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crizac limited Investor Presentation Q1 FY27
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SAFE HARBOUR STATEMENT This presentation may contain certain “forward-looking statements” within the meaning of applicable securities laws and regulations, which may include those describing the Company’s strategies, strategic direction, objectives, future projects and/or prospects, estimates etc. Investors are cautioned that “forward looking statements” are based on certain assumptions of future events over which the Company exercises no control. Therefore, there can be no guarantee as to their accuracy and readers are advised not to place any undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These statements involve a number of risks, uncertainties and other factors that could cause actual results or positions to differ materially from those that may be projected or implied by these forward-looking statements. Such risks and uncertainties include, but are not limited to; growth, competition, acquisitions, domestic and international economic conditions affecting demand, supply and price conditions in the various business's verticals in the Company’s portfolio, changes in Government regulations, laws, statutes, judicial pronouncement, tax regimes, and the ability to attract and retain high quality human resource.
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Partner Universities Active Counselling Partners in Q1 FY271 Destination Countries Applications Processed in Q1 FY27 Source Countries 450+ 12 4,032 1.04 lakhs 85+ Company snapshot One of India’s leading AI native global mobility platform • Founded in 2011, Crizac Limited is a AI native global mobility platform • Connects students, Counselling Partners, and universities across international markets • Headquartered in India with co-primary operations in London, UK and Sharjah, UAE • Established presence across 11 countries through regional offices and operations • Leverages a proprietary platform to source, verify, and process global student applications • Facilitated 12 lakh+ student applications till Q1 FY27, establishing a strong track record in global student mobility and university partnerships Operating Income EBITDA2 & Margin PAT3 & Margin ROE4 ROCE5 Financial Highlights FY26 Financial Highlights Q1 FY27 ₹2,012 Mn ₹600 Mn I 29.8% ₹471 Mn I 22.6% 28.8% 40.3% 1. Active counselling partners are counselling partners who submitted applications during the period; 2. EBITDA is calculated as profit for the period minus other income plus finance costs, depreciation and amortization, (Gain) / loss on Forward Contracts and Exchange rate differences and total income tax expenses 3. PAT is Net Profit attributable to the Owners of the Company; 4. annualised Profit for the period divided by Total Equity (excluding Translation Reserve) as at the end of the period; 5. Capital employed is calculated as total equity (excluding Translation Reserve) plus total borrowing while EBIT ( annualised) is calculated as Profit for the period plus total tax expense plus finance costs;
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Management commentary Vikash Agarwal, Managing Director *PAT is Net Profit attributable to the Owners of the Company “Q1 FY27 demonstrated the resilience of Crizac Limited’s platform-led model. Operating Income stood at ₹2,012 million, a decline of 4.0% YoY, reflecting a less favourable mix of university partners this quarter rather than any reduction in underlying platform activity. Sequentially, operating income was lower than the ₹3,917 million reported in Q4 FY26, in line with the pronounced seasonality of our business, with Q4 being the peak intake quarter and Q1 being the seasonal trough. Applications processed moderated by 6.2% YoY to 1.04 lakh. Nevertheless, our underlying network continued to expand, with active counselling partners increasing by 2.1% to 4,032 and student enrolments rising by 15.0% to 4,751. Global student mobility continues to navigate an evolving regulatory and currency landscape across key destination markets, with the composition of demand across universities and destinations shifting accordingly. We believe this environment is structurally favourable for scaled, compliant and technology-led platforms such as ours, as universities increasingly consolidate their recruitment around trusted partners capable of delivering quality at scale. This is already evident in our own performance: despite a contraction in overall study-visa volumes in our largest destination market as well as overall visas issued to Indian students, our share in both categories has increased. This was also a quarter of continued inorganic momentum, building on the