Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹ 254400
HNI (Min Lot)
sNII / High Net-Worth Tier
₹ 381600
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
28.38%
Market Maker
5.02%
QIB
18.93%
NII / HNI
14.37%
Retail
33.3%
Institutional Corporate Dossier
Fusion Klassroom Edutech
COMPANY PROFILE & DNA
Incorporation / Founded
03-11-16
Active Vintage
Corporate Headquarters
Mumbai, Maharashtra
Registered Hub
👔 Leadership & Promoter Group
Key Management
Alka Nikhil Javeri, Dhruv Nikhil Javeri, Dhumil Nikhil Javeri
⚙️ Business Overview & Portfolio
Core Offerings
Operates a scalable, AI-enabled hybrid learning ecosystem in India.
🎯 Target Market & End-Use
Revenue Drivers
Provides academic education, competitive examination preparation, and skill development training.
🛡️
★ Unique Selling Proposition (Core Economic Moat)
High-margin, asset-light digital core with strong operating leverage via a proprietary AI-enabled Education OTT platform.
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Prepayment or repayment of all or a portion of certain outstanding borrowings
₹ 2.36
Allocation
🎯 Objective 02
Expenditure towards Technology & AI/ML Model Development, Servers and Cloud Infrastructure
₹ 6.71
Allocation
🎯 Objective 03
Funding the capital expenditure towards Content Development
₹ 5.35
Allocation
🎯 Objective 04
Funding the capital expenditure towards procurement of Desktop and Laptops for new Offline Centers
₹ 1.95
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | 0 | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Total Income | 0 | 23.04 | 10.09 | 4.58 |
| EBITDA | 0 | 9.96 | 3.3 | 0.53 |
| Profit After Tax (PAT) | 0 | 7.6 | 2.9 | 0.34 |
| Net Worth | 0 | 18.41 | 10.03 | 3.92 |
| Total Borrowing | 0 | 3.43 | 1.01 | 0.32 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
23.04
₹ Cr
YoY Growth
1.2834
3-Year CAGR
1.2421
9.96
₹ Cr
YoY Growth
2.0182
3-Year CAGR
3.349
7.60
₹ Cr
YoY Growth
1.6207
3-Year CAGR
3.702
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 0.4128 | 0.2897 | 0.2568 | Improving |
| ROCE (Capital Employed)ROCE | 0.456 | 0.2992 | 0.2931 | Improving |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
1.08
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 0.19 | 0.02 | Low |
| EPS (₹) | ₹ 8.16 | ₹ 8.16 | Accretive |
| ROE (%) | 0.4128 | 0.1519 | Good |
| ROCE (%) | 0.456 | 0.1949 | Good |
| P/E (Valuation) | 19.49 | 19.49 | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY24
FY25
FY26
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 0.005 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Fusion Klassroom Edutech Limited IPO CANDIDATE | 23.04 | 19.49 (Ask) | 0.456 | 15.19% (Post Issue) | 43.23% |
| Physicswallah Limited | ₹ 3899.54 Cr | 0 | 0 | -0.1596 | 0.0815 |
| MPS Limited | ₹ 768.40 Cr | 18.42 | 0.39 | 0.2905 | 0.3073 |
| Veranda Learning Solutions Limited | ₹ 481.51 Cr | 0 | 0.12 | 0.1354 | 0.4236 |
| Arihant Academy Limited | ₹ 63.43 Cr | 31.18 | 0.4243 | 0.2715 | 0.2221 |
| 0 | 0 | 0 | 0 | 0 | 0 |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- High-Margin Asset-Light Digital Core with Strong Operating Leverage
- Diversified and Resilient Revenue Architecture across B2B, B2G and B2C
- Scaled Proven and Monetizable Education Platform with National Reach
- Deep Government Institutional and Regulatory Execution Capability
Weaknesses
Internal Operational Constraints
- High geographical revenue concentration in UP, Maharashtra, and Rajasthan
- Significant reliance on key institutional partners and government contracts
- Historical negative cash flows from investing activities
- Exposure to faculty attrition and dependence on third-party partner centers
Opportunities
External Growth Tailwinds
- Expansion of middle-income households driving demand for education
- Penetration into Tier 2, 3, and 4 cities for scalable offline and hybrid models
- High growth in professional skilling and upskilling segments like AI and ML
- Government push for digital infrastructure and ed-tech initiatives
Threats & Risks
External Macro & Sector Headwinds
- Intense competition from well-funded ed-tech platforms and offline coaching centers
- Rapid technological changes requiring continuous platform upgrades
- Data privacy risks and evolving compliance requirements
- Shifts in government policies potentially affecting private ed-tech engagements
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
170
Base score of 5 with +3 added for high entry barriers in government project execution, a clear EBITDA margin expansion trend from 22.16 to 56.38, and high B2B client stickiness, offset by -3 deducted for operating in a highly fragmented industry, significant client concentration with the top 5 clients contributing 75.65 of revenue, and high working capital requirements driven by increasing inventory days.
28.38
5.02
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-