Kolkata, West Bengal : Crizac Limited (“Crizac” or the “Company”), an AI-native global education platform facilitating international student recruitment, remains on track to maintain its FY26 performance in FY27, despite external disruptions to global student mobility during Q2 FY27. The Company expects Q3 FY27 revenue to grow by 10 to 12% over Q3 FY26. Early indications from the Q3 point towards pent-up demand coming through, with the Company expecting H2 FY27 to be significantly stronger than H1 FY27 and deliver growth over H2 FY26, supported by its current application pipeline. The Company believes that the Q2 performance reflects a deferral of demand rather than a change in its underlying business trajectory, with many students having shifted their enrolment plans to the September intake.
Crizac continued to gain market share despite a contraction in UK sponsored study visa volumes amid restrictive immigration policies. Between FY24 and FY26, while UK sponsored study visas declined by 12%, Crizac’s student numbers grew by 53%, resulting in an increase in its market share from 3.5% to 6.0%. Among Indian students, Crizac’s market share increased from 9.0% to 13.9%, despite a 22% contraction in the market, while its share among students from outside India more than doubled from 1.5% to 3.7%. These gains underscore the resilience of Crizac’s business model and its positioning in an evolving international education landscape, where universities are increasingly consolidating recruitment partnerships and prioritising partners with strong compliance frameworks and extensive geographical reach.
The Company views the UK Budget announced on 28 October 2026 as a constructive development for its largest destination market. The Budget proposes to set the Graduate visa at two years for graduates of high-compliance universities where there are strong labour market outcomes, instead of the 18 months that would otherwise apply from January 2027. While the qualifying criteria are yet to be defined, the proposal signals a more open stance towards well-qualified international students and rewards the compliance and student quality on which Crizac’s platform is built.
The Company continues to strengthen its global platform through long-standing institutional relationships and an extensive counselling partner network. The Company works with over 600 educational institutions, with relationships across each of its top 30 partners extending beyond five years. Its counselling partner network comprises more than 18,500 partners, of whom 4,942 were active during H1 FY27. During the period, Crizac’s technology platform processed over 200,000 applications from 92,108 unique applicants, with the Company recording a student enrolment rate of 12.8% on a rolling 12-month basis. These relationships and the scale of its network provide a strong foundation for the Company’s continued growth.
Technology continues to remain central to Crizac’s growth strategy. In March 2026, the Company committed USD 2.5 million towards the in-house development of EduMentor, its AI-led platform focused on student-university matching and mentorship. Alongside its technology investments, Crizac is actively developing new student recruitment corridors beyond its traditional routes, including student mobility from Africa to India and Malaysia to China, complemented by its recent acquisitions. Reflecting progress in diversifying its source and destination mix, destinations outside the UK accounted for approximately 9.5% of total applications during H1 FY27, more than double the 4.7% recorded in H1 FY26.
The Company maintained its net debt-free position, with free cash of INR 5,958 million as of September 30, 2026, reflecting the strength of its balance sheet. Reflecting confidence in the Company’s long-term fundamentals and sustained value creation potential, the Board of Directors declared an interim dividend of INR 4 per equity share, aggregating approximately INR 700 million. The Company expects the total dividend for FY27, including the final dividend, to be in the range of INR 8 to 10 per equity share. Going forward, the Company remains focused on maintaining the quality of applications, deepening its institutional relationships and further strengthening its technology platform, while remaining constructive on the medium-term opportunity in international education.
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