Offline coaching firm Drishti IAS reported operating revenue of ₹364 crore in FY25, marking a 10% year-on-year decline from ₹405 crore in FY24, as the post Covid boom in offline coaching continued to normalise.
According to the company’s audited financial results, EBITDA fell to ₹77 crore in FY25 from ₹127 crore a year earlier, while profit after tax (PAT) declined 32% to ₹61 crore, compared with ₹90 crore in FY24.
Why Revenue and Profitability Declined
Drishti IAS attributed the slowdown to a combination of Ind-AS accounting adjustments and a broader correction in the offline coaching market following unusually strong enrolments during the pandemic years.
The company also cited stabilisation in classroom admissions across major coaching hubs as student numbers returned closer to pre-Covid levels.
A key one-off impact during the year was the relocation of its primary Mukherjee Nagar centre to a compliant facility in Noida, which resulted in a revenue loss of over ₹30 crore in FY25.
The company said profitability is likely to remain under pressure in FY26 as the sector continues to adjust.
Business Overview
Founded in 1999 by Vikas Divyakirti, Drishti IAS focuses on UPSC and PCS exam preparation. It currently operates eight offline centres across Delhi, Noida, Prayagraj, Lucknow, Jaipur, Indore, Ranchi and Patna.
Originally an offline only institute, the company launched its online education arm in FY21. In FY25, nearly one-third of total revenue came from online programmes, with the balance generated by physical centres.
Expansion and Leadership Changes
Drishti IAS is pursuing a calibrated expansion strategy across formats and exam categories. In FY26, it:
- Opened new centres in Ranchi and Patna
- Launched lower-priced studio-based online courses
- Entered Judiciary, Teaching Exams and SSC segments
The company plans to expand further into Banking, Defence and School education, according to CEO Vivek Tiwari.
It has also appointed Vipan Joshi as Chief Financial Officer, who previously served as CFO at Aakash Institute.
Sector Context
It is noteworthy that PhysicsWallah was earlier in talks to acquire Drishti IAS, though discussions were later called off, with both firms opting to pursue independent growth strategies.
Why It Matters
Drishti IAS’ FY25 performance reflects a broader reset in India’s offline coaching sector, as demand normalises and operators rebalance between physical centres and digital offerings. The company’s ability to protect margins while expanding into new exam categories will be key to sustaining profitability over the medium term.
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