Crizac Limited — Q1 FY27 earnings call

Crizac Limited August 04, 2026 1 mean, definitely there is a change in visa regulations and other immigration rules. But this has not impacted the revenue per student. The university mix of students who wants to go into quarter 1 has changed compared to last year. Some of the universities where fees was much higher and revenue per student was higher, this quarter students gone to a different set of universities where fees was comparatively lower. As a result, revenue per student was lower. There can be multiple reasons for this one, including change in exchange rate, which would have made students to pick a much less expensive university. Understood. Now, sir, if in your investor presentation it shows that how over the period of time what acquisitions you have made and which countries you have entered. So, basically, way back, if I remember correctly, in FY16 itself, we had entered Canada and then other countries, but what exactly is the reason why we have been so successful in UK and not as successful in other English-speaking countries? I believe in your investor presentation, page number six, it shows the journey of Crizac. So, so basically, what exactly worked for us in UK, and can we really replicate that success in the other English-speaking markets? Definitely. The reason why we are most successful in UK is because of our history and network effect. Crizac started with UK as a destination. As a result, we could acquire or get more and more universities where we could recruit students. Company had been known and growing for UK as a destination since its inception. We can replicate the same with other countries as well. We try to~today we are one of the biggest recruiters for Ireland, so we have replicated that. Recently, the acquisition of New Zealand, we believe, would make us one of the biggest recruiters for New Zealand starting from India, but eventually across the globe. Other countries will take a bit of time because of incumbent player in those countries. We-- three years back, we planned to expand our footprint into USA, but unfortunately because of change in leadership at government level in USA and the change of immigration and visa rules, that could not be materialized. Once the policy gets changed, that would again create a vety strong opportunity for Crizac to expand its recruitment into USA. Understood. Now, sir, if we see our per student revenue that we are making, so in FY24, we made around INR3.55 lakh per student revenue, which in FY26 increased to INR4 lakh, and in Ql, it scems to have increased to INR4.2 lakh per student. I'm just dividing the revemue number by the number of enrolments. Sir, but now if we see during this period, the basically since FY24 till Q1 FY27, our realization per student has increased by 18%, but the pound itself has appreciated by 22% during this period. So basically, has there been a — I mean, basically realization de-growth like for one student if 2 years back if the same university for the same course was paying us X, now today is it paying us X minus something? Page 10 of 18 ‘@ri_zmgc EDUCATION EASY

No answer was attributed to this question in the transcript.

Crizac Limited August 04, 2026 No, in terms of universities' payment, that has been same. It's just year-on-year basis or quarter-on-quarter basis university mix of students, which we want--which they want to go, has changed. Say, for example, if a student wants to go to a university where the fee is very high, at a particular quarter, the revenue per student will be very high for that university. While for a university where the fee is low, your revenue will be lower. So, its only the change in university mix which has changed, and not our realization from all those individual universities. Understood. Now, sir, another issue is that -- so our stock is trading at around 11x EBITDA. So, any plans to do a share buyback? Currently, we have a float of 20% in the market. I think SEBI does not allow us to do a buyback at this level. Sir, what can be done, company can do a share buyback at the current market price, and since there'l be no incentive for the other shareholders to tender, so promoters can tender and reduce their sharcholding to less than 75%, and so the caming per share will also increase, and the future growth will get divided on a smaller equity base. Sure. Wel talk to our compliance team on this one and can look into the suggestion. Sir, my last issue is that, sir, now out of 110 universities which we have partnered with, three universities alone contribute 41% of the revenue. So, so basically, what is it that we are offering those three universities, and wherein they have really scaled up their business with us, whereas the other universities, it seems they are just like we are barely, I mean, enrolled with them, like, but hardly any revenue seems to be coming from them. So, what has worked with, let's say, the top 3 to top 10 universities, and what will it take for us to replicate the same success with other universities? The 41% of top 3 universities which you are seeing is only for quarter 1. Quarter 1 includes April, May, and June, where you don't have a traditional university. Very few modem universities have the intake. Overall, you have around 10 to 15 universities only. That's why this concentration is looking high. But if you see on a full-year basis, that will give you a different picture. So, 50 even so, instead of 41% three universities contributing, even if it i, let's say, lower than that, and so point remains that top 10 are contributing, let's say, 60% to 70% of the revenue for the full year. So now the issue is that what exactly worked for us with these 10 universities, and what will it take for us to replicate the same success with the other 100 universities that we are—-have tie-up with, but it seems the scale-up is not happening? Sure. With these top 10 universities, which changes every year, we have a much deep strategic tie-up with them, where which includes defined SLA, quick offer turnaround, and lot of other events which we do with them. We are trying to do replicate the same with other remaining universities as well. These negotiations take time, and is a multi-year process. Page 11 of 18 ‘@ri_zmgc EDUCATION EASY

No answer was attributed to this question in the transcript.

