Aakash revenue remains stuck near ₹2,000 crore as Manipal takes control

Aakash’s operating revenue rose marginally to ₹2,041 crore in FY26 from ₹2,032 crore in FY25, but EBITDA fell 65% to ₹15.3 crore. Manipal Group now holds about 73% of the test-prep chain after founder JC Chaudhry’s exit, while Byju’s retains 13.74%.

— Source publishedThu, 3 Sept, 2026, 10:13 IST·First seen Thu, 3 Sept, 2026, 10:15 IST·Source Entrackr · Newsletter

What happened

Aakash Educational Services · Aakash's revenue has stagnated near Rs 2,000-2,400 crore after its initial post-Byju's expansion, while EBITDA weakened sharply.

Key facts

  • Byju's acquired Aakash for around $950 million in 2021
  • FY22 operating revenue: Rs 1,421 crore, up 44.6% from Rs 983 crore in FY21
  • FY23 operating revenue: Rs 2,399 crore
  • FY24 operating revenue: Rs 2,438 crore versus a projected Rs 4,000 crore
  • FY25 operating revenue: Rs 2,032 crore, down 16.7%
  • FY26 operating revenue: Rs 2,041 crore
  • FY26 EBITDA: Rs 15.3 crore, down 65% from Rs 43.3 crore in FY25
  • Aakash had 320 centres and over 4 lakh students by March 2023
  • Manipal holds around 73% of Aakash; Byju's holds 13.74%; Bisy Philip holds 5.16%

Why this matters

Manipal’s acquisition of roughly 73% control following the founder’s exit creates a clearer path to integrate Aakash into a broader education platform, though weak earnings raise turnaround risk.

What to watch

  • Quarterly enrollment growth, renewal rates and average realized fee per student.
  • EBITDA margin recovery versus the reported ₹15.3 crore FY26 EBITDA base.
  • Number of centers opened, closed, relocated or converted to franchise operations.
  • Faculty attrition, compensation inflation and student-teacher ratios.
  • Marketing spend as a percentage of revenue and cost per enrollment.
  • Manipal capital injections, debt restructuring, board changes or formal integration announcements.
  • Any litigation, shareholder disputes or brand-license issues involving Byju's and its 13.74% stake.
  • NEET/JEE policy changes, exam-calendar disruptions or shifts in competition from digital test-prep platforms.
  • Launch a detailed operating review of center-level profitability, faculty utilization and marketing ROI.
  • Consolidate back-office functions, vendor contracts and technology platforms with Manipal Group operations.
  • Prioritize price increases, premium classroom products and hybrid subscriptions in high-demand NEET/JEE markets.
  • Close, relocate or franchise structurally underperforming centers while expanding selectively in underserved tier-2 and tier-3 cities.
  • Rebuild parent and student trust through clearer academic outcomes, refund policies and faculty-retention initiatives.
  • Clarify the future role of Byju's minority stake and resolve any remaining governance, branding or commercial dependencies.

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