Vantage Knowledge Academy Ltd Management Discussions

FOR VANTAGE KNOWLEDGE ACADEMY LIMITED

1. Industry Overview & Business Model :- Industry Overview:-

The Indian education and training industry has been undergoing a significant transformation, driven by increasing demand for professional certifications, skill-based courses, and global qualifications. With the advent of digital learning platforms, hybrid models of delivery, and international collaborations, the sector has expanded beyond traditional classroom-based programs.

In particular, the demand for finance, banking, wealth management, and global accountancy certifications has seen steady growth, fuelled by:

• Rising financial literacy needs in India.

• The growing requirement of skilled professionals in BFSI (Banking, Financial Services, and Insurance).

• Increasing recognition of global certifications (such as CMT, CWM, CGMA) in the Indian job market.

• Policy focus on Skill India and NEP 2020, which promote vocational and professional education.

The EdTech segment further complements this industry, with students and professionals seeking flexible, online, and industry-recognized learning formats. This creates opportunities for niche players like Vantage Knowledge Academy to expand both domestically and internationally.

Business Model: -

Vantage Knowledge Academy Limited operates as a knowledge and training solutions provider focused on offering specialised education and professional certification programs. Its business model is built on the following pillars:

a) Program Portfolio

o Offers globally recognised programs such as Chartered Wealth Manager (CWM), Chartered Global Management Accountant (CGMA), Chartered Market Technician (CMT), Certified Financial Literate (CFL), Certified Global Investment Banker (CGIB) and collaborations with reputed local / global institutions.

o Expands into financial literacy initiatives, short-term skill courses, and digital education formats, thereby diversifying its offerings.

b) Partnership & Alliances

o Collaborates with international certification bodies, foundations, and professional institutes to bring globally accredited programs to India.

o Recent tie-ups with Financial Literacy & Inclusion Foundation (FLIF) and Cyber Skillsphere Pvt Ltd illustrate its collaborative approach.

c) Delivery Mechanism

o Courses are delivered through a mix of classroom training, workshops, online modules, and podcasts (e.g., Beyond the Syllabus). o Focus on expanding digital presence for wider student outreach and cost efficiency.

d) Revenue Model

o Primary revenue comes from student enrollments and course fees. o Ancillary revenues may include study material sales, certification examination tie-ups, training workshops, and corporate programs.

e) Target Segment

o Students seeking global finance and accountancy careers. o Working professionals pursuing upskilling or career advancement. o Corporate and institutional clients for customised training and certification needs.

2. Financial Performance & Key Highlights :- Financial Performance:-

During the financial year under review, the Companys operations reflected both growth opportunities and challenges, with revenues showing volatility across quarters in line with student enrollment cycles and program launches.

Q1 FY 2025-26 (Apr-Jun 2025)

• Total Income: Rs. 94.85 lakh (vs. Rs. 54.87 lakh in Q1 FY 2024-25), up 72.8% YoY.

• Net Sales: Rs. 0.93 crore, an 86.8% YoY increase.

FY 2024-25 Quarterly Trend Quarter Revenue (Rs. crore) YoY Growth

Q4	0.80	-60.1%
Q3	1.02	+48.9%
Q2	1.17	+66.3%
Q1	0.50	-45.7%

This performance indicates that while the Company has demonstrated strong year-on- year growth in multiple quarters, revenues remain subject to short-term fluctuations, depending on timing of course intakes, partnerships, and program rollouts.

Key Highlights of FY 2024-25 and Q1 FY 2025-26

1) New Program Launches & Initiatives

o Introduced the Certified Financial Literate (CFL) program in collaboration with the Financial Literacy & Inclusion Foundation (FLIF).

o Announced the Chartered Global Investment Banker (CGIB) certification program, strengthening its international offerings.

o Entered into collaboration with Cyber Skillsphere Pvt. Ltd. to expand digital education reach.

o Launched "Beyond the Syllabus", an educational podcast channel, as part of digital engagement initiatives.

2) Corporate Developments

o Board of Directors considered and approved the Unaudited Financial Results for Q1 FY 2025-26 in its meeting held on 14 th August 2025.

o Resignation of Mr. Rajesh Chapshi Dedhia, Additional Executive Director, effective 3rd August 2025.

3) Capital Market & Shareholder Value

o The equity shares of the Company witnessed significant volatility during FY 2024-25, with a sharp decline from its 52-week high of around Rs.90 per share to lows of Rs.3-4 per share, before showing signs of recovery in mid-2025.

o As on date, the market capitalization stands in the range of Rs.163- Rs.171 crore, with the stock trading between Rs.4.78 - Rs.5.01.

4) Corporate Action

o Successfully completed a stock split in FY 2024, reducing the face value of equity shares from Rs.10 to Rs.1 per share, thereby enhancing liquidity and accessibility to retail investors.

3. Corporate Developments & Strategic Initiatives: -

1) Strategic Program Launches

• During the year, the Company expanded its academic portfolio with the introduction of new certification programs to strengthen its positioning in the professional education domain.