acquisition-led strategy pursued over the past year. In June 2026, we made a strategic investment in ForeignAdmits, an AI-led student mobility platform, extending our reach into education financing and visa preparation and bringing its founder, Nikhil Jain, onto our leadership team as Chief Product & Marketing Officer. Subsequent to quarter-end, in July 2026, we acquired 100% of Inova Consultancy Limited through our wholly owned UK subsidiary, strengthening our university partnerships across the UK and Europe, extending our presence into Mexico, and marking our entry into the Netherlands as a new destination market. Inova's founder, Eric Wijmenga, who has built strong institutional relationships across England and the wider European region over more than 25 years, joins our executive leadership as Regional Director, UK and Europe. Alongside this, Mr. Christopher Nagle will step down as Chief Executive Officer of our UK entity while continuing to serve on its Board as a Director, and will take on the role of Non-Executive Director and Chairman of the Indian holding company. In these capacities, he will provide Board-level strategic oversight, governance and mentorship, while day-to-day operational responsibility continues to rest with executive management, ensuring leadership continuity and preserving institutional knowledge as we enter our next phase of growth. These transactions build on our earlier expansions and reflect our consistent strategy of using targeted acquisitions to compress timelines for geographic entry and capability build-out. We believe these acquisitions will serve as a key growth engine in the near future. EBITDA for Q1 FY27 stood at ₹600 million, at a margin of 29.8%. On a YoY basis, EBITDA moderated by 7.6% from ₹649 million due to a deliberate step-up in our cost base to support team build-out following our ongoing expansion. Sequentially, EBITDA was lower due to seasonality; EBITDA margin nonetheless expanded by nearly 585 bps QoQ (from 24.0% to 29.8%), driven by favourable remunaration economics carried by the Q1 intake. PAT for the quarter stood at ₹471 million, a YoY growth of 2.9%, with PAT margin expanding 152 bps to 22.6%, supported by the scalable and asset-light nature of our operating model. Due to seasonality, the higher margins reported in Q1 are not directly comparable to full-year margins and are hence expected to normalise to more typical levels over the remaining quarters of the year. We are clear-eyed about the near-term headwinds from evolving visa policies and currency movements, and expect volume trends to remain policy-sensitive over the coming quarters. Notwithstanding these headwinds, long-term structural demand for quality international education remains strong, underpinned by growing aspirations across India, Africa and wider Asia, and by India’s emergence as the largest source market in several key destinations. We are well-positioned to capture this opportunity through our diversified presence across 85+ source countries and 12 destination markets, our expanding ancillary revenue layer, platform scalability, and continued focus on resilient organic as well as inorganic growth.”
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Incorporated as ‘GA Educational Services Pvt. Ltd.’ in Kolkata 2011 Commenced work with Ireland Institutions 2014 Commenced work with Canadian Institutions 2016 Commenced work with New Zealand Institutions 2017 Commenced work with Australian Institutions 2018 Crossed INR 2,500 Mn revenue 2023 Acquired Crizac UK 2024 Incorporated wholly- owned UAE subsidiary Mar‘25 Strengthened the NZ presence through onboarding of the Medway Educational Consultant team Apr’26 Our journey “What began as a vision in 2011 has evolved into a global journey, powered by our team’s passion and purpose.” Acquired StudiesPlanet.com, expanding presence into LATAM Oct’25 Listed on NSE & BSE July’25 Launched accommodation services on our platform July ‘25 Strategic Investment in AI Platform Edumentor Mar’26 Acquired 51% stake in Global Tree Careers Pvt Ltd Jan’26 Acquired Inova Consultancy, expanding presence into Mexico and Netherlands Jul’26 Strengthened AI-powered financing and visa capabilities via Foreign Admits’ investment Jun’26
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Key Highlights Profit and Loss Summary Particulars Operating Income EBITDA1 PBT PAT2 Q1 FY27 2,012 600 648 471 Growth (YoY) (4.0%) (7.6%) 4.3% 2.9% Margin 29.8% 31.1% 22.6% EPS 2.69 ₹ in millions 1.EBITDA is calculated as profit for the period minus other income plus finance costs, depreciation and amortization, (Gain) / loss on Forward Contracts and Exchange rate differences and total income tax expenses; 2.PAT is Net Profit for the period attributable to the Owners of the Company
