Chetana Education Ltd Management Discussions

Global Economy

The global economy is projected to grow by 3.1% in 2025, as per EY Report, maintaining its steady post-pandemic momentum. This reflects sustained resilience across both advanced and emerging markets, despite global monetary tightening and geopolitical uncertainties. Growth in advanced economies is expected to rise modestly to 1.8%, supported by easing inflation and improving financial conditions. The eurozone is showing signs of a measured recovery, while Japan is anticipated to see a rebound in consumer spending. The US economy, though slightly cooling, remains a key engine of global demand.

Emerging markets continue to anchor global growth, led by Indias strong domestic investment and consumption and supported by stabilizing demand in other large developing economies. Chinas growth, though moderating to 4.5%, is expected to remain stable amid fiscal support and a gradual policy recalibration.

Global inflation is forecast to decline from 4.5% in 2024 to 3.5% in 2025, signaling continued progress toward price stability. This trend offers central banks across major economies greater flexibility, paving the way for measured policy easing. However, asynchronous recovery patterns and persistent wage inflation in some regions may keep monetary responses varied.

Looking ahead, the global outlook remains cautiously optimistic. With improving trade flows, targeted fiscal measures and gradual normalization in key sectors, the global economy appears well-positioned to navigate existing risks and support a broad-based, inclusive recovery.

Indian Economy

As per Deloitte report, Indian economy is exhibiting robust resilience, with Deloitte forecasting a GDP growth rate between 6.3% and 6.5% for FY25. This anticipated growth is underpinned by a resurgence in consumer spending, particularly in rural areas, as inflationary pressures ease and agricultural output benefits from favorable monsoon conditions. High-frequency indicators, including Goods and Services Tax collections, automobile sales and fast-moving consumer goods sales, have shown notable improvements in recent months, signaling a positive economic trajectory. Additionally, the labor market is witnessing encouraging trends, with a rising share of salaried positions and increased demand in service subsectors requiring higher qualifications, such as technology and finance. Notably, female participation in the labor force has also increased, especially in rural regions. While challenges such as election-related uncertainties, weather-induced disruptions and global trade volatility have posed headwinds, the Indian economys strong fundamentals and proactive policy measures position it well for sustained growth. The governments strategic tax incentives and fiscal policies are expected to further bolster economic activity, enhancing consumer confidence and investment sentiment. In summary, Indias economic outlook for FY25 remains optimistic, supported by resilient domestic demand, favorable policy interventions and a strengthening labor market. These factors collectively contribute to a stable foundation for continued economic expansion.

Global Education Industry Overview

Education stands as a pivotal driver of individual prosperity and societal advancement. According to the World Bank, each additional year of schooling globally correlates with a 10% increase in hourly earnings, underscoring educations role in enhancing employment prospects, health outcomes and poverty reduction. Beyond individual benefits, education fuels long-term economic growth, fosters innovation, strengthens institutions and promotes social cohesion. Significant strides have been made in global education, with most countries achieving universal primary education. Enrollment rates for both girls and boys have reached unprecedented levels, reflecting a commitment to inclusive education. However, challenges persist. In low-income countries, disparities remain, particularly in completion rates for girls at the primary and secondary levels. Addressing these gaps is crucial for achieving Sustainable Development Goal 4, which aims to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all by 2030. The World Bank continues to play a vital role in supporting education systems worldwide, working in over 80 countries to provide financing and expertise aimed at improving educational outcomes and ensuring that all individuals have access to quality learning opportunities.

Indian Education Industry Overview

Policy Reforms & Strategic Vision

According to the PIB Govt & IBEF report Indian Education is driven by the implementation of the NEP 2020 and NCF 2022. These landmark reforms are reshaping the education ecosystem with a focus on holistic, flexible and learner-centric development, aligned with global benchmarks. The NEP envisions achieving a significantly higher Gross Enrollment Ratio (GER) across all levels of education by 2030, with a strong emphasis on foundational literacy, skill development and inclusive access. Complementing this, the NCF 2022 introduces progressive curricular restructuring to ensure experiential and competency-based learning from early childhood through higher education.

