Crizac Ltd Management Discussions

global education TO OPPORTUNITIES

management discussion and analysis

KfY HIGHLIGHTS

 

and discretionary household expenditure, this combination of continuity and caution is more important than headline optimism alone.

For an enterprise operating in the international education ecosystem, the global macroeconomic environment shapes sentiment in both source and destination markets. Household

ECONOMIC REVIEW

Global economic review

The global economy moved through Financial Year 2025 to Financial Year 2026 with more resilience than many observers had expected at the start of the period. Economic activity remained supported by labour market strength in several advanced economies, continued domestic demand in major emerging markets and the carry through effect of investment in technology and infrastructure. Even so, the year did not unfold in a benign setting. Trade frictions, elevated geopolitical uncertainty and renewed pressure on energy markets by the close of March 2026 kept the international backdrop demanding and uneven.

As per International Monetary Fund global growth is projected at 3.1% in 2026 and 3.2% in 2027, assuming that the conflict in the Middle East remains limited in duration and scope. That projection matters because it points to continuity in world output growth rather than a collapse in activity, yet it also signals a pace below the stronger trend seen in many pre pandemic years. For businesses linked to cross border mobility

income confidence affects the willingness of families to commit to overseas study, while inflation and exchange rate volatility influence affordability. Labour market conditions in destination countries determine the attractiveness of post-study pathways, and public finances and migration politics shape how open education systems remain to international students. A measured reading of FY 2025-26 therefore requires attention not only to output growth, but also to the quality and durability of that growth over time.

Key reasons for global growth

A significant reason global growth remained positive through the period was the continued strength of domestic demand in several large economies. Private consumption in many markets was supported by improving real incomes as inflation moderated from earlier peaks. At the same time, public spending on infrastructure, industrial policy and strategic sectors continued to cushion activity in a number of jurisdictions.

Investment in artificial intelligence, digital systems and associated capital goods also contributed to economic momentum. While the productivity gains from these investments are still emerging, they have supported technology adoption, accelerated digital transformation initiatives and strengthened activity across related value chains. This has helped offset weakness in some traditional industrial sectors.

Key reasons impacting global growth

The principal risk to the global economy by the end of the period came from geopolitical conflict and its effect on energy markets. Higher energy prices can feed into inflation, weaken real household incomes and increase production costs across manufacturing, transport and services. These effects are especially relevant for emerging market economies that are more exposed to imported commodity inflation.

Trade policy uncertainty also remained a material drag on confidence. When tariff regimes become less predictable and cross border commercial rules become more fragmented, businesses tend to defer investment and operate with greater caution. This creates a slower growth environment even where underlying consumer demand remains reasonably firm.

High public debt in several economies, together with tighter financial conditions than those seen during the ultra-loose monetary period, continued to limit policy room. The world economy therefore entered FY 2026-27 with output still expanding, but with a narrower margin for absorbing fresh shocks. That makes resilience and policy credibility central to the near-term outlook.

Global economic outlook

The global outlook remains steady but restrained. The IMFs

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A significant reason global growth remained positive through the period was the continued strength of domestic demand in several large economies. ^ ^

latest assessment indicates that the world economy is expected to continue growing rather than contract; however, the balance of risks remains tilted to the downside. A prolonged conflict in the Middle East, renewed trade tensions, volatility in financial markets, or weaker-than-expected productivity gains could adversely affect the current growth trajectory.

For international education and related service sectors, a world economy that grows at a moderate pace still offers a viable demand environment. Families in major source markets continue to treat quality education as a long-term investment in employability and income mobility. However, when macroeconomic conditions are less buoyant, students and parents tend to become more selective. Visa certainty, value for money, speed to employment and destination diversification then become more influential in decision making.

The global outlook for FY 2026 to 27 and the years immediately beyond is therefore one of cautious continuity. Growth remains present, but confidence is conditional. In such an environment, companies that combine operational discipline with strong market positioning are better placed to benefit from continuing international demand.

Indian economic review

India remained one of the fastest-growing major economies during FY 2025-26, supported by strong domestic demand, sustained public investment, a resilient services sector and improving macroeconomic fundamentals. Official data reflected solid momentum, with GDP growth of 7.8% year-on-year in the first quarter of FY 2025-26 and a fiscal deficit of 4.8% of GDP in FY 2024-25, better than the budgeted 4.9%, reinforcing confidence in a growth profile driven by robust domestic demand and prudent policy management. For businesses connected with international education, this stability strengthens household confidence, enlarges the addressable middle-income segment and supports the capacity of families to plan for high-value education expenditure, making domestic resilience one of the clearest structural supports for outbound student demand.

Over the medium term, India remains well positioned to benefit ??? Annual Report 2025-26 53

from favourable demographics, rising aspirations, increasing formalisation and continued investments in infrastructure, technology and human capital. The working-age population (15-64 years), currently estimated at roughly 988 million and representing around 68% of the total population, is expected to reach a peak share close to 69% by 2030, at the same time as the dependency ratio is projected to fall to just over 31%. With a median age of about 28 years, compared with much older averages in many other major economies, India possesses one of the youngest and most dynamic workforces globally. This expanding base of working-age individuals is not merely a macroeconomic indicator; it is the primary cohort from which demand for higher education, professional qualifications and internationally recognised degrees is generated, reinforcing the long-duration nature of education services demand.

Alongside this demographic advantage, the sustained expansion of Indias middle-income households is reshaping aspirations and consumption priorities in ways that are directly relevant to international education. The middle class is projected to grow from around 430 million individuals in 2020-21 to roughly 715 million by 2030-31, approaching half the population, and to exceed one billion by 2047. Multiple studies indicate that by the mid-2030s, middle-class and affluent consumers could account for more than 90% of total consumer spending, with demand shifting steadily from necessity-driven to aspiration-driven categories. International education sits squarely within this aspiration segment: foreign exchange outflows for overseas higher education have risen sharply over the past decade, and total overseas education spend by Indian students is now estimated at around ?50 billion, underscoring the scale of commitment Indian households are prepared to make toward international qualifications.

Backed by a stable policy environment, a large domestic market and sustained structural reforms, India is well placed to maintain its position as one of the worlds fastest-growing major economies. For businesses aligned with outbound student mobility and global education services, this combination of demographic momentum, middle-class expansion and macroeconomic resilience is expected to create enduring long-term opportunities.

INDUSTRY STRUCTURE AND DEVELOPMENTS

Global education economy overview

Education sits at the heart of long-term economic advancement because it shapes employability, productivity, social mobility, research capability and the quality of future labour pools across every country. There are few investments that a society or an individual household can make that deliver benefits as consistently over time as education and this is why governments continue to treat it as both a fiscal and strategic priority even in periods of economic pressure.

As per estimates, the global education market was valued at around USD 7.3 trillion in 2025 and may rise to USD 10 trillion by 2030. The sheer scale of the sector highlights the increasing importance of education as a global economic driver, with expenditure levels surpassing those of many traditional industries across developed and emerging markets. Public systems still account for the majority of expenditure, yet private capital, digital platforms, training providers, pathway operators and specialist higher education services are now playing a greater role in shaping the commercial profile of the sector.

The shape of the global education economy shows that school education and higher education account for the largest share of aggregate spending. What makes the present period particularly important is that the definition of education is expanding. It is no longer limited to classrooms and campuses. It now encompasses digital delivery, assessment infrastructure, admissions technology, remote student support and entirely new forms of cross-border academic access that did not exist a generation ago. Each of these sub-markets carries its own commercial momentum.

It is estimated that digital education alone was worth about USD 404 billion in 2025 and may rise to nearly USD 850 billion by 2030, with online learning penetration expected to increase materially over that period. This matters because digital capacity increasingly supports both domestic education delivery and cross-border academic participation through blended degrees, online pathway models, test preparation, counselling platforms and student recruitment ecosystems. The convergence of technology and education is creating entirely new commercial categories that barely existed a decade ago.

Asia Pacific is emerging as the dominant regional education market not only by size but also by growth momentum. The combination of a large youth population, rising household incomes, expanding internet access and an intensifying middle-class aspiration for quality credentials is producing sustained demand pressure across the region. North America remains formidable in absolute terms, yet the incremental growth energy has shifted eastward and southward, driven by demographics and development.

The underlying logic of education investment remains unchanged. Those who invest in building knowledge, skills and qualifications consistently achieve better economic outcomes over their working lives and nations that prioritise education systematically tend to outperform those that do not over long economic cycles. As per estimates, the economic importance of education will keep deepening as countries compete not only for industrial capital but also for globally mobile talent and intellectual capacity.

Spend on foreign or overseas education globally

Foreign education spending has evolved into a substantial cross-border economic stream because it covers much more than tuition fees alone. A student travelling overseas for education generates expenditure on accommodation, insurance, transport, food, local services, visa processing and often family-supported remittances over multiple years. When these individual spending decisions are aggregated across millions of students, they become meaningful contributors to the GDP of host economies, to the revenues of entire industry ecosystems and to the fiscal positions of countries that charge international tuition rates.

