Slides
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crizac limited Investor Presentation Q2 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 H1 FY271 Destination Countries Applications Processed in H1 FY27 Source Countries 600+ 15 4,942 2 lakh+ 90+ Company snapshot One of India’s leading AI native global mobility platform • Founded in 2011, Crizac Limited is an 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 15 countries through regional offices and operations • Leverages a proprietary platform to source, verify, and process global student applications • Facilitated 13 lakh+ student applications till H1 FY27, establishing a strong track record in global student mobility and university partnerships Operating Income Op. EBITDA2 & Margin PAT3 & Margin ROE4 ROCE5 Financial Highlights FY26 Financial Highlights H1 FY27 ₹3,039 Mn ₹930 Mn I 30.6% ₹840 Mn I 26.3% 24.6% 31.3% 1. Active counselling partners are counselling partners who submitted applications during the period; 2.Op 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 Dr. Vikash Agarwal, Managing Director *PAT is Net Profit attributable to the Owners of the Company “Q2 FY27 was shaped by external disruption to global student mobility, as international travel disruption and flight cancellations between February and June, along with currency movements in key source markets, led a number of students, mainly postgraduates, to defer their plans this year. We reported Operating Income of ₹1,027 million, Op EBITDA of ₹330 million and PAT of ₹369 million. Even though Operating Income declined by 36.7% YoY, the Board has declared an interim dividend of ₹4 per equity share, reflecting its confidence in our long-term fundamentals. We view this quarter as a one-off rather than a change in underlying demand. We continued to gain market share and grow in absolute terms, even as policy headwinds reduced visa volumes in our key markets, demonstrating a model built to perform through market cycles. Pent-up demand from students who deferred is already coming through in Q3 as they return for the upcoming intakes, and we expect this to continue into Q4. Our platform remains anchored by long-standing university partnerships, an established counselling partner base and scalable technology. Based on our application pipeline, we believe we are on track to maintain our FY26 performance in FY27. With our key intakes, including the peak intake quarter, falling in the second half, we expect H2 FY27 to be significantly stronger than the first half, and to deliver growth over H2 FY26. As highlighted in our Q1 investor call, the travel disruption and flight cancellations were expected to affect our Q2 perform ance. Sequentially, Operating Income declined from ₹2,012 million in Q1 FY27, reflecting seasonality and these external factors. We continue to pursue targeted acquisitions to broaden our destination presence and offset pressure in constrained markets. Inova Consultancy Limited, acquired through our wholly owned UK subsidiary, was consolidated in the current quarter. It strengthens our UK and European university partnerships and marks our entry into the Netherlands. Integration is progressing as planned. The technology investments we began deploying in March 2026, including EduMentor, are making our platform AI-ready, which we believe will be a lasting advantage as we grow. Op EBITDA declined by 44.0% YoY, at an Op EBITDA margin of 32.2%, reflecting lower Operating Income and a higher cost base from team build-out, technology and expansion. PAT declined by 23.7% YoY, and by 10.7% to ₹840 million for H1 FY27. Tighter visa and immigration policies are a recurring risk in our industry and have historically been cyclical. We believe we are closer to the end of the current cycle, and we expect to benefit as conditions normalise. Over the longer term, structural demand for quality international education remains strong, underpinned by growing aspirations across India, Africa and wider Asia. We believe we are well-positioned to capture this opportunity through our diversified presence across 90+ source countries and 15 destination markets. To summarise, Q2 was an exception driven by unforeseen external events. The pipeline visibility that allowed us to flag its impact in advance also underpins our expectation of a stronger Q3.”
