CRIZAC
Micro CapCrizac Limited
Services
Crizac Limited is an Indian B2B global education services platform, founded in 2011. It connects students, recruitment agents, and universities across international markets, leveraging a proprietary platform to process global student applications. Headquartered in India with operations in London and Sharjah, it has facilitated 11 lakh+ student applications till FY26.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +15% YoY · PAT +48% YoY · margin expansion · +41% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹392 Cr | +15.0% | +40.5% |
| EBITDA | ₹95 Cr | +46.2% | +43.9% |
| Operating margin | 24.0% | +500 bps | +0 bps |
| PAT | ₹74 Cr | +48.0% | +45.1% |
| PAT margin | 18.9% | +422 bps | +60 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Crizac reported strong FY26 performance with revenue up 22.7% YoY to ₹10,422 Mn and PAT up 41.4% YoY to ₹2,191 Mn. Q4 FY26 revenue grew 15.0% YoY and 40.6% QoQ, with PAT up 50.3% YoY and 50.3% QoQ, driven by application and agent growth.
Crizac's platform model demonstrates strong operating leverage, with EBITDA margin expanding 172 bps YoY for FY26 and 467 bps YoY for Q4 FY26. Strategic acquisitions and AI investments are accelerating geographic and capability expansion. While macro headwinds exist, the company's diversified presence and focus on structured growth position it well to capture long-term demand in global education.
FY26 Revenue by Destination Country
Latest issuer-disclosed distribution across 4 reported categories.
Structural Growth in Global Education
Global higher education enrollments projected to reach 332 Mn by CY30E (3.4% CAGR CY22-CY30E), with global spend on overseas education reaching $420 Bn by CY30E (7.0% CAGR CY24-CY30E).
Platform-Led Network Effects
Proprietary AI-enabled platform drives scalable growth through more university partners, larger agent network, and higher application volumes, leading to better student outcomes.
Geographic Diversification
Driving diversification through organic expansion and strategic acquisitions across multiple origin countries and destination markets, reducing single-market dependency.
Ancillary Revenue Layer
Developing additional services like student loans (launched in FY26) to improve stickiness, enhance monetization, and increase revenue per student.
New Zealand Vertical Expansion
Scaled New Zealand vertical through onboarding the Medway Educational Consultants team in April 2026, deepening destination market presence.
LATAM Market Entry
Acquired Studies Planet in October 2025, opening the LATAM market as a new source region.
Domestic Origination & B2C Expansion
Acquired a 51% stake in Global Tree Careers in January 2026, strengthening domestic origination and broadening the B2C service portfolio.
AI-Driven Student Matching
Committed US$2.5 million to the Edumentor project in March 2026, advancing AI-driven student matching capabilities.
Long-term Structural Demand
Management states long-term structural demand for quality international education remains strong, underpinned by growing aspirations across core source markets.
India as a Strong Source Market
India is the largest source of international students in the USA and UK, with UK visa grant rate for Indians at 96% in Q1 2025 and +44% YoY applications in Q2 2025.
Compliance Favors Structured Platforms
Stricter regulations and higher compliance requirements are reshaping international recruitment, favoring organized and scalable companies with stronger screening capabilities.
Evolving Visa Policies
Global student mobility is navigating a dynamic environment with evolving visa policies.
Geopolitical Disruptions
Geopolitical disruptions in certain regions are impacting global student mobility.
Currency Strength
Strengthening of the US Dollar and Pound Sterling adds to the cost burden for students from emerging source markets.
Regulatory Changes
The safe harbor statement highlights risks from changes in government regulations, laws, statutes, judicial pronouncements, and tax regimes.
Competition
The safe harbor statement notes risks related to competition in the various business verticals.
Talent Attraction and Retention
The safe harbor statement identifies the ability to attract and retain high-quality human resources as a risk factor.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual growth and the impact of strategic initiatives over a full year. QoQ comparison is important for Q4 FY26 to observe sequential momentum, especially given the recent acquisitions and their integration effects.
Applications Processed
3.94 lakhs in FY26, a YoY growth of 43.0%.
Active Agents
5,389 in FY26, a YoY growth of 36.5%.
Student Enrollments
24,697 in FY26, a YoY growth of 13.8%.
Number of Universities
198 global institutions catered to in FY26, up from 173 in FY25.
Accelerated Inorganic Growth
Management states the pace of inorganic activity is visibly accelerating, with four strategic transactions completed during FY26 to compress timelines for geographic entry and capability build-out.
Continued Evaluation of Opportunities
Management remains actively engaged in evaluating opportunities across both new and existing geographies, targeting assets that enhance scale, technology, or market access.
Building Diversified Portfolio
Management aims to build a globally diversified portfolio for sustainable long-term growth through multi-origin processing, destination diversification, and global presence expansion.
Enhancing AI Capabilities
Strategic investment in the Edumentor project aims to enable precise student-university matching, integrate verified peer mentorship, and improve conversion outcomes.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Applications Processed Growth | 43.0% YoY in FY26 | Sustained high growth rates, indicating continued demand and platform effectiveness despite headwinds. |
| EBITDA Margin | 27.1% in FY26, 24.0% in Q4 FY26 | Further expansion, demonstrating operating leverage from platform scalability and successful integration of acquisitions. |
| Net Debt/EBITDA | (1.66) in FY26 | Maintenance of a strong net cash position, supporting organic and inorganic growth without increasing financial leverage. |
| Ancillary Services Contribution | Student loans launched in FY26 | Evidence of increasing revenue contribution and improved monetization from new ancillary services. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -13.1% / mo · near 52W low
Technical chart
CRIZACdaily · 5Y-29.6%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 48.
- SMA20 falling (~2.2% over last month) — short-term momentum negative.
- RSI(14) at 48 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 30% off 52W high · 22% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 4.6%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 52.5%.
Main drags
- Valuation is weaker at 14/30; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
- Cash flow is weaker at 8/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 76th percentile of the scored universe and 81st percentile within Services. Main check: results consistency is weak at 45/100.
Healthy Trust Lite: Promoter holding is 79.9%. Key concern: ROCE trend is -29%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 81st pctile, median 66 · Micro: 64th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 79.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸Debt/equity is 0.00.
Trust risks
- ▸ROCE trend is -29%.
- ▸OPM spread across recent quarters is 20%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 16.80
- P/B
- 6.32
- EV/EBITDA
- 11.77
- Market Cap
- 3681.00Cr
Profitability
- ROE
- 40.30%
- ROCE
- 52.30%
- ROA
- 25.00%
- Dividend Y
- 3.80%
Growth (CAGR)
- Revenue 5Y
- 56.00%
- EPS 5Y
- 60.00%
- Revenue 3Y
- 30.00%
- EPS 3Y
- 25.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 9.39
- Book Value
- 33.40
Cash Flow
- FCF Yield
- 4.56%
- FCF Positive Y
- 3/5
- OCF
- 144.00 Cr
- EPS TTM
- 12.52
Shareholding
- Promoter Hold
- 79.94%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.