In a significant shift following the post-pandemic education boom, Drishti IAS reported a profit after tax (PAT) of ₹61 crore for the fiscal year 2024–25 (FY25).
While the figure remains impressive for a primarily offline coaching entity, it marks a 32% decline from the ₹90 crore profit recorded in the previous year (FY24). The company attributed this drop to a “sectoral normalization” and strategic relocation costs.
1. Financial Performance at a Glance
The audited results, released on January 28, 2026, show a cooling period for the UPSC coaching giant after several years of explosive growth.
| Metric | FY 2023-24 (Actual) | FY 2024-25 (Actual) | Change (YoY) |
| Operating Revenue | ₹405 Crore | ₹364 Crore | ↓ 10% |
| EBITDA | ₹127 Crore | ₹77 Crore | ↓ 39% |
| Profit After Tax (PAT) | ₹90 Crore | ₹61 Crore | ↓ 32% |
| EBITDA Margin | 31.3% | 21.1% | ↓ 1020 bps |
2. Why the Profit Dipped: The “Noida Shift” & Sector Cooling
According to company statements and analysts, three primary factors contributed to the lower bottom line:
- The Mukherjee Nagar Exit: In compliance with safety regulations, Drishti moved its primary branch from Mukherjee Nagar (Delhi’s UPSC hub) to a new facility in Noida. This transition alone resulted in a revenue loss of over ₹30 crore during the relocation phase.
- Post-COVID Normalization: The “revenge enrollment” surge seen in 2022 and 2023 has stabilized. Classroom admissions nationwide are returning to pre-pandemic levels as the initial backlog of students has cleared.
- Accounting Adjustments: The firm cited Ind AS-based adjustments as a technical reason for the specific profit figures reported this year.
3. The Strategy for FY26: Diversification
Despite the dip, CEO Vivek Tiwari and Founder Dr. Vikas Divyakirti are pivoting the brand to ensure long-term stability ahead of a potential future IPO.
- New Verticals: Drishti has successfully entered the Judiciary, Teaching Exams, and SSC segments. Plans are underway to enter Banking, Defence, and School Education in the coming year.
- Online Pivot: While 2/3 of revenue still comes from offline centers, the company aims for a 50-50 split between online and offline revenue by 2027.
- Geographic Expansion: New centers were recently opened in Ranchi and Patna to tap into the massive student bases in Jharkhand and Bihar.
4. Leadership Changes
To prepare for its next phase of growth, the company has bolstered its executive team:
- CFO Appointment: Vipan Joshi (formerly CFO at Aakash Institute) joined as Chief Financial Officer to oversee financial controls and the implementation of new ERP systems.
- Independent Growth: After a highly publicized acquisition deal with PhysicsWallah fell through in early 2025, Drishti has doubled down on its independent, “unfunded” growth path.
Conclusion: A Stabilizing Giant
While the ₹61 crore profit is a retreat from 2024’s highs, it remains one of the strongest balance sheets in the Indian test-prep industry. With a profit margin still exceeding 16%, Drishti IAS is focusing on “quality over quantity” as it navigates the current market correction.