Access, Inclusion & Retention

Female participation in higher education has seen a substantial rise of 32% from 2014-15 to 2021-22. GER in higher education also rose from 23.7% to 28.4% in the same period, indicating a broader reach of higher education across demographics. Dropout rates have significantly declined, especially at the secondary level—from 21% in 2013-14 to 13% in 2021-22, demonstrating better retention outcomes. These shifts reflect growing access and retention across the system.

Infrastructure Enhancement

Between 2019-20 and 2023-24, schools with internet access rose from 22.3% to 53.9%, while availability of computers grew from 38.5% to 57.2%. Electricity coverage improved from 83.4% to 91.8% and library facilities from 84.1% to 89%. Access to girls toilets also improved, ensuring a more inclusive learning environment.

Advancements in Higher Education

Research capacity and infrastructure are expanding through initiatives like new Centres of Excellence, increased medical and engineering seats and digitization efforts. These efforts are supplemented by skilling programs, local language content initiatives and focus on mother tongue instruction, aligning with NEPs inclusive goals.

Market Size & Demographics

Indias education sector is projected to reach US$ 225 billion by FY25. The edtech market is expected to grow to US$ 10.4 billion by 2025, fuelled by rising internet penetration and the adoption of digital learning tools. India also boasts the worlds largest population in the 5–24 age group, exceeding 580 million, which underpins substantial and sustained demand for education services.

Investment & FDI Landscape

Between April 2000 and September 2023, Indias education sector attracted US$ 9.62 billion in Foreign Direct Investment (FDI). The government allows 100% FDI through the automatic route in this sector, facilitating capital inflows and expansion of private and international players.

Digital Education Platforms

India has scaled up national digital initiatives such as DIKSHA (Digital Infrastructure for Knowledge Sharing), SWAYAM (Study Webs of Active–Learning for Young Aspiring Minds) and ePathshala. These platforms provide free online education content across school and higher education levels, supporting inclusive and remote learning ecosystems.

Vocational Education & Skilling

Skill development is a major focus with over 12,000+ ITIs operational across India. The Pradhan Mantri Kaushal Vikas Yojana (PMKVY) has trained over 10 million youth with industry-relevant skills. The Skill India Mission continues to bridge the employability gap by aligning training with market demand.

Global Integration & Internationalisation

India has signed educational cooperation agreements with over 55 countries, encouraging academic exchanges and global research collaborations. The Study in India initiative aims to position India as a global education hub by targeting 200,000 international students by 2025.

Artificial Intelligence: Transforming Indian Education

Artificial Intelligence (AI) is playing a pivotal role in reshaping Indias education landscape, acting as a key enabler of the nations long-term vision for Viksit Bharat 2047. By automating routine administrative processes, AI allows educators to focus on core academic functions—such as individualized lesson planning and competency-driven instruction. This shift is facilitating a transition from traditional, one-size-fits-all teaching to more targeted and efficient pedagogical models. EdTech platforms are increasingly deploying AI to create adaptive learning environments, where student performance is continuously monitored and learning paths are personalized in real time.

Moreover, AI-driven solutions are enhancing inclusivity and access. Tools offering multilingual content, visual learning aids and differentiated instruction are helping bridge socioeconomic and linguistic divides across diverse learner groups. Real-time diagnostics and intelligent assessments further support educators in identifying learning gaps and improving student outcomes proactively. As India advances its digital education agenda under NEP 2020, the integration of AI is not just a technological upgrade—it is a strategic shift towards a more equitable, data-informed and future-ready education ecosystem.