As per industry estimates, the global study abroad agency market stood at USD 22.7 billion in 2023 and is projected to reach about USD 41.3 billion by 2032. This figure broadly represents the student services layer of overseas education - covering counselling, university and course selection, application support, document and credential checks, visa guidance, scholarship assistance, pre-departure support and other facilitation services that help students move from first enquiry to offer acceptance. The direct spend on tuition fees and living costs sits outside this layer, and the overall opportunity becomes substantially larger when related segments such as student accommodation, education finance, insurance, testing and travel support are also taken into account.

It is estimated that global education spending remains heavily concentrated in high-income countries, with approximately 64% of worldwide spending occurring in those economies. This imbalance is one of the reasons overseas studies continue to attract students from emerging markets, where domestic capacity may be improving but still does not always match the global pull of established research universities and employment-linked education systems. The aspiration gap between what is available locally and what exists abroad is a powerful and persistent commercial driver for the international education sector.

The emotional side of this market is equally powerful and often underappreciated. Families are often not simply paying for a degree. They are paying for a possibility, a passport to a different labour market and in many cases a more secure longterm future for the student. That emotional weight attached to overseas education decisions means that demand tends to be resilient even when macro conditions tighten, because families are prepared to make significant financial sacrifices for outcomes they believe are worth it.

It is estimated that the number of students studying outside their home country has tripled over the past two decades, rising from around 2.1 million to nearly 7.3 million. That expansion has naturally inflated the quantum of global foreign exchange and personal savings directed towards overseas education each year. What is also notable is that spending patterns are diversifying. Students are not only paying for longer, more expensive degrees. They are also paying for shorter bridging programmes, English language preparation, online supplementary study and professional qualification pathways that connect overseas credentials to local labour markets back home.

As per estimates, this spend will remain structurally resilient, though the allocation across destinations will shift as students become more selective about affordability, visa certainty, employability and their experience of social acceptance in destination markets. The industry is becoming more sophisticated and so are its customers.

International student mobility

International student mobility continues to expand in aggregate, but its internal geography is changing in ways that are becoming more important for the global higher education sector. According to UNESCO, about 7.3 million students worldwide are now studying outside their home country, up from 2 million in 2000, which confirms that cross-border higher education has moved firmly into the mainstream of global student demand. As access to higher education improves across countries such as India, China, Brazil, Vietnam and Pakistan, the pool of students capable of pursuing overseas

The traditional English-speaking destinations still hold a dominant place in the market because they offer established university brands, large research ecosystems, globally recognised qualifications and in most cases transparent admissions processes. ^ ^

education is also expanding. This makes international student mobility a broader structural opportunity supported by rising participation across multiple geographies rather than by any single market alone.

The traditional English-speaking destinations still hold a dominant place in the market because they offer established university brands, large research ecosystems, globally recognised qualifications and in most cases transparent admissions processes. For students making a high-stakes family investment, familiarity with the system reduces perceived risk. Yet students are increasingly layering new criteria onto their decisions, comparing countries on visa predictability, cost of living, social climate, graduate work rights, housing availability and post-study opportunity rather than simply prestige or ranking position alone.

This makes student mobility today a more strategic calculation than it was in earlier cycles. Students are not simply choosing a university. They are assembling an entire life arrangement that includes immigration risk, employability trajectory, financial sustainability, peer community, mental well-being and a realistic assessment of what the host country will offer them after graduation. That widening of the decision framework is reshaping demand in ways that no single destination can take for granted.

As per estimates, policy changes in major host countries are beginning to redirect demand towards alternative destinations in Europe and parts of Asia Pacific. Countries such as Germany, the Netherlands, Ireland and Japan are attracting growing volumes of internationally mobile students who in a prior cycle might have defaulted to the United Kingdom, the United States, Canada, or Australia. This is not a rejection of English-speaking education. It is an adjustment by students and families who are optimising across a wider set of variables than they once considered.

The growth of transnational education is another dimension of mobility that is often discussed separately but is deeply

connected to the same underlying forces. When a student in Nigeria or Vietnam can enrol in a British-validated degree programme delivered locally, the mobility event is different in form but not fundamentally different in motivation. International education is meeting students where they are and that broadening of access is one of the more democratising trends in the sector at present.

What this all points to is a market in transition rather than a market in decline. The structural appetite for internationally recognised education remains very large. What is changing is how, where and with what trade-offs that appetite is being satisfied. The countries and institutions that understand this shift most clearly are likely to be the ones that gain share over the next ten years.

Market drivers, restraints and opportunities influencing the global foreign education industry

Market drivers

In several emerging economies, rising disposable incomes and increasing willingness to invest in education are further expanding the addressable market for international education providers, especially where local higher education capacity is unable to absorb demand at the required quality level. This is not simply about prestige seeking. In many cases, students face genuine shortages of places in science, engineering, medical and management programmes in their home countries and overseas education fills a practical gap that domestic systems have not yet closed. The aspiration for internationally recognised qualifications continues to rise, while capacity constraints and quality differentials across domestic education systems support sustained demand for overseas education.

Digital connectivity has widened access to international education by reducing the information barriers that once favoured students in large cities or stronger networks. At the same time, universities are increasingly using digital recruitment platforms, virtual counselling and admissions systems to reach and manage prospective students more efficiently at scale A student in a second-tier city in India or a growing urban centre in Sub-Saharan Africa can now independently research institutions, compare costs, understand visa requirements and even attend virtual open days without leaving home. That reduction in search cost has broadened the potential market substantially, bringing in cohorts of students who would previously not have considered overseas study because the logistics of researching and applying seemed too difficult.

Post-study work rights have become a critical driver in recent years and their presence or absence now plays a meaningful role in how students rank destination countries. When

students know that a country allows them to work for one to three years after graduation, the return-on-investment calculation for an expensive overseas degree becomes far more favourable. This is not a trivial consideration. For a family that has committed a significant portion of its savings to fund overseas education, the ability to offset that cost through post-study earnings changes the entire financial rationale of the investment.

Market restraints

Policy uncertainty in destination countries remains one of the biggest restraints on international education, especially when visa rules, dependant provisions or permit caps are changed suddenly. Since overseas education decisions are expensive and planned well in advance, students and families are highly sensitive to abrupt policy changes. This pressure becomes even stronger when operational bottlenecks such as visa processing delays and administrative backlogs create uncertainty around timelines and outcomes.

Affordability is the second major restraint and it has intensified in the current period because tuition fees have risen alongside housing inflation in destination cities at the same time as currency exchange rates have moved unfavourably for many sending-country families. The total cost of attendance in cities such as London, Dublin, Sydney, Toronto and Vancouver is materially higher than it was five years ago and that increase is not offset by equivalent gains in graduate earnings or

The clearest opportunity in the current cycle lies in the redistribution of student demand towards smaller but more agile destinations and institutions.

scholarship availability. For students relying on family savings rather than structured loan finance, the affordability ceiling is becoming a real barrier to access at certain price points.

A less visible but important restraint is how students and families perceive the broader social environment in destination countries, including concerns about discrimination, safety, housing and living conditions, cost-of-living pressures, and the ease of integrating into local communities; where these factors feel unfavourable, many prospective students increasingly gravitate towards destinations they see as offering greater social stability, personal security and overall quality of life, even if those alternatives are less established in traditional rankings.

Market opportunities

The clearest opportunity in the current cycle lies in the redistribution of student demand towards smaller but more agile destinations and institutions. Markets such as Ireland and New Zealand are benefiting from a combination of English- medium education, manageable scale, visible employment ecosystems and clear post-study visa pathways that make them practically competitive with larger destinations even when those larger destinations are not explicitly declining. Students underserved by high-volume markets are actively migrating toward systems that offer genuine value and mentorship. Global student choices are increasingly driven by four non-negotiable pillars: accessibility, affordability, clear employment pathways, and an exceptional overall experience.

Transnational education and hybrid delivery present another substantial opportunity layer. When a globally recognised institution delivers programmes through a local partner, through an online platform, or through a branch campus in a growing economy, it reaches students who cannot or will not relocate but still want the credential value associated with the overseas brand. It is estimated that this market layer will gain further relevance as technology reduces the cost and complexity of cross-border academic delivery and as accreditation frameworks adapt to recognise non-residential international study.

The broader international education ecosystem continues to present significant growth opportunities. Education finance, student health insurance, purpose-built student accommodation, language preparation services, academic skills support and digital admissions platforms are all commercial categories that grow proportionally with the volume of mobile students. The underlying demand for overseas education is thus a driver not just for universities but for a wide range of adjacent businesses that serve the international student lifecycle from aspiration to graduation and employment.

Growing enrolment and admission of international students in universities across key destinations

The latest available data for the period broadly corresponding to FY 2025-26 confirms that the six major English-speaking destinations continue to dominate international student enrolment globally, but the pace and direction of change differ markedly by country. What unites all six is that they remain the worlds leading English-medium higher education systems. What separates them is how well their current policy environments, cost structures and post-study frameworks are aligned with what internationally mobile students now require.