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Our Business model Our proprietary technology platform connects over 17,400+ global Counselling Partners and institutions on a seamless interface; streamlining applications, real-time updates, and data-driven insights to maximize admission success Student Counselling Partner Crizac Shares study abroad goals and academic profile Guides selection and prepares applications through our proprietary tech platform Reviews applications and drives a seamless admission journey by processing applications to universities using AI-powered ML automation Reviews applications and extend offers to selected candidates University Crizac shares a portion of revenue with the onboarding Counselling Partners Remuneration Crizac receives remuneration upon successful student enrolment End-to-end support for students from application to admission
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OUR PLATFORM Key Features Real-time dashboards with actionable insights and performance tracking Dashboard & Reporting Search and filter applications by multiple parameters and criteria Advanced Search & Filters Track applications by stage and monitor progress in real time Application Tracking Access deadlines, fee structures and updates from partner institutions Global Institution Updates Access brochures, presentations and marketing collateral in one place Marketing Resource Access Crizac’s Proprietary Platform Student Onboarding & Profile Creation Application Submission Document Upload and Verification Real time Status updates Application Assessment Offer Letter Issuance Enrollment Processing Fee Updates Counselling Partners Global Institutions Automated Workflow Engine AI Led application screening Compliance & Quality Checks Real-time Analytics Our Strategic AI - focused Investment Enables precise student - university matching Integrates verified peer mentorship Enhances decision - making & builds trust Improves conversion outcomes • $2.5M committed to EduMentor Project over a five-year roadmap • AI/ML-powered mentor onboarding, credentialing, and matching • Matches students by programme, location, language, and career interest • Led by IIM Calcutta alumnus, Mr. Dishant Kharbanda with ~20 years experience in edtech Streamlined Communication One Stop Window Facilitates communication between universities and counselling partners Unified window connecting Counselling Partners and universities for streamlined admissions
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Source COUNTRIES Key Source Countries • India • Vietnam • Bangladesh • Sri Lanka • Kenya • Colombia • China • Nepal • Nigeria • Ghana • Peru • Brazil Our global footprint spans 85+ source countries
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Destination countries & presence Operational Presence • India • UAE • Mexico • China • Nigeria • Kenya • UK • Colombia • Peru • Ghana • Nepal Our global footprint spans across 12 Destination countries and Operational Presence across 11 countries Destination Countries • UK • USA • New Zealand • Singapore • Germany • Malta • Canada • Australia • Ireland • UAE • France • Netherlands* *Note: Netherlands was added as a Destination Country following the acquisition of Inova Consultancy in July 2026
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Q1 FY27 Key operational highlights Performance Indicators Network Health & Engagement Destination Countries Source Countries Number of Universities* Revenue per University Partner* Revenue per Active Counselling Partner ₹ 0.5 Mn Top 10 Universities Revenue Share ₹ 1,383 Mn Top 10 Counselling Partners Payout Share# 110 85+ 12 # Proportion of total partner payout costs (Cost of Services) allocated to the top 10 counselling partners. *No. of Global Higher Education Institutions generating revenue for the company in the 3 months ending June’26 ** Defined as the percentage of unique applicants who successfully enrol at a partner university, calculated by dividing enrolle d students by total unique applicants. ₹ 18.3 Mn 24.5% 68.7% of Revenue of Cost of Services 4,032 Active Counselling Partners Applications Processed 1.04 lakhs Enrollments 4,751 YOY Growth : 15.0% Student Enrollment Rate** 10% Unique Applicants 47,488 YOY Growth : 2.1%
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Geography Destination Country 98.7% 0.9% 0.2% 0.2% UK 98.7% Republic Of Ireland 0.9% Dubai 0.2% Others 0.2% Detailed breakdown of revenue concentration Q1 fy27 Revenue bifurcation Student Origin Source Country 22.3% 27.2% 50.2% 0.3% Africa 22.3% Asia (excluding India) 27.2% India 50.2% Others 0.3% Total Revenue ₹2,012 Mn Key Destination : UK