Company Overview

Chetana Education Limited (Chetana), with a legacy spanning over four decades, stands as one of Indias most trusted academic content providers in the K–12 education segment. The company has evolved from a textbook publisher into a digitally empowered, NEP-aligned education solutions partner, offering curriculum-integrated content across print and digital platforms. Operating on an asset-light business model, Chetana collaborates with leading vendors for printing and distribution, while leveraging a strong talent pool of over 400 contractual authors. Its diversified portfolio includes more than 700 titles across 15 brands, supplemented by over 30,000 video modules designed for interactive, self-paced learning. With a nationwide presence in 18 states and international reach across UAE and Sri Lanka, the company serves a wide range of educational institutions, including CBSE, Maharashtra, and other state board schools. In alignment with the NEP 2020 and NCF 2022, Chetana has launched innovative platforms like the Books & Beyond portal and a custom-branded Personalised OTT solution, offering schools a unified phygital ecosystem. These platforms empower teachers with lesson planning tools and provide students with structured, QR-enabled video learning experiences—deepening engagement and ensuring 24/7 curriculum access. Strategic collaborations with thought leaders like Dr. Swaroop Sampat Rawal and digital education partners such as Physics Wallah have further expanded Chetanas product and pedagogical breadth.

The company continues to invest in building scalable, tech-enabled solutions aimed at institutional resilience, with its current infrastructure supporting over 150 OTT-partner schools and 80+ lakh books produced in FY24-25 alone. With a sharp focus on academic excellence, scalable digital delivery and sustained profitability, Chetanas is positioning itself at the forefront of Indias evolving education landscape.

Growth Drivers and Segmental Performance

Strategic Growth Vectors

Chetana is actively expanding across four well-defined growth areas - each aligned with evolving academic frameworks and institutional needs:

Phygital Learning Ecosystem

By integrating its publishing strength with immersive digital platforms, Chetana is enabling year-round, school-branded learning experiences. With over 30,000 curriculum-linked videos accessible via QR codes and 150+ schools onboarded on its OTT platform, the company is delivering seamless learning continuity across classrooms and homes. These platforms cater to all stakeholders—students, teachers and parents—promoting accessibility and engagement at scale.

Curriculum-Aligned Innovation

The launch of the YUGA CBSE textbook series for Classes 1–8 and the Creative Connect series mark significant strides in NEP 2020 and NCF 2022 compliance. YUGA embeds Indian Knowledge Systems (IKS), multilingual content and inquiry-based pedagogy, while Creative Connect—developed with Dr. Swaroop Sampat Rawal—offers Indias first structured art-integrated curriculum. Both initiatives have strengthened Chetanas position as a content leader in progressive, competency-based education.

Geographic and Board Expansion

Chetanas reach now spans 18 Indian states and international markets including UAE and Sri Lanka, backed by 19 branch offices, 500+ distributors and 250+ sales personnel. While Maharashtra and CBSE boards remain key markets, the company is scaling its presence in Gujarat and Tamil Nadu through regional content adaptation and multilingual publishing.

Competitive Exam Integration

Through its partnership with Physics Wallah, Chetana is embedding content aligned with NEET, JEE, Olympiads and NTSE into its OTT and school offerings. This expands the companys footprint into exam-readiness and deepens its engagement with senior secondary learners and coaching ecosystems.

Segment-wise Business Performance

Chetanas diverse portfolio spans four key business segments, each contributing to its sustained relevance and institutional adoption:

Print Publishing

Chetana produced over 80 lakh books in the fiscal year, underscoring strong market demand across its catalogue of 700+ titles and 15 established brands. The companys core print segment remains foundational, driven by curriculum-aligned content and strong seasonal uptake from both CBSE and multiple state boards.

Digital Platforms: OTT and Books & Beyond

The OTT platform enables schools to operate their own personalized digital channels—ad-free, content-rich and accessible on mobile and TV. These platforms deliver classroom lectures, events and structured modules, strengthening school identity and learning continuity.

