Q2 FY2026: Refineries Sector Insights

Printing & Stationery Sector: A Comprehensive Analysis of Digital Transformation and Educational Content Evolution

The Printing & Stationery sector, traditionally characterized by physical production and distribution, is undergoing a profound transformation, driven by digital innovation, evolving consumer preferences, and policy shifts. This comprehensive analysis, drawing insights from Repro India Limited and Chetana Education Limited, reveals a bifurcated landscape: one segment grappling with the decline of conventional printing while aggressively pivoting to digital-first models, and another capitalizing on the burgeoning EdTech market and policy-driven educational reforms. While both companies operate under the broad "Printing & Stationery" umbrella, their strategic trajectories and operational focuses highlight distinct sub-segments within the industry. Repro India is a key player in the book printing and distribution ecosystem, rapidly transitioning from long-run offset printing to a tech-enabled Print-on-Demand (POD) and digital distribution platform. Chetana Education, on the other hand, is a K-12 educational content provider, leveraging its extensive experience and content library to build an asset-light, digital learning ecosystem, including an innovative OTT platform. The sector is marked by significant opportunities in underserved markets, driven by increasing literacy, internet penetration, and a growing demand for personalized, accessible content, alongside challenges posed by traditional business model obsolescence and intense competition in the digital realm.

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A. INDUSTRY OVERVIEW & MARKET LANDSCAPE

The Printing & Stationery sector, particularly in India, is a dynamic and evolving landscape, encompassing both traditional print services and modern digital content delivery. The analysis of Repro India Limited and Chetana Education Limited reveals two distinct, yet interconnected, sub-segments: the book publishing and distribution ecosystem, and the K-12 educational content and EdTech market.

**Total Addressable Market Size and Growth Rates:**

The Indian book market, a core focus for Repro India, was estimated at a substantial **INR 66,000 Crore (approximately $8.3 Billion)** in FY22. This market is projected to grow at a healthy **Compound Annual Growth Rate (CAGR) of 8.6%**, indicating a steady expansion. This growth is underpinned by India's large population, increasing literacy rates, and a burgeoning middle class with rising disposable incomes.

In parallel, the global EdTech market, a significant driver for Chetana Education, is experiencing explosive growth, with projections to exceed **$350 Billion by 2025**. This global trend underscores the massive opportunity for companies like Chetana that are strategically investing in digital learning solutions and platforms. The Indian EdTech market, while a subset of this global figure, is also witnessing rapid expansion, fueled by government initiatives, increased internet penetration, and a growing acceptance of online learning.

**Market Structure and Segmentation:**

The sector can be broadly segmented by product, geography, and customer type, revealing diverse operational models:

**1. Book Publishing and Distribution (Repro India's Focus):** * **Format Share:** Physical books continue to dominate the Indian market, accounting for a significant **92% share** of the overall book market in India. Globally, physical books still hold a substantial **79% format share**, with the remaining portion attributed to e-books and audiobooks. This highlights the enduring preference for tangible books, even amidst digital advancements, particularly in developing markets. * **Printing Technologies:** * **Long-Run Print Services:** This traditional segment involves high-volume printing, historically catering to large institutional orders like K-12 textbooks. Repro India's data shows a significant decline in this vertical, with revenues falling by **43% YoY** in Q2 FY26, and by over **75% from its steady state in the last 6 quarters**. This decline is primarily attributed to structural changes, such as NCERT's decision to directly print and distribute K-12 books, bypassing traditional publishers and printers. * **Digital Print Services (Print-on-Demand - POD):** This segment represents a modern, efficient approach to printing, allowing for short-run printing and just-in-time inventory replenishment. Repro India is the **"Largest POD Player in India"** with a capacity of **70,000 books/day**. This model is crucial for import substitution and for fulfilling orders from online marketplaces. * **Distribution Channels:** * **Online Marketplaces:** Platforms like Amazon and Flipkart are critical distribution channels. Repro India is among the **"Top 3 Sellers"** in the book category on both Amazon and Flipkart, indicating strong market penetration. The company has expanded its market share on these platforms, growing **more than 2x** compared to the channels' overall growth rate in the books category. * **Global Distribution:** Access to global e-commerce and offline channels, with Repro aiming for **30,000 channels across 14 countries**, signifies a strategic move towards international market expansion. * **eBooks:** Distribution for eBook platforms, though a smaller segment, is also part of the modern distribution strategy. * **Content Segmentation:** Academic, MNC Publishers, Domestic Trade & Journals, and Import Substitution from International Publishers are key content areas. There's a significant opportunity in monetizing dormant titles and digitizing/translating content for regional replication.

**2. K-12 Educational Content and EdTech (Chetana Education's Focus):** * **Core Segment:** Chetana Education primarily serves the entire **K-12 segment**, including education boards (CBSE and Maharashtra State Board), independent playgroups, and coaching classes. Its content is aligned with **NEP 2020 guidelines**, a critical factor for relevance and market acceptance. * **Content Delivery:** * **Physical Textbooks:** Traditional print materials remain a cornerstone, distributed through CBSE & State Board schools, coaching classes, and a network of **500+ distributors & dealers**. * **Digital Learning Platforms:** This is the rapidly growing segment, encompassing EdTech platforms like DIJAA (Chetana's wholly-owned subsidiary) and the DOTTSTAR OTT Platform. These platforms offer curriculum-aligned, multilingual videos, QR code-enabled books for self-learning, and teacher empowerment portals like "Books & Beyond." * **Curriculum Alignment:** Catering to specific education boards (CBSE, Maharashtra State Board) and aligning with the National Education Policy (NEP 2020) are crucial for market relevance and competitive advantage. * **Strategic Partnerships:** Collaborations with entities like Allern Enterprises, Virtual Vidhyapith, MPower Health, Indian Talent Olympiad, and Physics Wallah (PW) are vital for content enrichment and market reach.

**Key End Markets and Applications:**

• **Education:** This is a primary end market for both companies. Repro's traditional long-run business served K-12, and its digital business supports academic publishers. Chetana is entirely focused on K-12, providing textbooks and digital learning solutions.
• **General Trade Books:** Repro's digital platform supports a wide range of publishers, including those in domestic trade.
• **Academic and Journals:** Both companies indirectly or directly cater to this segment through their content and printing services.
• **Import Substitution:** Repro's POD model plays a role in printing international titles locally, reducing import costs and lead times.

**Geographic Distribution and Regional Dynamics:**

• **India:** Both companies have a strong pan-India presence.
• **International Presence:**
• **Global Book Sales Dynamics:** Data on Amazon's dominance in book sales highlights regional variations: United States (71%), United Kingdom (68%), Italy (66%), Germany (62%), Spain (56%), Canada (55%), France (54%), and Switzerland (34%). This provides context for Repro's global expansion strategy, targeting markets where online book sales are robust.

**Market Maturity and Lifecycle Stage:**

The Indian book market is described as **"unexplored & underserved"** compared to global counterparts like the US or China. This suggests a market in an early to mid-growth stage with significant untapped potential. Key indicators of this immaturity include: * **Low Per Capita Spend:** India's per capita spend on books is only **$5**, significantly lower than the global average of **$17**. This indicates substantial headroom for growth as incomes rise and reading habits evolve. * **Lack of Content Digitization:** A major challenge is that the majority of Indian content is stored in non-digital formats. This has resulted in over **95% of sales coming from merely 1 Lakh titles**, despite an estimated **10 Million all-time titles** in the Indian market (from ~9000 publishers) and **~1.3 lakh new titles registered annually**. Only **<1% (80-90K titles)** are actively distributed, highlighting a massive opportunity for digitization and wider distribution.