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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 Op EBITDA1 PBT PAT2 Q2 FY27 1,027 330 401 369 Growth (YoY) (36.7%) (44.0%) (38.1%) (23.7%) Margin 32.2% 36.1% 33.2% EPS 2.11 H1 FY27 3,039 930 1,050 840 Growth (YoY) (18.3%) (24.9%) (17.3%) (10.7%) Margin 30.6% 32.8% 26.3% EPS 4.80 ₹ in millions 1.Op EBITDA is calculated as profit for the period minus other income plus finance costs, depreciation and amortization, (Gai n) / 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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Summer Intake April -June (Selective Universities) Seasonally lower revenue contribution Minor intake July- September Continued transition towards peak intake periods Autumn/ Fall Intake October-December Stronger enrolment-linked revenue recognition Winter / Spring Intake January-March Peak revenue contribution, supported by multiple intake cycles 1,614 1,299 2,177 3,406 2,095 1,623 2,786 3,917 2,012 1,027 Q1 Q2 Q3 Q4 FY25 FY26 FY27 Crizac’s Quarter-wise Operating Income (₹ Mn) REVENUE SEASONALITY and INTAKE TIMELINES
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Our Business model Our proprietary technology platform connects over 18,500+ 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 Revenue is recognised upon enrolment confirmation, typically 45-90 days following course commencement.
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H1 FY27 Key operational highlights Performance Indicators Network Health & Engagement Destination Countries Source Countries Global Higher Education Institutions generating revenue* Revenue per University Partner* Revenue per Active Counselling Partner ₹ 0.6 Mn Top 10 Universities Revenue Share ₹ 2,049 Mn Top 10 Counselling Partners Payout Share# 150 90+ 15 # Proportion of total partner payout costs (Cost of Services) allocated to the top 10 counselling partners. *in the 6 months ending September’26 ** Defined as the percentage of unique applicants who successfully enrol at a partner university, calculated as enrolled students divided by total unique applicants, on a rolling 12 -month basis ₹ 20.3 Mn 17.9% 67.4% of Revenue of Cost of Services 4,942 Active Counselling Partners Applications Processed 2 lakh+ Enrollments 6,499 Student Enrollment Rate** 12.8% Unique Applicants 92,108
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Strengthening Market Position Amid Industry Headwinds 1 UK sponsored study visas granted to main applicants (excluding dependants), on a financial-year basis (April–March) aligned to Crizac's reporting year, e.g. FY26 = April 2025–March 2026. Slide 17 uses calendar-year (January–December) data, so the figures differ. Crizac's share = Crizac students ÷ UK study visas granted. Source: Migration statistics Crizac has continued to grow in absolute terms while gaining market share, even as UK study visa volumes decline, demonstrating a model built to perform through market cycles Navigating Market Headwinds 4,46,029 4,03,257 3,91,572 15,441 19,514 23,576 3.5% 4.8% 6.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 0 1,00,000 2,00,000 3,00,000 4,00,000 5,00,000 6,00,000 7,00,000 8,00,000 9,00,000 FY24 FY25 FY26 UK Study Visas: All Students vs. Crizac’s Share1 Visas granted Crizac students UK Study Visas: All Students vs. Crizac’s Share 1,16,215 93,445 90,425 10,506 11,550 12,526 9.0% 12.4% 13.9% -40% -30% -20% -10% 0% 10% 0 50000 100000 150000 200000 FY24 FY25 FY26 UK Study Visas: Indian Students vs. Crizac’s Share1 Visas granted Crizac students UK Study Visas: Indian Students vs. Crizac’s Share 3,29,814 3,09,812 3,01,147 4,935 7,964 11,050 1.5% 2.6% 3.7% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 0 1,00,000 2,00,000 3,00,000 4,00,000 5,00,000 6,00,000 7,00,000 8,00,000 9,00,000 FY24 FY25 FY26 UK Study Visas: Ex-India Students vs. Crizac’s Share1 Visas granted Crizac students UK Study Visas: Ex-India Students vs. Crizac’s Share UK study visas fell 12%, while Crizac students grew 53%, lifting share from 3.5% to 6.0% Indian students’ market down 22%, Crizac students up 19% and share rose from 9.0% to 13.9% Ex-India student’s visa fell 9%, Ex-India Crizac students up 124% and share rose from 1.5% to 3.7%