• Key initiatives included:

o Launch of the Chartered Global Investment Banker (CGIB) program, aimed at building advanced expertise in global investment banking practices.

o Rollout of the Certified Financial Literate (CFL) program in association with the Financial Literacy & Inclusion Foundation (FLIF), reinforcing the Companys commitment towards promoting financial literacy and inclusion.

o Expansion of short-term certificate courses in Technical Analysis, Global Accountancy, and Wealth Management to attract both students and working professionals.

2) Partnerships & Collaborations

• Entered into a strategic collaboration with Cyber Skillsphere Pvt. Ltd. to leverage technology-based platforms and widen the outreach of digital education.

• Strengthened global alliances with reputed professional bodies to provide internationally recognised certifications in wealth management, banking, and finance.

3) Digital & Media Initiatives

• Recognising the growing importance of digital engagement, the Company launched an educational podcast series titled "Beyond the Syllabus", aimed at addressing contemporary topics beyond traditional curriculum and engaging a broader audience.

• Continued investments in digital delivery platforms and online learning modules, thereby enhancing accessibility and scalability of the Companys training programs.

4) Governance & Corporate Changes

• The Board of Directors approved the Unaudited Financial Results for Q1 FY 2025-26 in its meeting held on 14th August 2025.

• Mr. Rajesh Chapshi Dedhia tendered his resignation as Additional Executive Director with effect from 3rd August 2025.

• The Company successfully completed a stock split in FY 2024, reducing the face value of equity shares from Rs.10 to Rs.1, thereby improving liquidity and participation from retail shareholders.

5) Strategic Outlook

• The Company intends to further strengthen its portfolio by launching more globally accredited certifications in finance and allied domains.

• Focus areas include:

o Increasing student enrollments through digital-first strategies.

o Leveraging collaborations with professional institutions for new curriculum development.

o Enhancing brand visibility through podcasts, workshops, and awareness programs.

o Driving sustainable growth by diversifying into newer geographies and corporate training modules.

4. Corporate Governance & Leadership Changes :-

1) Corporate Governance Framework

The Company remains committed to maintaining the highest standards of corporate governance, guided by the principles of accountability, transparency, integrity, and fairness. The governance structure of Vantage Knowledge Academy Limited is designed to ensure effective oversight, ethical business conduct, and protection of stakeholder interests.

• The Board of Directors continues to provide strategic direction and monitor the Companys performance, ensuring compliance with the Companies Act, 2013 and applicable SEBI (LODR) Regulations, 2015.

• Independent Directors bring objectivity and balance in decision-making, enhancing governance effectiveness.

• The Company has adopted policies on Code of Conduct, Whistle Blower/Vigil Mechanism, and Insider Trading, ensuring adherence to ethical practices.

2) Board Meetings & Oversight

• The Board met during the year to review operational and financial performance, with timely disclosures made to the stock exchange.

• In its meeting held on 14th August 2025, the Board considered and approved the Unaudited Financial Results for Q1 FY 2025-26 along with other strategic matters.

3) Leadership Changes

• Appointment & Resignation of Directors and Key Managerial Personnel:

o Ms. Monika Dedhiya has tendered the resignation from the position of Company Secretary and compliance officer of the company effective from the closure of business hours April 17, 2025.

o Mr. Rajesh Chapshi Dedhia, had appointed as an Additional Executive Director of the Company as on 02nd March, 2025 but due to some pre-occupancies he has tendered his resignation to the Board effective from 3rd August 2025. The Board placed on record its appreciation for his valuable contributions during his tenure. o Ms. Ritu Bansal appointed as a Company Secretary and Compliance Officer of the Company with effect from 11th of July, 2025.

• No other major changes in the composition of the Board or Key Managerial Personnel were reported during the period under review.

4) Commitment to Stakeholders

The Company continues to focus on strengthening its Board and management bandwidth in alignment with its long-term strategic objectives. It is committed to:

• Maintaining a well-balanced mix of professionals on the Board.

• Enhancing leadership capacity in academic, operational, and financial domains.

• Strengthening compliance, risk management, and internal control systems to ensure sustainable growth.

5. Stock Market Performance & Valuation

1) Stock Market Performance

• The equity shares of the Company are listed on the BSE Limited under the SME platform.

• During FY 2024-25 and Q1 FY 2025-26, the Companys stock witnessed significant volatility reflecting overall market sentiment, liquidity on SME exchanges, and sector-specific developments.

• The stock recorded a 52-week high of around Rs.90 per share (December 2024) and a low of approximately Rs.3-4 per share (mid-2025).

• As of August-September 2025, the stock has shown signs of recovery and is currently trading in the range of Rs.4.78 - Rs.5.01 per share, with a market capitalization between Rs.163 crore - Rs.171 crore.

• The sharp movement indicates that the Companys stock is highly sensitive to investor sentiment, corporate announcements, and quarterly financial performance.