The K-12 EdTech market, particularly in India, is in a rapid growth and transformation phase. The **NEP 2020** is a significant disruptor, expected to **"phase out smaller, fragmented content providers,"** thereby shifting the landscape towards **scalable, organized digital ecosystems**. This policy-driven change is accelerating the market's evolution from a fragmented, traditional model to a more consolidated, technology-driven one.

**Industry Value Chain and Ecosystem:**

The value chain in this sector is complex and involves multiple stakeholders: * **Content Creation:** Authors (Chetana has **400+ authors**), content developers, and publishers. * **Content Ingestion & Management:** Digitization, repository management (Repro has **1.10 million direct content books** and access to **8 million additional titles via Ingram Partnership**). * **Printing:** Traditional offset printers (Repro's long-run) and modern POD facilities (Repro's digital biz). Chetana uses nominated printing vendors. * **Distribution & Logistics:** Warehousing, fulfillment, physical distribution networks (Chetana's C&F facilities, Repro's micro PODs and darkstores), and online marketplaces. * **Marketing & Sales:** Sales teams (Chetana has **250+ in-house sales team**), digital marketing, channel partnerships. * **Technology Providers:** EdTech platforms (Chetana's DIJAA/DOTTSTAR), automation software, AI/data science tools (Repro's vision). * **Consumers:** Students, teachers, general readers.

Both Repro and Chetana are strategically positioning themselves as integrated service providers within their respective segments. Repro aims to be an **"End-to-End Value Chain Service Provider"** in the books industry, offering long-run, short-run & POD printing, distribution, warehousing & fulfillment, content & marketing services. Chetana is building an integrated digital ecosystem around its K-12 content, connecting schools, teachers, and students through its platforms.

B. FINANCIAL & ECONOMIC PROFILE

The financial performance of Repro India Limited and Chetana Education Limited presents a contrasting picture, reflecting their differing business models and stages of digital transformation within the broader Printing & Stationery sector.

**Industry Aggregate Revenue Scale and Growth Trajectory:**

• **Repro India Limited:**

• **Chetana Education Limited:**

**Profitability Levels Across Companies (Gross Margin, EBITDA, Net Margin):**

There is a notable difference in profitability profiles, with Chetana Education generally exhibiting higher margins.

• **Repro India Limited:**

• **Chetana Education Limited:**

**Range of Margins with Median and Outliers Noted:**

• **Gross Profit Margins:** Chetana (51-62%) is significantly higher than Repro (42-45%). This suggests that Chetana's core business of content creation and publishing commands higher gross margins compared to Repro's printing and distribution services, even with its digital pivot.
• **EBITDA Margins:** Chetana (14-27%) is consistently in a healthy double-digit range, while Repro (6.8-11.2%) is in a lower single-digit to low double-digit range, reflecting the higher operational leverage and potentially lower operational costs relative to revenue in Chetana's model. The outliers for Repro are the lower Q1/Q2 FY26 margins, indicative of transition costs.
• **PBT/PAT Margins:** Chetana consistently generates positive and healthy PBT/PAT margins (7-22% PBT, 4-17% PAT), whereas Repro has been reporting negative PBT/PAT, highlighting its current investment phase and the impact of exceptional items.

**Return Profiles (ROCE, ROE, ROIC) by Company:**

While specific ROCE, ROE, and ROIC figures are not explicitly provided, we can infer trends: * **Repro India:** With negative PBT and increasing net debt, its return profiles are likely under pressure and potentially negative in the short term. The focus is on long-term value creation through digital transformation rather than immediate high returns. * **Chetana Education:** With consistent positive PAT and growing net worth (FY25: 79.0 Cr, H1FY26: 88.5 Cr), its return profiles are expected to be positive and healthy, reflecting efficient capital utilization in its asset-light model. The increase in reserves and surplus from FY24 (10.0 Cr) to H1FY26 (68.1 Cr) further supports this.

**Working Capital Characteristics and Cash Conversion Cycles:**

• **Repro India Limited:**

• **Chetana Education Limited:**

**Capital Intensity Requirements:**

• **Repro India:** Historically, traditional printing is capital-intensive due to machinery and infrastructure. However, the company's pivot to a digital ecosystem suggests a shift. Management states that **"Capex intensity is to reduce in H2 FY26 as majority of investments towards digital ecosystem is done."** This implies a period of significant capital expenditure has concluded, and future growth will be more asset-light, leveraging technology and existing infrastructure.
• **Chetana Education:** Operates on an **"Asset-Light Business Model"** with a focus on sourced content development, nominated printing vendors, and established paper sourcing. This minimizes the need for heavy capital investment in manufacturing assets. However, it has allocated a substantial **Rs 150 crore for investment in infrastructure and digital learning**, indicating strategic capital deployment towards its EdTech platforms and content development, rather than physical production assets.

**Revenue Quality (Recurring vs One-time, Contract Length):**

• **Repro India:** The shift to a digital business, especially through online marketplaces and Print-on-Demand, inherently moves towards more transactional, but potentially recurring, revenue streams from publishers and end-consumers. The goal of **"30% plus wallet share of revenues from 20 identified key publishers"** suggests a focus on building long-term, recurring relationships.
• **Chetana Education:** Its DOTTSTAR OTT platform is designed for **"recurring SaaS-like revenue stream"** through subscriptions. This represents a high-quality, predictable revenue model. The K-12 textbook business, while seasonal, typically involves annual purchases by schools, providing a recurring demand base. The "Creative Connect" initiative and other partnerships also aim to create continuous engagement and revenue.

C. COMPETITIVE STRUCTURE & DYNAMICS

The competitive landscape within the Printing & Stationery sector, as illuminated by Repro India and Chetana Education, is characterized by distinct sub-market dynamics, varying levels of concentration, and evolving differentiation strategies.

**Number of Players and Market Concentration:**

• **Book Printing & Distribution (Repro India):** The traditional long-run printing segment is likely fragmented with many players, but Repro India stands out as the **"Largest POD Player in India"** with a substantial capacity of **70,000 books/day**. This suggests a degree of concentration in the specialized Print-on-Demand segment, where scale and technology are critical. The decline of the long-run vertical due to structural changes (like NCERT's direct printing) indicates a consolidation pressure on traditional players.
• **K-12 Educational Content & EdTech (Chetana Education):** The K-12 content market in India has historically been fragmented, with numerous local and regional publishers. However, the **NEP 2020 disruption is explicitly expected to "phase out smaller, fragmented content providers,"** leading to a shift towards **"scalable, organized digital ecosystems."** This implies an impending consolidation trend, where larger, more technologically advanced players like Chetana are poised to gain market share. Chetana's **47+ years of experience** and pan-India reach position it as a significant, established player in this consolidating market.

**Market Share Distribution:**

• **Repro India:**
• **Chetana Education:** Specific market share percentages are not provided, but its impact on **"more than 20 lakh students across 18 Indian states"** and its **33% revenue CAGR in K-12 over three years** suggest a growing and substantial presence in its core market. The onboarding of **"over 150 schools"** for its DOTTSTAR platform indicates successful penetration in the EdTech segment.

