Jaro Institute of Technology Management and Research Limited, operating as Jaro Education, is a prominent Indian Edtech company established in 2009. The company has positioned itself as a key enabler in making quality higher education and professional upskilling accessible beyond the confines of traditional university campuses. Jaro's core mission is the "Democratisation of Education," which it achieves by partnering with premier academic institutions to offer a wide array of online and hybrid programs. It acts as an end-to-end service provider for its partner universities, managing the entire program lifecycle from student acquisition and marketing to technology-enabled course delivery and learner support. This model allows prestigious institutions to scale their reach and impact significantly, particularly in Tier 2 and Tier 3 cities where educational infrastructure may be limited.

The company's strategy aligns directly with national initiatives like the National Education Policy (NEP) 2020, which promotes flexible and digital learning. By collaborating with 32 marquee institutions, including top-tier IIMs and IITs, Jaro delivers over 268 programs to a learner base exceeding 350,000. It addresses the critical gap between academic curricula and evolving industry demands by offering future-ready programs in high-growth fields. With a physical presence of offices and learning centers across 21 Indian cities, Jaro has built a scalable and financially sustainable ecosystem that bridges the gap between learners' aspirations and the academic excellence of its institutional partners.

Official Website: https://www.jaroeducation.com

• Q3 FY26 Performance:

• Revenue from Operations: Grew to INR 6,000.96 Lakhs, a significant 42.12% year-over-year (YoY) increase from INR 4,329.18 Lakhs in Q3 FY25.

• EBITDA: Reported a strong positive figure of INR 1,229.36 Lakhs, a substantial turnaround from an EBITDA loss of INR 102.18 Lakhs in the same quarter of the previous year.

• Profit After Tax (PAT): Stood at INR 703.06 Lakhs, reversing a loss of INR 388.89 Lakhs in Q3 FY25.

• 9M FY26 Performance:

• Revenue from Operations: Reached INR 20,109.17 Lakhs for the nine months ended December 31, 2025, a 13.29% YoY growth.

• EBITDA: Recorded at INR 5,305.85 Lakhs. This represents a slight decline of 3.79% from INR 5,514.91 Lakhs in 9M FY25, attributed to calibrated investments in new initiatives.

• Profit After Tax (PAT): Totaled INR 3,158.36 Lakhs, a 5.67% decrease compared to the prior year period.

• Annual Trends (FY23 - FY25):

• Revenue: Grew from INR 12,215 Lakhs in FY23 to INR 25,226 Lakhs in FY25.

• EBITDA: Increased from INR 2,555 Lakhs in FY23 to INR 8,358 Lakhs in FY25.

• PAT: Expanded from INR 1,165 Lakhs in FY23 to INR 5,167 Lakhs in FY25.

• Key Financial Metrics (FY25 Annualised):

• Return on Equity (ROE): 37.38%.

• Return on Capital Employed (ROCE): 35.76%.

• Diluted EPS (Apr’25 to Dec’25): INR 15.00.

The company demonstrated a strong operational turnaround in Q3 FY26 with significant YoY growth in revenue and a return to profitability, while the nine-month performance remained largely stable despite strategic investments.

• End-to-End Enabler Model: Jaro manages the complete program lifecycle for its university partners, from marketing and admissions to delivery and learner support. This allows academic institutions to focus on their core strength—education—while Jaro drives scale, reach, and revenue, fostering a deep dependency and strengthening its position as a growth partner rather than a simple vendor.

• Sales as a Competitive Moat: The company has developed a scaled, pan-India counseling and sales infrastructure engineered for high-velocity enrollment growth. This data-led execution capability is a structural advantage that is difficult for universities to replicate in-house, evidenced by the top 3 partnerships generating approximately INR 906.10 crores in gross fee value from FY24 to December 2025.

• Business Intelligence Unit: Jaro utilizes market research, learner feedback, and industry trend analysis to guide its partners in designing, pricing, and positioning new programs. This ensures that the courses offered are aligned with current workforce needs, leading to high demand and successful career outcomes for learners.

• First-Mover Advantage and Established Reputation: Founded in 2009, Jaro is a pioneer in the Indian Edtech space. This long history has allowed it to build a robust portfolio of 32 marquee partners, including IIMs and IITs, and achieve profitability from its inception, establishing significant trust and credibility in the market.

• Diversified Revenue Streams: The business is structured around two key program types:

• Degree Programs: Constituting 82% of FY25 revenue, these programs offer a high number of seats and form the backbone of long-term, scalable revenue.

• Certification Programs: Making up 18% of FY25 revenue, these are selective, high-value programs with limited seats, offered in collaboration with elite institutions like IITs and IIMs.

Jaro's distinctive edge lies in its deeply integrated partnership model, a powerful sales engine, and data-driven program development, which together create a robust and scalable business.

• Massive Market Opportunity: The online higher education and upskilling Total Addressable Market (TAM) in India is projected to grow from INR 13,200 Crores in FY23 to INR 41,250 Crores by FY28, representing a Compound Annual Growth Rate (CAGR) of 25.7%.

• Growing Demand for Upskilling: Several factors underscore the urgent need for continuous learning among Indian professionals:

• Only 42.6% of Indian graduates are considered employable, indicating a significant skills gap.

• An estimated 50% of employees will require reskilling by 2026 due to rapid technological change.

• 79% of professionals intend to upskill, showing strong learner intent.

• 71% of employers view online certifications as credible indicators of skills.

• Favorable Policy Environment: The National Education Policy (NEP) 2020 aims to increase the Gross Enrolment Ratio (GER) in higher education from 29% to 50% by 2035. This policy actively supports the flexible, technology-driven learning models that Jaro specializes in.