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Profit & Loss SUMMARY Particulars Q1 FY27 Q1 FY26 YoY(%) Q4 FY26 QoQ(%) FY26 Operating Income 2,012 2,095 (4.0%) 3,917 (48.6%) 10,422 EBITDA1 600 649 (7.6%) 939 (36.1%) 2,824 EBITDA Margin (%) 29.8% 31.0% (116 bps) 24.0% 585 bps 27.1% Other Income 72 77 (5.9%) 68 5.6% 290 Finance Cost 0 0 586.2% 1 (63.9%) 1 Depreciation2 35 67 (47.3%) 91 (61.2%) 274 (11) 38 (130.5%) (13) (10.3%) (33) PBT 648 621 4.3% 929 (30.2%) 2,872 PAT3 471 458 2.9% 750 (37.2%) 2,191 PAT Margin (%) 22.6% 21.1% 152 bps 18.8% 378 bps 20.5% EPS4 (₹) 2.69 2.62 2.8% 4.29 (37.2%) 12.52 ₹ in millions 1.EBITDA is calculated as profit for the period/year minus other income plus finance costs, depreciation and amortization, (Gain) / loss on Forward Contracts and Exchange rate differences and total income tax expenses; 2. Depreciation method revised from Written Down Value (WDV) to Straight Line Method (SLM) w.e.f. April 01, 2026 (accounted for prospectively) ; 3.Attributable to the owners of the company ; 4. Diluted EPS (Gain) / loss on Forward Contracts and Exchange rate differences
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Key Highlights (Cont.) Balance Sheet Summary ₹ in millions *December data is annualized. ^Previous periods numbers have been changed in accordance with change in accounting policy for valuation of Raw Materials, Finished Goods and Work in Progress from First In First Out (FIFO) to moving weighted average cost method. The impact not material. #Net Current Assets calculation excludes Short-term Borrowing, Short-term Lease Liability & Cash & Cash Equivalents as they are part of Net Debt. ; 1. Gross Fixed Asset Turnover Ratio excludes ROU and calculated on average gross assets for the period; 2. Cash Conversion Cycle is based on Operating Income. Particulars Jun’25 Mar’26 Jun’26 Total Equity 5,492 5,924 6,452 Borrowings 0 18 15 Lease Liabilities 1 1 1 Free Cash1 4,498 4,693 5,711 Net Debt2 (4,497) (4,674) (5,695) Net Fixed Assets3 725 885 908 Other Non-Current Assets4 561 712 720 Net Current Assets5 (227) (266) (780) Total Assets 8,297 8,756 8,413 (0.82) (0.79) (0.88) Jun'25 Mar' 26 Jun' 26 Net Debt2/ Equity Net Debt/ Equity 33.4% 37.2% 28.8% Jun'25 Mar' 26 Jun' 26 ROE*6 ROE 45.3% 48.6% 40.3% Jun'25 Mar' 26 Jun' 26 ROCE*7 ROCE (1.73) (1.66) (2.37) Jun'25 Mar' 26 Jun' 26 Net Debt2/ EBITDA* Net Debt/EBITDA Balance sheet summary 1. Includes Cash and Cash Equivalents, Bank Balances, and Fixed Deposits of all maturities; 2.Net Debt is calculated as Borro wings plus Lease Liabilities minus Free Cash; 3.Includes PPE, ROU and Other Intangible Assets; 4. Sum of Non -Current Investments, Investment Property, Goodwill, Other Financial Assets, Income Tax Assets, Other Non -Current Assets, minus Deposits with Bank with remaining maturity of more than 12 months; 5. Net Cur rent Assets is calculated as Total Current Assets less Cash and Cash Equivalents, Bank Balances, Fixed Deposits with maturity less than 12 months and Total Current Liabilities; 6. Profit for the period/ year divided by Total Equity as at the end of the year excluding Translation reserve; 7. Capital Emplo yed is calculated as total equity (excluding Translation Reserve) plus total borrowing while EBIT is calculated as profit for th e period/ year plus total tax expense plus finance costs; *Jun’ 25 and Jun’26 are annualised
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KEY INVESTMENT hIGHLIGHTS 01 05 04 03 02 06 Structural Growth Drivers in Global Education Strong Management Platform-Led Network Effects Driving Scalable Growth Strong Relationship With Global Institutions Consistent Financial Delivery with Strong Cash Generation Growth Drivers
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1.Structural growth drivers in global education (1/3) 33 50 67 100 181 218 254 332 CY70 CY80 CY90 CY00 CY10 CY15 CY22 CY30E Global Higher Education Enrolments1 Enrolments (mn) 5.6 5.8 6 7.4 1.8 1.9 1.9 2.4 FY22 FY23 FY24 FY30E Global Education Sector Market Size $ TN1 Global Education Market (US$ tn) Higher Education Market (US$ tn) 200 262 280 420 CY19 CY23 CY24 CY30E Global Spend on Overseas Education (US$ bn)1 Global Spend on Overseas Education (US$ bn) Global Education Market $7.4 Tn By CY 30E 3.5% CAGR CY24 – CY30E Global Higher Education Market $2.4 Tn By CY 30E 3.9% CAGR CY24 – CY30E Global Higher Education Enrollments 332 Mn By CY 30E 3.4% CAGR CY22– CY30E “Global higher education continues to expand steadily, supported by strong long-term demand despite short-term policy uncertainties.” Global Spend on Overseas Education $420 Bn By CY 30E 7.0% CAGR CY24 – CY30E 4.8 6.4 7.0 7.2 7.4 7.6 7.8 8.0 0 1 2 3 4 5 6 7 8 9 CY15 CY20 CY25E CY26E CY27E CY28E CY29E CY30E International Student Mobility1 Internationally Mobile Students (mn) 1. F&S Report
