LEAD Group FY26 Financials: Revenue Rises to Rs 386.6 Cr as Losses Narrow 20%

LEAD Group reported operating revenue of Rs 386.6 crore in FY26, up 10% from Rs 351.5 crore in FY25. Total income stood at Rs 392 crore, including Rs 5.4 crore in non-operating income. The rebound marks a return to double-digit growth after flat revenue in the previous fiscal year.

Founded in 2012 by Sumeet Mehta and Smita Deorah, LEAD provides integrated curriculum and technology solutions including books, workbooks, smart classes, teacher training, ERPs, kits, teaching aids, and devices. Products such as books, teaching aids, and devices contributed Rs 275.4 crore, accounting for over 71% of operating income. Platform services contributed Rs 76.5 crore.

LEAD’s operating EBITDA rose sevenfold to Rs 30 crore in FY26 from Rs 4 crore in FY25, with the company attributing the improvement to stronger operating efficiencies as it scaled. Overall losses narrowed 20% year-on-year to Rs 34.5 crore from Rs 43.3 crore. On a unit basis, the company spent Rs 1.1 to earn every rupee of operating revenue.

Employee benefit expenses remained the largest cost head, though they declined 6% to Rs 131.2 crore, while material costs fell 5.4% to Rs 104.9 crore. Advertising expenses rose 10% to Rs 18.9 crore, and depreciation and amortisation increased 84.3% to Rs 47.9 crore. LEAD said technology and AI played a larger role in its offerings during the year, while its cash and bank balances declined to Rs 55 crore from Rs 89.5 crore.

The company has a presence across more than 9,000 schools in over 400 towns and cities, reaching nearly 41 lakh students and supporting more than 65,000 teachers. It has raised over $180 million to date, including a $100 million round led by WestBridge Capital in 2022 that made it a unicorn.