**Competitive Intensity Assessment (Porter's 5 Forces Style):**

**1. Threat of New Entrants:** * **Book Printing & Distribution:** High capital intensity for traditional printing acts as a barrier. However, the digital distribution and POD model might have lower entry barriers for tech-savvy startups, though Repro's established infrastructure, publisher relationships (**794 publishers onboarded**), and end-to-end value chain create a significant moat. * **K-12 EdTech:** Lower capital intensity for digital content creation and platform development could attract new entrants. However, Chetana's **47+ years of experience**, curriculum alignment, large author base (**400+ authors**), and existing school relationships are strong barriers. The NEP 2020 also favors established, organized players. **2. Bargaining Power of Buyers:** * **Book Printing & Distribution:** For long-run printing, large institutional buyers (like NCERT) have significant bargaining power, as evidenced by NCERT's decision to self-print, which severely impacted Repro's long-run vertical. For digital distribution, end-consumers on online marketplaces have price sensitivity, but publishers seek efficient, wide-reaching distribution. Repro's integrated offerings aim to provide value beyond just printing, reducing buyer power. * **K-12 EdTech:** Schools and coaching classes are the primary buyers. They seek quality, curriculum-aligned content and reliable digital solutions. Chetana's strong brand reputation and comprehensive offerings (textbooks, digital platforms, teacher support) aim to build loyalty and reduce buyer power. The "school-owned, fully controlled platform" model of DOTTSTAR also creates stickiness. **3. Bargaining Power of Suppliers:** * **Book Printing & Distribution:** Paper is a key raw material, and its price fluctuations can impact margins. Technology providers for digital printing and platform development also hold some power. Repro's scale and established supply chain relationships might mitigate this. * **K-12 EdTech:** Authors and content creators are crucial suppliers. Chetana's **"large talent pool of authors (400+)"** and **"rigid manuscript process"** suggest a structured approach to content acquisition, potentially balancing supplier power. Printing vendors and paper sourcing are managed through partnerships, indicating a diversified supplier base. **4. Threat of Substitute Products or Services:** * **Book Printing & Distribution:** E-books and audiobooks are substitutes for physical books. However, India's strong preference for physical books (92% share) mitigates this threat somewhat. Other digital content formats or direct-to-consumer publishing models could also be substitutes. * **K-12 EdTech:** Free online educational resources, open-source content, and alternative learning platforms are substitutes. Chetana differentiates through curriculum alignment, quality, and integrated solutions (DOTTSTAR, Books & Beyond), aiming to provide a superior, comprehensive offering. **5. Intensity of Rivalry:** * **Book Printing & Distribution:** High in the declining long-run segment. In the digital POD and distribution space, rivalry is growing, with online marketplaces themselves becoming powerful players. Repro's strategy is to be an enabler and aggregator for publishers, rather than directly competing with platforms. * **K-12 EdTech:** Intense and growing, with numerous EdTech startups and established publishers entering the digital space. Chetana's focus on NEP 2020 alignment, multilingual content, and strategic partnerships is crucial for navigating this competitive environment. The expected consolidation due to NEP 2020 will likely intensify rivalry among the remaining larger players.

**Entry Barriers and Competitive Moats:**

• **Repro India:**
• **Chetana Education:**

**Pricing Power Dynamics and Pricing Trends:**

• **Repro India:** Gross profit margins have been stable (42-45%), suggesting some ability to manage costs or pass on price increases. However, the declining long-run segment indicates a loss of pricing power in that area. The digital POD model, by offering efficiency and just-in-time inventory, can command value-based pricing for publishers.
• **Chetana Education:** High and stable gross profit margins (51-62%) indicate strong pricing power for its educational content. The DOTTSTAR platform, with its "recurring SaaS-like revenue stream" and premium content charging for strategic partnerships, suggests a value-based pricing model for digital offerings.

**Differentiation Strategies Employed:**

• **Repro India:**
• **Chetana Education:**

**Consolidation Trends and M&A Activity:**

• **Repro India:** The decline of the long-run printing segment and the shift to digital services could lead to consolidation in the traditional printing space, with smaller, less efficient players exiting. Repro's settlement of an industrial dispute at Mahape, freeing up land, building, machinery, and inventory, could be a precursor to strategic asset utilization or divestment, potentially contributing to industry consolidation.
• **Chetana Education:** The NEP 2020 is a major catalyst for consolidation in the K-12 content market. By phasing out smaller players, it creates opportunities for larger, organized entities like Chetana to expand their market presence, potentially through organic growth or strategic acquisitions/partnerships. The formation of DIJAA as a wholly-owned subsidiary for EdTech initiatives is an internal consolidation of digital efforts.

**Competitive Advantages of Each Player:**

• **Repro India:**
• **Chetana Education:**

D. OPERATIONAL CHARACTERISTICS

The operational characteristics of Repro India and Chetana Education highlight their distinct business models, strategic priorities, and approaches to efficiency and technology integration.

**Capacity and Utilization Trends Across Companies:**

• **Repro India Limited:**

• **Chetana Education Limited:**

**Production Economics and Cost Structures:**

• **Repro India Limited:**

• **Chetana Education Limited:**

**Supply Chain Structure and Dependencies:**

• **Repro India Limited:**

• **Chetana Education Limited:**

**Technology Landscape and Innovation Pace:**

Both companies are heavily investing in technology, recognizing it as a key differentiator and growth driver.

• **Repro India Limited:**

• **Chetana Education Limited:**

**Operational Efficiency Benchmarks:**

• **Repro India:**
• **Chetana Education:**

**Key Performance Indicators (Company-Specific and Industry Averages):**

• **Repro India Limited:**
• **Chetana Education Limited:**

**Asset Efficiency Metrics:**

• While specific asset turnover ratios are not provided, the **"Asset-Light Business Model"** of Chetana Education inherently implies higher asset efficiency, as it minimizes capital tied up in fixed assets for manufacturing. Its property, plant, and equipment (PPE) are relatively low (**3.5 Cr in H1 FY26**), especially compared to its revenue.
• Repro India, while having significant PPE from its printing operations, is moving towards a more asset-light model through its digital platform and warehouse integration strategies, aiming to improve asset utilization and efficiency over time. The reduction in capex intensity in H2 FY26 supports this.

E. GROWTH DYNAMICS & DRIVERS

The growth dynamics in the Printing & Stationery sector are characterized by a significant divergence between traditional and digital segments, with both Repro India and Chetana Education strategically positioning themselves to capitalize on emerging opportunities.

**Historical Growth Trajectory (3-5 year view with specific rates):**

• **Repro India Limited:**

• **Chetana Education Limited:**

**Current Growth Rates and Acceleration/Deceleration:**

• **Repro India:**
• **Chetana Education:**

**Volume vs Price Contribution to Growth:**

• **Repro India:** The growth in the digital business is primarily driven by **volume expansion** (e.g., 12% YoY growth in books/day, 19% YoY growth in publishers onboarded). While pricing strategies are not explicitly detailed, the value proposition of POD (just-in-time, import substitution) can support stable pricing.
• **Chetana Education:** Growth is likely driven by both **volume (increased enrolments, student engagement, schools onboarded)** and potentially **value-added pricing** for its premium content and digital platforms (DOTTSTAR's subscription model). The consistent high gross profit margins suggest strong pricing power.

**Organic vs Inorganic Growth Components:**

• **Repro India:** Growth appears primarily **organic**, driven by expanding its digital platform, onboarding new publishers, and increasing its distribution reach on online marketplaces. The Ingram partnership for 8 million additional titles can be seen as a strategic alliance enhancing content breadth.
• **Chetana Education:** Growth is largely **organic**, stemming from its core K-12 content business, expansion into new states, and the development of its EdTech platforms. However, it also leverages **strategic partnerships** (e.g., Allern Enterprises, Virtual Vidhyapith, MPower Health, Indian Talent Olympiad, Physics Wallah) which contribute to market reach, content enrichment, and student engagement, blurring the lines between purely organic and alliance-driven growth. The wholly-owned subsidiary DIJAA is an organic expansion into EdTech.