The pattern that emerges is one of redistribution rather than wholesale decline. Students are not choosing to abandon overseas education. They are becoming more discriminating about where they pursue it. That combination of sustained total demand and shifting destination preference creates both risk and opportunity across the six markets and institutions that read this shift clearly are better placed to capture their share of the next enrolment cycle.

United Kingdom as a key destination market

The United Kingdom remains one of the leading destinations for international higher education, supported by globally recognised universities, English-language instruction and the commercial appeal of one-year masters programmes. In 2024/25, total international student enrolment in UK higher education declined to 685,565 from 729,850 in the prior year, reflecting softer demand particularly in postgraduate taught programmes, while total higher education enrolment stood at 2,863,180, down 1% year on year.

The UK continues to attract internationally mobile students because of the breadth of its university system, its global academic reputation and its established post-study employment pathways, although affordability has become a more important consideration due to elevated living costs in major cities. International students represented about 24% of total higher education enrolments in 2024/25, and the system remains especially reliant on overseas demand at postgraduate taught level, where international students accounted for about 69% of full-time enrolments, compared with 16% at full-time undergraduate level and about 31% at postgraduate research level.

India remained the leading sending country to the UK in 2024/25, ahead of China, while demand from some other major source markets corrected more sharply. This reinforces the UKs continuing importance as a core destination market for the Company, while also underlining the need to diversify source-country exposure and remain responsive to affordability and policy considerations.

The UKs long-standing academic reputation, established research ecosystem and continued attractiveness to major source markets such as India mean that it is likely to remain a strategically important destination within the global higher education landscape, even as students weigh affordability, employability and policy stability more carefully than before.

A key policy variable remains the Graduate Route. UKCISA states that eligible non-PhD graduates applying on or before 31 December 2026 may stay for two years, while those applying on or after 1 January 2027 may stay for 18 months, with PhD and other doctoral graduates continuing to receive three years. While this change may influence decision-making at the margin, particularly for price-sensitive families assessing return on investment across destination markets, it does not alter the UKs underlying strengths as a globally established study destination.

From the Companys perspective, the UK remains a core destination market and an important contributor to application volumes and institutional relationships. Its globally recognised universities, wide programme breadth, strong postgraduate offering and enduring appeal among international students continue to support its relevance, while the Companys diversified counselling and partner network positions it well to serve students more effectively in a selective and increasingly value-conscious market.

United States as a key destination market

The United States remains the largest host destination globally for international students, supported by extraordinary institutional scale and variety, ranging from community colleges and liberal arts institutions to large state universities and elite research universities. In 2024-25, international student enrolment reached 1,177,766, up 5% from the prior year, with international students accounting for about 6% of total US higher education enrolment of approximately 18 million students.

The countrys higher education landscape spans approximately 4,000 degree-granting institutions, including the Ivy League, diverse segments, reflecting the depth of the US research ecosystem, particularly in STEM fields.

At the segment level, undergraduate international enrolment grew 4% to 357,231, marking the first notable increase since the pandemic, while graduate enrolment declined 3% to 488,481, ending a three-year run of consecutive growth. Optional Practical Training participation rose sharply by 21% to 294,253, underscoring strong demand for employment pathways among students already in the US system.

India is the leading source of international students to the US, with 363,019 Indian students in 2024-25, up 10% year on year despite tighter visa processing, while China followed with 265,919 students, down 4%, continuing a multi-year decline since its 2019/20 peak. Twelve of the top 25 sending countries, including Bangladesh, Nepal, Nigeria, Pakistan and Vietnam, reached their largest-ever totals in 2024-25, signalling a broadening of the international student base beyond the traditional India-China duopoly.

Indian student engagement with US higher education is structural rather than cyclical, concentrated in graduate programmes in computer science, electrical engineering, data

MIT, Stanford and leading public research universities, with 171 US universities featured in the Times Higher Education global rankings for 2026, the largest national representation by a wide margin. Graduate and doctoral programmes at research-intensive institutions remain the most internationally analytics, life sciences and business, where the US remains the global standard-bearer and where employer networks, research infrastructure and OPT pathways create compelling post-study outcomes. This resilience, even amid tighter visa processing, reflects the enduring value Indian families and employers place on the US credential.

A key policy variable remains the evolving US immigration and visa environment. Recent changes under the current administration have introduced greater uncertainty for international applicants and contributed to a more cautious admissions environment, which may moderate new enrolments at the margin, particularly at undergraduate level. This does not, however, alter the underlying strength of US higher education, and graduate-level demand for STEM, business and research programmes is expected to remain robust given the depth of the countrys research ecosystem and employment pathways.

From the Companys perspective, the United States represents a strategically important growth destination. Its unmatched institutional depth, strong graduate and STEM demand, and continued attractiveness to Indian and other key source markets support its long-term relevance, while the Companys expanded university partnership portfolio and counselling capabilities position it well to support students navigating a more complex policy environment.

Africa education industry overview

Africa is the fastest growing outbound student region globally, with its share of students studying abroad projected to rise from around 12% in 2024 to 13% by 2030, outpacing more mature source regions such as South Asia and Europe, which are expected to remain relatively stable over the same period. The number of outbound students from Sub Saharan Africa surpassed 800,000 in 2024 and is forecast to exceed 1 million by 2030, implying annual growth of roughly 5% and reflecting the combined impact of rapid youth population expansion and constrained domestic university capacity. Africa has the youngest population globally, with its 18-25 age group expected to grow at around 3% a year until 2030, a demographic trajectory that continues to push students to seek education overseas when local systems cannot absorb demand.

Within this regional picture, Nigeria is the continents dominant source market. Nigerian outbound volumes exceeded 125,000 students in 2024, accounting for roughly 15% of Africas total, with growth driven by underfunded universities, limited domestic course capacity, and macroeconomic instability. Morocco and Egypt add further scale, with outbound cohorts of roughly 77,000 and 50,000 students respectively, meaning that Nigeria, Morocco and Egypt together represent around 31% of Africas total outbound mobility. Ghana is emerging as the next significant growth market, with outbound flows expanding at close to 10% annually; projections suggest it could move from seventh to fifth place among African source countries by 2030, supported by a rising middle class, strong demand for English medium programmes and limited capacity in competitive fields.

Destination preferences for African students remain concentrated in a handful of key systems. France, China, the UK and the US are the primary destinations, underpinned by longstanding educational reputations, scholarship availability and language compatibility. The UK holds a structurally important position, with African students accounting for roughly a tenth of the UKs international student population in 2024 and the UK alone absorbing a large share of Nigerias outbound cohort. Among Anglophone destinations, trajectories are diverging: the US is now the fastest growing destination for African students, with enrolments projected to rise by about 7% annually through 2030, while Canada is expected to see a modest decline of around 0.7% a year, as tighter visa rules and intake caps weigh on demand.

The motivations driving African students overseas are structural. Domestic systems frequently face academic disruptions, including prolonged university strikes in Nigeria, education interruptions linked to the Anglophone crisis in Cameroon, and university shutdowns in parts of Ethiopia due to regional conflict. These disruptions, combined with limited availability of competitive programmes in medicine, engineering, IT and aviation, mean that even high performing students often cannot access preferred disciplines at home. Many African governments therefore directly incentivise outbound mobility through overseas scholarship schemes, particularly in specialist areas such as medicine, engineering, oil and gas and information technology. From an information gathering standpoint, African students rely most heavily on official university websites, general online search and social media channels, while key selection factors include how welcoming institutions are to international students, scholarship provision and teaching quality.

For the Company, Africa represents a structurally important growth region rather than a marginal adjunct to existing source markets. The combination of demographic momentum, constrained domestic capacity, policy driven scholarships and shifting destination dynamics creates sustained opportunity for institutions and intermediaries that can offer reliable guidance, diversified destination options and robust support on scholarships and employability linked pathways.

Asia education industry overview

Asia Pacific remains the worlds dominant source region for internationally mobile students, and its growth story has broadened well beyond China and India to encompass South Asia and Southeast Asia. South Asia was highlighted by QS as the fastest growing outbound region globally in the six years to 2024, and emerging markets such as Vietnam and Indonesia are projected to climb further in global source country rankings by 2030, underpinned by young populations, rising household incomes and still developing domestic higher education capacity. Vietnam, in particular, has evolved into one of Asias most consequential emerging source markets: previously growing at around 15% annually as a pure outbound market, it recorded an 18% increase in student flows to the US in a single year, while projections suggest that its middle income population could exceed half of the total population by 2030. Nepal, meanwhile, has a student mobility ratio of around 19%, roughly ten times that of India or China, making it structurally one of the most intensely outbound oriented markets in the world.

These dynamics are visible in destination enrolment patterns. In South Korea, more than a third of international students now come from Vietnam, followed by Nepal, China, Uzbekistan and

Mongolia, illustrating how deeply Vietnam and Nepal have penetrated even non Anglophone systems. Vietnams macro economic trajectory sustained GDP growth, strong foreign investment and rapid middle class expansion is supporting higher outbound mobility as affordability improves and awareness of international career pathways rises. Nepal remains one of the worlds most remittance dependent economies, with remittance inflows playing a major role in household incomes; this, in turn, has supported increased investment in education and a steady rise in outbound student numbers as families treat overseas study as a long term career investment.

