Aakash revenue stays flat at Rs 2,041 Cr in FY26; EBITDA plunges 65%

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Aakash Educational Services (AESL) continued to deliver strong academic results in FY26, with its students securing nine ranks in the JEE Advanced 2026 Top 100 and 41 ranks in the NEET Top 100. However, this performance did not translate into meaningful financial growth as the test-prep company’s operating revenue remained largely flat, while its EBITDA plunged 65% during the last fiscal year.
Aakash’s revenue from operations stood at Rs 2,041 crore in FY26, compared with Rs 2,032 crore in FY25, according to its financial statements with the Registrar of Companies (RoC).
Aakash derives almost all of its operating revenue from its coaching business, which includes classroom programmes run through its own centres. The segment contributed Rs 1,956 crore in FY26, largely unchanged from Rs 1,951 crore in the previous fiscal and accounted for around 96% of the company’s operating revenue.
The remaining revenue came from its franchisee network, where partner-run centres operate under the Aakash brand. Revenue from this segment rose 3.7% to Rs 84 crore in FY26 from Rs 81 crore a year earlier.
The company’s total income grew 3.3% to Rs 2,154 crore in FY26 from Rs 2,085 crore in FY25, aided by a more than twofold increase in other income to Rs 113 crore.
Employee benefit expenses, Aakash’s largest cost head, declined 2.4% to Rs 1,300 crore in FY26 from Rs 1,332 crore in FY25. Depreciation expenses fell 4.5% to Rs 235 crore, while advertising costs dropped 7% to Rs 146 crore.
Meanwhile, other expenses rose 6.5% to Rs 626 crore. This included costs related to security and housekeeping, subvention, legal and professional services, among other expenses. Franchise service fees also surged 66% to Rs 91 crore during the fiscal. Overall, the company's total expenses increased marginally to Rs 2,398 crore from Rs 2,378 crore in FY25.
Despite the marginal increase in revenue, its operating profitability weakened sharply. EBITDA fell 65% to Rs 15.3 crore in FY26 from Rs 43.3 crore in FY25, dragging its EBITDA margin to 0.75% from 2.13% in the previous fiscal. Its ROCE stood at -46.1% in FY26.
Overall, the firm narrowed its loss before tax and exceptional items by 17% year-on-year to Rs 244 crore in FY26 from Rs 293 crore in FY25.
The company reported a net loss of Rs 186.5 crore for the fiscal, with deferred tax adjustments and exceptional items having an impact on the reported figure. For a clearer view of its underlying operating performance, we have considered losses before tax and exceptional items in this analysis.
At the end of FY26, Aakash had total current assets of Rs 325 crore, including a cash and bank balance of Rs 112 crore.
The financial performance comes as Aakash remains at the centre of Byju’s ownership dispute. Byju’s acquired the test-prep chain for around $1 billion in 2021, while its stake has since been diluted, with Manipal Health emerging as the largest shareholder. As part of a proposed settlement, Byju’s lenders are in talks to acquire around 30% of Aakash at a valuation of nearly $2 billion.

document fetched 2026-08-30 02:53