Zee Learn financials and balance sheet

NSE: ZEELEARNBSE: 533287Other Consumer ServicesSmall Cap

₹5.55₹0.22 (3.81%)BSE ₹5.51

Share price at the NSE close on 23 Oct 2026. Previous close ₹5.77.

52-week range of traded prices to 23 Oct 2026

₹4.17Low, 30 Mar 2026₹10.10High, 24 Jun 2026

Market cap: ₹182 Cr2,397th largest listed
P/E: Owners' profit not stated
P/B: 0.7
Dividend yield: Nonein the last 12 months
ROCE: 11.0%
Debt to equity: 1.44
Volume, NSE: 3,04,90884.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Zee Learn annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹517 Cr, year to Mar 2019A loss in 3 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 28.4% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue439
Materials and goods−77
Employee costs−163
Other expenses−95
Operating profit104
Depreciation−44
Other income+18
One-off items+27
Finance costs−38
Profit before tax68
Tax−29
Net profit39

What the company owns

Plant, investments and other assets₹1,458 Cr
Cash and bank₹60 Cr
Receivables₹47 Cr
Inventory₹27 Cr

What pays for it: net worth and liabilities

Other liabilities₹997 Cr
Borrowings₹338 Cr
Net worth₹235 Cr
Owed to suppliers₹22 Cr

Zee Learn business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Zee Learn segment results by quarter

Revenue by segment

₹439 CrTotal

Educational services and related activities₹313 Cr71.2% of total
Training, manpower and related activities₹105 Cr23.9% of total
Construction and leasing (for education)₹22 Cr4.9% of total

Profit by segment

Educational services and related activities₹78.6 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Educational services and related activities
Revenue, ₹ crore
398
400
165
157
249
290
274
313
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
119
99
−25
−2
−3
78
90
79
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Training, manpower and related activities
Revenue, ₹ crore
89
87
65
66
66
56
88
105
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
3
0
0
−2
−5
−3
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Construction and leasing (for education)
Revenue, ₹ crore
34
35
33
26
12
12
12
22
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
8
3
19
12
−1
−1
−20
−19
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	521	522	263	249	327	358	374	439
Company revenue, as in its results	517	515	257	248	324	356	372	439
Revenue	398	400	165	157	249	290	274	313
Revenue growth	–	0.3%	−58.6%	−5.1%	58.3%	16.8%	−5.7%	14.1%
Profit	119	99	−25	−2	−3	78	90	79
Profit growth	–	−16.8%	–	–	–	–	16.1%	−12.9%
Margin	29.8%	24.7%	−15.4%	−1.3%	−1.3%	26.8%	32.9%	25.2%
Return on capital	30.1%	32.8%	−9.3%	−0.8%	–	–	989.2%	119.5%
Assets	673	652	581	533	212	284	810	937
Liabilities	279	351	306	288	346	368	801	871
Capital employed	394	301	275	245	−133	−84	9	66
Revenue	89	87	65	66	66	56	88	105
Revenue growth	–	−1.8%	−25.9%	1.9%	0.2%	−15.8%	58.2%	19.1%
Profit	3	3	0	0	−2	−5	−3	0
Profit growth	–	−19.4%	–	–	–	–	–	–
Margin	3.9%	3.2%	−0.3%	0.6%	−3.7%	−8.5%	−3.6%	−0.1%
Return on capital	77.7%	61.6%	−2.2%	3.3%	−20.8%	−45.0%	−26.6%	−3.8%
Assets	15	13	19	22	22	23	26	14
Liabilities	10	9	10	10	10	12	14	11
Capital employed	4	5	9	12	12	10	12	2
Revenue	34	35	33	26	12	12	12	22
Revenue growth	–	3.7%	−7.2%	−18.9%	−54.4%	0.1%	−0.1%	79.4%
Profit	8	3	19	12	−1	−1	−20	−19
Profit growth	–	−63.9%	577.1%	−34.4%	–	–	–	–
Margin	22.7%	7.9%	57.8%	46.7%	−8.6%	−5.1%	−167.2%	−85.9%
Return on capital	1.5%	0.5%	3.0%	1.9%	−0.2%	−0.1%	−3.9%	−3.8%
Assets	679	734	760	784	675	663	646	615
Liabilities	149	145	136	127	128	124	135	128
Capital employed	530	588	624	658	547	539	510	487