Moderator Moderator ‘Vanshika:

No answer was attributed to this question in the transcript.

‘Vanshika:

No answer was attributed to this question in the transcript.

‘Vanshika:

No answer was attributed to this question in the transcript.

‘Vanshika:

No answer was attributed to this question in the transcript.

Crizac Limited August 04, 2026 So as and when a university agrees to go on a strategic relationship with our company, the share of those ones increases. And that's why you would see that on a year-on-year basis, our concentration of revenue per top 10 universities is declining, not because mumbers are declining, but the numbers from remaining 90 are going up. And sir, just one question, sir. I'm sorry to interrupt, Mr. Madhur. I would request you to please come back in the queue for further questions. Thank you. The next question comes from the line of Vanshika with Aequitas Capital. Please go ahead. Yes, sir. So, my first question was that despite so many acquisitions, our UK concentration from the last 5 to 10 years still remains very high, at around 97%. So, what are--and you said in the last call that we'll reduce this share in the next two to three years to 60%. So, what exactly are we aiming for? How will we achieve this? It is still our objective to reduce our UK concentration. And that's one of the reason why we acquired Inova Consultancy. So, now, we can recruit students to Netherlands. Likewise, we are working for all the other jurisdictions where we can increase our numbers. We’ll take some time, especially there's a shift in geopolitical and immigration policies. So, we are navigating through that, and we still believe that eventually we'll bring down our numbers concentration from UK lower. As that we also acquired — we still believe if things go as per our forecast, within next 3 years, we should be able to reduce our UK concentration to less than 60%. Okay. And sir, my mext question was that we recently acquired ForeignAdmits for accommodation and forex loan services. And for we have also ventured into immigration and education financing and visa preparation. That's through ForeignAdmits. Help us... Yes. Education financing and visa prep and we've also ventured into accommodation and forex loan and all that ancillary services. So, are we looking at these services as a significant proportion of our revenue going forward? Not at initial stage. We still need to scale it up. But with the acquisition of ForeignAdmits, this will accelerate the process. Now, we have got all the tie-ups and other things required, including key people who understand this process better. So, we believe our distribution network will become more strong, and over the next couple of years, this should help us increase our both at revenue and EBITDA levels. Sir, like what percentage, if you could give a ballpark number? Yes. We believe because of these value-added services, the EBITDA would go up between 2% to 5%. Page 12 of 18 "o'ri_zmgc EDUCATION EASY

No answer was attributed to this question in the transcript.

‘Vanshika:

No answer was attributed to this question in the transcript.

‘Vanshika:

No answer was attributed to this question in the transcript.

‘Vanshika:

No answer was attributed to this question in the transcript.

‘Vanshika: ‘Vanshika:

No answer was attributed to this question in the transcript.

Crizac Limited August 04, 2026 And what percentage of revenue would this form? What are the expectations? Percentage of revenue, just hold on. Sorry, sir. I couldn’t hear you. Yes. Just a moment. Across 1% to 1.5% of revenue. Okay, sir. And sir, my next question was that we are - we have all always, I mean, we are targeting inorganic as well as inorganic growth, and we have planned many acquisitions. So, what is the strategy for those acquisitions? Like, it is given that geographic diversification or talent acquisition, but still like, what would be our strategy for those? Its a combination of both. We are looking at talent acquisition. That was the case for EduMentor, for example, but at the same time, it's also acquisition of cither new source market or destination market. Example, we acquired Medway because it opened up a new destination market, New Zealand, for us. Likewise... Yes, sir. Like you acquired that, but how will we grow from there in those markets? Is there any strategy that we have in mind? Yes. If I talk about New Zealand, we did not have any - we did not have much of tie-ups with universities where we could place our students. With this acquisition, now we can place all our students across the globe where we recruit to New Zealand if they want to go to New Zealand. Okay. Sir, my next question was. .. Likewise, this acquisition also help us open new source market. For example, now we can recruit students from Mexico and can place them into UK, New Zealand, or any ofher destinations where they want to go. Okay, sir. Okay. Sir, my next question was that with the kind of deglobalization we are sceing in the USA, are we expecting some of this same deglobalization in UK as well, because it could highly impact our business? Yes. You are right. There is an impact which we're seeing across the globe, and the only way by which we can prevent that is by diversifying into new source and destination maket. And we are already working on that. Yes. And sir, my last question was that we paid a very high dividend last year. So, what -- was it a one-time thing, or will it be a steady state? No. Its a steady state. We have declared in our DRHP that we'll be paying minimum of 40% of PAT of that year as a dividend to our shareholders. And that would be for at least minimum of 3 years. 1 year is already done, so minimum next 2 years we are committed to pay 40% dividend. Page 13 of 18 "o'ri_zmgc EDUCATION EASY

No answer was attributed to this question in the transcript.

