Company Presentation
Jaro Education, established in 2009 and headquartered in Mumbai, is a leading online higher education company in India specializing in executive education and professional upskilling. It offers a range of online programs, including MBAs, bachelor's degrees, and certification courses developed with top universities and institutions.
Investment Rationale: Jaro Education reported ₹199 crore in revenue in FY24, a 62% increase from ₹122 crore in FY23, along with a net profit of ₹38 crore, significantly up from ₹11 crore in FY23, marking 242% growth. The company collaborates with over 30 academic institutions, including IIMs, IITs, and the Rotman School of Management, offering 150+ management and technology programs. It has a reach of 23 learning centers across India, Singapore, and the USA, having served 300,000 professionals. It has filed draft papers with SEBI to mobilize ₹570 crore via an IPO.
Key Risks: The online higher education sector faces competition from upGrad, Coursera, and Udemy. Changes in education policies could impact operations and growth prospects. Dependence on partnerships with academic institutions means that changes in these relationships could affect its program offerings.
IPO Timeline & Exit Options: Jaro Education has filed draft papers with SEBI to raise ₹570 crore through an IPO. The shares are proposed to be listed on the BSE and NSE. Shares are currently available for trading on platforms like UnlistedZone.
UnlistedZone View: Jaro Education has demonstrated strong financial growth and established partnerships with premier academic institutions. Its expansive reach and diverse program offerings position it well in the online higher education market. However, potential investors should consider the competitive landscape and regulatory environment before investing. The rating is watchlist - Consider accumulation for a 3-5 year investment horizon. Target IPO Valuation is ₹1,800-2,200 Cr.
Financial Highlights (Figures in Cr.):
Valuation Metrics: Last Deal Price is ₹975/share as of 01 May 2025. Implied Market Cap is ₹1462.5 Cr., P/E Ratio (FY24) is ~38.49x, Book Value is 84.67, and P/B Ratio is ~11.52x.
Shareholding Pattern: Promoters & Promoter Group hold 95.28%, and Others hold 4.72%.
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Gains from unlisted shares are subject to capital gains tax in India. Short-term capital gains (if held for less than 24 months) are taxed at your applicable income tax rate, while long-term capital gains (if held for more than 24 months) are taxed at 20% with indexation benefits. Always consult a tax advisor for precise tax implications.
