Crizac Limited

Consumer Defensive — Education & Training Services · NSE

₹156.18+₹3.83 (+2.51%)

DalalBaazaar Score

68 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, but sales are shrinking. Whether sales start growing again is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Crizac Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Crizac Limited provides a technology-enabled B2B international education services platform in India and internationally.

IndustryEducation & Training Services

SectorConsumer Defensive

Employees356

Annual revenue₹1,042 Cr

How does it make money?

Turns over ₹1,042 Cr a year. Of every ₹100 of sales, about ₹21 reaches shareholders as profit, with ₹30 left at the operating level before interest, tax and depreciation. Each of its 356 employees supports ₹2.93 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin29.9%

Net margin21.0%

Revenue / employee₹2.93 Cr

Who are its competitors?

The closest listed comparisons in its industry are HINDUSTAN UNILEVER LTD., ITC LTD, NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

HINDUSTAN UNILEVER LTD.P/E 42.5x · ROE 21.5%

ITC LTDP/E 16.6x · ROE 27.4%

NESTLE INDIA LIMITEDP/E 59.8x · ROE 79.9%

BRITANNIA INDUSTRIES LTDP/E 44.1x · ROE 51.0%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 47.7%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 37.5% against a peer median of 51.0% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE47.7%

ROE37.5%

Peer median ROE51.0%

What is the outlook?

2 analysts covering the stock expect revenue to grow about 27.9% and earnings to grow about 32.2% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+27.9%

Est. earnings growth+32.2%

Analysts2

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +120% while net margin moved -11% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+120%

Margin effect-11%

DalalBaazaar Score

68/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

73/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

81/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

12.4x

1.4Y Median

24.4x

17 monthly readings · mean 25.9x · range 12.5x–49.0x

Sector Median

43.3x

median of 4 sector peers

🟢Current valuation is approximately 49% below its 1.4y median of 24.4x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 71% below the peer median of 43.3x.

vs. its own history

Cheap

24.4x median over 17 months · -49%

vs. sector peers

Cheap

43.3x median of 4 peers · -71%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

12.4x

P/B

4.67x

EV/EBITDA

8.3x

PEG

0.50

Dividend Yield

10.24%

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 23.6% to 29.9% over 3 years.
Cash generation is improving
Free cash flow is up 85% over 3 years.
High return on capital employed
ROCE of 47.7% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 12.4x the stock trades 49% below its own median of 24.4x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention4

Debt is rising
Total debt is up 2114% over 3 years — worth checking what it funded.
Return on equity is falling
ROE has dropped from 50.6% to 37.5% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 64.5% to 47.7% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 785% against revenue growth of 120% — customers are taking longer to pay.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 2114% over 3 years, from ₹0 Cr to ₹2 Cr.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Receivables growing faster than salesFinancial
Receivables up 785% against revenue up 120% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 47.7% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 23.6% to 29.9%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 49% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 71% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹127 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 785% against revenue up 120%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 50.6% to 37.5%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 23% a year✓ 30.1% CAGR
Latest reported year was -4.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 28%✓ 29.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹127 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 45%✓ 47.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 3 neutral · 1 weak

Market Cap

₹2,733 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

12.4x

Cheap

Cheap against the generic band

P/B Ratio

4.67x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹12.59

Profitable

Profitable on a per-share basis

ROE

37.5%

Strong

Strong capital efficiency

ROCE

47.7%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.31x

Low

Conservative leverage

Revenue Growth (YoY)

-4.0%

Shrinking

Sales are contracting

Profit Growth (YoY)

2.7%

Modest

Slow profit growth

Dividend Yield

10.24%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹127 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹156.18

P/E (Forward)

10.0x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

28.1%

Good

Healthy core-business profitability

Net Margin

21.3%

Good

Strong bottom-line conversion

Current Ratio

2.10

Comfortable

Healthy short-term liquidity

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

168.3 / 172.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

21.5

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹473 Cr	₹635 Cr	₹849 Cr	₹1,042 Cr	+30.1%
EBITDA	₹111 Cr	₹161 Cr	₹241 Cr	₹311 Cr	+40.9%
EBITDA Margin	23.6%	25.4%	28.4%	29.9%	—
PAT (Net Profit)	₹112 Cr	₹119 Cr	₹155 Cr	₹219 Cr	+25.0%
EPS	₹6.41	₹6.79	₹8.86	₹12.52	+25.0%
ROE	50.6%	34.9%	30.8%	37.5%	—
ROCE	64.5%	50.9%	40.2%	47.7%	—
Total Debt	₹0 Cr	₹0 Cr	₹0 Cr	₹2 Cr	+180.8%
Free Cash Flow	₹69 Cr	-₹62 Cr	₹183 Cr	₹127 Cr	+22.8%

🟢 Revenue has grown at 30.1% a year over 3 years.

🟢 EBITDA has grown at 40.9% a year over 3 years.

🟢 EBITDA Margin has risen from 23.6% to 29.9% over 3 years (+6.3 pts).

🟢 PAT (Net Profit) has grown at 25.0% a year over 3 years.

🟢 EPS has grown at 25.0% a year over 3 years.

🔴 ROE has fallen from 50.6% to 37.5% over 3 years (-13.1 pts).

🔴 ROCE has fallen from 64.5% to 47.7% over 3 years (-16.8 pts).

🔴 Total Debt has grown at 180.8% a year over 3 years.

🟢 Free Cash Flow has grown at 22.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹876 Cr

Total Liabilities

₹283 Cr

Total Debt

₹2 Cr

Cash & Equivalents

₹136 Cr

Operating Cash Flow

₹144 Cr

Capex

-₹17 Cr

Shareholding (proxy)

Institutional Holding

2.9%

Insider Holding

79.9%

Corporate Actions

Dividend Rate

₹16

Ex-Dividend Date

04 Feb 2026

Analyst Consensus

Recommendations

2 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹296.5

+89.8% vs CMP

Target Range

₹255 – ₹338

Peer Comparison

Company	P/E	ROE
HINDUSTAN UNILEVER LTD.	42.5x	21.5%
ITC LTD	16.6x	27.4%
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%

Recent News

3 mixed3 general

CRIZAC Forecast — Price Target — Prediction for 2027

TradingView, 27 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

CRIZAC LIMITED Share Price Near Yearly Low, Sector View

Univest, 17 Aug

Crizac Limited (NSE:CRIZAC) Just Reported And Analysts Have Been Cutting Their Estimates

Simply Wall Street, 28 MayAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

CRIZAC LIMITED Share Price

Upstox, 11 Apr

Markets Rise, But Crizac Ltd Slides to All-Time Low Amid Stock-Specific Sell-Off

MarketsMojo, 15 Oct

Crizac hits 10% upper circuit after Q4 PAT rises 50% YoY, margins improve

Business Standard, 26 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Revenue growth is negative (-4.0%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🟢Business QualityStrong15.2/20

🟢Financial HealthStrong15.6/20

🟡GrowthModest12.9/20

🟢ProfitabilityStrong11/15

🟢ValuationAttractive11.8/15

🔴RiskHigh1.8/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 23% a year30.1% CAGR
✓EBITDA margin holds above 28%29.9%
✓Free cash flow remains positive₹127 Cr
✓Debt / EBITDA stays below 2x0.0x
✓ROCE stays above 45%47.7%