NEW DELHI — Leading test-preparation chain Aakash Educational Services Limited (AESL) delivered strong academic results during FY26, but its operating financial performance remained under pressure. The company’s revenue from operations remained largely flat year-on-year, while its operating profitability experienced a steep decline.
According to regulatory filings with the Registrar of Companies (RoC), Aakash reported operating revenue of ₹2,041 crore for the fiscal year ending March 2026, registering a minor 0.44% increase compared to ₹2,032 crore in FY25. However, Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) plunged 65% to ₹15.3 crore, down from ₹43.3 crore in the previous fiscal.
Revenue Split Breakdown
Core classroom coaching continues to generate almost the entirety of Aakash's top line.
Classroom Coaching: Contributed ₹1,956 crore in FY26—accounting for nearly 96% of total operational revenue—compared to ₹1,951 crore in FY25.
Franchisee Operations: Revenue from partner-run centers grew 3.7% to ₹84 crore, up from ₹81 crore in FY25.
Total Income: Overall income rose 3.3% to ₹2,154 crore, supported by a twofold spike in non-operating/other income to ₹113 crore.
Expenditure & Operational Margins
Higher operational overheads and specific cost spikes squeezed the test-prep giant's profitability, pulling its EBITDA margin down to 0.75% from 2.13% in FY25. Total expenses held flat at ₹2,398 crore compared to ₹2,378 crore in the prior period.
Employee Benefits: Remaining Aakash's largest expense category, personnel costs dropped 2.4% to ₹1,300 crore.
Marketing & Depreciation: Advertising spend dropped 7% to ₹146 crore, while depreciation fell 4.5% to ₹235 crore.
Other Expenses: Overhead costs rose 6.5% to ₹626 crore, driven by legal, security, subvention, and professional fees. Franchise service fees surged 66% to ₹91 crore.
Bottom-Line Losses: Pre-tax losses (before exceptional items) narrowed by 17% to ₹244 crore from ₹293 crore in FY25. The reported net loss stood at ₹186.5 crore following deferred tax adjustments.
Ownership Context & Balance Sheet
Aakash ended FY26 holding ₹325 crore in current assets, including ₹112 crore in cash and bank reserves.
The operational slowdown comes as Aakash works through governance restructuring following the insolvency proceedings of its former parent firm, Think & Learn (Byju’s). Initially acquired by Byju's for nearly $1 billion in 2021, Byju's stake has been significantly diluted. Manipal Group, led by Dr. Ranjan Pai, has since emerged as the largest equity stakeholder following debt-to-equity conversions. Byju's lenders are currently in discussions to acquire a 30% stake in Aakash at an estimated valuation of nearly $2 billion.