Crizac, the B2B education platform specializing in international student recruitment, reported a stellar performance for the second quarter of FY26, underpinned by strong enrolments, margin expansion, and strategic diversification into allied education services.
The company has positioned itself as a major enabler in global student mobility, connecting over 13,500 agents and 250+ universities across 80+ countries.
Crizac Q2 FY26 Results: Financial Performance
Crizac’s Revenue from Operations stood at INR 162.25 crore, reflecting a ~25% year-on-year growth, while Profit After Tax (PAT) surged 139% YoY to INR 48.34 crore, compared to INR 20.25 crore in Q2 FY25.
| Metrics | Q2 FY26 | Q1 FY26 | Q2 FY25 | YoY % |
|---|---|---|---|---|
| Revenue from Operations | 162.25 | 209.54 | 129.88 | +24.9% |
| EBITDA | 58.96 | 64.92 | 43.14 | +36.7% |
| PAT | 48.34 | 45.81 | 20.25 | +138.7% |
| EBITDA Margin | 36.34 | 30.98 | 33.21 | — |
| PAT Margin | 28.45 | 21.09 | 14.81 | — |
Crizac’s EBITDA margin improved sharply to 36.34%, aided by a favorable university mix and operational efficiency. The Return on Equity (ROE) for FY25 stood at an impressive 30.79%, reinforcing the company’s strong capital productivity.
Crizac Q2 FY26 Operational Highlights: Expanding Reach and Digital Leverage
- ~1,00,000 student applications processed in the quarter, up from 68,000 a year earlier.
- 2,000 new agents onboarded, expanding the active base to ~3,950.
- 250+ global institutions across the UK, Canada, Australia, Ireland, and New Zealand now part of Crizac’s network.
- Introduction of Accommodation Facility as a distributor.
- Actively exploring new verticals — student loans and forex services — to strengthen the education ecosystem offering.
Geographically, the bulk of applications came from India and other Asian markets, with Africa and emerging territories contributing to diversification.
Balance Sheet & Cash Flow: Debt-Free and Liquid
Crizac continues to operate debt-free, with a healthy cash and equivalents position of INR 88.8 crore as of FY25-end.
Operating cash flows were robust at INR 187.27 crore, underscoring the company’s high cash conversion efficiency.
Total assets increased to INR 592.9 crore, while equity capital rose to INR 505.2 crore, reflecting strong retained earnings and balance sheet resilience.
Strategic Developments: Strengthening the Education Ecosystem
Founded in 2011, Crizac has evolved into a comprehensive education technology and services enterprise, bridging agents, students, and universities through its proprietary AI-enabled recruitment platform.
The platform offers real-time agent ratings, automated document vetting, and AI/ML-driven analytics for application verification — enhancing transparency and throughput. Crizac’s automated admission management tools have also improved turnaround time for universities.
The company’s UK market remains a strategic stronghold, with deep institutional relationships, including with universities like Coventry, Sunderland, Nottingham Trent, and Greenwich.
Leadership & Governance
Crizac’s management is led by a seasoned team:
- Dr. Vikash Agarwal, Chairman & Managing Director
- Manish Agarwal, Whole-Time Director & CFO
- Christopher Flood Nagle, CEO of Crizac UK
- Priya Fulfagar, Chief Operating Officer
- Sibendu Roy, CTO
Crizac board is supported by industry veterans and independent directors from finance and education sectors, ensuring strong governance and strategic foresight.
Industry Context
The global international education market, valued at USD 262 billion (~INR 23.03 lakh crore) in 2023, is growing at a 7% CAGR. The US, UK, Canada, and Australia together account for over 50% of global international students, with India and China contributing nearly 40% of the student pool.
Crizac is strategically positioned in this ecosystem, acting as a B2B intermediary leveraging its global network to streamline student recruitment — particularly from India, Nigeria, Vietnam, and China — to premier universities in developed education hubs.
Outlook
With robust momentum in student applications, expanding service verticals, and a technology-led approach, Crizac aims to:
- Deepen presence across Europe and North America,
- Scale ancillary services such as accommodation, loans, and forex,
- Leverage AI to automate decision support in student admissions.
Analysts view Crizac Q2 FY26 performance as a continuation of strong structural growth, underpinned by secular demand for overseas education and the company’s expanding digital capabilities.
Summary
Crizac Q2 FY26 results reflect:
- Sustained revenue growth,
- Healthy profit margins,
- Operational scalability, and
- Prudent financial management.
The company’s consistent performance and strategic diversification make it a standout in India’s listed education technology space — combining profitability with purpose as it continues to “Make Education Easy.”
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