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1.Structural growth drivers in global education (2/3) 4,46,029 4,03,257 3,91,572 15,441 19,514 23,576 3.5% 4.8% 6.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 0 50,000 1,00,000 1,50,000 2,00,000 2,50,000 3,00,000 3,50,000 4,00,000 4,50,000 5,00,000 FY24 FY25 FY26 Total UK Study Visas vs. Crizac’s Share1 Visas Issued Crizac's Share 93,445 5,218 17,196 87,461 60,564 1,04,115 35,258 90,425 5,163 16,431 98,351 57,572 88,776 34,854 India Latin America Middle East Rest of the World South Asia China Rest of Asia Number of Visa granted 3 12 months ended Mar '25 12 months ended Mar'26 Industry Overview - United Kingdom Key Highlights for United Kingdom Consistent long-term demand across all levels of study India becomes the largest source country in Mar‘26 Strong preference for Masters Programs 22.3% 68.2% 9.5% Bachelors Masters Others Course Pursued (3 months ended Mar’26) 2 Industry Overview - India Key Highlights for India India is the largest source of international students in the USA and the UK Growing presence across Canada, Australia and New Zealand Indian students enrolling in higher education expected to reach 92 Mn by 2035 427 255 173 139 49 27 17 16 Canada U.S.A UK Australia Germany Russia Kyrgyzstan Georgia Number of Indian Students Pursuing Higher Education in ‘000 (CY25) 2 1. Migration statistics ;2. Statista 1,16,215 93,445 90,425 10,506 11,550 12,526 9.0% 12.4% 13.9% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000 FY24 FY25 FY26 Indian Student Visas in UK vs. Crizac’s Share 1 Number of Indian Visas Granted Crizac's Share
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1.Structural growth drivers in global education (3/3) Policy Tightening Higher Compliance Requirement Need For Trusted Platforms Shift Toward Scaled & Structured Players Stricter regulations are reshaping international recruitment Universities now demand stronger compliance standards Trust and transparency are becoming essential The market is favoring organized and scalable companies Compliance Favors Structure Global education demand remains resilient however, rising visa complexity is making student mobility increasingly policy-sensitive thus, enhancing the importance of structured platforms Key Message 1. Student Flow ; 2. AQF & BCA SUSTAINED OUTBOUND DEMAND G PLATFORM ADVANTAGE • Stronger screening & documentation capabilities • High-quality , compliant applications becoming critical • Error Minimization through AI-Led Automation • Tighter compliance is accelerating adoption of trusted platforms • Universities increasingly favour compliance- driven recruitment partners AQF & BCA COMPLIANCE2 • UK’s Agent Quality Framework(AQF) raises oversight and entry barriers • Universities prefer compliant recruitment partners SHIFT IN STUDENT FLOWS1 Canada/US tightening redirecting demand towards UK, Ireland, Germany and New Zealand
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Relationship with Marquee Universities 2. Strong relationship with global institutions 450+ 5+ years 69% 51% 41% Top 10 Top 5 Top 3 Revenue Concentration Q1FY27 Institutional Partnerships Across Global Markets of long-standing relationships across our Top 30 Universities ETS Strategic Tie-Up (July 2026): Collaboration with ETS to provide official TOEFL® & GRE® test preparation, strengthen counseling support, and expand test center infrastructure
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3. Platform-Led Network Effect Driving Scalable Growth 01 04 Stronger Network. Better Outcomes. More University Partners • Wider course & destination coverage • Better student matching • Strong platform attractiveness Larger Counselling Partner Network • Higher counselling partner productivity & conversions • Scalable quality applications • Expanded market reach 02 Better Outcomes for Students & Universities Higher Application Volumes • Larger proprietary dataset • Smarter recommendations • Better matching accuracy 03 Every additional student, counselling partner, and university strengthens the intelligence and efficiency of the platform Universities Counselling Partners Students Cross-sell opportunities across the ecosystem Every additional student, Counselling Partner, and university strengthens the overall platform ecosystem and network effect Strategic Highlights Proprietary AI-enabled platform with automated processing capabilities Scaled global ecosystem across students, counselling partners and universities Strong network effects driving stickiness and conversion efficiency Data-driven intelligence engine enhancing matching and recommendations Integrated one-stop platform across applications, compliance, and visa support • Higher enrolments & conversions • Better student experience • Reinforces platform growth
