Archive · 21 Aug 2026
India’s EdTech Market Could Triple as Three Stocks Expand
India is trying to help more people attend higher education.
One way to do this is by using online classes and flexible learning.
A report says this part of the education market could become about three times larger by FY28.
PhysicsWallah is growing its online business, while its physical coaching centres are still losing money.
The company hopes those centres will eventually break even.
Veranda Learning is expanding digital courses, test preparation, colleges, and preschool operations.
Jaro works with universities to offer online and hybrid degree programs.
All three companies reported stronger financial results in the quarter discussed.
The article says investors should study the companies carefully and consult advisers because it is not an investment recommendation.
India’s online higher-education and upskilling market is projected to grow from ₹13,200 crore in FY23 to ₹41,450 crore by FY28.
PhysicsWallah’s Q1FY27 revenue rose 24.4% year over year to ₹1,054 crore, while its consolidated net loss narrowed to ₹88.3 crore.
Veranda Learning reported 42% revenue growth and a 476.3% increase in net profit during Q1FY27.
Jaro Institute of Technology’s Q1FY27 revenue increased 19% to ₹72.6 crore, with net profit rising 48% to ₹11.2 crore.
The article highlights differing valuations, with PhysicsWallah trading above the industry price-to-sales multiple and Veranda and Jaro below it.
- Who
- PhysicsWallah, Veranda Learning, and Jaro Institute of Technology are the three listed education companies discussed.
- What
- The article examines their growth, financial performance, expansion plans, and valuations within India’s EdTech opportunity.
- When
- The financial results discussed are for Q1FY27; the valuation comparison is dated 19 August 2026.
- Where
- India, including its online higher-education, upskilling, coaching, and enterprise-learning markets.
- Why
- The companies are positioned to benefit from wider adoption of online and flexible learning and from India’s goal of raising higher-education enrolment.
Growth Opportunity
Investment Caution
Market expansion
Growth Opportunity
Online higher education and upskilling could grow threefold to ₹41,450 crore by FY28, creating a larger market for digital-learning companies.
Investment Caution
The article says the listed education and e-learning sector remains at an early stage, and its figures are presented for educational purposes rather than as investment advice.
PhysicsWallah’s earnings outlook
Growth Opportunity
Its online segment is profitable, consolidated losses have narrowed, and management expects full-year FY27 profitability if the offline business reaches breakeven.
Investment Caution
The offline segment remains capital-heavy and loss-making, while the company is valued at a premium to the stated industry price-to-sales multiple.
Business models and valuations
Growth Opportunity
Veranda is reducing finance and customer-acquisition costs, while Jaro has long-duration university contracts, positive cash flow, and enterprise-learning clients.
Investment Caution
Expansion plans and market opportunity do not guarantee investment returns; the article advises readers to conduct their own analysis and consult independent advisers.
- Projected market size
- India’s online higher education and upskilling market is projected to reach ₹41,450 crore by FY28, up from ₹13,200 crore in FY23.
- Higher-education target
- The National Education Policy 2020 targets a 50% higher-education Gross Enrolment Ratio by 2035, compared with 26.3% in 2018.
- PhysicsWallah Q1FY27 revenue
- ₹1,054 crore, up 24.4% year over year.
- Veranda Q1FY27 net profit
- ₹34 crore, up 476.3% from ₹5.9 crore.
- Jaro Q1FY27 net profit
- ₹11.2 crore, up 48% year over year.
- University partnerships
- Jaro has partnerships with 33 institutions and uses agreements lasting three to more than seven years.
- Valuation comparison
- As of 19 August 2026, the stated price-to-sales multiples were 8.6 for PhysicsWallah, 4.8 for Veranda Learning, and 3.5 for Jaro Institute.