Crizac Limited August 04, 2026 Okay, sir. That's all from my side. Thank you. Thank you. Thank you. The next question comes from the line of Prateck Jha with Monarch PMS. Please go abead. Hi. So, I wanted to understand, like, what is the primary reason students choose to study at Crizac partner universities in the UK? Like, is it mainly for education and then returning back to India or whatever country they are from, or like students see it as a pathway to work and eventually settle in the UK, for example, as it is in the case of Canada? Also, like, do you guys track how many students stay back after completing their course in UK and those countries, and of those, how many eventually get a PR? This is my first question. I mean, we are a platform which connects counselors, students to the university. And that platform is for study abroad only. So, we assume the intent of the student who are going abroad is education only. Yes, the student do have a desire to stay back and work, get the work experience. Some of them do have a desire to immigrate in that country. But our objective is only to place the students and track them for study. T get your point that your objective is to send students and act as a intermediary between students and universities. But my point is that this rationale could be driving the majority of demand, right? So, in case of Canada, majority of students who are going to study there, their ultimate objective is to get a PR. So, do you -- I just want to understand, like, do you guys track, like, what is the ultimate rationale for those students who is going to UK primarily? Because in case of top universities, as you said in your previous con-calls also, they don't go through any intermediary. They usually do it directly. So, in case of Crizac affiliated universities, what is that rationale that a student is going to study there? Tmean, even for Crizac affiliated universities, top-end universities like King's College London, Manchester, Leeds, Birmingham, they are on our platform. And students can go to world top universities via our platform. So, it's a misconception that top-tiered student who wants to go to a top-tier university applies directly and not via Crizac platform. In UK, out of 100 commercial universities, we represent more than 95 of those ones. Okay. And one last question and on the acquisition front. So, these two last acquisitions that you have made, could you give us like what youve paid for these two acquisitions and what is the - what was the revenue when you acquired these companics and EBITDA margin? Both the acquisition was less than INR10 crores. And the rationale for acquisition was never to add on any benefit on revenue or EBITDA, but to help us expand into new source market or destination market. Page 14 of 18 ‘@ri_zmgc EDUCATION EASY

No answer was attributed to this question in the transcript.

Crizac Limited August 04, 2026 Okay. So, in case of, for example, Inova Consultancy, you said that you wanted to expand in Mexico market. So, do you have like some data in terms of what kind of enrollments they were initially doing before acquiring that company? Then the second number is... Yes. We do have, but that's commercially sensitive data which has not been disclosed. Okay. And on a TTM basis, what has been your blended conversion rate overall? Rough 10%. Okay. Thank you so much. Thank you. Thank you. The next question comes from the line of Anurag Chheda with 9 Rays Equiresearch. Please go ahead. Hello. Am I audible? Yes, Anurag. Yes. T wanted ~ I did my masters from UK. So, when I did at that time, it was 24 months PSW. Now, that's changed to 18 months. Plus, there has been lot of visa issues also in UK. So, still do you think like there will be enrollments to UK further? Yes, T believe that there will still be a demand, reason being the reduction in post-study graduate visa route from 24 months to 18 months had been done few years now. And the demand for UK has not declined. So which makes me believe that students still is getting what they are looking for, even after a decrease of 6 months. Christopher, do you want to add something into this one? Plus, there has been an increase in the exchange as well as 180 job roles have been removed from skilled visa as well. So what do you think, like, I was just calculating. There has been almost 50% increase in cost of my own masters, which I did years back. Yes, thank you, Vikas. I can add something on that question, which is, every destination exists in a global marketplace. So, yes, the UK has scen a little bit of tightening, but on a relative basis compared to other major destinations, it has tightened less, which causes there to be enduring demand. You know, masters in the UK is one year. And then still having 18 months afterwards is still a very attractive proposition globally, where the post-study work length is longer than the degree length. And that's ot the case in most other destination markets. So can I ask further one question? Yes, please. Page 15 of 18 ‘@ri_zmgc EDUCATION EASY

No answer was attributed to this question in the transcript.

