Veranda Learning Solutions Limited — Investor Presentation 2026

Feb 6, 2026

Veranda Learning Solutions Limited

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	February 06, 2026	February 06, 2026
BSE Limited Dept of Corporate Services, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001 Scrip Code: 543514	National Stock Exchange of India Limited The Listing Department, Exchange Plaza, Bandra Kurla Complex, Mumbai – 400 051 Symbol: VERANDA

Dear Sir/Madam,

Sub: Earnings Presentation on the Unaudited Financial Results of the Company for the Quarter ended December 31, 2025

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we have enclosed herewith the Earnings Presentation on the Unaudited Financial Results of the Company for the Quarter ended December 31, 2025.

Kindly take the same on record and display the same on the website of your exchange. This information will - also be hosted on the Company’s website at https://www.verandalearning.com/web/index.php/stock exchange-intimations.

Thanks & Regards, For Veranda Learning Solutions Limited

S Digitally signed by S BALASUNDHARAM BALASUNDHAR Date: 2026.02.06 AM 12:51:12 +05'30' S. Balasundharam Company Secretary & Compliance Officer (M. No: ACS-11114)

Veranda Learning Solutions Limited

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G.R. Complex, First Floor, No. 807-808, Anna Salai, Nandanam, Chennai - 600 035 CIN: L74999TN2018PLC125880 Email- secretarial@verandalearning.com www.verandalearning.com Ph: +91 44 4690 1007

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Investor Presentation Q3FY26

Veranda Learning Solutions

Affordability | High-quality Content | Outcome-oriented Approach

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Safe Harbor

• This presentation and the following discussion may contain “forward looking statements” by Veranda Learning Solutions Limited (“Veranda Learning” or the Company) that are not historical in nature. These forward looking statements, which may include statements relating to future results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the management of Veranda Learning about the business, industry and markets in which Veranda Learning operates.

• These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond Veranda Learning’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements.

• Such statements are not, and should not be construed, as a representation as to future performance or achievements of Veranda Learning. In particular, such statements should not be regarded as a projection of future performance of Veranda Learning. It should be noted that the actual performance or achievements of Veranda Learning may vary significantly from such statements.

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One of the Leading Education Players in India

Company at a glance Business Segments Academics o Diversified and integrated learning li i li ffli &	Financial Metrics Financial Metrics Q3FY26
Commerce Test Prep Government Test Prep Vocational soutons n onne, one hybrid blended formats to students, aspirants, graduates, professionals & corporate employees o Technology driven, asset light & scalable business model o Successfully acquired legacy brands which are market leaders in their respective segments	Revenue growth: 52% YoY to INR 117 Cr. Reported EBITDA : INR 53 Cr. up 328% YoY 200+ Centersspread across India. Additional Learners inQ3FY26 – up 55% YoY 100+ students secured top rank in competitive exams each year PAT: INR 17 Cr. up 110% YoY

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Management Statement on Q3FY26 Performance

“We closed the first nine months of the year with strong momentum, supported by steady growth in student enrolments, an expanded course portfolio, and the successful rollout of new programs across both online and offline formats. Our Q3 and 9M FY26 performance has been particularly strong, with Q3 registering 52% YoY growth in revenue, while 9M FY26 revenue grew 29%. This performance reflects our sustained focus on operational excellence and disciplined strategic expansion.

Mr. Kalpathi S Suresh

Chairman & Executive Director

All business segments delivered healthy growth during the period. With the approval of the commerce demerger and completion of the vocational divestment, we are now better positioned to sharpen focus and scale our core verticals- Academics and Government Test Preparation.

o He holds a B.Tech. from IIT Madras and M.S. from Clemson University​

o Experienced in software development, education, business purchase and integration​

Going forward, our priorities include strengthening faculty capabilities, accelerating digital-led admissions, deepening partnerships with universities and corporates, launching higher-value programs, and optimizing marketing effectiveness. These initiatives are aimed at sustaining growth, improving operational efficiency, and creating long-term value across our platforms”

• Selected for the ‘Outstanding Entrepreneur of the Year’ in 1999 by Ernst & Young, India

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Q3FY26: Sustained Momentum in additional learners

ORGANIC GROWTH MEASURES

Academics: Launched JEE/NEET and day-care across all schools, conducted expert-led webinars, and strengthened brand recall through digital-first marketing initiatives in Q3.