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Source COUNTRIES Key Source Countries • India • Vietnam • Bangladesh • Sri Lanka • Kenya • Colombia • Mexico • China • Nepal • Nigeria • Ghana • Peru • Brazil Our global footprint spans 90+ source countries
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Destination countries & presence Operational Presence • India • UAE • Mexico • China • Nigeria • Kenya • Brazil • Chile • UK • Colombia • Peru • Ghana • Nepal • Argentina • Bangladesh Our global footprint spans across 15 Destination countries and Operational Presence across 15 countries Destination Countries • UK • USA • New Zealand • Singapore • Germany • Malta • Spain • Malaysia • Canada • Australia • Ireland • UAE • France • Netherlands • Turkey
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Applications By Geography Destination Country 90.5% 2.5% 2.8% 1.2% 3.0% UK 90.5% New Zealand 2.5% Ireland 2.8% USA 1.2% Revenue by Geography Destination Country 98.6% 0.6% 0.3%0.2% 0.3% UK 98.6% New Zealand 0.3% Others 0.3% Detailed breakdown of revenue concentration in H1 FY27 H1fy27 Revenue & application bifurcation Student Origin Source Country 18.7% 25.5% 55.3% 0.4% Africa 18.7% Asia (excluding India) 25.5% India 55.3% Others 0.4% Operating Income: ₹3,039 Mn Key Destination : UK Others 3.0% Ireland 0.6% UAE 0.2%
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Profit & Loss SUMMARY Particulars Q2 FY27 Q2 FY26 YoY(%) Q1 FY27 QoQ(%) H1 FY27 H1 FY26 YoY(%) FY26 OperatingIncome 1,027 1,623 (36.7%) 2,012 (49.0%) 3,039 3,718 (18.3%) 10,422 Op EBITDA1 330 590 (44.0%) 600 (45.0%) 930 1,239 (24.9%) 2,824 Op EBITDA Margin (%) 32.2% 36.3% (418 bps) 29.8% 233 bps 30.6% 33.3% (270 bps) 27.1% Other Income 85 76 11.8% 72 18.3% 158 153 2.9% 290 Finance Cost 0 0 - 0 - 1 0 - 1 Depreciation2 38 61 (37.5%) 35 7.9% 73 128 (42.6%) 274 (24) (43) (44.0%) (11) 110.2% (36) (5) 550.2% (33) PBT 401 648 (38.1%) 648 (38.1%) 1,050 1,270 (17.3%) 2,872 PAT3 369 483 (23.7%) 471 (21.7%) 840 941 (10.7%) 2,191 PAT Margin (%) 33.2% 28.5% 473 bps 22.6% 1,057 bps 26.3% 24.3% 197 bps 20.5% EPS4 (₹) 2.11 2.76 (23.7%) 2.69 (21.7%) 4.80 5.38 (10.7%) 12.52 ₹ in millions 1.Op 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 Particulars Sep’25 Mar’26 Sep’26 Total Equity 5,999 5,924 6,746 Borrowings 0 18 9 Lease Liabilities 1 1 1 Free Cash1 3,965 4,693 5,958 Net Debt2 (3,965) (4,674) (5,948) Net Fixed Assets3 668 885 927 Other Non-Current Assets4 575 712 883 Net Current Assets5 862 (266) (903) Total Assets 7,844 8,756 8,662 (0.66) (0.79) (0.88) Sep'25 Mar' 26 Sep' 26 Net Debt2/ Equity Net Debt/ Equity 31.4% 37.2% 24.6% Sep'25 Mar' 26 Sep' 26 ROE*6 ROE 42.4% 48.6% 31.3% Sep'25 Mar' 26 Sep' 26 ROCE*7 ROCE 1.60 1.66 3.21 Sep'25 Mar' 26 Sep' 26 Free Cash1/ Op EBITDA* Free Cash/Op 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; *Sep’ 25 and Sep’26 are annualised
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KEY INVESTMENT hIGHLIGHTS 01 05 04 03 02 06 Trends Shaping Global Education Strong Management AI and Technology-Led Platform Driving Scalable Growth Strong Relationship With Global Institutions Consistent Financial Delivery with Strong Cash Generation Growth Drivers