The current challenge for institutions recruiting across Asia Pacific is less about demand than about navigating a shifting policy environment in destination countries. Policy changes in major study destinations notably in Australia, Canada and parts of Europe have altered perceptions of the traditional "Big Four", opening space for European and Asia Pacific alternatives and prompting students to evaluate more carefully around employability, visa stability and market relevance. In Australia, visa data for early 2026 indicate that nearly half of offshore higher education applicants from key South Asian markets are being refused study visas, with refusal rates in the 35%- 70% range across Nepal, Bangladesh and India, all of which sit in Australias top ten source markets. By contrast, several Southeast Asian markets such as Vietnam, the Philippines and Indonesia are experiencing far more stable visa outcomes, with refusal rates in the low single to mid teens, a divergence that is reshaping recruitment strategies and corridor priorities.

Governments across Asia - including India, South Korea, Vietnam, Malaysia and Japan - are simultaneously working to position their systems as sustainable student source markets and regional hubs for transnational education, through tailored international education strategies, updated visa policies and initiatives to attract branch campuses or joint degree partnerships. For institutions anchored in the UK, Ireland, Canada and Australia, the implication is clear: resilience increasingly depends on the ability to source students across a diversified set of Asia Pacific corridors spanning South Asia, Southeast Asia and smaller emerging markets, rather than relying on a narrow band of traditional source countries.

For the Company, Asia Pacific offers both depth and diversification. Established markets such as India provide scale and familiarity, while fast growing corridors involving Vietnam, Nepal, Indonesia and other emerging economies create opportunities to build multi country pipelines that are less exposed to single market policy shocks and more aligned with long term demographic and income trends.

Latin America education industry overview

Latin Americas major economies, particularly Brazil, Mexico and Colombia, have emerged as important source markets for international education, supported by expanding middle income populations, improving household purchasing power and rising demand for internationally recognised qualifications. These structural trends, together with greater awareness of global education pathways and employment linked overseas programmes, are supporting continued growth in outbound student mobility from the region over the medium to long term. Affordability remains a central consideration for Latin American students, with destination choice increasingly influenced by tuition and living costs, scholarship availability and post study employment opportunities, so students evaluate destinations not only on academic reputation but also on overall return on investment, visa clarity and employment outcomes.

Outbound mobility from Latin America has grown at more than 7.5% annually up to 2024 and is expected to sustain a steady pace of around 5.5% per year through 2030, with the total number of internationally mobile students from the region projected to exceed 500,000 by that time. Brazil, Mexico and Colombia represent the regions largest sending markets and collectively account for a significant share of outbound flows, while attention is increasingly turning to secondary markets such as Ecuador, Panama and Bolivia as their middle class populations and international education aspirations rise. Students from Brazil, Mexico and Colombia are expected to continue dominating outbound volumes, with Canada absorbing a disproportionately high share of undergraduate level Latin American students, while the UK and parts of continental Europe remain more strongly postgraduate focused destinations.

Growth into key Anglophone destinations has been particularly pronounced. The number of Latin American and Caribbean students hosted by Canadian tertiary institutions nearly doubled between 2016 and 2020, rising from 9,714 to 18,702, while the number in Australia more than tripled over the same period, from 6,351 to 20,879. At the same time, regional data and market commentary indicate that intra Latin American mobility and interest in European study options are gaining traction, adding further diversification to traditional patterns centred on North America. The Latin American study abroad agency market was estimated at approximately USD 1.2 billion in 2024 and is projected to grow at a compound rate of about 8.2% annually through 2031, a pace that outstrips several more established source regions and reinforces the importance of specialised, locally embedded intermediaries.

Despite this growth momentum, many universities still have limited understanding of Latin American students distinct characteristics, including higher price sensitivity, a strong preference for close and regular communication, and heavy reliance on WhatsApp and other mobile messaging platforms as primary engagement channels. This creates a structural gap that well positioned local agencies are best placed to bridge, by

aligning institutional offerings with local expectations around affordability, communication style and outcomes. For the Company, Latin America represents a strategically attractive but still under penetrated region, where partnerships with experienced agencies and an emphasis on transparent pricing, scholarship guidance and employability focused programmes can support sustainable expansion of its source market base.

Canada

Canada hosted around 900,000 international students in 2024-25, making it one of the four largest destinations globally. It recorded strong growth in international student enrolments over the decade to 2023, supported by accessible visa processing, post graduation work permits and pathways to permanent residency that enhanced its attractiveness as a destination for both education and longer term settlement opportunities. India, China, Nigeria and the Philippines are among Canadas largest and fastest growing source markets, reflecting the countrys broad appeal across diverse student populations.

During FY 2025-26, Canadas economy showed signs of moderation, with growth slowing amid elevated household indebtedness, higher debt servicing costs and persistent housing affordability challenges, particularly in major urban centres. Against this backdrop, public policy increasingly focused on managing housing and infrastructure pressures associated with rapid population growth, contributing to the federal governments decision to introduce caps on international student permit approvals. This policy marked a significant shift in Canadas international education landscape and fundamentally altered the near term growth trajectory, particularly for institutions where international student fee income had become an important contributor to revenues.

The current challenge for Canada is defending its market share of international students and keeping its value proposition strong for diverse student populations in an environment where applicants are more aware of policy risk and more willing to consider alternatives. Canadas underlying strengths remain real its quality of life, environmental and social safety perceptions, multicultural campus environments and world class institutions continue to generate genuine affinity among prospective students from South Asia, Southeast Asia and Africa. The pace at which policy clarity emerges is likely to influence international student demand during the current adjustment period.

From the Companys perspective, Canada remains an important destination within its multi country portfolio, and the Company continues to support students and partner institutions by providing updated guidance on policy changes, affordability considerations and alternative pathways within the Canadian system.

Australia

Australia enrolled an estimated 821,555 international students in 2024, maintaining its position as a major global destination despite a material policy recalibration. The country had experienced extraordinary growth in its international student population following the post-pandemic recovery period, and the introduction of the International Students Bill allowing universities to cap enrolments represents a structural departure from the open-growth model that defined Australian international education for two decades. Postgraduate programmes in business, information technology and engineering have historically been the strongest international categories, with students from India and China representing the two largest sending communities. In the year-to-date period to February 2026, 622,043 international students were studying in Australia, representing a 7.7% decline on the same period in 2025, while new student arrivals declined by 5.6% over the same period.

Australias economy maintained positive growth during FY 2025-26, although elevated inflation, higher interest rates and rising mortgage costs continued to weigh on household finances. Housing affordability remained a key challenge, particularly in Sydney and Melbourne, where student accommodation shortages continued to attract public and policy attention. These housing and infrastructure pressures contributed to a broader policy focus on managing migration levels, resulting in tighter student visa settings and changes to Australias international education framework. Even so, underlying demand from Asia for Australian qualifications remains strong, and institutions with clear recruitment strategies and affordable programme portfolios are likely to navigate the current period more effectively than those dependent on undifferentiated volume.

For the Company, Australia remains a relevant destination within its broader multi-country mix, particularly where students seek employment-linked postgraduate programmes and are able to navigate affordability and visa considerations with informed advisory support.

Ireland

Ireland occupies a distinctive position in the global education market as an English-medium European Union member state with a strong technology and pharmaceutical employment base, an accessible and well-structured university system and a post-study work route that allows international graduates to remain and work. Ireland hosted approximately 45,000 international students in 2024-25, a modest absolute number that reflects consistent and quality-led demand rather than volume-driven growth. Postgraduate enrolment, particularly in technology, data science, business and pharmaceutical- related fields, is disproportionately prominent in Irelands international student profile.

Irelands strong FDI-driven technology and pharmaceutical ecosystem directly supports graduate employability and reinforces the credibility of its post-study work offering. The Irish higher education system has benefited from the broader repositioning of international student demand away from more disrupted destinations, with India emerging as one of the most significant contributors to this shift. Students who in an earlier cycle might have prioritised Canada or Australia are now assessing Ireland more seriously, finding that its combination of employment access, European residence possibilities and manageable scale compares favourably with larger but more uncertain alternatives.

This makes Ireland a strategically important niche market for the Company, especially for students seeking specialised postgraduate pathways aligned with sectors where employment visibility is relatively strong.

New Zealand

New Zealand hosted more than 85,000 international students between January and August 2025 and is in a period of recovery after a difficult post-pandemic phase that was complicated by strict border controls, currency dynamics and perceptions around reduced accessibility. New Zealands poststudy work visa of up to three years for graduates of bachelors programmes and above remains a meaningful competitive attribute, and the governments renewed commitment to international education strategy is translating into improved visa processing and clearer communication with students and institutions in sending markets.