Commerce Test Prep: Drove strong scale-up with a healthy increase in collections and bookings, added 6 new franchisees and established experience centers for BB virtuals.

Government Test Prep: Delivered a record 10,000+ Q3 admissions, crossed 5 lakh YouTube subscribers, and achieved above-average exam clearance rates for students.

Vocational: Generated revenues through internal monetization, launched 35+ global courses.

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55% uptick in the Enrollments in a year..
Boosting collections by 46%
(INR Cr.)
144
1,11,363
98
71,897
Q3FY25 Q3 FY26
Q3FY25 Q3 FY26
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Continued execution of Veranda 2.0 Strategy in Q3 & 9MFY26; 4[th] consistent PAT positive quarter

(In INR Crores)

• Revenue from operations in Q3 FY26 rose 52% year-on-year to INR 117 Cr. Gross profit is up 47% YoY to INR 76 Cr, driving a gross margin of 65%.

• The cost discipline translated into a 328% surge in EBITDA to INR 53 Cr, with EBITDA margins expanding to 45%, underscoring strong operating leverage.

• The continued execution of the

Veranda 2.0 restructuring strategy, the benefits of which were visible from the previous quarter, materially lowered finance costs and depreciation during the year, resulting in a 110% YoY increase in PAT to INR 17 Cr in Q3 FY26.

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Upping the operational efficiency game. Across the Board.

• Veranda 2.0 execution visible across verticals , reinforcing confidence beyond Commerce into Academics and Government Test Prep .

• Cost optimization driving sharp EBITDA expansion , with +73% in Academics and +281% in Govt. Test Prep .

• Commerce remains the growth engine , delivering strong topline momentum while partnerships continue to broaden course offerings.

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Segment wise performance – Revenue Segment wise performance- EBITDA
80.2 35.0
38.1
14.2
31.0
29.1
5.7
4.7
3.3
7.9 7.4
Academic Comm TP Govt. TP
Academic Comm TP Govt. TP -2.6
Q3FY25 Q3FY26 Q3FY25 Q3FY26
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(In INR Crores)

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Built strong. Scaling smarter with Veranda 2.0
2 , 5 8 , 4 0 3
3 , 2 8 , 6 0 0
I N D I C A T O R S 1 , 5 8 , 4 0 7
Total Revenue in INR crores
9 1 , 6 6 7
Total Enrolment
530
450
370
5 8 , 6 2 8
2 8 , 6 7 4 200
3 76
FY21 FY22 FY23 FY24 FY25 9MFY26
Ve ra n d a 1 . 0 N e w L a u n c h e s , I P O L i s t i n g a n d M & A Ve ra n d a 2 . 0
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• J u l 2 0 2 1 : Started CA

• o D e c 2 0 2 0 : courses

• Acquired Content, o A u g 2 0 2 1 : Started

• brand, education offering courses for UPSC

• materials through preparation

• Veranda Race; & o S e p 2 0 2 1 : Acquired

• thereafter commenced Edureka, enabling Veranda

• operations

• S e p 2 0 2 1 : Acquired Edureka, enabling Veranda to establish global footprints

• D e c 2 0 2 0 : o A p r 2 0 2 2 : Company Launched own mobile was listed on BSE & NSE at