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1. Student visas vs. net migration1 THE BIGGER PICTURE ,3. Fee economics and university funding2,4 International fees not capped Universities set their own international fees. UK domestic tuition fee cap £9,535 2025/26 › £9,790 2026/27 › £10,050 2027/28 UK tuition fee for International students (range) £22,000 Average international undergraduate fee £17,109 Average international postgraduate fee £11,400–£38,000 International Student Fee Range (UG and PG) 4. Why the UK remains competitive1,3 4 UK universities in QS 2027 global top 10 93.6% study visa grant rate in 2025 148,350 record international UCAS applicants in 2026 (+7.1% YoY) Sources: 1. Migration Statistics , House of Commons , British Political Data ; 2. Gov.Uk ; 3. UCAS; 4. UCAS ; 5. The UK's international education strategyNote: Study visas are UK sponsored study visas to main applicants (excluding dependants), on a calendar-year basis (January–December). Slide 10 uses financial-year (April–March) data. Sources: 1. Migration Statistics , House of Commons , British Political Data ; 2. Gov.Uk ; 3. UCAS; 4. UCAS ; 5. The UK's international education strategy Note: Study visas are UK sponsored study visas to main applicants (excluding dependants), on a calendar-year basis (January–December). Slide 10 uses financial-year (April–March) data. 1. Trends Shaping Global Education (1/3) UK net migration surged after COVID, then fell sharply as immigration rules tightened. The UK remains a leading study destination, and international students underpin university finances and the government’s £40bn education export target. Net migration is down 81% from its 2022 peak, yet student visas rose 3% in 2025, leaving room for growth. 2. International Education Strategy 20265 £40bn education export target per year by 2030 Through sustainable recruitment of high-quality international students and more transnational partnerships UK net migration fell to 171,000 in 2025, down 81% from the 2022 peak of 891,000 2,61,398 2,77,209 2,73,904 2,57,583 2,81,885 3,17,890 3,42,072 3,88,363 2,30,982 3,80,624 4,89,127 4,60,977 3,97,033 4,07,787 1,95,000 2,44,000 2,84,000 3,03,000 2,49,000 2,08,000 2,76,000 1,84,000 93,000 4,67,000 8,91,000 8,48,000 3,31,000 1,71,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Study visas issued Net migration
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1. University financial pressure is increasing1 2. Some UK cities depend heavily on their universities2 English higher education providers reporting deficits or forecast to report deficits 35.8% 42.7% 58.0% 70.0% 0.0% 20.0% 40.0% 60.0% 80.0% 2024–25 actual 2025–26 forecast 2028–29 flat student numbers scenario 2028–29 downside scenario £1.16 billion impact of international students across three constituencies of Coventry 1 in 12 Dundee: of city jobs supported by universities; 865 university jobs cut or planned since 2024 £833m Leeds Central: value of international students –52% Southend: fall in international students; the city’s only campus is closing 3. India - a key source market for Overseas Education3,4,5 18 lakh+ Indians studying abroad in 2025, up 2.6x since 2016 £5.3bn UK higher education exports attributed to India. 66–81%5 of Indian study-abroad aspirants plan to return to India Education exports are larger than automotive manufacturing and food & drink exports (UK Govt, 2026) International students are not simply an export opportunity - they are a financial lifeline for universities, a driver of the UK economy, and a key to stronger, more resilient communities. THE BIGGER PICTURE Source: 1. OFS , 2. SPICe , STV News , Personnel Today ; HEPI Economic Impact Report ; PieNews , Coventry University 3. DFE Education Exports Statistics ; 4. TOI ; 5. CFA Institute survey (The Hans India, 2026) • Almost 25 institutions are at risk of closure within a year; 57 expect three straight years of deficit • £2.7bn–£4.2bn shortfall in sector income by 2028–29 against universities’ forecasts, as international student numbers fall 1. Trends Shaping Global Education (2/3) Up to 70% of English universities could be in deficit by 2028–29 International students sustain local economies
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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 THE BIGGER PICTURE As immigration policies tighten and compliance requirements rise, recruitment is increasingly consolidating toward trusted and scaled platforms. Crizac has demonstrated resilience by gaining market share in a declining market. 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 1. Trends Shaping Global Education (3/3)
