more than 1500+ pre-schools in 550 + cities” Page 4 · Source 1,705 Annual Report - 31 Mar 2017 “1,705 pre-schools in 650+ cities” Page 3 · Source 1,825 Annual Report - 31 Mar 2018 “1,825 operational preschools in over 750 cities across India and Nepal” Page 11 · Source 1,933 Annual Report - 31 Mar 2019 “FY19 was a landmark year for Kidzee as it continued its growth story and crossed 1933 operational centres” Page 38 · Source 2,000 Credit Rating - 02 Apr 2020 “ZLL currently operates around 2000 preschools in 750 cities” Page 4 · Source 750 Annual Report - 31 Mar 2021 “Number of National Locations: 750 + for Kidzee” Page 46 · Source 1,594 Annual Report - 31 Mar 2022 “GRAND TOTAL 1594” Page 11 · Source 1,901 Annual Report - 31 Mar 2023 “INDIA TOTAL 1901” Page 13 · Source 2,081 Annual Report - 31 Mar 2024 “2,081 Total operational preschools” Page 15 · Source 2,235 Annual Report - 31 Mar 2025 “Total operational preschools 2,200+” Page 9 · Source 2,506 Annual Report - 31 Mar 2026 “Grand Total 2506 615 128 14 62” Page 16 · Source Permanent Employees (Standalone) employees ・Standalone data 285 Annual Report - 31 Mar 2016 “Number of permanent employees on the rolls of the Company: 285 (As on March 31, 2016)” Page 75 · Source 272 Annual Report - 31 Mar 2017 “Number of permanent employees on the rolls of the Company 272 (As on March 31, 2017)” Page 97 · Source 285 Annual Report - 31 Mar 2018 “Number of permanent employees on the rolls of the Company... 285 (as on March 31, 2018)” Page 63 · Source 301 Annual Report - 31 Mar 2019 “Number of permanent employees on the rolls of the Company 301 (as on March 31,2019)” Page 43 · Source 253 Annual Report - 31 Mar 2021 “Number of permanent employees on the rolls of the Company 253 (as on March 31, 2021)” Page 33 · Source 193 Annual Report - 31 Mar 2022 “Number of permanent employees on the rolls of the Company - 193 (As on March 31, 2022)” Page 61 · Source 261 Annual Report - 31 Mar 2023 “Number of permanent employees on the rolls of the Company 261 (As on March 31, 2023)” Page 66 · Source 316 Annual Report - 31 Mar 2024 “headcount increased from 261 employees in FY23 to 316 employees in FY24” Page 35 · Source 397 Annual Report - 31 Mar 2025 “397plus employees as of March 31” Page 6 · Source 486 Annual Report - 31 Mar 2026 “486 (As on March 31, 2026)” Page 82 · Source Total Cities Covered (Pan-India) cities 550 Annual Report - 31 Mar 2016 “more than 1500+ pre-schools in 550 + cities” Page 4 · Source 650 Annual Report - 31 Mar 2017 “1,705 pre-schools in 650+ cities” Page 3 · Source 750 Annual Report - 31 Mar 2018 “1,825 operational preschools in over 750 cities” Page 11 · Source 800 Annual Report - 31 Mar 2019 “Kidzee has more than 1,900 operational pre-schools in over 800 cities across India and Nepal” Page 35 · Source 750 Credit Rating - 02 Apr 2020 “around 2000 preschools in 750 cities” Page 4 · Source 623 Annual Report - 31 Mar 2022 “expanding its network to more than 623 cities in India” Page 29 · Source 600 Annual Report - 31 Mar 2023 “Cities presence 600+” Page 14 · Source 600 Annual Report - 31 Mar 2024 “600+ cities” Page 10 · Source 600 Annual Report - 31 Mar 2025 “600+ Cities” Page 9 · Source 620 Annual Report - 31 Mar 2026 “With a presence across 620+ cities in India” Page 13 · Source Total Students Served (Annual, across network) students 156,600 Annual Report - 31 Mar 2016 “Kidzee: ~1,16,600 children ... MLZS: ~40,000 students” Page 56 · Source 205,000 Annual Report - 31 Mar 2018 “served 230,000+ students during FY18 as against 205,000+ students during FY17” Page 49 · Source 230,000 Annual Report - 31 Mar 2018 “the Company served 230,000+ students during FY18” Page 49 · Source 230,000 Annual Report - 31 Mar 2019 “Through network of pre-school centres, K-12 schools and Youth centres, the Company served 230,000+ students during FY19” Page 36 · Source 125,000 Annual Report - 31 Mar 2022 “Through network of pre-school centres, K-12 schools and Youth centres, the Company is serving 1,25,000+ students” Page 29 · Source 220,000 Annual Report - 31 Mar 2024 “Through network of pre-school centers, K-12 schools and Youth centers, the Company serves 220,000+ students” Page 38 · Source 230,000 Annual Report - 31 Mar 2026 “serving 2,30,000+ students” Page 42 · Source Pre-operational Preschools (Kidzee Pipeline) centers 247 Annual Report - 31 Mar 2022 “Kidzee Preoperational Preschools 247” Page 11 · Source 415 Annual Report - 31 Mar 2023 “Preoperational Preschools 415” Page 13 · Source 477 Annual Report - 31 Mar 2024 “477 Total pre-operational preschools” Page 15 · Source 490 Annual Report - 31 Mar 2025 “Preoperational Preschools 490” Page 9 · Source 615 Annual Report - 31 Mar 2026 “Grand Total 2506 615 128 14 62” Page 16 · Source Pre-operational K-12 Schools (MLZS Pipeline) schools 92 Annual Report - 31 Mar 2022 “Mount Litera Zee School Pre-operational K-12 92” Page 11 · Source 8 Annual Report - 31 Mar 2024 “8 Total pre-operational K-12 schools” Page 15 · Source 12 Annual Report - 31 Mar 2025 “Pre-operational K-12 Schools 12” Page 9 · Source 14 Annual Report - 31 Mar 2026 “Grand Total 2506 615 128 14 62” Page 16 · Source Operational Vocational Centers (ZICA + ZIMA) centers 30 Annual Report - 31 Mar 2025 “Total operating centres 30+ (ZICA 28 + ZIMA 2)” Page 9 · Source 62 Annual Report - 31 Mar 2026 “Total operating centres” Page 15 · Source