**Geographic Expansion Opportunities and Progress:**

• **Repro India:**
• **Chetana Education:**

**Product/Service Innovation Pipeline:**

• **Repro India:**
• **Chetana Education:**

**Adjacent Market Opportunities:**

• **Repro India:**
• **Chetana Education:**

**Customer Acquisition and Penetration Trends:**

• **Repro India:**
• **Chetana Education:**

**Key Growth Drivers for the Sector:**

• **Digital Transformation:** The overarching driver, enabling new business models (POD, EdTech platforms), increased efficiency, and wider reach.
• **Indian Book Market Potential:** Described as "unexplored & underserved," with low per capita spend ($5 vs $17 global) and a large, English-speaking population.
• **Increasing Literacy and Readership:** Especially in Tier 2/3 towns, fueling demand for both physical and digital content.
• **National Education Policy (NEP 2020):** A major disruptor for the education sector, driving demand for updated, aligned content and digital learning solutions, and leading to consolidation.
• **Government Initiatives:** Push to digitize classrooms and expand internet access in Tier II & III cities.
• **Affordable Data Prices:** India's lowest data prices (@Rs. 18 vs Rs 600/GB globally) make digital content highly accessible.
• **Increased Consumer Spending:** Growing disposable incomes contribute to higher spending on education and books.
• **Demand for Continuity in Digital Engagement:** Schools seeking year-round digital solutions beyond classrooms.
• **Video-Based Learning:** High engagement metrics for video content, driving EdTech growth.
• **International Content Distribution:** Increased distribution of international content and opportunities for import substitution.

F. RISK LANDSCAPE

The Printing & Stationery sector, while presenting significant growth opportunities, is also subject to various risks that can impact the financial health and operational stability of companies like Repro India and Chetana Education.

**Industry-Wide Systematic Risks:**

• **Economic Cyclicality:** Consumer spending on books and educational materials can be sensitive to economic downturns. While education is often considered more resilient, discretionary spending on trade books might decline during recessions.
• **Inflationary Pressures:** Rising costs of raw materials (paper, ink) and energy can compress margins, especially for printing-heavy businesses like Repro, if these costs cannot be fully passed on to customers.
• **Interest Rate Fluctuations:** Companies with significant debt (like Repro) are vulnerable to rising interest rates, which increase finance costs and impact profitability.

**Cyclicality and Economic Sensitivity:**

• **Repro India:** Historically, the long-run printing business, especially K-12 textbooks, might have had some cyclicality tied to academic cycles and government spending. However, the company's aggressive pivot to the digital business is explicitly aimed at **"Reduced Cyclicality"** due to its diversified product offerings and tech-enabled demand generation across multiple platforms. The digital model, with its just-in-time production, can be less susceptible to large inventory risks associated with traditional publishing cycles.
• **Chetana Education:** The K-12 education sector generally exhibits less cyclicality than other consumer discretionary segments, as education is a continuous need. However, sales can be seasonal, with peak demand before academic sessions. The **"sales activity deliberately moderated due to forthcoming CBSE and State Board syllabus changes"** indicates a sensitivity to regulatory and curriculum cycles, which can temporarily impact revenue.

**Regulatory and Policy Risks by Geography:**

• **NCERT Structural Change (Repro India):** This is a prime example of a significant regulatory risk. NCERT's decision to print and distribute K-12 books directly, bypassing key publishers, rendered Repro's traditional long-run model **"unviable,"** leading to a **>75% revenue decline** in that vertical. Such policy shifts can drastically alter market dynamics and impact established business models.
• **NEP 2020 (Chetana Education):** While largely an opportunity for Chetana, the **National Education Policy 2020** also presents risks. Companies must ensure their content and platforms are fully compliant with the new guidelines. Failure to adapt could lead to loss of market relevance. The policy's intent to **"phase out smaller, fragmented content providers"** also implies increased competition among larger, compliant players.
• **Taxation and Trade Policies:** Changes in tax laws (e.g., GST rates on books/educational services) or international trade policies could affect profitability and cross-border operations for both companies.

**Technology Disruption Threats:**

• **Repro India:** While embracing digital, the rapid evolution of printing technologies and digital distribution platforms means continuous investment is required to stay competitive. New entrants with superior technology or business models could pose a threat. The shift from physical to purely digital content (e-books, audiobooks) could still impact the demand for physical books, even POD.
• **Chetana Education:** The EdTech market is highly dynamic and prone to rapid technological advancements. Maintaining a competitive edge requires continuous innovation in platform features, content delivery, and user experience. The threat of new, highly funded EdTech startups or global tech giants entering the Indian market with disruptive solutions is significant. Data security and privacy concerns related to digital platforms are also critical.

**ESG and Sustainability Challenges:**

• **Environmental Impact of Printing:** Traditional printing has an environmental footprint (paper consumption, ink waste, energy use). Repro's vision for a **"Green compliant ecosystem"** through digital distribution aims to mitigate this, but it remains a concern for any physical printing operation.
• **Social Impact of Education:** Chetana, as an educational content provider, has a responsibility to ensure equitable access, quality, and ethical content. Any misstep in these areas could damage its reputation.

**Supply Chain Vulnerabilities:**

• **Raw Material Availability and Pricing:** Dependence on paper and other printing materials makes Repro vulnerable to supply chain disruptions and price volatility.
• **Logistics and Distribution:** Both companies rely on efficient logistics networks. Disruptions due to natural disasters, geopolitical events, or labor issues can impact delivery schedules and costs.
• **Vendor Dependence (Chetana):** While asset-light, reliance on "nominated printing vendors" means Chetana is dependent on their operational efficiency and quality. Diversifying vendors and strong contract management are crucial.

**Competitive Threats (New Entrants, Substitutes):**

• **New Entrants:** The digital nature of both businesses lowers some traditional entry barriers. New tech-savvy players could emerge in POD, digital distribution, or EdTech.
• **Substitutes:**
• **Existing Competitors:** Intense competition from other established publishers, printers, and EdTech companies, both domestic and international. Repro faces competition from other POD providers and large online retailers who might develop their own printing capabilities. Chetana competes with other K-12 publishers and a plethora of EdTech startups.

**Customer Concentration Risks:**

• **Repro India:** The management's target to achieve **"30% plus wallet share of revenues from 20 identified key publishers"** indicates a strategy to deepen relationships but also highlights a potential concentration risk if a significant portion of revenue comes from a limited number of large publishers. Loss of a major publisher could have a substantial impact.
• **Chetana Education:** While serving a broad K-12 market, reliance on large school chains or government contracts for textbook adoption could introduce concentration risks.

**Company-Specific Risks:**

• **Repro India:**
• **Chetana Education:**

G. CAPITAL ALLOCATION & INVESTOR RETURNS

Capital allocation strategies for Repro India and Chetana Education reflect their distinct stages of business evolution and strategic priorities, with a clear emphasis on investing for future growth, particularly in digital capabilities.

