Synopsis: A little-known, debt-free education-tech small cap has built an asset-light, cash-generating platform that connects agents with global universities. It shows high ROCE, strong operating cash flows, and a scalable model across multiple geographies. With new revenue streams, strategic acquisitions, and policy tailwinds, management targets 20–25 percent CAGR over five years.
A little-known small-cap company in the education space has been quietly building a strong and scalable business in helping students study abroad. The company has been generating solid cash flows, maintaining high returns, and expanding beyond its main market into new countries and services like accommodation and education loans. Given its consistent performance and ambitious expansion plans, could this be a hidden compounder in the making?
Crizac Limited is a leading education platform that helps universities recruit international students. The company works mainly with higher education institutions in the United Kingdom, United States, Canada, Ireland, Australia, New Zealand, and the United Arab Emirates. Instead of working directly with students, Crizac operates as a B2B platform that connects education agents with global universities.
The company was originally incorporated on January 3, 2011, as GA Educational Services Private Limited before becoming Crizac Limited. Its main objective is to build a strong and reliable network where education agents can easily connect with international universities and grow their businesses. Through its digital platform, Crizac brings agents and institutions together in one place, making the application and admission process simpler, faster, and more transparent.
The shares of the company are trading at Rs. 231.55 with a market capitalization of Rs. 4,051.72 crore. The stock currently trades at a PE multiple of 21.8x, which is notably lower than the industry average of 27.9x and the median PE of 29.3x, suggesting that the stock is undervalued.
What Is The Business Model?
Crizac Limited operates as a B2B education technology platform focused on cross-border student recruitment. It functions as a two-sided marketplace that connects international universities with education agents across the world. On one side, the company works with 14,000 plus registered education agents, and on the other, it partners with over 350 global institutions, mainly in the United Kingdom, including well-known names such as Birmingham, Coventry, and Glasgow Caledonian.
India remains Crizac’s core sourcing market, while it also sources students from Vietnam, Bangladesh, Sri Lanka, Kenya, Latin America, China, Nepal, Pakistan, Nigeria, and Ghana. Students are primarily placed in destinations such as the UK, USA, New Zealand, Singapore, Canada, Australia, Ireland, and the UAE, making Crizac a truly global student mobility platform.
At the heart of Crizac’s model is its proprietary technology platform, which automates application tracking, communication, analytics, and agent onboarding. This has allowed the company to scale efficiently with a lean team while handling over 7,11,000 student applications between FY23 and FY25.
In FY25 alone, 3,948 agents were active, including 2,237 from India and 1,711 from other countries such as the UK, Nigeria, Vietnam, and Pakistan. In Q3FY26, application volumes were led by India with around 50,000 applications, followed by nearly 40,000 from Asia (excluding India) and over 10,000 from Africa. The business is highly seasonal, with Q1FY26 recording over 1.1 lakh applications, as this is the peak student intake period.
Crizac follows a commission-based revenue model, earning a percentage of tuition or placement fees paid by partner universities. It does not charge students or agents directly, which reduces friction and helps it onboard partners easily. The company has grown without external funding and remains debt-free, relying entirely on internal cash flows, reflecting strong cash generation and disciplined capital management. This asset-light, tech-driven, and scalable model positions Crizac well to expand further as global demand for international education continues to rise.
Crizac’s revenue follows a clear seasonal pattern. Q1 and Q2 are usually slower because these quarters are mainly for student applications and admissions processing. The company earns most of its money in Q3 and Q4, as universities receive tuition fees and confirm student enrolments during this period. This means the first half of the year is lighter for revenue, while the second half is much stronger and more predictable.
Strengths And Weaknesses
Crizac’s biggest strength is its asset-light, technology-driven business model, which allows it to scale without heavy investment in physical infrastructure. This has translated into strong returns, with ROCE of 48 percent and ROE of 36.3 percent. The company is financially robust, completely debt-free, and generated operating cash flows of Rs. 187 crore in FY25, giving it the flexibility to invest in growth while maintaining financial discipline.
Another key strength is its deep ecosystem of partners and agents. Crizac works with over 350 global institutions, mainly in the UK, and continues to onboard new universities with program-specific recruitment rights, which improves conversions. It also has more than 14,000 registered education agents worldwide, giving it a wide sourcing network. Its cloud-based proprietary platform automates applications, filters eligibility, tracks agents, and securely stores student data on third-party servers with internal backups.
On the weakness side, Crizac remains heavily dependent on the UK market, which accounts for around 90 percent of its revenue, creating concentration risk. In Q3FY26, the company processed around 1.2 lakh applications, with roughly 50 percent coming from India and about 90 percent aimed at UK institutions. Additionally, tightening student visa policies in major destination countries pose a structural threat, as stricter approvals could directly impact student mobility and application volumes.
A further challenge is its reliance on third-party agents, whose conduct directly affects Crizac’s reputation and compliance standing. To address this, the company is expanding into emerging markets such as Vietnam, Bangladesh, Kenya, and Latin America to broaden its pipeline. However, integrating new markets, managing agent quality, scaling operations across diverse regions, and navigating changing immigration rules will require strong governance and careful execution.
Financials, Ratios & Shareholding
Quarterly, Annual and TTM
On a quarterly basis, Crizac’s business shows clear seasonality. In the last three quarters, the first two were slower cycle periods, yet the company reported strong operating margins of around 29 percent to 39 percent due to lower expenses and tight cost control. In contrast, Q3FY26, the peak quarter, delivered operating margins of 24 percent along with 28 percent year-on-year revenue growth, taking quarterly revenue to about Rs. 279 crore. Net profit has consistently ranged between Rs. 46 crore and Rs. 51 crore over the last four quarters, with the latest quarter reporting Rs. 51 crore.