• app comprising all INR 137

• integrated courses

• O c t 2 0 2 2 : Acquired J. K. Shah Classes o J a n 2 0 2 4 : Acquires Tapasya

• o J a n 2 0 2 3 : Business Transfer Agreement o D e c 2 0 2 4 : Announces with Chennai Race to Acquire BB Publications & Navkar

• o M a y 2 0 2 3 : o F e b 2 0 2 5 : Signed

• Acquisition of 6 new MoU with IIT Madras

• companies

• o J u l 2 0 2 3 : o J u n 2 0 2 5 : Launches CIAP with IAB

• Partnership with Logic School of mgmt.

o J u l 2 0 2 5 : Maiden QIP & Demerging Commerce vertical

o S e p 2 0 2 5 : Divesting Vocational segment to SNVA Veranda. Ltd.

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Milestones Met. Commitments Kept.

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||||||||
|---|---|---|---|---|---|---|
|B a l a n c e s h e e t|
|Ve ra n d a – S N VA|
|A g g r e g a t i n g|M a x i m i z i n g|
|D e l e v e ra g i n g|a l l i a n c e|
|a s s e t s t o|c r o s s s e l l i n g|
|e s t a b l i s h e n d|Maiden QIP launch of Rs. 357 Cr.|
|o p p o r t u n i t i e s|
|t o e n d d e l i v e r y|
|Demerging and listing of|
|p l a t f o r m|Commerce|Vertical as|JK shah|•|Veranda divested its Vocational|
|•|
|Scaling into Tier 2/3|
|commerce education limited.|
|towns and untapped|share-swap JV, with no cash|
|high-potential regions|•|INR 310 Cr used to|outflow.|
|clear Veranda XL’s|
|legacy debt|•|The partnership spans 60+|
|•|Driving operational|•|1:1 share allotment|countries, reaching 1.5Mn+|
|learners across management,|
|efficiency through an|in newly listed|
|AI, and tech domains.|
|Commerce entity for|
|asset-light model|
|Veranda|
|shareholders|•|Targeting INR 250+ Cr revenue,|
|•|Widening university|•|Targeting 5–7x|Revenue|EBITDA|INR 60 Cr EBITDA by FY27, with strong CAGR-led growth and strong CAGR-led growth and|
|growth via full|
|collaborations to|course rollout across|FY25|FY26E|listing prospects ahead.|
|Growth guidance|
|enrich course|centers, regions &|
|for FY26|
|languages in 3-4|
|portfolio|
|years.|

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• Veranda divested its Vocational arm to SNVA Veranda in a 50:50 share-swap JV, with no cash outflow.

• The partnership spans 60+ countries, reaching 1.5Mn+ learners across management, AI, and tech domains.

• Targeting INR 250+ Cr revenue, INR 60 Cr EBITDA by FY27, with strong CAGR-led growth and strong CAGR-led growth and listing prospects ahead.

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Five Trusted Brands, One Education Powerhouse

B r a n d s

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A B O U T “ J K S H A H C O M M E R C E E D U C AT I O N L I M I T E D ”

• Founders (36–66 years) continue to lead with proven execution

• Maximizing existing network: Rolling out full course suite over 105 centers to drive monetization

• Scaling BB Virtual: Digital arm to deliver JK SHAH courses in multiple formats and languages.

• Expanding geographic footprint: Targeting underpenetrated markets - UP, Bihar, Telangana & Andhra Pradesh

G u i d a n c e f o r F Y 3 0

Rs. 1000+ Cr

Revenue expected by FY30 from Rs. 281 Cr in FY25

8L+ Enrolments From 4L in FY25

50%+

EBITDA Margin from 36% with scale and efficiency

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Veran d a & SNVA - L eap to ward s glo b al ed u catio n integratio n

Part of Veranda 2.0 strategy — focus, accelerate, and unlock shareholder value.