**Capex Trends and Requirements (Growth vs Maintenance):**

• **Repro India Limited:**
• **Chetana Education Limited:**

**R&D Investment Levels as % of Revenue:**

• Specific R&D figures are not provided for either company. However, both companies are making significant **"Tech Investments"** which can be considered analogous to R&D in their respective contexts.
• **Repro India:** Investments in **"automating entire ecosystem from content ingestion to POD facilities & price automation"** and a vision for an **"AI/Data Science enabled Business"** represent substantial technology development efforts. These are crucial for enhancing operational efficiency, improving customer experience, and developing new service offerings in the digital space.
• **Chetana Education:** Its investments in the **DIJAA Ed-Tech platform, DOTTSTAR OTT platform, QR code-enabled books, and the Books & Beyond portal** are essentially R&D for digital learning solutions. The development of **35,000+ curriculum-aligned, multilingual videos** and continuous product revision aligned with syllabus changes also fall under content R&D. The fact that its subsidiary, Dijaa Education Ltd, is currently operating at a loss while generating minimal turnover (**Rs 11 lakhs turnover, Rs 44 lakhs loss in 3 months**) indicates that it is in an intense investment and development phase, akin to an R&D expenditure.

**Dividend Policies and Payout Ratios:**

• No information regarding dividend policies or payout ratios is provided for either Repro India Limited or Chetana Education Limited. Given Repro's current negative profitability and focus on digital transformation, it is likely prioritizing reinvestment over dividends. Chetana, while profitable, is also in a growth phase with significant investments planned for EdTech, suggesting a similar focus on reinvestment.

**Share Buyback Programs:**

• No information regarding share buyback programs is provided for either company.

**M&A Activity and Strategy:**

• **Repro India:** No explicit M&A activity is mentioned. However, the **"exploring various options to give [Long Run] vertical a logical conclusion"** could potentially involve divestment of assets or strategic partnerships. The Ingram partnership for 8 million additional titles is a strategic content alliance rather than an M&A.
• **Chetana Education:** No explicit M&A activity is mentioned. The incorporation of **Dijaa Education Ltd as a wholly-owned subsidiary** is an internal strategic move to consolidate its EdTech initiatives. Its numerous **"Strategic Digital Partnerships"** and **"Content Partnerships"** (e.g., Physics Wallah) serve as a form of inorganic growth by expanding reach and content offerings without full acquisitions, aligning with its asset-light model.

**Cash Generation and Free Cash Flow Profiles:**

• **Repro India:** With negative PBT and increasing net debt (**~Rs 94 crore in Q2 FY26**), the company's free cash flow generation is likely constrained in the short term. The increase in net debt suggests that operational cash flow is insufficient to cover investments and losses, requiring external financing. However, the reduction in debtors (**from Rs 61 cr to Rs 52 cr**) is a positive sign for working capital management. The expected reduction in capex intensity in H2 FY26 could improve future free cash flow.
• **Chetana Education:** The company demonstrates healthier cash generation. The significant reduction in short-term borrowings (**from Rs 21.1 Cr to Rs 4.0 Cr in H1 FY26**) and inventories (**from Rs 36.9 Cr to Rs 20.8 Cr**) indicates strong operational cash flow and efficient working capital management. While cash and bank balances are low (**0.16 Cr in H1 FY26**), this could imply efficient deployment of cash rather than a lack of generation. Its consistent positive PAT also contributes to internal cash generation. The **Rs 150 crore investment** for digital learning suggests that a portion of its cash flow is being reinvested for growth.

**Capital Efficiency Improvements:**

• **Repro India:**
• **Chetana Education:**

Overall, both companies are actively managing their capital allocation to support their strategic objectives. Repro is in a crucial phase of transitioning its capital from traditional, declining assets to new, growth-oriented digital infrastructure. Chetana, already operating on an asset-light model, is strategically deploying capital into high-growth digital learning initiatives to solidify its future market position.

H. FUTURE OUTLOOK & PROJECTIONS

The future outlook for the Printing & Stationery sector, particularly in India, is shaped by a confluence of digital transformation, evolving educational paradigms, and demographic tailwinds. Both Repro India and Chetana Education are strategically positioned to navigate these changes, albeit with distinct approaches and varying levels of immediate profitability.

**Industry Growth Projections (with timeframes):**

• **Indian Book Market:** Projected to grow at an **8.6% CAGR**, reaching **INR 66,000 Cr ($8.3 Bn) by FY22** (this is a historical figure, implying continued growth beyond FY22). This indicates a steady, underlying demand for books, especially physical ones, in India.
• **Global EdTech Market:** Expected to exceed **$350 Billion by 2025**. This massive projected growth underscores the significant opportunity for digital learning solutions, driven by technological advancements and changing educational needs globally.
• **Indian EdTech Market:** While not explicitly stated, it is a key contributor to the global figure and is expected to grow robustly, fueled by government initiatives (National Infrastructure Push, NEP 2020) and increasing digital adoption in Tier II & III cities.

**Management Guidance Across Companies:**

• **Repro India Limited:**

• **Chetana Education Limited:**

**Emerging Opportunities and Whitespace:**

• **Unexplored & Underserved Indian Book Market:** With a per capita spend of only $5 (vs $17 global) and a vast number of dormant titles, there's immense potential for growth through better distribution and monetization.
• **Domestic Content Monetization:** Repro sees an opportunity in the **~10 Million all-time titles** in the Indian market, where only <1% are actively distributed. Monetizing these dormant titles across India and abroad is a significant whitespace.
• **Digitization & Translation:** The majority of Indian content is in non-digital format. Digitization and regional replication (translation) represent huge opportunities for both content providers and digital printers.
• **NEP 2020 Disruption:** This policy is a catalyst for transforming the K-12 education sector, creating a demand for new, aligned content and digital solutions. It will also lead to consolidation, favoring organized players like Chetana.
• **Demand for Continuity in Digital Engagement:** Schools are increasingly seeking year-round digital engagement solutions, moving beyond traditional classroom learning.
• **Video-Based Learning:** The high engagement metrics for video content present a strong opportunity for EdTech platforms like DOTTSTAR.
• **Tier 2/3 Market Penetration:** Government initiatives to digitize classrooms and expand internet access in these cities open up new markets for both digital books and EdTech.
• **Global Expansion:** Both companies are eyeing international markets, leveraging digital platforms to reach a wider audience.

**Transformation Themes and Inflection Points:**

• **Digital-First Strategy:** The shift from traditional print to digital platforms and services is the most significant transformation. Repro's 90% digital revenue share and Chetana's DOTTSTAR platform exemplify this.
• **Asset-Light Models:** Both companies are moving towards models that minimize capital tied up in physical assets, focusing instead on content, technology, and distribution networks.
• **Integrated Ecosystems:** Building comprehensive platforms that connect various stakeholders (authors, publishers, printers, distributors, consumers, schools, teachers, students) to offer end-to-end solutions.
• **Data-Driven Decision Making:** The vision to become an "AI/Data Science enabled Business" (Repro) highlights the importance of leveraging data for efficiency and growth.
• **Personalized Learning:** EdTech platforms are enabling personalized learning experiences, moving away from one-size-fits-all approaches.

**Long-Term Structural Trends (5-10 year view):**

• **Continued Growth of Digital Content:** E-books, audiobooks, and digital learning platforms will continue to gain traction, though physical books are likely to retain a significant share in India.
• **Hybrid Learning Models:** Blended learning (combining physical and digital) will become the norm in education.
• **Consolidation in Education:** The K-12 content and EdTech market will likely see further consolidation, with larger, well-funded, and technologically advanced players dominating.
• **Globalized Content Distribution:** Digital platforms will facilitate easier and wider distribution of content across international borders.
• **Sustainability Focus:** Increasing pressure for environmentally friendly practices in printing and publishing, driving innovation in sustainable materials and digital alternatives.
• **AI Integration:** AI will play an increasingly critical role in content creation, personalization, distribution, and operational efficiency.