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Dr. Vikash Agarwal Managing Director ● 21+ years of experience with a Ph.D ● Key Promoter with a deep domain expertise in international education consultancy. His strategic direction leverages technology to scale the B2B platform Mr. Anuj Saraswat Independent Director ● 11+ years of experience and an ICSI Fellow ● Proprietor of a practicing secretarial firm with expert knowledge in regulatory compliance and secretarial standards Ms. Payal Bafna Independent Director ● 9+ years of experience and an ICSI Fellow ● Proprietor of P . B. & Associates and brings strong expertise in legal advisory, corporate governance, regulatory compliance, and ethical standards Mr. Rakesh Agrawal Independent Director ● 12+ years of experience and an ICAI Member ● Specialized experience in the financial services sector, guiding the Board on robust financial oversight and stewardship Board of Directors Manish Agarwal Whole Time Director & CFO ● 15+ years of experience ● An FCA and ICAI member, he has been associated with the organization since its inception in 2011, overseeing its financial health and stewardship 4. BACKED BY STRONG management (1/3) Christopher Nagle Chairman & Non-Executive Director– Crizac India ● Holds a degree from University College London (UCL) ● Brings international, board-level experience to support the strategic growth of the Group’s global business
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Priya Fulfagar Chief Operating Officer ● Associated since 2015 ● Deep expertise in managing and coordinating internal operations through disciplined execution Strong Management 4. BACKED BY STRONG management (2/3) CS Kashish Arora CS & Compliance Officer ● An ICSI Associate focused on governance, overseeing secretarial functions and ensuring statutory and regulatory compliance ● Dual certifications in ESG and Data Protection, driving compliance and responsible corporate stewardship Nikhil Jain Chief Product & Marketing Officer ● IIT (BHU) Varanasi alumnus with doctoral research at IIT Bombay–Monash University. ● Founder of ForeignAdmits, leads product strategy and marketing for Crizac's AI-led education platform. Rituparno Sarkar Chief Technology Officer ● B. Tech in Computer Science (IT), Sikkim Manipal Institute of Engineering & Technology. ● 19+ years of technology leadership in engineering, product development, and digital transformation. Dishant Kharbanda Chief Innovation Officer ● Nearly 20 years in edtech and international education; founder of award-winning Uniagents ● Leads emerging technology initiatives and innovation at Crizac
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Saurav Bhaduri Chief Strategy Officer ● 22+ years across technology, engineering & business growth in the U.S. and India ● Leads transformation, process optimization & scalable growth at Crizac Subhakar Alapati Director - Global Tree ● 17+ years' experience; founded Global Tree, scaling it to 10+ offices and 250+ employees ● Published 100+ articles; mentors Ivy League aspirants and drives innovation Strong Management 4. BACKED BY STRONG management (3/3) Srikar Alapati Managing Director - Global Tree ● 20+ years experience in Education and Immigration consultancy; built Global Tree into a trusted global education platform ● Established a network spanning 14+ countries and 450+ university partnerships Erica Rodriguez Director - Studies Planet ● Built Studies Planet into a leading LATAM student recruitment agency ● Established strong university partnerships and expanded global education access Jagjit Singh Managing Director (New Zealand) ● Leads New Zealand operations ● Founder of Medway, one of NZ’s top study-abroad consultancies Eric Wijmenga Regional Director, UK and Europe, Crizac Ltd (UK) ● Founder of Inova Education, leading student recruitment in Mexico for 25+ years, with experience across South Asia and East Africa ● Brings deep expertise in university partnerships and recruitment strategy to Crizac's UK and Europe operations
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1,121 1,189 1,550 2,191 471 21.7% 15.6% 17.5% 20.5% 22.6% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 FY23 FY24 FY25 FY26 Q1 FY27 PAT Margin 5. Consistent Financial Delivery with Strong Cash Generation (1/2) 4,730 6,349 8,495 10,422 2,012 FY23 FY24 FY25 FY26 Q1 FY27 Operating Income In INR Mn 30.1%# 67.7% 54.9% 40.8% 48.6% 40.3% FY23 FY24 FY25 FY26 Q1 FY27 ROCE* (0.52) (0.42) (0.91) (0.79) (0.88) (1.07) (1.97) (2.12) (1.66) (2.37) FY23 FY24 FY25 FY26 Q1 FY27 Net Debt/Equity Net Debt/EBITDA* 1,073 726 2,156 2,824 600 22.7% 11.4% 25.4% 27.1% 29.8% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 FY23 FY24 FY25 FY26 Q1 FY27 EBITDA EBITDA Margin % EBITDA1 & Margin In INR Mn & % Margin PAT2 & Margin In INR Mn & % Margin 25.0%# 38.1%# 50.7% 34.8% 30.8% 37.2% 28.8% FY23 FY24 FY25 FY26 Q1 FY27 ROE* 1. EBITDA is calculated as profit for the period/year minus other income plus finance costs, depreciation and amortization, (Gain) / loss on Forward Contracts and Exchange rate differences and total income tax expenses 2. PAT is Net Profit attributable to the Owners of the Company * Q1 FY27 is annualised # CAGR FY23 to FY26