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Relationship with Marquee Universities 2. Strong relationship with global institutions 600+ 5+ years 67% 51% 44% Top 10 Top 5 Top 3 Revenue Concentration H1FY27 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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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 3. AI and Technology-Led Platform Driving Scalable Growth (1/2)
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AI and Technology-Led Platform Driving Scalable Growth (2/2) 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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Strong Management 4. BACKED BY STRONG management (1/2) 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 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 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 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 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 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 Priya Fulfagar Chief Operating Officer ● Associated since 2015 ● Deep expertise in managing and coordinating internal operations through disciplined execution 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
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Strong Management 4. BACKED BY STRONG management (2/2) 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 Srikar Alapati Managing Director - Global Tree ● 20+ years experience in Education and Immigration consultancy; built Global Tree into a trusted global education platform Jagjit Singh Managing Director (New Zealand) ● Leads New Zealand operations ● Founder of Medway, one of NZ’s top study-abroad consultancies Subhakar Alapati Director - Global Tree ● 17+ years' experience; founded Global Tree ● Published 100+ articles; mentors Ivy League aspirants and drives innovation Erica Rodriguez Director - LATAM ● Built Studies Planet into a leading LATAM student recruitment agency ● Established strong university partnerships and expanded global education access 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 2,191 840 21.7% 15.6% 17.5% 20.5% 26.3% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 FY23 FY24 FY25 FY26 H1 FY27 PAT Margin 5. Consistent Financial Delivery with Strong Cash Generation (1/2) 4,730 6,349 8,495 10,422 3,039 FY23 FY24 FY25 FY26 H1 FY27 Operating Income In INR Mn 30.1%# 67.7% 54.9% 40.8% 48.6% 31.3% 0% 10% 20% 30% 40% 50% 60% 70% 80% FY23 FY24 FY25 FY26 H1 FY27 ROCE* (0.52) (0.42) (0.91) (0.79) (0.88) FY23 FY24 FY25 FY26 H1 FY27 Net Debt/Equity 1,073 726 2,156 2,824 930 22.7% 11.4% 25.4% 27.1% 30.6% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 FY23 FY24 FY25 FY26 H1 FY27 EBITDA EBITDA Margin % Op EBITDA1 & Margin In INR Mn & % Margin PAT2 & Margin In INR Mn & % Margin 25.0%# 38.1%# 50.7% 34.8% 30.8% 37.2% 24.6% 0% 10% 20% 30% 40% 50% 60% FY23 FY24 FY25 FY26 H1 FY27 ROE* 1. Op 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 * H1 FY27 is annualised # CAGR FY23 to FY26
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5. Consistent Financial Delivery with Strong Cash Generation (2/2) Key Highlights 703 573 1,836 1,441 1,269 65% 79% 85% 51% 136% FY23 FY24 FY25 FY26 H1 FY27 NCOA NCOA/Op EBITDA Robust Operating Cash Flow Conversion High earnings quality with a structurally strong NCOA-to-Op EBITDA conversion. 2,191 840 1,400 700 - 500 1,000 1,500 2,000 2,500 FY26 H1 FY27 PAT Dividend Dividend Payout Consistent shareholder value creation with a 63.9% payout in FY26 (₹1,400 Mn) and continued distribution momentum in H1 FY27 (₹700 Mn interim dividend). Balance sheet: Free Cash of ₹5,958 mn as of 30th Sept’26 Growth deployment: Actively evaluating acquisitions that complement our strategy and extend our market reach, funded by strong internal accruals and a cash-rich balance sheet Shareholder returns: FY26 dividend of ₹1,400 mn, a 63.9% payout Cash generation: ₹4,553 mn cumulative NCOA over FY23-FY26; H1 FY27 NCOA of ₹1,269 Mn