**Potential Disruptions on the Horizon:**

• **Advanced AI for Content Generation:** AI tools capable of generating high-quality educational or general content could disrupt traditional authoring and publishing models.
• **New Business Models:** Emergence of subscription-based models for all types of books, or direct-to-consumer platforms that bypass traditional publishers/distributors.
• **Virtual/Augmented Reality in Education:** Immersive learning experiences could redefine educational content delivery.
• **Further Policy Shifts:** Future government policies in education or publishing could create new opportunities or challenges.

**Expected Margin Evolution:**

• **Repro India:** As the digital business scales and the long-run segment is either phased out or restructured, the company's profitability is expected to improve. The reduction in capex intensity and stabilization of debt should lead to better cash flow and potentially positive PBT/PAT in the medium term. The higher margins typically associated with digital services and platform businesses, once scaled, should contribute to overall margin expansion.
• **Chetana Education:** With its asset-light model and focus on subscription-led growth for DOTTSTAR, Chetana is well-positioned for sustained high margins. As DOTTSTAR scales and achieves profitability, it will contribute to overall margin expansion and recurring revenue stability. The current investments in digital learning are expected to yield higher returns and stronger profitability in the long run.

In summary, the Printing & Stationery sector is at an inflection point. Companies that successfully embrace digital transformation, innovate in content delivery, and adapt to policy changes are poised for significant growth. Repro India is navigating a challenging transition, while Chetana Education is aggressively building on its strong foundation to capture the burgeoning EdTech market. Both represent compelling case studies of adaptation and strategic foresight in a rapidly evolving industry.

I. COMPANY-BY-COMPANY PROFILES

Repro India Limited

**Company Description:** Repro India Limited is a leading player in the Indian book printing and distribution industry, undergoing a significant strategic pivot from traditional long-run offset printing to a tech-enabled Print-on-Demand (POD) and digital distribution platform. The company aims to be an end-to-end value chain service provider for the books industry, offering integrated solutions from content ingestion to fulfillment across domestic and international channels.

**Scale Metrics:** * **Q2 FY26 Consolidated Revenue:** ~Rs 108 crore. * **Digital Biz Vertical Q2 FY26 Revenue:** ~Rs 95.3 crore (90% of consolidated revenue). * **Long Run Vertical Q2 FY26 Revenue:** ~Rs 13 crore (10% of consolidated revenue). * **Largest POD Player in India:** Capacity of 70,000 books/day. * **Books/Day (Q2 FY26):** 43,514 (12% YoY growth). * **Publishers Onboarded (Q2 FY26):** 794 (19% YoY growth). * **Direct Content in Repository (Q2 FY26):** 1.10 million books (4% YoY growth). * **GMV of Onboarded Publishers:** ~40,000 crore (55% of ₹70,000 crore TAM). * **Orders Fulfilled (last FY):** 10 Million+ in Digital Business. * **Top 3 Sellers:** In book category on Amazon & Flipkart.

**Financial Performance Summary:** * **Revenue Growth (Q2 FY26 YoY):** Consolidated ~2%. Digital Biz 13%. Long Run -43%. * **Digital Biz Revenue Growth (last 3 years):** 2.5x. * **Gross Profit Margins:** Stable in the range of 42-45% (Q2 FY26: 42%). * **EBITDA Margin Trends:** Declined from 11.2% (FY24) to 7.1% (Q2 FY26), but Q2 FY26 EBITDA (~Rs 8 cr) was up vs Q2 FY25 (~Rs 5 cr). * **PBT (Q2 FY26):** -Rs 2 crore (before exceptional items), significantly impacted by a one-time exceptional cost of Rs 18.05 crore for industrial dispute settlement. * **Net Debt (Q2 FY26):** ~Rs 94 crore (vs ~Rs 63 crore previous period). * **Debtors (Q2 FY26):** ~Rs 52 crore (vs Rs 61 crore March 25), indicating improved collection.

**Strategic Priorities and Focus Areas:** * **Digital Transformation:** Aggressive pivot to digital business (POD, online distribution) as the core growth engine, reducing reliance on the declining long-run segment. * **Tech Investments:** Automating the entire ecosystem from content ingestion to POD facilities and price automation on channels. Vision to become an AI/Data Science enabled business. * **Marketplace Deep Integration:** Expanding market share on Amazon & Flipkart and growing faster than the channels' book category growth. * **Global Expansion:** Opening up to 10 new sales channels by the coming year, including Amazon UAE, Walmart US/Canada, and other international platforms. * **Supply Chain Efficiency:** Implementing micro Print-on-Demand facilities and warehouse integration (darkstores) for optimized regional fulfillment and reduced inventory. * **Publisher Value Proposition:** Offering integrated solutions as a "one-stop shop" for publishers, from demand generation to print solutions. * **Domestic Content Monetization:** Focusing on acquiring relevant publishers, monetizing dormant titles, and addressing the lack of content digitization in India. * **Resolution of Legacy Issues:** Settled long-standing industrial dispute at Mahape, freeing up assets for operational flexibility.

**Competitive Advantages and Positioning:** * **Market Leadership in POD:** Largest POD player in India with significant capacity. * **End-to-End Value Chain:** Unique position as the only provider offering comprehensive services across the book industry value chain. * **Strong Online Presence:** Top 3 seller status on major Indian e-commerce platforms. * **Technology-Driven Operations:** Investments in automation, AI, and digital platforms create efficiency and scalability. * **Extensive Content Repository:** 1.10 million direct titles and access to 8 million via Ingram partnership. * **Global Reach Potential:** Strategic expansion into international markets.

**Key Metrics and KPIs Specific to the Company:** * Digital Biz Revenue Share (90%). * Number of Books/Day (43,514). * Number of Publishers Onboarded (794). * Direct Content in Repository (1.10 million titles). * YoY Growth in Digital Business Revenue (13%). * YoY Growth in Books/Day (12%). * YoY Growth in Publishers Onboarded (19%).

**Management Outlook and Guidance:** * Double-digit consolidated revenue growth expected in Q3 FY26. * Debt levels to sustain around current levels. * Capex intensity to reduce in H2 FY26. * Exploring options for the long-run vertical's conclusion. * Targeting 30%+ wallet share from 20 key publishers. * Plan to open up to 10 new sales channels globally.

**Recent Developments and Initiatives:** * Settlement of industrial dispute at Mahape, incurring ~Rs 18 crore exceptional cost. * Launch of micro POD facilities (first in Bangalore). * Deep integration with Amazon & Flipkart, growing 2x faster than channels. * Expansion of new sales channels in pipeline (Amazon UAE, Walmart US/Canada, etc.).

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Chetana Education Limited

**Company Description:** Chetana Education Limited is a well-established K-12 educational content provider with over 47 years of experience. The company is strategically transforming into an EdTech leader, offering a blend of traditional textbooks and innovative digital learning solutions, including its flagship DOTTSTAR OTT platform, aligned with the National Education Policy (NEP 2020).