The Books & Beyond portal, offered free of cost, empowers teachers with lesson plans, animations, worksheets and assessments—simplifying lesson delivery and ensuring alignment with national education standards.

Custom Publishing Solutions

The company supports coaching institutions with customized publishing services, offering tailor made academic materials that match local syllabi and branding requirements. This capability enhances relevance in the supplementary and parallel education ecosystem.

Foundational Literacy and Multilingual Content

With pre-primary series like Firefly Foundation, Chetana supports foundational learning in multiple languages including Hindi and Tamil, aligning with government-led initiatives such as NIPUN Bharat. These offerings serve both government and affordable private school segments.

Chetanas strategic growth is powered by a strong foundation in print, a rapidly scaling digital infrastructure and deep curriculum alignment. Its wide geographic reach, focus on blended learning and commitment to accessible, inclusive education position the company as a trusted academic partner in Indias transforming education landscape.

Financial Highlights

Particulars	FY21	FY22	FY23	FY24*	FY25
Revenue from
	32.6	43.1	75.6	93.5	102.5
operations
Other Income	0.2	0.03	0.05	0.2	0.3
COGS	12.2	19.8	37	39.9	41.3
Gross Profit	20.3	23.3	38.5	53.5	61.2
Gross Profit Margin %	62	54	51	57	60
Employee Benefit
	7.3	10	14.9	18.5	21.7
expenses
Other expenses	4.2	7.2	9.7	13.9	18
Total Expenses	23.7	36.9	61.7	72.3	81.1
EBITDA	9.1	6.1	14	21.2	21.6
EBITDA Margin %	27	14	18%	23	21

Financial Highlights

Particulars	FY21	FY22	FY23	FY24*	FY25
Depreciation and
	0.5	0.4	0.4	0.8	0.9
Amortization
EBIT	8.4	5.8	13.5	20.4	20.5
EBIT Margin %	26	13	18	22	20
Finance cost	3.6	2.9	2.7	3.6	2.2
PBT	4.9	2.9	10.8	17	18.6
PBT Margin %	15	7	14	18	18
Tax	2.1	1.2	4	5	5
PAT	2.8	1.7	6.8	12	13.6
PAT Margin %	9	4	9	13	13
EPS	1.87	1.12	4.57	8.02	7.27

*The above table includes Chetana Education LLP performance until 21st January 2024, when it got converted in Chetana Education Limited and be read accordingly.

Revenue

Chetana Educations revenue from operations increased to ?102.5 Cr in FY25, from ?93.5 Cr in FY24 and ?75.6 Cr in FY23. This growth reflects continued scale-up of operations and demand recovery post-pandemic.

Operating Expenses

Total expenses stood at ?81.1 Cr in FY25, up from ?72.3 Cr in FY24 and ?61.7 Cr in FY23. The rise is primarily due to higher employee benefit expenses (?21.7 Cr in FY25 vs ?18.5 Cr in FY24) and general operational scale.

EBITDA

EBITDA for FY25 was ?21.6 Cr, compared to ?21.2 Cr in FY24. The EBITDA margin was healthy at 21% in FY25, showcasing consistent operating efficiency despite rising cost pressures.

Depreciation

Depreciation and amortisation expense increased marginally to ?0.9 Cr in FY25, from ?0.8 Cr in FY24, in line with ongoing investments in infrastructure and content development.

EBIT

EBIT remained stable at ?20.5 Cr in FY25, nearly unchanged from ?20.4 Cr in FY24. EBIT margin stood at 20%, reflecting strong operational performance and cost management.

Finance Cost

Finance cost reduced significantly to ?2.2 Cr in FY25 from ?3.6 Cr in FY24, likely indicating repayment of debt and improved cash flow efficiency post IPO.

Profit Before Tax (PBT)

PBT grew to ?18.6 Cr in FY25 from ?17 Cr in FY24, despite flat EBIT, aided by lower finance costs. The PBT margin stood steady at 18%.