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5. Consistent Financial Delivery with Strong Cash Generation (2/2) 2,191 1,400 - 500 1,000 1,500 2,000 2,500 FY26 PAT Dividend 703 573 1,836 1,441 912 65% 79% 85% 51% 152% FY23 FY24 FY25 FY26 Q1 FY27 NCOA NCOA/EBITDA Profitability with Rising Shareholder Returns (FY26) Robust Operating Cash Flow Conversion Key Highlights Enables healthy Balance Sheet and no Debt Net working capital days of (29) in Q1 FY27, showcasing rapid turnover and strong liquidity efficiency Consistent cash generation supports both organic and inorganic growth while maintaining dividend payouts Asset-Light Model Low Working Capital-Intensity Strong Cash Flows High earnings quality with a structurally strong NCOA-to-EBITDA conversion. Dividend payout ratio of 63.9% supported by the Company’s strong financial performance and cash generation
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O u r D i v e r s i f i c a t i o n P i l l a r s Multi-Origin Processing Destination Diversification Global Presence Expansion Strategy 6. GROWTH DRIVERS (1/3)- Expanding our geographical diversification Applications processed from multiple origin countries across regions University partnerships across the world- reducing single-market dependency On-ground operations and network presence in key source and destination markets worldwide Target geographies identified with expansion strategy and execution underway “ Building a globally diversified portfolio for sustainable long-term growth “ Driving geographic diversification through organic expansion initiatives and strategic acquisitions, strengthening presence across key source and destination countries
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EXPANDING BEYOND CORE Ancillary services are being developed in addition to student recruitment Insurance Services Forex Services STUDENT LOANS - A KEY GROWTH DRIVER 6. GROWTH DRIVERS (2/3)- Building an Ancillary Revenue Layer Visa Services Accommodation Services High Growth Outlook Student loans services launched in FY26 Improved Stickiness Increases Counselling Partners stickiness and strengthens client relationship Monetization Improvement Larger wallet share- Enhances revenue per student and overall monetization Strong Partnerships Tie-ups with leading banks and NBFCs Diversifying our offerings to create sustainable revenue streams Student Loans Services Live on our Platform Commencing Soon on our Platform
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Strategic Expansion Initiatives 6. GROWTH DRIVERS (3/3)- Inorganic & Partnership Led Growth Opportunities Building on its acquisition-led expansion strategy, Crizac continues to evaluate opportunities that enhance scale, technology capabilities, and market presence. AI-led Technology Investments Enhancing matching and conversion; enabling scale Geographic Expansion Scaling presence across new destination and source markets Acquisition-led Expansion Enabling Speed to market, strengthening reach & service capabilities Integrated Global Student Mobility Ecosystem Inorganic Growth through Acquisitions and Investments Inova Education Jul’26 Expanded further into Mexico and the Netherlands, strengthening UK and Europe partnerships Strategic investment in AI- powered financing and visa platform, strengthening student mobility capabilities ForeignAdmits Jun’26 Scaled New Zealand vertical by onboarding the entire Medway team, broadening presence Medway Educational Consultant Apr’26 A strategic investment in an AI platform for smarter overall student matching Edumentor Mar’26 Acquired a 51.04% majority stake, expanding domestic reach and overall service portfolio Global Tree Careers Jan’26 Opens up the LATAM market as a source-destination, further strengthening overseas presence Studies Planet Oct’25 Strengthened U.S. recruitment capabilities via acquisition of university contracts and Counselling Partners network Raj Consultants May’24 Outcomes Broader Global Presence Diversified Revenue Streams Improved Cross-sell Opportunities AI backed Scalable Global Growth Platform Accelerating Speed to-Market for Growth