**Scale Metrics:** * **H1 FY26 Consolidated Revenue:** Rs 58.5 crore. * **3-year Revenue CAGR:** 18%. * **3-year K-12 Revenue CAGR:** 33%. * **Student Impact:** More than 20 lakh students across 18 Indian states. * **Schools Onboarded (DOTTSTAR):** Over 150 schools. * **Authors:** 400+ authors. * **Video Content (DOTTSTAR):** 35,000+ curriculum-aligned, multilingual videos. * **Distribution Network:** 500+ distributors & dealers, 250+ in-house sales team, 22 branches & marketing offices. * **Global Presence:** In 18 states, UTs, UAE & Sri Lanka.

**Financial Performance Summary:** * **Revenue Growth (H1 FY26 YoY):** Consolidated 1% (moderated due to syllabus changes). HoH growth 32% vs H2 FY25. * **EBITDA (H1 FY26):** Rs 13.8 crore. * **EBITDA Margin (H1 FY26):** 24% (1100 bps HoH improvement, -270 bps YoY). * **PAT (H1 FY26):** Rs 9.4 crore. * **PAT Margin (H1 FY26):** 16% (800 bps HoH improvement, -136 bps YoY). * **Gross Profit Margin (FY25):** 60%. * **Short Term Borrowings (H1 FY26):** Rs 4.0 crore (significant reduction from Rs 21.1 crore in FY25). * **Inventories (H1 FY26):** Rs 20.8 crore (reduction from Rs 36.9 crore in FY25). * **Dijaa Education Ltd (Subsidiary):** Turnover Rs 11 lakhs, Loss Rs 44 lakhs (3 months ended Sep 2025).

**Strategic Priorities and Focus Areas:** * **EdTech Leadership:** Developing and scaling the DIJAA Ed-Tech platform and DOTTSTAR OTT platform for personalized school channels, aiming for recurring SaaS-like revenue. * **Content Innovation:** Launching NEP-aligned textbook series (Yuga Series), QR code-enabled books with self-learning videos, and the Books & Beyond portal for teachers. * **Strategic Partnerships:** Collaborating with content partners (Physics Wallah, MPower Health) and educational experts (Dr. Swaroop Sampat Rawal for Creative Connect) to enrich offerings and expand reach. * **Market Consolidation:** Positioning to benefit from NEP 2020's expected consolidation, phasing out smaller content providers. * **Product Diversification:** Re-introducing paper stationery range (notebooks, longbooks) and launching the Smart School Project (SSP). * **Asset-Light Model:** Maintaining focus on sourced content development and nominated printing vendors to minimize capital intensity. * **Investment in Digital:** Allocated Rs 150 crore for infrastructure and digital learning.

**Competitive Advantages and Positioning:** * **Deep Domain Expertise:** 47+ years of trusted experience in K-12 education. * **NEP 2020 Alignment:** Content and initiatives are fully aligned with the latest national education policy, ensuring future relevance. * **Comprehensive Digital Ecosystem:** DOTTSTAR, QR codes, Books & Beyond portal offer an integrated learning solution. * **Asset-Light Business Model:** Allows for scalability and higher capital efficiency. * **Extensive Content Library & Author Network:** Strong foundation for quality content development. * **Pan-India Distribution:** Robust physical and digital distribution network. * **Strong Profitability:** Consistently high gross and operating margins compared to peers in the broader sector.

**Key Metrics and KPIs Specific to the Company:** * K-12 Revenue CAGR (33%). * Student Engagement YoY Growth (15%). * Increase in Enrolments (30%). * Schools Onboarded for DOTTSTAR (150+). * Number of Authors (400+). * Number of Videos on DOTTSTAR (35,000+). * EBITDA Margin (24% in H1 FY26).

**Management Outlook and Guidance:** * Stronger demand expected from Q4 FY26 onward. * DOTTSTAR to strengthen subscription-led growth, improve retention, and cross-sell opportunities. * Continued focus on consolidating presence in Maharashtra State Board and CBSE. * Accelerate DOTTSTAR's subscription-based revenue model through a dedicated team under DIJAA.

**Recent Developments and Initiatives:** * Launch of Creative Connect with Dr. Swaroop Sampat Rawal (2024). * Collaboration signed with Physics Wallah (PW) (2024). * Launch of Yuga Series (NEP aligned textbook series) (2025). * Launch of Books & Beyond Portal (2025). * Launch of DOTTSTAR OTT platform (2025). * Conversion of LLP into Public Limited Company (2025).

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J. TABLES

Repro India Limited - Consolidated P&L (Rs. In lacs)

| Particulars | 30-09-2025 (Q2 FY26) | 30-06-2025 (Q1 FY26) | 30-09-2024 (Q2 FY25) | 30-09-2025 (6M FY26) | 30-09-2024 (6M FY25) | 31-03-2025 (FY25) | | :--------------------------------------------- | :------------------- | :------------------- | :------------------- | :------------------- | :------------------- | :---------------- | | **Revenue from operations** | 10,778 | 11,647 | 10,466 | 22,425 | 21,695 | 46,595 | | **Other income** | 13 | 114 | 152 | 127 | 205 | 646 | | **Total Income** | 10,791 | 11,761 | 10,618 | 22,552 | 21,900 | 47,241 | | **Cost of Materials consumed** | 6,520 | 7,346 | 6,381 | 13,866 | 12,905 | 26,733 | | **Changes in inventories of finished goods, work-in-progress & stock-in-trade** | (248) | (645) | (385) | (893) | (632) | (645) | | **Employee benefits expense** | 1,094 | 1,038 | 1,188 | 2,132 | 2,225 | 4,463 | | **Other expenses** | 2,658 | 3,217 | 2,912 | 5,875 | 5,894 | 12,863 | | **Total Expenditure** | 10,024 | 10,956 | 10,096 | 20,980 | 20,392 | 43,414 | | **Gross Profit Before Interest, Depreciation and Tax (PBDIT)** | 768 | 805 | 522 | 1,573 | 1,508 | 3,827 | | **Depreciation** | 768 | 841 | 762 | 1,609 | 1,520 | 3,133 | | **Interest** | 198 | 209 | 205 | 407 | 419 | 846 | | **Profit Before Exceptional tax** | (199) | (245) | (445) | (444) | (431) | (152) | | **Exceptional items** | 1,805 | - | - | 1,805 | - | - | | **Profit Before tax** | (2,004) | (245) | (445) | (2,249) | (431) | (152) | | **Tax Expenses** | 2 | 28 | - | 30 | 1 | 54 | | **Net profit after all taxes** | (2,006) | (273) | (445) | (2,279) | (432) | (206) | | **Other comprehensive income (net of tax)** | (12) | (16) | (2) | (28) | (5) | (48) | | **Total comprehensive income** | (2,018) | (289) | (447) | (2,307) | (437) | (254) |

Repro India Limited - Long Run Print Services Revenue Trend (Rs. Cr)

| Quarter | Revenue (Rs. Cr) | | :------ | :--------------- | | Q2FY24 | 46.61 | | Q3FY24 | 46.87 | | Q4FY24 | 52.98 | | Q1FY25 | 35.15 | | Q2FY25 | 22.10 | | Q3FY25 | 39.91 | | Q4FY25 | 36.49 | | Q1FY26 | 23.12 | | Q2FY26 | 12.61 |

Repro India Limited - Digital Business Revenue (Digital Print Services+ Platform) (Rs. Cr)

| Quarter | Revenue (Rs. Cr) | QoQ Growth | | :------ | :--------------- | :--------- | | Q2FY24 | 71.2 | - | | Q3FY24 | 69.1 | 0% | | Q4FY24 | 75.00 | 9% | | Q1FY25 | 77.67 | 4% | | Q2FY25 | 84.08 | 8% | | Q3FY25 | 86.50 | 2.9% | | Q4FY25 | 90.50 | 4.6% | | Q1FY26 | 94.50 | 4% | | Q2FY26 | 95.30 | 13% |

