Fusion Klassroom EdutechIPO Review — Financials, Valuation & Peers
A data-only look at the Fusion Klassroom Edutech IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings |
|---|---|---|---|---|---|---|
| FY 2024 | 4.62 | 0.34 | 1.02 | 3.92 | 4.48 | 0.32 |
| FY 2025 | 10.11 | 2.9 | 4.06 | 10.03 | 12.06 | 1.01 |
| FY 2026 | 23.1 | 7.6 | 12.99 | 18.41 | 25.46 | 3.43 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 53.45%
- RoE
- 53.45%
- RoCE
- 45.6%
- Debt / Equity
- 0.19
- EBITDA Margin
- 56.38%
- PAT Margin
- 32.99%
- NAV / share
- ₹25.22
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Fusion Klassroom Edutech | 13.96 | 25.22 | — | 53.45% | — | Consolidated |
| Arihant Academy Limited | 15.04 | 55.4 | 31.18x | 27.15% | 8.27x | Consolidated |
| Mps Limited | 102.11 | 349 | 18.42x | 29.05% | 5.38x | Consolidated |
| Physicswallah Limited | -0.8 | 15.8 | — | -15.96% | 7.93x | Consolidated |
| Veranda Learning Solutions Limited | 11.84 | 99.6 | — | 13.54% | 2.04x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Alka Nikhil Javeri, Dhruv Nikhil Javeri, Dhumil Nikhil Javeri</p>
- Holding (pre-issue)
- 55.07%
- Holding (post-issue)
- 39.53%
- Dilution
- 15.54%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Fusion Klassroom Edutech operates at an EBITDA margin of 56.38% and a net (PAT) margin of 32.99% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 45.6% and a return on equity (RoE) of 53.45%. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward expenditure towards technology & ai\ml model development, servers and cloud infrastructure (₹6.71 crore), alongside funding the capital expenditure towards content development (₹5.35 crore). In all, 6 objects are disclosed.
Financials
In FY2026, Fusion Klassroom Edutech reported revenue of ₹23.1 crore and a net profit of ₹7.6 crore. Revenue grew from ₹4.62 crore in FY2024 to ₹23.1 crore in FY2026 (+400.0%). Net worth stood at ₹18.41 crore at the end of FY2026.
Peer comparison
The offer document names listed peers including Arihant Academy Limited and Mps Limited, with a median peer P/E of about 24.8×.
Promoters
The promoters of the company are <p>Alka Nikhil Javeri, Dhruv Nikhil Javeri, Dhumil Nikhil Javeri</p>. Promoter holding stands at 55.07% before the issue and comes down to 39.53% after listing.
Frequently asked questions
- What is the reservation split in the Fusion Klassroom Edutech IPO?
- Of the total shares offered, retail investors get 35.06%, QIBs 19.93% (plus 29.88% anchor), non-institutional investors 15.13%.
- Who are the promoters of Fusion Klassroom Edutech and what is their holding?
- The promoters are <p>Alka Nikhil Javeri, Dhruv Nikhil Javeri, Dhumil Nikhil Javeri</p>. Promoter holding is 55.07% before the issue and 39.53% after listing.
- What are the objects of the Fusion Klassroom Edutech IPO?
- The net proceeds go primarily toward expenditure towards technology & ai\ml model development, servers and cloud infrastructure, among 6 disclosed objects.