• Shift in Commerce Education: There is a notable trend in commerce education where the share of foreign certifications (ACCA, CMA-USA) is expected to grow from 20% in FY20 to 34% by FY25, indicating a demand for globally recognized qualifications.

The industry is poised for substantial growth, driven by a widening skills gap, strong learner demand for upskilling, and supportive government policies that favor online education.

• Key Growth Drivers: The company's growth strategy is based on three pillars:

1. Acquisition: Adding new institutional partners and launching new programs with them.

2. Innovation: Introducing new, in-demand programs with existing long-term partners.

3. Appreciation: Revising program fees based on successful learner outcomes and market demand.

• Gross Bookings and ARPU Growth:

• Gross Bookings: Increased nearly twofold from INR 31,657 Lakhs in FY23 to INR 62,554 Lakhs in FY25.

• Average Revenue Per User (ARPU): Increased by approximately 1.5 times, from INR 56,604 in FY23 to INR 80,252 in FY25.

• Enrollment and Partnership Expansion:

• Number of Enrollments: Grew from 18,435 in FY23 to 27,643 in FY25.

• Partner Institutions: The number of partner universities and institutions has steadily grown, increasing from 21 in FY22 to 32 in FY25. The company has demonstrated an ability to deepen relationships, significantly increasing the number of courses offered with partners like IIM Ahmedabad (from 1 to 9) and IIT Delhi (from 1 to 14) over time.

• Operational Scalability: The company has expanded its physical footprint to 21 cities across India, supporting its pan-India sales and delivery model.

Growth is being driven by a combination of increasing enrollments, rising average revenue per user, and the successful expansion and deepening of its institutional partnerships.

• Commerce Education Expansion: The exclusive partnership with J.K. Shah Classes, a leader in commerce coaching, opens a significant opportunity to penetrate the CA, CS, CMA, and CFA markets, particularly in Tier 2 and Tier 3 cities where access to quality coaching is limited.

• Corporate and B2B Upskilling: New partnerships with major corporations like HCL Tech, PNB MetLife, and Sutherland signal a growing focus on the enterprise learning and upskilling market, providing a new channel for learner acquisition and revenue generation.

• High-Demand Technology Programs: The launch of new, future-ready programs in collaboration with premier institutions, such as "Generative AI Applications" with IIT Bombay and the "Next Gen Business Mastery Program" with IIT Madras (which has already upskilled over 2,000 learners), positions Jaro to capitalize on the demand for cutting-edge tech skills.

• Geographic Penetration: The recent expansion into Kolkata and Indore strengthens Jaro's regional presence and ability to tap into emerging learner segments in underserved markets.

• New Distribution Channels: The collaboration with JioFiber and JioAirFiber to offer free learning access to Jio Set-Top Box users represents an innovative, large-scale distribution channel to reach millions of potential learners directly in their homes.

Jaro is actively pursuing multiple high-growth opportunities by entering new educational verticals, expanding its B2B client base, and leveraging new technology and distribution partnerships.

• Q3 FY26 Margin Profile:

• EBITDA Margin: Stood at 19.89%, a significant improvement from -2.35% in Q3 FY25, indicating strong operating leverage and cost control.

• PAT Margin: Recorded at 11.38%, compared to -8.94% in the prior year's quarter.

• 9M FY26 Margin Profile:

• EBITDA Margin: Registered at 26.12%. The slight moderation from 30.75% in 9M FY25 is attributed to planned investments in new growth initiatives.

• PAT Margin: Stood at 15.55%, compared to 18.67% in the same period last year.

• Gross Margin: The company maintains a healthy Gross Margin of 71.72% (as of Q3 FY26), reflecting strong unit economics in its program offerings.

The company's margins showed a strong recovery in the third quarter, and despite a minor dip over the nine-month period due to growth investments, overall profitability remains robust.

• Forward-Looking Statements: The company's future performance is subject to known and unknown risks inherent in forward-looking statements.

• Macroeconomic Performance: Business prospects are tied to the performance of the Indian economy and various international markets, which can impact learner spending and corporate training budgets.

• Industry and Competitive Pressures: The Edtech industry is competitive, and the company's ability to successfully implement its strategy and maintain its market position is a key factor.

• Execution Risk: Future growth depends on the ability to manage expansion, implement new technologies, and maintain positive learner outcomes.

The primary risks identified are related to macroeconomic conditions and the successful execution of the company's growth strategy in a competitive market.

• Strategic Partnership Renewals and Additions:

• Renewed its exclusive partnership with Symbiosis International (Deemed University) (SIU) for another five years, ensuring continuity of a key relationship.

• Initiated a new partnership with Delhi Technological University (DTU) to launch industry-focused online degree programs.

• New Program and Vertical Launches:

• Launched the "School Connect Vertical" with IIT Madras, indicating a potential expansion into the K-12 segment or a bridge to higher education.

• Introduced specialized executive programs like the ePG Diploma in Interaction Design with IDC, IIT Bombay, and the Advanced Executive Programme in Global Supply Chain Management with SJMSOM, IIT Bombay.

• Learner Outcomes and Engagement:

• The company reports high completion rates, with 94.90% for Degree Programs and 85.03% for Certification Courses, indicating strong learner engagement and program quality.

• Enrollment Channel Mix:

• For 9M FY26, enrollments were sourced from Performance Marketing (47%), Reference (30%), and Other channels (22%), showing a diversified and effective student acquisition strategy.

The company continues to strengthen its strategic foundation through key partnership renewals, innovative program launches, and a diversified approach to reaching and engaging learners.