2) Liquidity & Shareholder Base

• In FY 2024, the Company successfully completed a stock split, reducing the face value of its equity shares from Rs.10 to Rs.1 per share, thereby enhancing liquidity and accessibility for retail investors.

• Post-split, the trading volumes have improved, though liquidity continues to remain limited compared to main-board listed entities.

3) Valuation Metrics

• The Companys stock is currently valued at relatively high multiples compared to sector peers, suggesting that investors are pricing in strong growth expectations:

o Price-to-Earnings (P/E) Ratio: approximately 234x (as of August 2025). o Price-to-Book (P/B) Ratio: approximately 4.16x, above peer median of approximately3.01x.

• Despite modest earnings and quarter-on-quarter fluctuations, the premium valuation reflects market optimism on the Companys growth prospects in professional education and certification training.

4) Investor Outlook

• The short-term performance of the stock has been encouraging, with a approximately39% gain in recent weeks; however, long-term performance continues to reflect the steep correction from its earlier highs.

• Going forward, sustainable earnings growth, successful execution of new programs, and enhanced brand visibility will be key factors in determining shareholder value.

• The Company remains committed to creating long-term wealth for its investors through consistent performance, expansion of offerings, and strong governance practices.

6. Risks and Future Outlook :-

Key Risks

1) Revenue Volatility

o The Companys revenues are closely linked to student enrollments, course intakes, and timing of new program launches.

o Fluctuations across quarters indicate exposure to cyclical and seasonal variations in admissions.

2) Competition & Industry Dynamics

o The education and training sector is highly competitive, with both established institutions and emerging EdTech players intensifying price and content competition.

o Availability of free or low-cost online courses could exert pressure on enrollments and margins.

3) Execution Risk in New Initiatives

o Successful rollout of newly launched certifications (CGIB, CFL, podcasts, digital modules) depends on effective delivery, student acceptance, and sustained demand.

o Any delay or underperformance could impact revenue growth.

4) Regulatory & Compliance Environment

o Education and professional training are subject to evolving regulatory frameworks, including recognition of programs, foreign collaborations, and compliance with SEBI and Companies Act requirements.

o Changes in policies on higher education and skill development may affect operations.

5) Stock Market Volatility

o The Companys equity shares have experienced significant swings, from highs of approximatelyRs.90 per share to lows near Rs.3-4 per share within the year.

o This volatility may impact investor confidence and the ability to raise funds in the future.

6) Human Capital Dependence

o The quality and continuity of faculty, trainers, and academic partners are critical to delivering programs.

o Attrition or inability to attract skilled professionals may pose challenges.

Future Outlook

Despite the risks, the Company remains optimistic about its growth trajectory, supported by industry trends and its strategic initiatives.

1) Expansion of Course Offerings: Continued diversification into globally accredited programs in finance, accountancy, and wealth management.

2) Digital-First Strategy: Scaling up digital delivery platforms, online modules, and podcasts to expand reach beyond physical centers.

3) Partnerships & Collaborations: Leveraging alliances with international bodies and domestic institutions to enhance brand credibility and curriculum depth.

4) Market Positioning: Focusing on financial literacy and professional certifications to cater to students, professionals, and corporates in India and abroad.

5) Long-Term Growth: By aligning with national education initiatives and increasing financial awareness, the Company seeks to establish itself as a leading provider of professional education solutions.

The management is confident that with its robust governance framework, focused strategy, and diversified program portfolio, the Company is well positioned to deliver sustainable growth and create long-term value for stakeholders.

Summary Table

Section	Key Highlights
Industry Overview & Business Model	Operating in the growing professional education and certification sector, with focus on finance, banking, wealth management, and global accountancy programs. Business model built on student enrollments, global partnerships, and digital delivery.
Financial Performance & Highlights	Q1 FY 2025-26 revenue at Rs. 94.85 lakh, up approximately 72.8% YoY. Quarterly performance showed volatility across FY 2024-25 due to enrollment cycles. Key initiatives included new program launches (CGIB, CFL), partnerships, and stock split.
Corporate Developments & Strategic Initiatives	Strong governance framework aligned with SEBI & Companies Act.
Corporate Governance & Leadership Changes	Elevated P/E and P/B suggest high expectations vs current fundamentals.
Stock Market Performance & Valuation	Stock witnessed extreme volatility - 52- week high at Rs.90, low near Rs.3-4. Currently trading at Rs.4.78-Rs.5.01 with market cap approximatelyRs. 163-171 crore. Valued at P/E approximately234x, P/B approximately4.16x, reflecting strong growth expectations.
Risks	Revenue dependence on enrollment cycles, strong competition from EdTech and institutions, execution risk in new initiatives, regulatory uncertainty, stock volatility, and dependence on skilled faculty.
Future Outlook	Focus on digital-first strategy, program diversification, global partnerships, and enhancing brand visibility. Long-term aim to deliver sustainable growth and create value for stakeholders.