Crizac reported a 41.4% jump in profit after tax to INR 2.19 billion for the 2025/26 financial year, driven by higher application volumes and improved operating efficiency. The company’s EBITDA margin expanded to 27.1%, reflecting tighter cost controls alongside revenue growth. Revenue from operations rose 22.7% to INR 10.42 billion, up from INR 8.49 billion the prior year, according to its first annual report since listing on Indian stock exchanges in July 2025.
The company processed 394,000 student applications—a 43% increase—though enrolments grew more modestly, up 13.8% to 24,697. The application-to-enrolment conversion rate held steady, while EBITDA climbed 31% to INR 2.82 billion, with margins reaching 27.1%. Diluted earnings per share increased from INR 8.86 to INR 12.52, reflecting stronger financial performance.
Despite growth, 97% of Crizac’s revenue still comes from the UK, with Ireland and other markets making up the remainder. The company’s share of UK study visas for Indian students grew from 9% in 2023/24 to 13.9% in 2025/26, while its overall UK market share rose from 3.5% to 6%. India remained its largest source market, accounting for 48.7% of students, followed by Asia (34.7%) and Africa (16.4%).
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Acquisitions fuel direct-to-student growth
Crizac’s expansion strategy now extends beyond study abroad consulting. In January 2026, it acquired a 51.04% stake in Global Tree Careers for INR 211 million, adding direct-to-student counseling services. The acquisition contributed INR 58.3 million to revenue and INR 2.9 million to pre-tax profit between January and March 2026, demonstrating the financial viability of its direct-to-consumer model. Earlier, in October 2025, it bought a 51% stake in StudiesPlanet for INR 44.4 million, gaining access to Latin America as a new source region.
The company also committed $2.5 million over five years to the AI-enabled EduMentor platform, reinforcing its push toward technology-driven recruitment. Nikhil Jain, Crizac’s chief product and marketing officer, framed the shift as a pivot away from traditional study abroad consulting. “We are no more a study abroad consulting platform,” he said. “What we are essentially trying to become is an AI native mobility platform, and mobility could be of education and talent.” The AI investment aims to automate visa application processes and personalize university recommendations based on student profiles, reducing reliance on manual counselor interventions.
AI and mobility redefine Crizac’s future
This rebranding includes exploring domestic undergraduate and postgraduate admissions in India, though revenue per placement is lower and demand is concentrated in smaller cities. Crizac is expanding its role across the student journey through visa support, accommodation assistance, and student loan referrals, services it sees as potential high-margin opportunities. However, Jain noted operational and regulatory hurdles, particularly in crowded markets like India’s accommodation sector.
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Crizac’s financial gains reflect both its core business growth and strategic acquisitions, but its heavy reliance on the UK market remains a risk. The company’s shift toward AI and broader mobility services suggests it aims to reduce dependence on any single segment, though domestic recruitment and ancillary services are still in early stages. For students, the changes could mean more tailored counseling and digital tools, but also higher costs if additional fees for expanded services are introduced. The AI-driven approach also introduces new challenges in data privacy compliance, particularly when handling student information across multiple jurisdictions.
Jain’s emphasis on “mobility” signals a broader ambition: moving beyond admissions to manage the entire student lifecycle, from application to post-arrival support. Whether this translates into sustainable revenue streams depends on execution in untapped markets and regulatory clarity in India. The company’s Latin America expansion, for instance, will require handling visa policies that differ significantly from those in the UK. For now, Crizac’s financials show strong momentum, but its long-term success hinges on diversifying beyond its UK-centric model.
The company has not yet set a launch date for its domestic recruitment model, leaving its timeline for entering India’s crowded higher education market uncertain. Meanwhile, its acquisitions in Latin America and direct counseling could test whether Crizac can replicate its UK success in new regions. The StudiesPlanet deal, in particular, will require building trust among Latin American students, who traditionally rely on established local agents rather than Indian-based platforms.