Crizac Limited August 04, 2026 So when I was applying for jobs in UK, I faced one issue like they had a thing that we cannot sponsor you later on, so in first place we will not hire you, because if we are training you for a year and then we cannot sponsor you, so there's no meaning we hire you. So now that scenario was when I had 24 months of PSW. Now it is 18 months, so it will become more worse for getting a skilled visa, practically. So based on the legislation and on the policy and the rules, there's no restriction for a company to hire or sponsor someone on a post-study work visa to go on to a Tier 2 skilled worker visa. So I'm not sure about your particular case, but it is a very common thing in the UK that students come from a post-study work visa onto a Tier 2 visa. And yes, the UK is still the most straightforward for skilled worker sponsorship out of all of the major destination markets. All right. Thank you so much. Thank you. The next question comes from the line of Himanshu Dugar with Stylus Holdings. Please go ahead. Yes, hi. Thank you for the opportunity. So my first question is on the number of applications that we have processed this time. So this 7% decline, could you kind of split that between regions, like which regions saw the most decline? ‘We don't have exact data on this one. Will that be okay if we can come back to you on this one? Sure. The other question was on, so the unique applicants that you have mentioned, this time, this was interesting. So when you say that there are 47,000 applicants, roughly an applicant applies at two universities. These are, so just wanted to get more understanding on this. Are they typically applying for the same region, say, it's for the UK, or now you are seeing candidates applying for New Zealand or the other, markets that you have opened up? Also, if we can also get some corollary information on of these 47.000 like, are there guys who are only doing non-UK applications as well? Usually what we have seen based on our past experience and trend is, if a student is applying on our platform for a particular destination, they apply to multiple universities of that destination only. Though that's not mandatory or necessary, but in general, if I look at the overall trend, that is the case, what happens. With reference to other destinations which we have opened in our platform, these are very recent development where we have added New Zealand and some European countries. So long-term trend wise, you'll be right to say that roughly one student would apply to 2 or 2.5 universities as an average. So in the current quarter, if you can kind of give s an insight on how many applicants did you get from the, for the non-UK universities that you processed? Page 16 of 18 ‘@ri_zmgc EDUCATION EASY

No answer was attributed to this question in the transcript.

Crizac Limited August 04, 2026 Again, T'll have to come back to you on this one, because for non-UK universities, mid intake is not a very big intake. But I'l come back to you on that data. A rough figure, like is it like less than 5%? Because I'm just curious, because we have done a few acquisitions last 1.5 years. We have done in Dubai, we have done here in India for the US market, we have done it now most recently we have done it for Netherlands via the Mexico market. So I'm just curious how has the shift basically, whether the sourcing or the destination, how has there been any meaningful change in terms of the candidates? I understand the revenue is still minuscule and it will take time, but just from candidates, if you can share some data points? I understand. But as of today, if I see, because one, this quarter is very small, and not every destination offers route of entry in this quarter, so it will be very difficult to predict. But overall percentage still s fairly low to give a exact correlation of change in destination because of different source market. Got it. A final question, just a little clarification. So I think initially you mentioned we are looking at growth, but then in the second, for the second caller, you mentioned that we will be flat for the year. So if you can just, I mean, I know it will be difficult to kind of think through it, but based on the 4-month trend, where are we? Do you think that we can, kind of actually deliver some growth in terms of enrollments or candidates processed? Hi Himanshu, we have a negative growth in quarter 1 by 4% in constant currency growth. We expect Quarter 2 also to be a bit down. But considering the overall scenario, we expect the pent-up demand to come in Quarter 3 and Quarter 4. So overall will be same as last year. With reference to Quarter 3, we are already seeing the application flow on our system, and that has been very healthy. So any kind of a miss what we have in quarter 1 and what we expect in Quarter 2, will be caught up in Quarter 3 and Quarter 4. Got it. Can I ask even one small question about the UK operations, I mean, because Chris I heard that he's moving out. So if you can just elaborate a bit more on how the US, UK operations will go ahead then like who will be leading it, etcetera? There won't be any major change in operations. With reference to institutional relationship, which Christopher was managing with UK universities, now we have got Eric, who has got 25 years of experience behind him, and he will be managing those relationship with the universities. So from a board perspective, Christopher will still be with the company, will still be guiding and navigating the company for the next growth level, while the UK university relationship will be managed by Eric. Got it. Thank you so much. Page 17 of 18 ‘@ri"zmgc EDUCATION EASY

No answer was attributed to this question in the transcript.

Crizac Limited August 04, 2026 Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments. Thank you, everyone, for being a part of this con-call and joining us today. We sincerely appreciate your continued support and look forward to engage with you again next quarter. Thank you and have a wonderful day. Thank you. On behalf of Anand Rathi Shares and Stock Brokers Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Page 18 of 18

No answer was attributed to this question in the transcript.