New Zealands scale is part of its appeal for students who want an English-speaking degree without competing for places in oversubscribed programmes at very large institutions. The more intimate campus environment, the countrys natural environment and safety reputation, and its position as an accessible Pacific destination from Asia all contribute to positive sentiment among prospective students. Periods of NZD volatility have also shaped affordability perceptions, particularly for price-sensitive families, while the governments renewed push on international education reflects a clear policy choice to rebuild export education after COVID-era disruption.

Within the Companys destination portfolio, New Zealand offers useful diversification by providing students with a credible English-speaking alternative when larger markets become more restrictive or expensive.

Middle East

The Middle East is beginning to feature more prominently in international student decision-making, particularly as regional hubs build out English medium higher education capacity and attract a wider mix of global institutions. Locations such as the UAE are positioning themselves as accessible, well- connected study centres for students from South Asia, Africa and within the broader MENA region, combining international branch campuses with modern infrastructure and a services- led employment base. While this region does not yet match the scale or historical depth of the traditional English-speaking destinations, it is steadily gaining visibility as a complementary option for students who value geographic proximity, cultural familiarity and diversified career opportunities.

For the Company, selected Middle Eastern hubs form part of an emerging destination layer that sits alongside its more established markets, enabling a broader set of choices for students whose priorities include shorter travel distances, regional exposure or specific programme offerings delivered by international universities operating in the region.

Spain

Spanish speaking markets in Europe and Latin America are emerging as increasingly relevant destinations in the global student mobility landscape. Recent statistics indicate that international students now account for around 11.5% of total enrolment in Spanish universities, with their share rising to roughly 27% in masters programmes and 29% in doctoral programmes, underscoring the growing international profile of Spains higher education system. A recent study by Fundacion BBVA and IVIE estimates that Spanish universities receive close to 160,000 foreign students each year, including approximately 95,000 full degree international

Global education outlook

The global education market is one of the largest and most structurally resilient sectors in the world economy, with expenditure levels surpassing those of many traditional industries across developed and emerging markets. Public systems still account for the majority of spending, yet private capital, digital platforms, pathway operators and specialist higher education services are playing an increasingly prominent role in shaping the commercial profile of the sector. The convergence of technology and education delivery is accelerating, creating entirely new commercial categories from admissions technology and digital counselling to online pathway models and blended degrees that barely existed a decade ago.

Asia Pacific has emerged as the dominant regional growth engine, driven by a large youth population, rising household incomes, expanding internet access and intensifying middle- class aspiration for internationally recognised qualifications. While North America remains formidable in absolute terms, the incremental growth energy has shifted eastward and southward, with major source markets across South Asia, Southeast Asia and Sub-Saharan Africa each contributing to a broadening of the global student base.

Looking ahead, the structural demand for overseas education ??? Annual Report 2025-26 63

remains fundamentally intact. The underlying logic of education investment that globally recognised qualifications consistently deliver better economic outcomes over a working lifetime continues to drive household decisionmaking across diverse income levels and geographies. The countries, institutions and service providers best positioned for the next phase of growth are those that can serve an increasingly discerning student population across a wider range of destinations, price points and delivery formats.

India as a source market for international education

India remains one of the most important source markets in global student mobility because of its scale, demography, educational progression and sustained household willingness to invest in higher education. Its significance in an international education report lies primarily in the size of its student pipeline and the continued expansion of learners progressing toward tertiary and internationally recognised qualifications, rather than in the full operational detail of its domestic school system.

The structural foundation for this position remains strong. India has the worlds largest population in the 5-24 age group, estimated at around 580 million, giving it one of the deepest current and future learner pools globally. This demographic base continues to shape demand for higher education, testing, admissions support and overseas study pathways. The policy environment has also evolved meaningfully through the National Education Policy 2020, which introduced the 5+3+3+4 framework and placed greater emphasis on foundational learning, flexibility, multidisciplinary progression, digital learning and academic mobility.

Educational access has expanded significantly over time. Official data cited in Parliament indicate that the literacy rate for the population aged 7 years and above reached 80.9% in the Periodic Labour Force Survey 2023-24, compared with 18% in 1951. This long-term improvement in literacy and participation has widened the base of students able to move through secondary and higher education and has reinforced

Indias position as one of the largest education markets in the world.

At the school level, India operated 14.71 lakh schools, served 24.69 crore students and employed more than 1.01 crore teachers in UDISE+ 2024-25. While these statistics confirm the exceptional size of the domestic system, the more relevant report indicators for international education are those that show how students progress through the pipeline. Gross enrolment ratios under the NEP structure stood at 95.4 at the preparatory stage, 90.3 at the middle stage and 68.5 at the secondary stage, indicating both broad access and continuing attrition as students move toward higher levels of education.

Higher education provides the clearest measure of Indias long-term source-market depth. According to the Economic Survey 2025-26, the number of higher education institutions increased from 51,534 in 2014-15 to 70,018 as of June 2025. During this period, the number of premier institutions also expanded to 23 IITs, 21 IIMs and 20 AIIMS. Provisional AISHE 2022-23 data reported that student enrolment in higher education rose from 4.33 crore in 2021-22 to 4.46 crore in 202223. The all-India Gross Enrolment Ratio in higher education for the 18-23 age group stood at 28.4 in 2021-22, while NEP 2020 continues to target 50% by 2035.

Indias education market also remains large in value terms. Industry estimates place the market at USD 117 billion in FY2023, rising to USD 225 billion in FY2025 and projected to reach USD 313 billion by FY2030. However, the implied growth path is uneven: the increase from FY2023 to FY2025 suggests an approximate CAGR of 38.7%, while the projected increase from FY2025 to FY2030 implies a CAGR of about 6.8%. These figures are therefore better used as directional indicators of market scale and momentum rather than as a uniform year- to-year growth series.

Taken together, these indicators show that India remains one of the worlds most significant source markets for international education, supported by a large learner base, improving educational attainment, expanding higher education capacity and sustained progression toward advanced qualifications.

Boosting investment in Indias education sector

Indias education sector continues to benefit from sustained public investment, policy support and technology led transformation, and the most relevant lens here is how this strengthens the pipeline of students who can realistically pursue overseas education. The Ministry of Educations allocation rose from about Rs.1.29 lakh crore to about Rs.1.39 lakh crore between consecutive Union Budgets, an increase of roughly 8-14% depending on the benchmark used, with school education and literacy receiving over Rs.78,500 crore and higher education receiving about Rs.50,000 crore in the latest full year.

This rising allocation is important for outbound education because it supports better school infrastructure, improved teaching quality and expanded higher education capacity. As more students complete school and enrol in higher education, and as institutions invest in laboratories, libraries, faculty and student support services, the proportion of students who meet international academic entry standards increases.

Beyond headline spend, the government has earmarked Rs.20,000 crore for private sector driven research, development and innovation and Rs.500 crore for a Centre of Excellence in artificial intelligence for education. These commitments encourage institutions to adopt AI enabled, personalised learning and embed research exposure into curricula, which raises the analytical skills, digital fluency and future readiness of students. Such skills are directly relevant for competitive overseas programmes and for performing well in global classrooms.

Together, these measures higher total allocations, targeted support for school and higher education, and dedicated funds for research and AI in education indicate that India is not only expanding access but also upgrading the quality and relevance of its education system. Over time, this translates into a larger, better prepared cohort of students who are able to undertake standardised tests, meet entry requirements and benefit from international pathways, thereby supporting the outbound student industry.

Rising number of students taking TOEFL and IELTS

English proficiency testing has become an increasingly important part of the Indian student journey, reflecting the strength of aspiration for overseas education, international employment and wider global mobility. As overseas study demand expands beyond the largest metropolitan centres, students across the country are seeking greater access to credible admissions support, official preparation resources and globally accepted assessments.

The available evidence suggests that India is now one of the most dynamic study-abroad markets globally, with more than 1.3 million Indians pursuing higher education overseas. This expansion in outbound mobility is being accompanied by rising demand for trusted English-language and admissions- test preparation, particularly across Tier II and Tier III cities where awareness, access and institutional support are broadening. The resulting test-readiness ecosystem is no longer concentrated only in major urban centres but is becoming progressively wider and more structured.

A notable recent development in this regard is the expansion of authorised preparation support for globally recognised assessments. Official TOEFL and GRE preparation resources are being made available to more than one lakh study abroad aspirants across India through a broader preparation and guidance framework intended to help students prepare more effectively for university admissions. This reflects the growing importance of formal test-readiness infrastructure within Indias international education pipeline.

The scale of this infrastructure is also increasing. Official preparation resources are being embedded across a network of more than 14,000 recruitment and counselling partners, with expected preparation support for at least 100,000 students annually. At the same time, the official TOEFL and GRE test-centre footprint in India is set to expand from more than 65 centres to 100, indicating a further widening of access to recognised assessments across the country.

These developments suggest that English-language testing is no longer simply an exam-stage requirement, but part of a broader preparedness ecosystem shaping how Indian students approach overseas applications. The market is being supported by growing awareness of international education opportunities, the need for stronger application readiness, and the increasing importance of standardised assessment credentials in access to universities across multiple destinations.