Management highlighted that Q3 revenue of Rs. 279 crore was driven by both organic growth and expansion into emerging markets such as Latin America. Higher expenses in the quarter were mainly due to professional fees paid to lawyers, consultants, and IT security auditors related to acquisitions and system compliance. These costs are considered temporary.
On an annual basis, FY25 revenue grew sharply by around 60 percent to Rs. 849 crore, even though operating margins moderated to 25 percent from 27 percent in FY24. Despite this margin compression, PAT still grew by around 30 percent to Rs. 153 crore, reflecting strong scale benefits. On a trailing twelve-month basis, revenue stands at Rs. 991 crore, operating margins are around 26 percent, and profit is approximately Rs. 195 crore. Over the last three years, compounded sales growth has been about 48 percent and compounded profit growth about 32 percent, indicating consistent and profitable expansion.
Balance Sheet and Cashflows
Crizac maintains a very strong balance sheet with zero debt. As of September 2025, the company held reserves of about Rs. 565 crore. Trade receivables stood at around Rs. 239 crore, reflecting the nature of its university-linked revenue cycle. Cash and cash equivalents declined from Rs. 311 crore in March 2025 to about Rs. 31 crore in September 2025, largely due to acquisition-related payments and investments.
On the cashflow side, the company generated operating cashflows of around Rs. 187 crore in FY25 and reported overall net cash inflow of about Rs. 39 crore. The cash conversion cycle was approximately 110 days in FY25, which is typical for education-linked businesses where collections depend on university fee timelines. Management expects a normalized EBITDA margin of around 23 percent to 25 percent going forward, supported by scale, technology leverage, and platform efficiencies.
Shareholding and Subsidiaries
Promoters hold a dominant stake of 79.94 percent in the company, showing strong control and confidence in the business. FIIs currently hold around 2.48 percent, DIIs about 3.48 percent, and the public around 14.09 percent. FIIs had briefly increased their stake to 3.74 percent in September 2025 but later reduced it again. Similarly, DIIs cut their holding from 7.05 percent in June 2025 to 3.80 percent in September 2025 and further to 3.48 percent now.
Most of Crizac’s growth has been organic, but the company is also expanding through strategic acquisitions. It acquired 51 percent of StudyPlanet.com Limited, a Latin America-focused company with quarterly revenue of about Rs. 1.87 crore, of which Crizac now consolidates its share. Its subsidiary Ucall FSEDI reported revenue of Rs. 10.73 crore in Q3. In Q3FY26, the company processed around 1.02 lakh applications, with an acceptance rate of about 10 percent, reinforcing its strong placement capability.
Future Growth & Outlook
Strategic Priorities and Long-Term Vision
Crizac’s future strategy rests on three clear priorities: strengthening partnerships in developed markets like the UK, Canada, and Australia, expanding deeper into emerging source markets, and offering more services to students beyond recruitment. The company is supported by a team of about 350 employees and consultants across the UK and India, combining domain knowledge with technology and execution strength. Management believes the global education sector is still under-penetrated in digital solutions, giving Crizac a long growth runway.
Market Opportunity and Scale Potential
Around 7.6 lakh students went abroad from India last year, while global student mobility stands at about 80 lakh students annually. Crizac’s current share of this market is still below 1 percent, highlighting significant room for expansion. Each new agent, university, and country added to the platform brings incremental revenue at attractive margins due to its asset-light model. The company continues to scale in high-value destinations like the UK, Ireland, Australia, and New Zealand while simultaneously expanding sourcing in Asia, Africa, and Latin America. Management expects both market share and revenue per student to improve over time as scale builds.
Regulation, Policy and Destination Trends
Recent policy developments such as free trade agreements with Europe and New Zealand are seen as positive for student mobility. While visa rules may change, management believes students will shift to destinations that offer easier visas and better return on investment, keeping overall demand resilient. In the UK, the government’s new target to reach GBP 40 billion in international education exports by 2030 and its focus on diversifying student source countries align well with Crizac’s strengths.
Stricter regulation around agents is also viewed as a benefit, as it raises entry barriers and strengthens Crizac’s competitive position. The reduction of the UK post-study visa from 24 to 18 months has not impacted Crizac’s growth, and students who secure jobs can still convert to work visas.
New Revenue Streams and Geography Expansion
Crizac has launched accommodation services on its platform in the UK, Ireland, and the USA, with plans to roll out in Australia and other destinations. The company refers students to partnered accommodation providers and earns a brokerage equivalent to two to four weeks of rent. Revenue from this service is currently small as the product is new, but it is expected to scale over time.
On financial assistance, Crizac has tied up with education loan NBFCs and banks and now earns referral fees for directing students to these lenders. The company is also actively adding institutions in Canada while strengthening its presence in Ireland, the Middle East, New Zealand, Australia, Africa, Central Asia, and China, where growth continues at a steady pace.
M&A, Diversification and Growth Guidance
Management wants to lower the UK’s revenue share to about 50 percent over the next five years, with the balance coming mainly from the USA, Australia, and Canada. This diversification will be driven largely through acquisitions. The recent acquisition of GlobalTree, a B2C company in Australia, is expected to generate margins of around 50 percent and will be consolidated in Q4FY26. StudyPlanet in Latin America has helped build a footprint in a new region, which in turn strengthens Crizac’s B2B positioning.
Management projects overall business growth of 20-25 percent annually over the next five years, with margins in new geographies starting lower but converging to existing levels as scale builds. Crizac’s visa refusal rate remains well below the UKVI threshold of 5 percent, reinforcing its credibility and compliance strength.
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