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ESG – BUILDING RESPONSIBLE GROWTH ENVIRONMENTAL Responsible Operations SOCIAL People & community GOVERNANCE Ethics, audit & compliance Waste segregation - wet and dry categories implemented across all office premises to support responsible waste handling and recycling. Paperless operations - B2B platform enables digital-first application processing, reducing paper dependency across the recruitment workflow Employee well- being - periodic health check-ups covering basic health parameters conducted for all employees. PM-VBRY participation - registered under PM Viksit Bharat Rozgar Yojana; actively hiring first-time EPFO employees, contributing to India's formal employment generation agenda Ethical business conduct - continued strong emphasis on regulatory compliance and transparent reporting mechanisms across all operations. SEBI BRSR committed - as a listed entity from FY26, Crizac is committed to full Business Responsibility and Sustainability Reporting disclosures. Independent internal audit framework - We recently appointed Grant Thornton Bharat LLP as our Internal Auditor to strengthen governance oversight, internal controls, and compliance standards across operations. G T Promoting employee well-being, generating formal employment, and maintaining highest standards of ethical conduct -building a business that is responsible by design, not by compliance alone
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Shareholding pattern as on 30th JUNE 2026 MARQUEE INVESTORS o CARNELIAN FUNDS o ARYABHATA INDIA FUND (ABAKKUS FUND) o INDIA EQUITY FUND o 360 ONE FUNDS o ALLIANZ GLOBAL FUND o ICICI PRUDENTIAL FUND Institutional Investors 4.8% Promoter & Promoter Group 79.9% Retail & Non- Institutions 15.3% 1.6 % FIIs 79.9 % Promoter & Promoter Group 3.6% Body Corporates 3.2 % DIIs (MFs, AIFs, NBFCs) 11.7 % Others
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Active Participation in Industry Events & Trade Shows Lima - British Education Fair Bogotá - British Education FairSao Paulo - British Education Fair Buenos Aires- British Education Fair Strengthening visibility via International fairs and public exhibitions
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Active Participation in Industry Events & Trade Shows Strengthening visibility via Domestic fairs and public exhibitions
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ANNEXURES
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Corporate structure Crizac Limited (India) Holding Company Global Tree Careers Private Limited Crizac Ltd (United Kingdom) UCOL FZE Studies Planet.com Ltd 100%51% 100% 51% Subsidiary Step down Subsidiary Wholly Owned Subsidiary Wholly Owned Subsidiary Inova Consultancy Limited 100%Step down Subsidiary
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Key Business Metrics Particulars FY24 FY25 FY26 Q1 FY27 Financial KPIs Revenue From Operations* 6,349 8,495 10,422 2,012 Growth In Revenue From Operations During The Period 34.2% 33.8% 22.7% (4.0%) Cost Of Services 4,446 5,992 7,032 1,257 Cost Of Services As % Of Revenue From Operations 70.0% 70.5% 67.5% 62.5% EBITDA1 726 2,156 2,824 600 EBITDA Margin 11.4% 25.4% 27.1% 29.8% Profit After Tax (PAT)2 1,189 1,550 2,191 471 PAT Margin % 15.6% 17.5% 20.5% 22.6% ROE3# % 34.8% 30.8% 37.2% 28.8% Net Working Capital As # Days Of Revenues From Operations4 21.76 (1.80) 1.72 (29.22) Operational KPIs No. Of Student Applications Processed5 2,62,502 2,75,897 3,94,629 1,03,539 No. Of Active Counselling Partners6 2,532 3,948 5,389 4,032 No. Of Global Institutions Of Higher Education Catered To In The Period7 124 173 198 110 No. of Enrollments 17,842 21,710 24,697 4,751 1. EBITDA is calculated as profit for the period/year minus other income plus finance costs, depreciation and amortization, (Gain) / loss on Forward Contracts and Exchange rate differences and total income tax expenses; 2. PAT is Net Profit attributable to the Owners of the Company; 3. Profit for the period/year divided by Total Equity (excluding Translation Reserve) as at the end of the year; 4. Calculated as Trade Receivables minus Trade Payables divided by Revenue from Operations multiplied by number of days during the period/ year ; 5. Total number of student applications that the company processed for admission to Global Institutions of Higher Educations in the mentioned period/ year; 6. Active Counselling Partners are Counselling Partners who submitted applications during the period; 7. Number of Global Institutions of Higher Education from whom the company has received revenue in the fiscal/period *Revenue From Operations=Operating Income # Annualised
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Thank You! Company Secretary and Compliance Officer Investor Relations Advisor Udit Sancheti Email: ir@uirtus.in Kashish Arora Email: compliance@crizac.com