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Strategic Expansion Initiatives 6. GROWTH DRIVERS (1/2)- 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 Outcomes Broader Global Presence Diversified Revenue Streams Improved Cross-sell Opportunities AI backed Scalable Global Growth Platform Accelerating Speed to-Market for Growth Acquisitions & Investments – Tangible Benefits and Measurable KPIs Jul ’26 Inova Education Netherlands / Europe added as destinations | Mexico added as source market Jun ’26 ForeignAdmits Loans, visa, and accommodation businesses expanded| 18 lending partners Apr ’26 Medway Educational Consultant New Zealand market expansion Driven by experienced industry professionals Mar ’26 EduMentor AI-driven mentorship and student mobility platform|$2.5m investment May ’24 Raj Consultants 250+ USA university contracts added| USA as destination added Oct ’25 Studies Planet 5 new source markets (Colombia, Peru, Brazil, Argentina, Chile) Jan ’26 Global Tree Careers 4 branches |Immigration / training revenue added | Expansion into US destinations
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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 (2/2)- 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 Student Loans Accommodation Services Visa Services Insurance Services Forex Services Comprehensive ancillary layers make our platform indispensable, eliminating the need for partners to seek services elsewhere. Ecosystem Completeness Integrated network of lenders, visa facilitators, and accommodation partners eliminating student drop-off Improved Stickiness One-stop access to critical services enhances partner retention and engagement Asset-Light Revenue Streams Capital-light partner commissions generated from existing students Building an Ancillary Revenue Layer Services Live on our Platform Commencing Soon on our Platform
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Shareholding pattern as on 30th September 2026 MARQUEE INVESTORS o CARNELIAN GROUP o ABAKKUS GROUP o INDIA EQUITY FUND o KITARA INDIA GROWTH FUND o ALLIANZ GLOBAL FUND o ICICI PRUDENTIAL FUND Institutional Investors 4.2% Promoter & Promoter Group 79.9% Retail & Non- Institutions 15.9% 1.2 % FIIs 79.9 % Promoter & Promoter Group 3.7% Body Corporates 3.0 % DIIs (MFs, AIFs, NBFCs) 12.2 % Others
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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
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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 H1 FY27 Financial KPIs Revenue From Operations* 6,349 8,495 10,422 3,039 Growth In Revenue From Operations During The Period 34.2% 33.8% 22.7% (18.3%) Cost Of Services 4,446 5,992 7,032 1,796 Cost Of Services As % Of Revenue From Operations 70.0% 70.5% 67.5% 59.1% Op EBITDA1 726 2,156 2,824 930 Op EBITDA Margin 11.4% 25.4% 27.1% 30.6% Profit After Tax (PAT)2 1,189 1,550 2,191 840 PAT Margin % 15.6% 17.5% 20.5% 26.3% ROE3# % 34.8% 30.8% 37.2% 24.6% Operational KPIs No. of Student Applications Processed4 2,62,502 2,75,897 3,94,629 2,00,080 No. of Active Counselling Partners5 2,532 3,948 5,389 4,942 No. of Global Institutions of Higher Education Catered to in the Period6 124 173 198 150 No. of Enrollments 17,842 21,710 24,697 6,499 1. Op 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. Total number of student applications that the company processed for admission to Global Institutions of Higher Education in the mentioned period/ year; 5. Active Counselling Partners are Counselling Partners who submitted applications during the period; 6. Number of Global Institutions of Higher Education from whom the company has received revenue in the fiscal/period *Revenue From Operations=Operating Income # Annualised