Tax

Tax expense remained at ?5 Cr in FY25, the same as FY24, aligning with the consistent profitability.

Profit After Tax (PAT)

PAT increased to ?13.6 Cr in FY25 from ?12 Cr in FY24 and ?6.8 Cr in FY23. The PAT margin stood at 13%, highlighting robust net profitability over the years.

Earnings Per Share (EPS)

EPS for FY25 was ?7.27, compared to ?8.02 in FY24. The dip, despite higher PAT, could be attributed to changes in share capital or accounting adjustments.

Ratio Analysis

	FY24	FY25	Change	Commentary
Ratios
				Sustained healthy
				margins amid stra-
EBITDA				tegic investments in
Margin	22.70%	20.70%	(20 bps)	digital infrastructure.
(%)				With impact of high-
				er employee cost for
				rapid growth.
				Margin improvement
PAT				driven by higher
Margin	12.60%	13.30%	+70 bps	operating leverage
(%)				and lower finance
				costs.
				Reflects strong
Net
			Significant	deleveraging and
Debt-to-	1.90x	0.30x
			improvement	internal accrual-driv-
Equity (x)
				en expansion.
				Stable receivables
Receivable				cycle aligned with
	205	213	+8 days
Days				seasonal business
				model.
Inventory
	127	132	(5 days)	-
Days
				Stronger earnings
Interest
				base and lower inter-
Coverage	5.67x	9.32x	Uptrend
				est outgo enhanced
(x)
				coverage.
				Business cy-
Working				cle-aligned working
	Moderate	Moderate
Capital			Stable	capital strategy
	days	days
Cycle				ensures liquidity and
				balance.

Chetanas financial ratios for FY25 reflect its strong operating fundamentals, prudent capital management and improving working capital practices—reinforcing its scalable and profitable growth trajectory.

These ratios validate Chetanas strong fiscal discipline and its ability to invest in digital transformation while maintaining profitability and operational agility. The significant drop in leverage further positions the Company to capitalize on emerging opportunities in Indias education sector.

Opportunities & Threats

Opportunities

Structural Tailwinds from NEP 2020 and NCF 2022

The NEP 2020 and NCF 2022 are ushering in a paradigm shift toward experiential, inclusive and tech-integrated learning. Chetanas portfolio—anchored in curriculum alignment and teacher support—is strongly positioned to benefit from the policy-driven expansion in high-quality educational content.

Accelerated Digital Adoption in K-12 Ecosystem

With over half of Indian schools now equipped with internet and computers, there is rising demand for hybrid and phygital content delivery. Chetanas OTT platform and Books & Beyond portal directly address this opportunity by offering institutions branded digital channels and structured teaching resources.

Scalable and Asset-Light Operating Model

Chetanas vendor-partnered approach enables high scalability without capital intensity. This asset-light framework supports fast geographic expansion, multilingual content deployment and lean execution across print and digital product lines.

Expanding State Board and Competitive Exam Reach

Beyond its stronghold in Maharashtra and CBSE, the Company is deepening its presence in key state boards such as Tamil Nadu and Gujarat. Concurrently, product extensions into the NEET, JEE, Olympiad and NTSE preparation segments—via partnerships like Physics Wallah—open up new monetization channels.

Growing Institutional Trust and Adoption

With 165+ schools already onboarded on its OTT platform and a 30% increase in book enrolments, Chetana is deepening its institutional relationships. Its ability to deliver integrated solutions—spanning content, assessment, teacher training and school branding—strengthens long-term customer stickiness.

Threats

Seasonality in Print Revenue Cycle

As with most textbook publishers, revenue is weighted toward H1 due to the academic calendar. However, Chetanas active participation in CBSE business coming in last quarter of H2 and transition to digital platforms is steadily reducing seasonal dependency, building recurring revenue streams that will normalize cash flows over time.