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Zee Learn quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 8 Oct	Mar 2021Filed 5 Jul	Mar 2022Filed 17 Jun	Mar 2023Filed 26 May	Mar 2024Filed 2 Aug	Mar 2025Filed 10 Jun	Mar 2026Filed 22 May
Revenue from operations	179	269	517	515	257	248	324	356	372	439
	117	167	360	346	214	200	299	260	269	335
Materials and goods bought	–	40	145	138	57	55	98	96	68	77
Employee costs	–	–	142	141	104	94	104	96	133	163
Other expenses	–	–	73	68	53	51	97	69	68	95
Operating profit before depreciation	62	102	158	168	43	47	25	96	103	104
Operating margin	34.8%	38.0%	30.5%	32.7%	16.8%	19.1%	7.8%	27.1%	27.8%	23.7%
Materials, % of revenue	–	–	28.1%	26.7%	22.3%	22.3%	30.2%	26.8%	18.2%	17.4%
Employee costs, % of revenue	–	–	27.4%	27.5%	40.3%	38.0%	32.0%	26.9%	35.7%	37.2%
Other expenses, % of revenue	–	–	14.0%	13.1%	20.7%	20.6%	30.0%	19.2%	18.3%	21.7%
Depreciation and amortisation	10	11	28	64	50	37	32	24	36	44
Operating profit after depreciation	53	91	130	104	−7	11	−7	72	67	60
Other income	2	4	32	42	56	34	20	22	21	18
Finance costs	19	19	47	59	51	44	44	42	39	38
Profit before one-off items and tax	36	76	115	87	−2	1	−30	53	49	40
One-off items	0	0	0	−31	0	0	−422	124	−16	27
Profit before tax	36	76	115	56	−2	1	−452	176	33	68
	−1	26	31	31	19	14	10	21	20	29
Current tax	–	27	27	25	10	13	14	20	21	29
Deferred tax	–	0	4	5	9	1	−4	0	−1	1
	37	49	83	25	−21	−13	−462	156	13	39
Belonging to the company's shareholders	37	49	76	44	−9	−3	−443	163	13	39
Belonging to outside owners of subsidiaries	–	–	7	−19	−12	−10	−18	−7	0	0
Other comprehensive income	–	–	0	0	1	1	0	1	0	0
Total comprehensive income	–	–	84	25	−21	−13	−462	156	13	39
Net margin	20.5%	18.3%	16.1%	4.9%	−8.2%	−5.3%	−142.4%	43.7%	3.4%	8.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 20 May	Mar 2020Filed 8 Oct	Mar 2021Filed 5 Jul	Mar 2022Filed 17 Jun	Mar 2023Filed 26 May	Mar 2024Filed 2 Aug	Mar 2025Filed 10 Jun	Mar 2026Filed 22 May	Sep 2026Half yearFiled 22 Oct
	612	633	614	602	140	183	196	235	243
	431	471	464	463	18	183	196	235	243
Share capital	33	33	33	33	33	33	33	33	33
Reserves	399	438	432	430	−14	150	163	202	210
Belonging to outside owners of subsidiaries	181	162	150	140	122	0	0	0	–
	379	318	300	399	421	330	355	338	350
Repayable after a year	335	274	251	229	251	215	251	272	123
Repayable within a year	44	44	49	171	170	115	104	66	226
	296	348	377	410	427	506	877	908	1,025
Trade payables	48	52	92	74	70	13	15	22	21
Other financial liabilities	104	121	164	80	71	298	674	718	711
Other liabilities	98	126	65	79	103	76	84	98	60
Provisions	2	2	2	2	4	1	1	1	1
Tax owed	0	2	4	5	9	4	0	2	6
	571	542	481	435	457	395	436	450	288
Other financial liabilities	15	78	62	48	55	47	58	57	164
Other liabilities	215	183	161	153	147	131	123	117	–
Provisions	5	6	6	1	3	2	3	5	1
Deferred tax	0	0	0	5	2	0	0	0	0
	1,479	1,523	1,472	1,447	1,024	1,084	1,509	1,593	1,556
Held for sale or for a demerger	–	1	–	–	–	–	–	–	–
	1,266	1,370	1,270	1,251	864	705	711	678	646
Plant in use, after depreciation	52	132	101	68	24	3	3	3	–
Plant being built	3	7	0	1	0	0	0	0	–
Intangible assets	78	72	64	57	40	89	87	95	89
Goodwill	313	313	313	313	0	0	0	0	0
Intangible assets being developed	53	53	53	52	53	0	0	0	0
Property held to earn rent	558	553	546	548	227	485	455	464	451
Investments	0	0	0	0	0	0	6	6	7
Loans given	45	96	65	83	30	50	54	50	37
Other financial assets	22	9	2	6	4	1	1	1	49
Deferred tax	120	87	79	78	83	8	9	9	10
Other assets	21	49	46	44	403	69	95	50	–
	213	152	202	197	160	379	799	915	910
Inventories	13	18	11	5	26	27	26	27	23
Trade receivables	53	67	91	103	26	38	41	47	59
Cash and cash equivalents	21	8	6	26	26	19	26	57	6
Other bank balances	7	7	8	6	9	4	4	4	3
Current investments	2	11	0	0	0	0	0	0	0
Loans given	99	13	54	28	38	0	0	0	0
Other financial assets	12	21	28	25	18	286	695	777	819
Other assets	7	8	5	3	17	5	7	3	–
Net debt	349	292	287	368	386	307	325	278	340