Number of Students

The growth in English-language and admissions-test activity in India is expected to remain closely linked to the expansion of international student mobility. As more students from nonmetro markets enter the overseas education pipeline, demand for official preparation resources, recognised assessments and accessible testing infrastructure is likely to deepen further, reinforcing the role of test-readiness as a key part of the broader international education ecosystem.

Scholarships and Fellowships for Indian Students

Financial support for Indian students pursuing higher education abroad has expanded meaningfully in recent years, as both government agencies and partner organisations have recognised the strategic value of backing merit and social mobility in international education. Rather than isolated

schemes, overseas scholarships and fellowships now form a more structured ecosystem that helps qualified students convert aspiration into viable study plans.

One of the most important government-funded programmes is the National Overseas Scholarship, which provides financial assistance to meritorious low income students from specific social categories to undertake masters and doctoral studies at foreign universities. Support typically covers major cost components such as tuition, travel and living expenses, directly addressing affordability constraints for overseas education.

Alongside this, bilateral and multilateral fellowship programmes create additional opportunity layers for Indian students. The Fulbright Nehru Fellowship programme, for example, supports academically strong Indian candidates pursuing masters, PhD and post doctoral study in the United States across a range of disciplines, combining full financial support with structured academic and professional exposure.

Beyond flagship schemes, a range of scholarships facilitated through the Ministry of Education and foreign governments provide funded places for research intensive masters and doctoral programmes in multiple destination countries. These schemes often target specific fields or partner institutions and help expand access for Indian students to high quality international programmes that might otherwise be unaffordable.

OPPORTUNITIES AND THREATS

Opportunities

The global education services industry continues to benefit from powerful long-term structural drivers, and the Company is well positioned to capture a disproportionate share of the opportunities these create. Rising student aspirations, increasing acceptance of global education pathways, growing demand for internationally recognised qualifications and the need for employability-focused learning continue to support demand for overseas education across both established and emerging markets.

One of the most compelling opportunities lies in the continued expansion of international student mobility. As economies become increasingly interconnected and employers place greater value on global exposure, students are actively seeking educational experiences that enhance career prospects and international employability. Crizacs multi-destination model spanning the United Kingdom, Canada, Australia, New Zealand, Ireland, Middle-Eastand the United States means that the ongoing redistribution of student demand away from any single destination is not merely an industry trend but a direct

As economies become increasingly interconnected and employers place greater value on global exposure, students are actively seeking educational experiences that enhance career prospects and international employability.

with Crizacs reach, compliance standards and institutional trust.

Beyond its core student recruitment business, the Companys expanding portfolio of value-added services creates meaningful cross-selling opportunities, representing a structural opportunity to enhance margins rather than merely adding new revenue streams. As the Company deepens its offerings across student loans, accommodation and visa- related services, it is well positioned to capture greater value at multiple stages of the student journey. This opportunity is further supported by the expanding middle class and rising disposable incomes across key source markets such as India, Nigeria, Vietnam and Latin America, where an increasing number of students are able to fund not only tuition fees but also the wider range of services associated with pursuing education overseas.

Threats

Despite favourable long-term fundamentals, the international education sector remains exposed to several external and operational challenges. However, for a scaled, compliant and technology-enabled platform such as ours, many of these structural threats translate into competitive advantages over less organised operators.

One of the most significant risks relates to changes in immigration, visa and post-study work policies across major destination countries. Regulatory tightening and rising visa complexity are making student mobility increasingly policy- sensitive, which heightens the importance of structured, experienced recruitment platforms over informal operators. Critically, compliance frameworks such as the UKs Agent Quality Framework and British Council Accreditation are raising oversight standards across the industry, creating meaningful barriers that favour operators with established compliance infrastructure. As universities increasingly concentrate their recruitment relationships with compliant, accountable partners, the Companys investment in regulatory adherence and process discipline positions it as a preferred partner rather than a casualty of tightening standards.

Macroeconomic uncertainty also remains an important consideration. Economic slowdowns, inflationary pressures, currency volatility and geopolitical disruptions may affect household affordability and influence students decisions regarding overseas education. While demand for international education has historically demonstrated resilience, short-term fluctuations in economic conditions can impact enrolment cycles and destination preferences.

The redistribution of student flows away from individual destination markets has historically been perceived as a sector risk, but for the Company it functions as a structural tailwind. Operators concentrated in a single destination are materially

commercial tailwind. As students diversify their destination preferences, The companys ability to serve them across multiple markets positions it to capture demand regardless of where it flows.

Inorganic growth represents another systematic capability that the Company has demonstrated through a disciplined pattern of acquisition-led market entry. The acquisitions of Global Tree and Studies Planet are not isolated transactions but reflect a repeatable model of expanding geographic reach and source-market diversity. Studies Planet, in particular, opens access to Latin America as an emerging source market, broadening our exposure beyond Asian and African student populations and adding a meaningful non-traditional demand channel to its network. This approach of building capability through targeted acquisitions is expected to remain a key lever of growth going forward.

The growing diversification of study destinations also presents a structurally favourable opportunity for us. While traditional destinations such as the United Kingdom, Canada, Australia and the United States continue to attract significant student interest, we have proactively expanded into higher- growth destinations including New Zealand and the United States, positioning itself ahead of demand shifts. This multidestination infrastructure expands the addressable market for our services and creates meaningful opportunities to serve a wider spectrum of student preferences across different price points, programme types and career objectives.

Technology is a key growth enabler and we have made deliberate investments to lead in this area. The companys strategic investment in Edumentor, an AI-powered student counselling and engagement platform, anchors its technology capability and positions it ahead of the broader industry adoption curve. Beyond Edumentor, our proprietary Crizac Intelligence Platform integrates application data, Counselling Partners analytics and university conversion metrics into a unified intelligence framework, improving recruitment efficiency, enhancing student engagement and streamlining interactions across the student-partners-institution value chain. Companies with scalable technology infrastructure are likely to benefit from superior operational leverage as volumes grow, and our investment profile positions it to realise those benefits.

The sector also stands to benefit from deeper collaboration between universities and trusted recruitment partners, and ours scale makes it a natural beneficiary of this trend. With a network of over 1,200 institutional partners and thousands of active counselling partners, we offer universities diversified student pipelines, stronger market penetration and improved conversion outcomes. Universities are increasingly concentrating their recruitment relationships with fewer, higher-quality partners, which structurally favours platforms

exposed when policy shifts redirect demand; our multidestination model spanning the United Kingdom, Canada, Australia, New Zealand, Ireland and the United States means that demand flowing away from one market is increasingly captured through another channel within our own network rather than lost to a competitor.

The industry is also becoming increasingly competitive, with education service providers, technology platforms and universities continuously investing in recruitment capabilities and digital engagement tools. Our response to this competitive pressure is grounded in our platform advantage stronger application screening, superior documentation capability and AI-led error minimisation through our investment in Edumentor and our proprietary intelligence platform reduce rejection rates, improve conversion outcomes and deliver measurably better results for university partners and students alike. Sustaining this advantage will require continuous innovation and service quality enhancement, areas in which we have demonstrated consistent investment intent.

Data privacy, cybersecurity and technology-related risks are becoming increasingly relevant as education services become more digitally integrated. The protection of student information, maintenance of platform reliability and compliance with evolving data protection regulations across multiple jurisdictions require ongoing investments in technology infrastructure, governance and security frameworks, all of which we are actively developing as part of our broader platform strategy.

Finally, the sector remains sensitive to reputational considerations. Student outcomes, compliance standards, service quality and partner conduct can influence stakeholder trust and brand perception. Long-term success will depend not only on market growth but on maintaining strong governance standards, operational excellence and the ability to adapt effectively to a rapidly evolving global education landscape areas that we have made central to our institutional positioning.

BUSINESS AND FINANCIAL OVERVIEW

Crizac Limited is a technology-enabled international student recruitment platform that connects counselling partners with higher education institutions across major overseas study destinations through both B2B and B2C channels. Built on a proprietary digital platform and a scalable recruitment ecosystem, the Company combines technology, deep institutional relationships and execution excellence to facilitate international student mobility at scale. During FY 2025-26, Crizac processed approximately 3.94 lakh student applications through a network of 15,980+ registered counselling partners, including 5,389 active counselling partners, supporting admissions across 400+ university partnerships, of which 198 generated revenue in FY 2025-26. With recruitment originating from 85+ source countries and placements spanning 11 destination markets, the Company has developed a diversified global platform that reduces concentration risk while enabling sustainable long-term growth.

A defining strength of the Companys business lies in the longevity and quality of its relationships across both universities and recruitment partners. A significant proportion of business continues to be generated through long-standing university partnerships and experienced counselling partners, despite the absence of exclusive arrangements, reflecting the confidence placed in the Companys compliance standards, execution capabilities and service quality. During the year, the active partners network expanded by 36%, while maintaining strong engagement with existing partners, demonstrating the Companys ability to deepen relationships even as it broadens its network. The top 10 university partners contributed 66% of FY 2025-26 revenue, illustrating the depth and continuity of these institutional relationships, while the continued growth in applications processed per active counselling partners reflects improving productivity across the recruitment ecosystem.

