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Navneet Education's Q1 FY27 revenue was Rs. 785 Cr (down YoY). Publications dipped 3% to Rs. 405 Cr, but a strong Q2 rebound is expected from curriculum changes in Maharashtra & Gujarat. Domestic Stationery surged 26%, while exports contracted 9% due to global headwinds and underutilized polymer plant.
For FY27, Publications forecast ~10% volume growth (26-27% margins). Domestic Stationery aims for 15-17% growth with branding investments, whereas Exports anticipate 5% degrowth. The company sold 4.5% of K-12 for Rs. 330 Cr, funds earmarked for domestic inorganic growth. Management is confident in domestic expansion amidst temporary export challenges.