Rapid Technological Shifts

The pace of innovation in EdTech demands continuous platform upgrades. Chetana mitigates this through strategic alliances, such as those with Allern Enterprises and Virtual Vidhyapith, ensuring its platforms remain agile, scalable and pedagogically advanced.

Market Fragmentation and Low Entry Barriers

The K-12 education market remains fragmented, with numerous local content providers. Yet, NEP 2020 is expected to gradually phase out unstructured offerings, giving an advantage to companies like Chetana that deliver quality-assured, curriculum-aligned content at scale.

Talent Acquisition in Specialized Areas

As the business scales, acquiring specialized talent across content development, ed-tech and academic research remains a key priority. Chetana is proactively investing in author partnerships, campus hiring and teacher training networks to address this.

Risk Management

Chetana follows a proactive and structured risk management framework designed to identify, monitor and mitigate potential risks across its business verticals. As the education sector evolves rapidly through policy reforms and digital transformation, the Company has aligned its internal processes and governance mechanisms to stay agile, compliant and growth-oriented.

Academic and Regulatory Risk

The education sector is deeply influenced by changes in academic policies and curriculum frameworks. Chetanas strong alignment with NEP 2020 and NCF 2022, along with its active engagement with educators, policymakers and institutional stakeholders, ensures that its offerings remain compliant, relevant and ahead of regulatory shifts.

Technology Risk

As digital platforms become a core growth lever, the risk of technological obsolescence is closely monitored. The Company mitigates this by partnering with leading education technology firms, maintaining agile development cycles, and continuously upgrading its OTT and Books & Beyond platforms to ensure reliability, scalability and user-centricity.

Content and IP Risk

With over 700 titles and thousands of hours of video content, safeguarding intellectual property is critical. The Company implements strict editorial protocols, secure content hosting and licensing arrangements to protect proprietary educational assets and prevent unauthorized duplication or distribution.

Operational Risk

Chetana operates on an asset-light, partner-led model involving multiple stakeholders across printing, logistics and content production. The Company maintains strong vendor relationships, service-level agreements and contingency buffers to ensure seamless production, delivery, and quality control.

Talent Risk

Given the specialized nature of content creation and digital pedagogy, acquiring and retaining skilled talent is a key focus. Chetana actively engages with educators, content creators, and academic institutions to build a robust author and teacher network while also investing in training and performance-linked growth pathways.

Market and Competitive Risk

The K–12 segment remains competitive with the presence of regional and national players. Chetanas differentiated edge lies in its integrated print-digital offerings, curriculum compliance, pan-India reach and deep institutional engagement—enabling it to retain leadership in key markets and scale effectively in new ones.

Outlook

Indias education sector is at a transformative inflection point, shaped by the continued implementation of the NEP 2020 and NCF 2022. Chetana is strategically positioned to benefit from this policy-led shift, with a portfolio rooted in curriculum compliance, teacher empowerment and inclusive access. Its asset-light model and multilingual content offerings enable efficient scale across both metro and non-metro markets, aligning well with the increasing demand for high-quality, learner-centric academic solutions.

As digital adoption deepens across schools, Chetana is focused on strengthening its integrated phygital ecosystem—anchored by its OTT platform and Books & Beyond portal. These platforms serve as end-to-end academic enablers, combining structured curriculum delivery with real-time performance tools for students and teachers alike. Expansion into emerging state board markets and adjacent verticals like exam readiness is enhancing the companys reach, while also improving lifetime value across its institutional base.

The integration of AI-driven features such as adaptive learning, intelligent diagnostics and multilingual personalization reflects Chetanas commitment to innovation and educational equity. With a strong financial foundation, growing institutional partnerships and a clear academic vision, the Company remains focused on delivering scalable, measurable and future-ready educational outcomes that align with the evolving aspirations of learners and educators across India.

