Zee Learn Limited (ZEELEARN) AI Stock Analysis

• Market Cap: ₹2.11B
• Dividend Yield: N/A
• Average Volume (3M): 27.53K
• Price to Earnings (P/E): 23.8
• Beta (1Y): 1.16
• Revenue Growth: 28.91%
• EPS Growth: -94.80%
• Country: IN
• Employees: 316
• Sector: Services
• Sector Strength: N/A
• Industry: Education & Training Services
• EPS (TTM): -0.19
• Shares Outstanding: 327,062,000
• 10 Day Avg. Volume: 32,923
• 30 Day Avg. Volume: 27,529
• PEG Ratio: -0.15
• Price to Book (P/B): 0.91
• Price to Sales (P/S): 0.45
• P/FCF Ratio: 2.48
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: ₹6.50 ▼(-6.07% Downside)

Zee Learn Limited's overall stock score reflects its mixed financial performance and technical analysis. While operational efficiency and cash flow stability are strengths, high leverage and inconsistent profitability are significant risks. The stock's valuation suggests it may be overvalued, and technical indicators show potential bearish momentum.

Positive Factors

Recurring franchise and services revenue

A business model centered on franchise/licensing and recurring academic/support fees creates durable, low-capex revenue streams. Scalable network growth and repeatable service contracts support predictable cash flow and margin leverage as the brand and systems expand across partners.

Positive free cash flow trend

Consistent and growing free cash flow enhances the company's ability to service debt, invest in curriculum and teacher training, and fund network expansion without dilutive financing. Sustained FCF underpins financial flexibility and resilience across business cycles.

Improving operating margins

Rising EBIT/EBITDA margins reflect structural improvements in cost management and scalable service delivery. If maintained, higher operating efficiency supports reinvestment in brand, product development, and teacher training, strengthening long-term profitability durability.

Negative Factors

High financial leverage

A high debt-to-equity position raises interest burden and reduces strategic flexibility, making the company more sensitive to enrollment shocks or slower fee collection. Elevated leverage can constrain capital allocation and increase refinancing risk over the medium term.

Inconsistent profitability and volatile ROE

Volatile ROE and fluctuating net margins signal uneven earnings quality, complicating long-term planning and reducing retained earnings for reinvestment. Persistent profitability swings undermine predictability of returns and can limit the company’s ability to self-fund growth.

Revenue dependent on partner network growth and retention

Heavy reliance on franchisee additions, renewals and partner enrollment means revenue is exposed to partners' operational health and local demand. Limited direct control over partner-run schools increases revenue cyclicality and execution risk over multi‑quarter horizons.

Zee Learn Limited Business Overview & Revenue Model

Company Description

Zee Learn Limited (ZEELEARN) is a prominent Indian education company that operates in the K-12 and higher education sectors. The company focuses on delivering quality education through a variety of formats, including schools, vocational training, and digital learning platforms. ZEELEARN is known for its innovative educational methodologies and partnerships with established educational institutions, providing a comprehensive range of products and services aimed at enhancing the learning experience for students across different age groups.

How the Company Makes Money

Zee Learn Limited generates revenue primarily through the establishment and operation of schools under various brands, including Zee School and Kidzee, which cater to pre-school and primary education markets. The company earns tuition fees from students enrolled in these institutions, which form a significant portion of its revenue. Additionally, ZEELEARN offers vocational training and skill development programs that further contribute to its income. The company also benefits from franchising its educational brands, receiving franchise fees and ongoing royalties from franchisees. Partnerships with educational institutions and government bodies for skill development initiatives and educational projects also provide additional revenue streams, enhancing its overall financial performance.

Zee Learn Limited Financial Statement Overview

Summary

Zee Learn Limited exhibits a mixed financial performance. Improvements in operational efficiency and cash flow stability are positive, but high financial leverage and inconsistent profitability are concerns. Continued focus on revenue growth and managing debt levels is crucial.

Income Statement

The company shows a mixed performance in its income statement. Gross profit margin has been relatively stable, but net profit margin has seen fluctuations due to variable net income. Revenue growth has been inconsistent, with some periods of decline. EBIT and EBITDA margins have improved recently, indicating better operational efficiency.

Balance Sheet

The balance sheet reflects moderate financial health. With a high debt-to-equity ratio, the company is highly leveraged, which poses potential risks. ROE has been volatile, reflecting inconsistent profitability. However, the equity ratio shows that a moderate portion of assets is financed by equity, providing some stability.

Cash Flow

Cash flow analysis indicates a positive trend, with growing free cash flow and a reasonable operating cash flow to net income ratio. The company has managed to maintain positive free cash flow, which supports its operations and debt servicing. However, the variability in capital expenditures and financing activities could pose challenges.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.00B	3.93B	3.56B	3.24B	2.48B	2.57B
Gross Profit	1.81B	1.92B	2.61B	2.26B	1.93B	2.00B
EBITDA	1.11B	1.24B	2.41B	-3.76B	800.45M	966.04M
Net Income	109.79M	127.23M	1.63B	-4.43B	-27.24M	-87.93M
Balance Sheet
Total Assets	0.00	15.09B	10.84B	10.24B	14.47B	14.72B
Cash, Cash Equivalents and Short-Term Investments	297.17M	295.19M	225.71M	347.40M	318.82M	129.87M
Total Debt	0.00	3.99B	3.60B	4.63B	4.37B	4.44B
Total Liabilities	-1.96B	13.13B	9.01B	8.83B	8.45B	8.57B
Stockholders Equity	1.96B	1.96B	1.83B	192.38M	4.63B	4.64B
Cash Flow
Free Cash Flow	0.00	718.21M	477.35M	378.08M	613.89M	110.92M
Operating Cash Flow	0.00	828.90M	504.55M	419.79M	625.03M	124.30M
Investing Cash Flow	0.00	-125.64M	-52.79M	-120.22M	-56.36M	142.58M
Financing Cash Flow	0.00	-633.50M	-609.65M	-298.83M	-368.95M	-291.19M

Zee Learn Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.92
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ZEELEARN, the sentiment is Negative. The current price of 6.92 is above the 20-day moving average (MA) of 6.72, below the 50-day MA of 7.08, and below the 200-day MA of 8.31, indicating a bearish trend. The MACD of -0.21 indicates Positive momentum. The RSI at 37.31 is Neutral, neither overbought nor oversold. The STOCH value of 23.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ZEELEARN.

Zee Learn Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GLOBAL	75 Outperform	₹4.16B	18.96	―	1.06%	―	―
INDBANK	71 Outperform	₹1.59B	21.83	―	―	-18.35%	-43.75%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
ZEELEARN	55 Neutral	₹2.11B	23.76	―	―	28.91%	-94.80%
MAHEPC	54 Neutral	₹3.32B	22.72	―	―	17.09%	―
CCHHL	45 Neutral	₹2.16B	25.19	―	―	45.17%	―

Zee Learn Limited Corporate Events

Zee Learn Independent Director Dattatraya Kelkar Completes Tenure and Steps Down

Zee Learn Limited announced that the second term of Independent Director Dattatraya Kelkar has concluded, and he has ceased to be an Independent Director with effect from the close of business on 29 December 2025. Kelkar, who served on key board committees including the Audit, Nomination & Remuneration, Stakeholders Relationship, and Corporate Social Responsibility committees, leaves at the completion of his prescribed tenure, with the board formally recording its appreciation for his contributions, signalling an upcoming reshuffle in the company’s board and committee compositions that stakeholders will watch for implications on governance and oversight.