Financials of Zee Learn Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +66.4467.73116.4780.3358.1974.74158.6879.1444.7179.67159.1993.3254.62
Expenses +63.0245.4464.9856.5751.6766.2094.1749.1532.6770.93106.3260.7437.87
Operating Profit3.4222.2951.4923.766.528.5464.5129.9912.048.7452.8732.5816.75
OPM %5.15%32.91%44.21%29.58%11.20%11.43%40.65%37.89%26.93%10.97%33.21%34.91%30.67%
Other Income +-5.28-4.52145.013.776.346.91-12.390.335.453.8536.191.734.81
Interest8.9510.9910.0110.868.279.5510.0112.5312.731.3911.468.069.10
Depreciation6.606.454.208.448.489.0010.4811.0010.5710.4811.8611.5711.98
Profit before tax-17.410.33182.298.23-3.89-3.1031.636.79-5.810.7265.7414.680.48
Tax %5.17%687.88%7.08%55.77%3.86%21.29%46.66%72.16%5.85%468.06%30.92%42.71%456.25%
Net Profit +-18.31-1.94169.383.64-4.03-3.7616.871.90-6.14-2.6545.428.42-1.72
EPS in Rs-0.500.035.190.11-0.12-0.110.520.06-0.19-0.081.390.26-0.05

Financials of Zee Learn Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +128152180269517515257248324356372439387
Expenses +97108121166359346214197293260269335276
Operating Profit31435910315816943513197103104111
OPM %24%29%33%38%31%33%17%20%10%27%28%24%29%
Other Income +424332105631-40814654647
Interest15202119475951444442393830
Depreciation9101011286450373224364446
Profit before tax1015327611556-21-452176336882
Tax %0%0%-3%35%27%55%947%1,665%2%12%61%43%
Net Profit +101534498325-21-13-462156133949
EPS in Rs0.310.471.041.512.331.34-0.27-0.08-13.604.990.391.181.52
Dividend Payout %0%0%10%7%4%0%0%0%0%0%0%0%

Financials of Zee Learn Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital32323233333333333333333333
Reserves202218260321399438432430-13150163202210
Borrowings +372387253257432458444437463360399379387
Other Liabilities +7768201326616594563547540542915979926
Total Liabilities6837057469371,4791,5231,4711,4471,0221,0841,5091,5931,556
Fixed Assets +941145215361,0011,0701,025987649628615593571
CWIP444478938456595353530000
Investments4106142110000667
Other Assets +140104126303419382394407320456888994978
Total Assets6837057469371,4791,5231,4711,4471,0221,0841,5091,5931,556

Financials of Zee Learn Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +3347189249211221262426083108
Cash from Investing Activity +-83-40-9-227-491514-6-12-6-13-6
Cash from Financing Activity +43-5-173-1527-150-29-37-30-61-63-71
Net Cash Flow-7267-1-13-2200-7731
Free Cash Flow-425173235-44113126238587295
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit120%115%330%269%32%88%43%143%168%88%105%129%

Financials of Zee Learn Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days467210120374713015230394039
Inventory Days3201111558512123226186168150136
Days Payable15593141734407572,2591,2874517082
Cash Conversion Cycle2118911533-282-478-1,868-1,049-2533912094
Working Capital Days-295-92-69-81-80-152-268-361-343-154-107-44
ROCE %4%6%9%16%20%14%4%4%2%16%15%13%

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