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 5 Jul	Mar 2022Filed 17 Jun	Mar 2023Filed 26 May	Mar 2024Filed 2 Aug	Mar 2025Filed 10 Jun	Mar 2026Filed 22 May	Sep 2026Half yearFiled 22 Oct
	12	63	42	50	83	108	−20
	18	73	53	75	109	135	−14
	−59	10	2	−27	−2	27	−65
Receivables	0	0	0	−3	−15	−3	0
Inventories	7	6	−21	−2	1	−1	4
Payables	0	0	0	−22	11	31	0
Other working capital	−66	5	24	0	0	0	−69
Tax paid	−6	−10	−11	−24	−26	−27	−6
Capital spending	1	1	4	3	11	13	2
Free cash flow	10	61	38	48	72	95	−22
	24	−6	−12	−6	−13	−6	7
Plant and property sold	1	0	0	0	0	0	0
Interest received	4	1	2	2	2	0	1
Dividends received	0	0	0	0	0	0	0
	−38	−37	−30	−51	−63	−71	−39
Borrowings raised	8	5	2	5	0	0	0
Borrowings repaid	−16	−20	−9	−17	−19	−8	−4
Interest paid	−18	−11	−7	−3	−2	−1	0
Lease payments	−12	−11	−16	−13	−5	−10	−5
Dividends paid	0	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	−2	20	0	−7	7	31	−53

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Zee Learn dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 8 Oct	Mar 2021Filed 5 Jul	Mar 2022Filed 17 Jun	Mar 2023Filed 26 May	Mar 2024Filed 2 Aug	Mar 2025Filed 10 Jun	Mar 2026Filed 22 May
Earnings per share	–	₹1.52	₹2.33	₹1.34	−₹0.27	−₹0.08	−₹13.60	₹4.99	₹0.39	₹1.18
Diluted earnings per share	–	₹1.51	₹2.33	₹1.34	−₹0.27	−₹0.08	−₹13.60	₹4.99	₹0.39	₹1.17
Dividend per share	₹0.10	₹0.10	₹0.10	–	–	–	–	–	–	–
Book value per share	–	–	₹13.22	₹14.44	₹14.24	₹14.18	₹0.56	₹5.60	₹6.00	₹7.19
Dividend payout	8.8%	6.6%	4.3%	–	–	–	–	–	–	–
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	−0.2%	0.0%
Market cap at the year end (₹ crore)	1,546	1,150	910	396	338	404	106	201	180	139

