Aakash Educational Services Limited (AESL) posted a massive consolidated net loss of ₹2,443 crore for the fiscal year ending March 31, 2024 (FY24).
The loss is a dramatic swing from its previous years of profitability and is almost entirely attributed to its association with its embattled parent company, Think & Learn (Byju’s).
The “Exceptional Items” Breakdown
Aakash’s core business remains operational, but its balance sheet was heavily impacted by ₹2,720 crore in exceptional charges related to the insolvency and financial troubles of Byju’s.
- Loan Write-offs: Aakash wrote off ₹780 crore in loans that it had previously extended to Byju’s.
- Interest Obligations: Approximately ₹1,363 crore was recorded toward interest and loan obligations linked to the parent company’s debt.
- Termination Fees: A ₹100 crore one-time charge was booked as a termination fee following the end of its service agreement with Byju’s in May 2023.
- Asset Adjustments: The company also recorded a ₹102 crore impairment of goodwill and a ₹300 crore write-down of intangible assets.
Core Operational Performance
Despite the massive bottom-line loss, Aakash’s underlying coaching business showed resilience in a difficult market.
| Metric | FY2023 (Actual) | FY2024 (Current) | Status |
| Operating Revenue | ₹2,399 Crore | ₹2,438 Crore | Flat / Stable |
| EBITDA | – | ₹307 Crore | Operationally Positive |
| Net Profit / Loss | ₹153 Crore (Profit) | (₹2,443 Crore) Loss | Exceptional Impact |
| Employee Expenses | ₹1,239 Crore | ₹1,411 Crore | +14% Increase |
Strategic & Legal Context
The financial report comes at a time of significant structural change for the test-prep giant:
- Rights Issue Success: On February 18, 2026, the Supreme Court of India cleared the way for Aakash to proceed with its ₹240 crore rights issue, rejecting Byju’s attempts to block the fundraise. This move is expected to dilute Byju’s stake in Aakash to below 5%.
- New Leadership: To stabilize the ship, Aakash recently appointed Alka Garg as CFO and Kanika Kumar Nijhawan as SVP of Marketing.
- Ownership Shift: Ranjan Pai (Manipal Group) has emerged as the largest shareholder, holding roughly 58% of the company. His leadership is seen as critical to detaching Aakash from the “broken” Byju’s ecosystem.
Analysis: Excluding the “Byju’s tax” (exceptional items), Aakash would have reported a modest loss of only ₹61 crore. The firm maintains a strong brand and a massive student base, making it the most valuable remaining piece of the original Byju’s acquisition spree.