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60+ Countries 1.5 million+
Global Presence Trained Learners
United
Kingdom
USA
Italy
France
Switzerland
India
Malta
Singapore
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The divestment of Vocational Segment
(Edureka, Veranda Higher Ed & Six
Phrase) to SNVA EduTech Ltd. receiving
50% joint ownership in the new entity
(share swap; no cash consideration)
BRINGS TOGETHER
Veranda’s SNVA’s
domestic international
strength network
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Combined Presence
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Combined presence across India, USA, UK, France, Italy, Malta, Switzerland, and Singapore
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Breadth of offerings Management Data Science Technology Cybersecurity AI Liberal Arts

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Valu e Un lo c ked th ro u gh th e Jo int Partn ers h ip

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Revenue EBITDA Learner Base Global Presence Ownership
FY27 Target FY27 Target FY27 Target FY27 Target FY26
₹250+ Cr ₹60+ crore 2 lakh+ / year 60+ countries 50% joint stake
Growth Outlook Growth Outlook Growth Outlook Growth Outlook Growth Outlook
25% CAGR 35% CAGR 3x over 4 years Expanding in Listing planned
(FY26–FY30) (FY26–FY30) Asia & Europe “in near future”
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SNVA Veran d a Ltd .

• SNVA’s Stake in JV shall be increased on achieving certain milestones

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Wh at ’s Nex t in store for Veran d a?

Reimagining Core verticals: Academics and Govt. test Prep

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Demerging and Divestment of listing of commerce Vocational segment vertical to form a ownership JV with SNVA Veranda Ltd.

Refocusing on Core: Driving scalable growth in Academics & Govt. Test Prep

• Scaling with 5,400+ students, new leadership momentum, and Q3 focus on JEE/NEET expansion, teacher training and digital driven admissions growth.

• Boosting FOCO model – Franchise owned and company operated model to ensure controlled quality and regional scalability

• Drive revenue through institutional partnerships and large scale enrolments from schools and colleges across south regions.

• Targeting 27,000 intake across; expand Junior IAS and Group 01 offline programs, IELTS courses, subscription magazines, and HTD partnerships

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Academics: Profitable business with Revenue expected to increase at CAGR 59% by FY28

• Powered by focused digital marketing

Capabilities: Catering high growth population market : K-12

• AI trainings for staff

• Launching JEE/NEET across in Bangalore

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Veranda K-12

• Schools operated: 5 CBSE Schools spread across Southern Region + 2 international Cambridge Schools (South)

• Increasing number of centres based on Franchise based model by 10 by FY27

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• Students catered: 5400+

Upgrading business to becoming asset light model

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• ✓ Aims to takeover operational management

• ✓ End to end Managed school services including and not limited to providing uniforms, faculty, books , transport facility , sports etc.

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Financial implications and targets:

• ✓ Overseeing operations will help the company upstream profits through service fee

• ✓ Builds presence through the value chain

• ✓ Better cost optimization

• ✓ EBITDA CAGR is expected to be 20% over the 3 years from FY25 to FY28.

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Revenue (INR Cr.)
FY25 FY26E
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Government Test Prep: Major focus on geographic expansion

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( R e v e n u e - I n I N R C r o r e s )
136
101
FY25 FY26E
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Revenue CAGR (FY25-28E) is expected to be 30%, driven by geographic expansion in the segment.

• Capabilities: starting from UPSC to SPSCs , Public sector banks, Stock selection exams etc.

• Market penetration: Largest in the southern regions

• In case of Race business which comes under Government test prep segment, most of the centers are operated under FIFO model

Strategic Priorities for Government Test Prep

• Drive revenue growth through institutional partnerships, targeted admission campaigns and optimized batch scheduling

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• Implementing FOCO model powered by Veranda RACE to ensure controlled quality

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Let’s Connect!

Veranda Learning Solutions Limited

Company Contact

Investor Relations Contact

Mr. Mohasin Khan, CFO mohasinkhan.s@verandalearning.com

Ms. Soumya Chhajed Research Analyst soumya@goindiaadvisors.com

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