During FY 2025-26, Crizac further strengthened its long-term growth platform through a series of targeted acquisitions and capability-building initiatives. The acquisition of a majority stake in Global Tree Careers Private Limited expanded the Companys presence in direct-to-student counselling, immigration and allied services, complementing its established B2B platform with scalable B2C capabilities. The acquisition of Studies Planet.com Limited provided an entry into Latin America, while the integration of the Medway Educational Consultant team strengthened its presence in New Zealand. Together, these initiatives diversified the Companys sourcing capabilities, expanded its geographic reach and reinforced its ability to participate across a wider spectrum of the international education value chain.

The evolving global landscape for international education continues to favour diversified recruitment platforms. Changes in immigration policies, visa regulations and poststudy work opportunities are increasingly redistributing student demand across destinations rather than reducing it. Crizacs presence across key English-speaking education markets, including the United Kingdom, Canada, Australia, New Zealand, Ireland and the United States, together with its growing presence in the United Arab Emirates and selected European countries, enables the Company to respond effectively to changing student preferences while reducing dependence on any single education corridor. Diversification across source markets, including India, Africa, Asia and Latin America, further enhances business resilience and creates a balanced recruitment portfolio. On a destination basis, the Companys revenue remained concentrated in the United Kingdom, which contributed approximately 97% of FY 2025-

26 revenue, with Ireland and other markets accounting for the balance. On a source basis, India represented approximately 48.7% of students sourced, followed by the rest of Asia at approximately 34.7% and Africa at approximately 16.4%, reflecting a progressively diversifying sourcing base alongside a destination mix that remains UK-weighted.

Technology continues to remain a key differentiator in the Companys strategy. During FY 2025-26, the Company committed US$2.5 million towards the five-year EduMentor programme to develop an Al-powered student counselling, mentorship and university-matching platform. The initiative is expected to improve student guidance, strengthen application quality and enhance recruitment efficiency. Alongside this, Crizac continues to broaden its portfolio of value-added services across student loans, accommodation support and visa assistance. Beyond creating incremental revenue streams, these offerings provide a meaningful crossselling opportunity, enabling the Company to participate in a larger share of the student value chain while strengthening long-term customer engagement and supporting structural margin expansion.

Operational performance during FY 2025-26 reflected the scalability and resilience of the Companys operating model. Student applications increased by 43% over the previous year, with enrolments rising 13.8% year-on-year to 24,697, while application-to-enrolment conversion remained broadly stable despite an evolving geographic mix. Conversion performance varied across source markets, with India continuing to record healthy conversion levels alongside improving contributions from Latin America, Asia and Africa. Higher productivity across the recruitment network, supported by Al-enabled screening, digital workflows and robust documentation processes, enabled the Company to maintain high-quality applications and consistently low rejection rates despite heightened visa scrutiny across several key destination markets. These capabilities continue to strengthen the Companys value proposition for both universities and recruitment partners.

The financial statements for FY 2025-26 have been prepared in accordance with the applicable Indian Accounting Standards and the relevant provisions of the Companies Act, 2013. From a financial perspective, the Company delivered another year of profitable and capital-efficient growth. Revenue from operations increased by 22.7% year-on-year to Rs.1,04,215.71 lakhs, supported by higher application volumes, stronger commercial realisations with university partners, favourable foreign exchange movements and contributions from recently acquired businesses. EBITDA increased to approximately Rs.28,240 lakhs, while EBITDA margin improved to approximately 27.1%, reflecting the operating leverage inherent in the Companys asset-light business model. Profit before tax increased to Rs.28,721.72 lakhs, while profit after tax rose by 41.4% to Rs.21,918.06 lakhs. Diluted earnings per share improved to Rs.12.52 from Rs.8.86 in the previous year.

The Companys balance sheet continued to reflect considerable financial strength. As at 31 March 2026, total borrowings stood at only Rs. 175.49 lakhs. Inclusive of cash, bank balances and fixed deposits held across maturities, the Company maintained a net cash position of approximately Rs.46,740 lakhs, consistent with the position disclosed in its Q4 FY 2025-26 investor presentation. Net cash generated from operating activities amounted to Rs. 14,413.68 lakhs, supporting investments in technology, acquisitions and future growth initiatives without reliance on external leverage. Supported by prudent capital allocation, disciplined financial management and strong cash generation, Crizac remains well positioned to pursue sustainable long-term growth whilemaintaining a resilient balance sheet and high standards of corporate governance, transparency and regulatory compliance.

Brief financial performance on consolidated basis for Financial Year 2025-26:

(Rs. in lakh)

Particulars	Year ended March 31, 2026	Year ended March 31,2025
Revenue from Operations	1,04,215.71	84,949.10
EBITA	28,242.19	21,564.00
Interest and Financial Charges	6.58	1.13
Depreciation and amortization*	2,736.28	4,565.50
Tax expenses	6,803.71	5,020.08
Net Profit	21,918.06	15,498.92

Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in Key Financial Ratios, along with detailed explanations thereof including:

Ratio	FY 2025-26	FY 2024-25	% Change	Reason for Variance
Trade Receivables Turnover (Times)	4.21	4	5.25%	Marginal improvement in line with revenue growth relative to average receivables; within the normal operating range.
Debt Service Coverage Ratio (Times)	1,897.85	2,286.32	-16.99%	Reflects normal variation in operating cash flows. With a net cash position and negligible borrowings, this ratio is not a meaningful indicator of the Companys financial strength.
Current Ratio (Times)	2.1	1.62	29.63%	The improvement was primarily driven by a higher increase in current assets, particularly cash and bank balances and trade receivables arising from increased business volumes, compared with the growth in current liabilities, thereby strengthening the Companys short-term liquidity position.
Debt-Equity Ratio (Times)	0	0	0.00%	The Company continued to operate without external borrowings during both years and remained funded through equity and internal accruals, resulting in an unchanged debt-equity position.
Operating Profit Margin (%)	27.10%	25.40%	6.69%	Reflects operating leverage and favourable foreign exchange movements, as revenue grew faster than operating expenses.
Net Profit Margin (%)	20.50%	17.50%	17.14%	Driven by higher revenue growth, operating leverage, favourable foreign exchange movements and improved profitability.
Return on Capital Employed (%)	48.60%	40.80%	19.12%	Reflects improved operating profitability and more efficient utilisation of capital employed.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Crizac has established a comprehensive internal control framework designed to support the efficient conduct of its business, safeguard assets, ensure the accuracy and reliability of financial reporting, maintain data integrity and facilitate compliance with applicable laws, regulations and internal policies. Given the Companys technology-enabled operating model and its engagement with a wide network of counselling partners, universities and international stakeholders, the control environment is structured to promote transparency, accountability and disciplined execution across business functions.

The Company maintains internal financial controls that are commensurate with the size, scale and complexity of its operations. These controls encompass key areas including revenue recognition, financial reporting, treasury management, information technology systems, contractual compliance, partner onboarding, transaction processing and statutory compliance. Established policies, standard operating procedures and approval mechanisms support consistency in decision-making and operational execution across the organisation.

The internal audit function, conducted by an independent professional firm, periodically reviews the adequacy and effectiveness of internal controls, risk management practices and critical business processes. Audit observations, recommendations and management responses are reviewed by the Audit Committee, which provides oversight on the implementation of corrective actions and continuous strengthening of the control environment. The Audit Committee regularly evaluates the effectiveness of internal controls and monitors compliance with governance standards, regulatory requirements and financial reporting obligations.

Recognising the increasing importance of technology, data security and regulatory compliance in the international education services sector, the Company continues to enhance its control framework through process automation, system- based monitoring, access controls and periodic reviews of information security protocols. Internal assessments are also undertaken to evaluate operational efficiency, partner management processes, contractual compliance, financial controls and business continuity measures.

The management believes that the Companys internal financial controls were adequate and operating effectively throughout FY 2025-26 and the Company remains committed to continuously strengthening its governance and control mechanisms to support sustainable growth, operational resilience, stakeholder confidence and long-term value creation.

RISK MANAGEMENT

Operating within the global education services ecosystem requires the Company to navigate a dynamic environment

shaped by evolving immigration policies, changing student preferences, technological developments, regulatory requirements and international market conditions. The Companys proprietary platform is central to its business operations, and the controls built around application processing, counselling partners onboarding and verification, document authenticity checks and visa compliance monitoring form an important part of its internal risk architecture. The Company recognises that effective risk management is essential not only for protecting business continuity but also for sustaining long-term growth and stakeholder confidence.

During FY 2025-26, the Company continued to strengthen its risk management capabilities through a structured framework that identifies, evaluates, monitors and mitigates risks across strategic, operational, financial, technological and compliance- related areas. Given the Companys presence across multiple geographies and its engagement with students, counselling partners, universities and regulatory bodies, risk management remains an integral component of business planning and decision-making.

