Saurabh Mittal, Chief Financial Officer (CFO) of S Chand and Company, said the publishing house is banking on its K–12 education book business and new data licensing opportunities to power growth, while actively pursuing acquisitions in India and abroad.

CFO Guides for Double-Digit Growth

For FY26, the listed education content provider has projected revenue of around Rs 800 crore, up from Rs 720 crore last year, with earnings before interest, tax, depreciation and amortisation (EBITDA) margin guidance at 18–20 percent.
“We upped our EBITDA guidance from 18 percent last year as we expect lower paper prices this year,” Mittal told ETCFO.

School Segment Drives Growth

Mittal said that nearly 90 percent of the group’s business comes from its school books segment, which caters to private schools across Central Board of Secondary Education (CBSE), Indian Certificate of Secondary Education (ICSE), and English-medium state boards.

“We also have a strong presence in West Bengal through Chhaya Prakashani, the state’s largest publisher for state board schools. The school segment will continue to be the primary growth driver,” he said.

Expanding into AI Data Licensing

Alongside traditional publishing, S Chand has begun data licensing for artificial intelligence (AI) companies. “We started last year and have already executed a couple of deals. This year we plan to double revenue from this segment with at least three more licensing agreements,” Mittal said.

Acquisition Pipeline in Education

The CFO confirmed that the company is closing in on two acquisitions—one in India and another in the international curriculum segment.

“We are consolidators in the Indian publishing space, having done three to four deals in the past. We only look at profitable companies with healthy margins and growth profiles. We are conservative in valuations and have walked away from expensive opportunities,” he noted.

Long-Term Vision: International Curriculum and Test Prep

Mittal said the company’s three-to-five-year vision includes entry into international curriculum publishing for International Baccalaureate (IB), Cambridge, and IGCSE schools, expansion of CUET-UG coaching, and building content in technology and higher education.

“We want to be the go-to content provider for schools and colleges. Education is a slow and steady business where change happens gradually—we prefer efficiency and cash generation over chasing valuations,” he said.

Challenges: Piracy and Policy Delays

Piracy remains a major headwind for the company, with counterfeit books and PDF circulation eroding revenues. “We have teams monitoring online channels round the clock, but piracy is a significant challenge,” Mittal said.

Policy delays, including the staggered rollout of the National Curriculum Framework (NCF) and uncertainty around higher education reforms, also create hurdles for publishers.

Partnerships and Innovation

On innovation, Mittal highlighted S Chand’s partnership with Google Lens. “Students today search online when they face difficulty. Google Lens provides more precise, age-appropriate educational solutions, and we see strong value in this collaboration,” he explained.

Focus on Efficiency and Governance

On financial priorities, Mittal emphasised operational efficiency, noting that S Chand has consistently generated around Rs 100 crore in annual cash flows over the past five years.

“As a listed entity, corporate governance is at the highest standard. We also continue to support CSR (corporate social responsibility) initiatives in health and education, staying true to the vision of our founder,” he added.