Internal Control Systems & Their Adequacy

Chetana has established a robust internal control framework that supports its operational scalability, digital transformation initiatives and adherence to regulatory requirements. These controls are tailored to the asset-light nature of the business and are designed to safeguard the integrity of financial reporting, ensure efficiency in operations and secure the Companys growing portfolio of digital and print assets. The internal control systems are integrated across the

Companys key verticals—including editorial, production, distribution and digital platform development. Stringent process documentation, standardized operating procedures (SOPs) and strong vendor service-level agreements govern all critical functions. In particular, the Companys multi-vendor model for printing, logistics and digital content hosting is anchored in well-defined performance metrics and quality assurance protocols.

The Companys Audit Committee plays an active role in overseeing the adequacy and effectiveness of these systems. Internal audit functions, conducted by independent professionals, are focused on evaluating key risk areas such as content IP protection, third-party vendor compliance, data security for OTT platforms and financial process integrity. These audits help identify process gaps and drive timely corrective action, thereby enhancing organizational accountability.

In FY25, Chetana strengthened its internal systems to support the scaling of its digital assets, the onboarding of over 165 OTT partner schools and the launch of NEP-aligned content initiatives. Enhanced digital access controls, usage analytics and secure licensing protocols were deployed to safeguard proprietary video modules and curriculum-linked content. Based on the internal assessments, audit reports and reviews conducted by the Audit Committee, the Board affirms that the Companys internal control systems were found to be adequate and operating effectively as of 31^st March, 2025. No material weaknesses were reported during the period under review.

Human Resource Development

At Chetana, people remain central to the Companys mission of reshaping Indias K–12 education landscape. The organization fosters a performance-driven, purpose-aligned work culture that empowers its teams across editorial, sales, digital and content development verticals.

With a widespread on-ground presence and a strong talent base, the Company ensures seamless engagement with schools, institutions and education boards across the country. Its human capital strategy emphasizes excellence in academic delivery, responsiveness to market needs and adaptability to digital innovation.

As Chetana scales its operations, it continues to invest in structured training programs and upskilling initiatives. Team members are routinely equipped with insights on the evolving educational policy landscape, including key reforms like NEP 2020 and NCF 2022. These efforts ensure that the Companys offerings remain relevant, progressive and aligned with national priorities.

Digital transformation has also opened new avenues for internal growth. The introduction of platforms like Books &

Beyond and QR-enabled textbooks has not only enriched the Companys customer offerings but also enhanced the internal capability-building ecosystem. Employees are actively involved in the creation, refinement and delivery of these integrated learning solutions.

Chetana remains committed to cultivating a collaborative, inclusive and growth-oriented workplace—anchored in continuous learning and driven by its founding values of educational equity, academic integrity and innovation. To ensure high retention and professional growth, the Company maintains transparent communication channels, merit-driven career advancement and performance-based incentives. The human resources team is also working to strengthen its talent pipeline in emerging areas such as digital pedagogy, platform development and AI integration. The work culture at Chetana remains inclusive, collaborative,and deeply rooted in its core values—academic integrity, educator empowerment and commitment to lifelong learning. Industrial relations during the year remained positive and constructive.

Cautionary Statement

The statements in this Management Discussion and Analysis (MD&A) report describing the Companys objectives, projections, outlook, expectations and other forward-looking statements are based on current market conditions, operational plans and strategic assumptions. These statements involve inherent risks and uncertainties that may cause actual results to differ materially from those expressed or implied.

Such risks include, but are not limited to, changes in academic policy frameworks, technological disruptions, macroeconomic shifts, evolving customer preferences, natural disaster and regulatory compliance dynamics. Additionally, external factors such as supply chain fluctuations, educational board mandates, or global events may impact operations.

While Chetana believes that the assumptions underlying these forward-looking statements are reasonable, the Company does not undertake any obligation to revise or publicly update them to reflect future events or developments unless required by applicable law.

The analysis presented in this MD&A should be read in conjunction with the audited financial statements and other disclosures forming part of the Annual Report for FY25.