Ratios

Consolidated, years to March.Zee Learn PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 8 Oct	Mar 2021Filed 5 Jul	Mar 2022Filed 17 Jun	Mar 2023Filed 26 May	Mar 2024Filed 2 Aug	Mar 2025Filed 10 Jun	Mar 2026Filed 22 May
Revenue growth	18.2%	50.3%	92.4%	−0.5%	−50.1%	−3.6%	30.8%	9.9%	4.4%	18.0%
Operating profit growth	44.1%	63.8%	54.5%	6.8%	−74.4%	10.0%	−46.7%	281.6%	7.2%	0.5%
Net profit growth	143.0%	34.5%	69.2%	−69.9%	–	–	–	–	−91.8%	202.8%
Earnings per share growth	–	–	53.3%	−42.5%	–	–	–	–	−92.2%	202.6%
	–	–	17.7%	9.7%	−1.9%	−0.6%	−184.4%	162.0%	6.7%	17.9%
	–	–	–	−8.0 pts	−11.6 pts	1.3 pts	−183.8 pts	346.4 pts	−155.3 pts	11.2 pts
From the net margin	–	–	–	−7.5 pts	−13.6 pts	1.3 pts	−72.6 pts	246.0 pts	−149.8 pts	10.5 pts
From asset turnover	–	–	–	−0.2 pts	1.9 pts	0.0 pts	−39.9 pts	17.8 pts	−1.8 pts	−0.2 pts
From borrowing	–	–	–	−0.3 pts	0.1 pts	0.0 pts	−71.4 pts	82.6 pts	−3.6 pts	0.9 pts
Return on capital employed	–	–	13.1%	11.0%	−0.7%	1.1%	−1.2%	14.1%	12.1%	10.5%
Cash conversion	–	–	–	–	–	–	–	32.4%	651.5%	279.8%
Interest cover	2.8	4.8	2.7	1.8	–	0.2	–	1.7	1.7	1.6
Debt to equity	–	–	0.62	0.50	0.49	0.66	3.01	1.80	1.81	1.44
Receivable days	–	–	37	47	130	152	30	39	40	39
Inventory days	–	–	33	47	68	33	98	104	141	129
Payable days	–	–	120	138	588	488	262	49	80	105
Cash conversion cycle, days	–	–	−50	−44	−390	−303	−134	93	101	63
Working capital days	–	–	−49	−126	−197	−109	−148	−36	−5	11
Asset turnover	–	–	0.35	0.34	0.17	0.17	0.26	0.34	0.29	0.28
Assets per rupee of net worth	–	–	3.43	3.33	3.20	3.15	5.14	10.49	6.85	7.20
Sales per rupee of plant	–	–	9.87	3.90	2.55	3.64	13.28	115.02	113.78	135.06
Capital spending to depreciation	–	–	–	–	0.03	0.03	0.13	0.11	0.30	0.29
Plant being built, % of plant in use	–	–	6.6%	5.1%	0.0%	0.8%	0.9%	0.0%	0.0%	0.0%

Interest cover is left blank for the years to Mar 2021 and Mar 2023: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.5%
Cash from operations against operating profit: 103.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.2%	11.3%	10.6%
Profit growth, yearly rate	9.8%	–	–
Return on equity, average	–	0.3%	62.2%
Return on capital employed, average	–	7.3%	12.2%
Operating margin, average	25.8%	21.1%	26.2%
Net margin, average	−4.0%	−18.4%	18.6%
Asset turnover, average	–	0.27	0.30
Cash conversion cycle, days, average	–	−36	86
Interest cover, average	–	1.3	1.7
Debt to equity, average	–	1.75	1.69

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	346	241	108
Cash from investing	−42	−25	−6
Cash from financing	−252	−186	−71
Capital spending	32	27	13
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	13	5	0
Borrowings repaid	73	44	8

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	6	4	8	6	7
Altman Z-scorePublished threshold 1.1	–	–	1.99	1.35	1.15	0.96	−4.27	1.25	0.49	1.07
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.57	−2.66	−5.40	−1.74	−2.85	−2.58
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.78	−4.80	−39.78	10.57	−4.44	−4.09
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	–	–	1.17
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	27.44	87.01	16.33	−105.17	33.03	3.06	−1.32
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	40.04	18.59	−50.16	354.44	6.32	24.91	−9.74
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.86	1.50	−1.63	1.99	71.97	110.46	17.74
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.05	0.00	0.14	–	0.00	0.00	0.00
Effective tax ratePublished threshold 17.16 per cent	−2.99	34.78	27.19	54.86	–	1,683.06	–	11.77	61.30	43.16
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	455.57	–	−2.05	−17.14	3.76

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
19 Feb 2026	Brickwork Ratings India Private Limited (opens in a new tab)	Bank Loan Ratings	BWR D / -Review, Re-affirm		58

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.