The Companys approach is increasingly anchored in compliance-led recruitment, with application quality, adherence to the UKs Agent Quality Framework and rigorous partner screening forming the operational foundation of its risk posture. Al-led automation, including the deployment of intelligent screening and error minimisation tools across the application workflow, serves both an efficiency and a control function thereby reducing the incidence of incomplete, inaccurate or non-compliant submissions before they reach institutional partners. This positions the Companys technology investment not merely as a commercial capability but as a direct internal control mechanism.

The Company has completed two strategic acquisitions during FY 2025-26 and has an active pipeline for further inorganic growth. While acquisitions strengthen geographic reach and service diversity, they also introduce specific

Key risks and mitigation measures integration and control challenges, including the alignment of technology systems, compliance standards, partners quality frameworks and operational processes across acquired entities. The Companys management approach to integration is structured and monitored, with dedicated oversight to ensure that governance and quality standards are maintained consistently across the expanded group.

Risk assessments are periodically reviewed by senior management and the Board-level Risk Management Committee to ensure that mitigation strategies remain aligned with evolving business realities and external developments.

Risk Management Framework

Crizacs risk management framework is designed to create a proactive and enterprise-wide approach towards risk identification and mitigation. The framework encompasses:

• Continuous identification of internal and external risks affecting business operations

• Assessment of potential impact and likelihood of occurrence

• Development and implementation of appropriate mitigation strategies

• Periodic monitoring of key risk indicators

• Escalation of significant risks to senior management and the Risk Management Committee

• Regular review of controls, policies and governance mechanisms

• Strengthening business continuity and operational resilience measures

The Risk Management Committee, supported by management teams across functions, periodically evaluates emerging risks and reviews the effectiveness of mitigation plans. The framework is integrated with the Companys internal control systems, compliance processes and strategic planning activities.

Risk Area	Potential Impact	Mitigation Measures
Changes in Immigration and Visa Policies	Stricter visa regulations, work-permit restrictions or immigration policy changes in key destination countries may impact student mobility and enrolment volumes.	Diversified destination portfolio spanning the UK, Canada, Australia, New Zealand, Ireland and the US; close monitoring of policy developments; regular engagement with university partners; and proactive student counselling to identify alternative pathways.
Dependence on International Education Demand	Economic uncertainty or reduced student willingness to study abroad may affect business volumes.	Diversified source markets across Asia, Africa and Latin America; expanding destination choices; strengthening value-added services; and leveraging technology to improve student conversion and retention.
Technology Platform Risk	System outages, technology disruptions or infrastructure failures may impact service delivery.	Scalable technology architecture, business continuity planning, regular system maintenance, backup mechanisms and ongoing technology investments.
University Partner Concentration Risk	Dependence on a limited number of institutions may impact revenues if partnerships change.	Continuous expansion of the university network across geographies and disciplines, with active efforts to deepen existing institutional relationships and reduce concentration through geographic and disciplinary diversification.
Counselling partners Network Risk	Inconsistent service quality or non-compliance by counselling partners could affect student outcomes and institutional reputation.	Structured onboarding processes, AQF compliance standards, application quality controls, AI-led error minimisation tools, performance monitoring, compliance checks, training programmes and continuous partner engagement initiatives.
Acquisition Integration Risk	Multiple acquisitions within a short timeframe may create challenges in aligning technology systems, compliance standards, partners quality frameworks and operational processes across acquired entities.	Dedicated integration oversight, structured postacquisition alignment plans, consistent application of governance and quality standards across the expanded group, and phased technology and process harmonisation.
AI and Algorithmic Risk	Errors, biases or failures in AI-driven screening, matching or decision-support tools may affect application quality, student outcomes or institutional trust.	Ongoing validation and testing of AI models, human oversight at key decision points, transparent algorithmic processes, regular audits of AI-generated outputs and continuous improvement protocols.
Data Privacy and Cybersecurity Risk	Unauthorised access, data breaches or cyber incidents could affect business operations and stakeholder trust.	Robust information-security protocols, controlled access management, periodic security reviews, system monitoring and adherence to applicable data protection requirements including GDPR across relevant jurisdictions.
Regulatory and Compliance Risk	Non-compliance with applicable regulations across jurisdictions may result in penalties or operational restrictions.	Dedicated compliance processes, legal oversight, periodic audits, policy reviews and continuous monitoring of regulatory developments across all operating geographies.
Reputation Risk	Adverse publicity, partner dissatisfaction or service-related issues may impact stakeholder confidence.	Strong governance practices, transparent communication, quality assurance mechanisms and continuous stakeholder engagement.
Foreign Exchange Risk	Fluctuations in currency exchange rates, particularly INR-GBP volatility given the significance of sterling-denominated university payouts, may affect realisations and reported financial performance.	Ongoing monitoring of INR and other currency exposures, prudent treasury practices and geographic diversification of revenue streams to reduce dependence on any single currency.
Talent Acquisition and Retention Risk	Inability to attract and retain skilled professionals may affect growth and service quality.	Employee engagement initiatives, leadership development, performance-based incentives, learning opportunities and a collaborative work environment.
Geopolitical and Macroeconomic Risk	Global conflicts, economic slowdowns or trade disruptions may influence international student flows and institutional budgets.	Diversified geographic footprint, flexible operating model, strong partner ecosystem and continuous monitoring of global developments.
Competition Risk	Increasing competition from education platforms, consultants and technology-led service providers may impact market share.	Strategic acquisitions, technology investments, compliance infrastructure including AQF accreditation, deepening institutional relationships and scale advantages that are difficult for smaller operators to replicate.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES

Crizac Limited recognises that its people are central to its ability to create value across the global education ecosystem. The Companys success depends on the expertise, commitment and collaborative efforts of its workforce across student counselling, partner engagement, technology development, operations, compliance, finance and support functions.

International education advisory is a specialist capability within the organisation. The Companys counselling teams

are trained specifically to understand destination-specific visa pathways, university admission requirements, post-study work rights and evolving regulatory frameworks across the UK, Canada, Australia, New Zealand, Ireland and the United States. This domain depth is developed through structured onboarding programmes, continuous learning initiatives and regular engagement with university partners, ensuring that counsellors remain current with the policy and admission landscape across all markets the Company serves.

During FY 2025-26, the Company continued to invest in strengthening organisational capabilities through focused learning and development initiatives across international education advisory, partner relationship management, regulatory compliance, technology adoption and operational effectiveness. Particular emphasis was placed on improving digital proficiency and cross-functional collaboration to support the Companys evolving business model and expanding geographic footprint.

The Company completed two strategic acquisitions during the year. In both cases, existing teams from the acquired entities were retained and integrated into the broader organisation, bringing with them specialist domain knowledge, established partner relationships and geographic expertise that complement the Companys existing capabilities. Integration of these teams has been managed through structured onboarding, alignment of operating processes and the progressive adoption of the Companys technology and compliance standards across acquired businesses.

TheCompanys headcount composition reflects itstechnology- forward operating model, with investments in technology and platform development running alongside growth in counselling, operations and compliance functions. Revenue growth during the year has outpaced headcount growth, reflecting improving operating leverage as automation and platform capabilities absorb higher application volumes without a proportional increase in staffing. As on 31st March 2026, the Company had permanent employees on its payroll, including added through acquisitions during the year.

Industrial relations during FY 2025-26 remained cordial and harmonious, with no material disruptions to business operations. The Company maintained constructive employee relations through transparent communication, fair employment practices and adherence to applicable labour laws and statutory requirements, while fostering a high- performance culture that aligns individual aspirations with long-term organisational objectives.

INFORMATION & TECHNOLOGY

Technology is a core enabler of the Companys business model rather than a supporting function. The Companys proprietary platform underpins its end-to-end recruitment operations, handling application processing, partners onboarding and management, university connectivity, document verification and compliance monitoring across all destination markets. The platform serves a large and growing base of counselling partners and institutional relationships, processing significant application volumes annually while maintaining consistency in service quality and submission standards.

During FY 2025-26, the Company advanced its AI capabilities meaningfully. Al-led student matching, automated application screening, intelligent document verification and error minimisation tools are now operational across core workflows, reducing the incidence of incomplete or noncompliant submissions and improving conversion outcomes for both students and university partners. The Companys strategic investment in Edumentor further strengthens its AI positioning by bringing machine-learning-driven student counselling and engagement capabilities into its platform ecosystem.

The year also saw the addition of new destination modules, improved application processing timelines and enhanced integrations with university admissions systems, all of which improve the experience for counselling partners, students and institutional partners. The Companys Crizac Intelligence Platform continues to evolve, aggregating application data, partners performance metrics and university conversion analytics into a unified decision-support layer that enables faster, more evidence-based operational decisions.

The Company remains committed to ongoing investment in information security, data protection, platform resilience and compliance with applicable data privacy regulations across all jurisdictions in which it operates, ensuring that its technology infrastructure supports both growth and governance objectives.

CAUTIONARY STATEMENT

This statement made in this section describes the Companys objectives, projections, expectation and estimations which may be forward looking statements within the meaning of applicable securities laws and regulations. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised by the Company. Actual result could differ materially from those expressed in the statement or implied due to the influence of external factors which are beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements on the basis of any subsequent developments.