Repro India Limited - Number of Direct Publishers

| Quarter | Publishers | | :------ | :--------- | | Q2FY24 | 605 | | Q3FY24 | 609 | | Q4FY24 | 621 | | Q1FY25 | 653 | | Q2FY25 | 668 | | Q3FY25 | 703 | | Q4FY25 | 717 | | Q1FY26 | 725 | | Q2FY26 | 794 |

Repro India Limited - Direct Content in Repository (# titles in Lakhs)

| Quarter | Titles (Lakhs) | | :------ | :------------- | | Q2FY24 | 7.8 | | Q3FY24 | 8.5 | | Q4FY24 | 9.1 | | Q1FY25 | 9.3 | | Q2FY25 | 9.7 | | Q3FY25 | 10 | | Q4FY25 | 10.03 | | Q1FY26 | 10.06 | | Q2FY26 | 10.10 |

Chetana Education Limited - H1FY26 Consolidated P&L (INR Crores)

| Particulars | H1FY26 | HoH vs H2FY25 | YoY vs H1FY25 | | :---------------------------------------- | :----- | :------------ | :------------ | | Revenue From Operations | 58.5 | 32% | 1% | | Other Income | 0.0 | - | - | | Total Revenue (I + II) | 58.6 | 32% | 1% | | Total Expenses | 46.0 | - | - | | EBIDTA | 13.8 | 136% | -12% | | EBIDTA Margin | 24% | 1100bps | (270bps) | | Finance Cost | 0.7 | - | - | | Depreciation & Amortisation of Expenses | 0.5 | - | - | | PBT | 12.6 | 164% | - | | PBT Margin | 22% | 1100 bps | (198bps) | | Tax Expense | 3.2 | - | - | | PAT | 9.4 | 173% | -7% | | PAT Margin | 16% | 800 bps | (136bps) | | Paid-Up Equity Share Capital (Face value of 10/-each) | 20.4 | - | - | | Basic EPS | 4.61 | - | - | | Diluted EPS | 4.61 | - | - |

Chetana Education Limited - H1FY26 Standalone P&L (INR Crores)

| Particulars | H1FY26 | HoH vs H2FY25 | YoY vs H1FY25 | | :---------------------------------------- | :----- | :------------ | :------------ | | Revenue From Operations | 58.4 | 32% | 1% | | Other Income | 0.0 | - | - | | Total Revenue (I + II) | 58.5 | 32% | 29% | | Total Expenses | 45.4 | - | - | | EBIDTA | 14.2 | 145% | -151% | | EBIDTA Margin | 24% | 1122 bps | (270 bps) | | Finance Cost | 0.7 | - | - | | Depreciation & Amortisation of Expenses | 0.4 | - | - | | PBT | 13.1 | 177% | -62% | | PBT Margin | 22% | 1122 bps | (200 bps) | | Tax Expense | 3.2 | - | - | | PAT | 9.9 | 190% | -26% | | PAT Margin | 17% | 880 bps | 60 bps | | Paid-Up Equity Share Capital (Face value of 10/-each) | 20.4 | - | - | | Basic EPS | 4.83 | - | - | | Diluted EPS | 4.83 | - | - |

Chetana Education Limited - Consolidated Balance Sheet (INR Crores)

| Particulars | FY22 | FY23 | FY24 | FY25 | H1FY26 | | :-------------------------------- | :--- | :--- | :--- | :--- | :----- | | **Equity and Liabilities:** | | | | | | | Share capital | 19.5 | 22.8 | 15.0 | 20.4 | 20.4 | | Reserves and surplus | - | - | 10.0 | 58.6 | 68.1 | | Networth | 19.5 | 22.8 | 25.0 | 79.0 | 88.5 | | Long term borrowings | 5.4 | 6.7 | 4.7 | 1.0 | 0.8 | | Other Non Current Liabilities & Provisions | 0.5 | 0.6 | 0.4 | 0.3 | 5.5 | | Short term borrowings | 33.4 | 36.3 | 47.3 | 21.1 | 4.0 | | Trade Payables | 11.8 | 10.3 | 13.0 | 8.3 | 1.9 | | Other Current liabilities & Provisions | 5.5 | 6.5 | 6.5 | 7.9 | 5.8 | | **Total Equity & Liabilities** | **76.0** | **83.0** | **96.9** | **117.6** | **106.5** | | **Assets:** | | | | | | | Property, plant, equipment | 0.68 | 2.1 | 2.4 | 3.0 | 3.5 | | Intangible assets | 0.33 | 0.34 | 0.2 | 0.3 | 0.24 | | Other Non-Current Assets & Investments | 0.07 | 0.07 | 0.2 | 2.5 | 7.6 | | Inventories | 21.25 | 24.6 | 32.4 | 36.9 | 20.8 | | Trade receivables | 35.3 | 42.9 | 52.5 | 66.8 | 67.6 | | Cash and bank balances | 3.9 | 1.9 | 3.7 | 0.2 | 0.16 | | Other Current Assets | 14.6 | 11.3 | 5.4 | 7.9 | 6.6 | | **Total Assets** | **76.0** | **83.0** | **96.9** | **117.6** | **106.5** |

Chetana Education Limited - Standalone Balance Sheet (INR Crores)

| Particulars | FY22 | FY23 | FY24 | FY25 | H1FY26 | | :-------------------------------- | :--- | :--- | :--- | :--- | :----- | | **Equity and Liabilities:** | | | | | | | Share capital | 19.5 | 22.8 | 15.0 | 20.4 | 20.4 | | Reserves and surplus | - | - | 10.0 | 58.6 | 68.4 | | Networth | 19.5 | 22.8 | 25.0 | 79 | 88.8 | | Long term borrowings | 5.4 | 6.7 | 4.7 | 1 | 0.8 | | Other Non current liabilities & Provisions | 0.5 | 0.6 | 0.4 | 0.3 | 5.5 | | Short term borrowings | 33.4 | 36.3 | 47.3 | 21.1 | 3.5 | | Trade payables | 11.8 | 10.3 | 13.0 | 8.3 | 2.0 | | Other current liabilities & Provisions | 5.5 | 6.5 | 6.5 | 7.9 | 5.6 | | **Total Equity & Liabilities** | **76.0** | **83.0** | **96.9** | **117.6** | **106.2** | | **Assets:** | | | | | | | Property, plant, equipment | 0.68 | 2.1 | 2.4 | 3.1 | 3.4 | | Intangible assets | 0.33 | 0.34 | 0.2 | 0.31 | 0.24 | | Other non-current Assets & Investments | 0.07 | 0.07 | 0.2 | 2.5 | 7.6 | | Inventories | 21.25 | 24.6 | 32.4 | 36.9 | 20.8 | | Trade receivables | 35.3 | 42.9 | 52.5 | 66.7 | 67.6 | | Cash and bank balances | 3.9 | 1.9 | 3.7 | 0.1 | 0.05 | | Other current assets | 14.6 | 11.3 | 5.4 | 8.0 | 6.5 | | **Total Assets** | **76.0** | **83.0** | **96.9** | **117.6** | **106.2** |

Chetana Education Limited - Historical Consolidated Income Statement (INR Crores)

| Particulars | FY21 | FY22 | FY23 | FY24 | FY25 | | :-------------------------- | :--- | :--- | :--- | :--- | :--- | | **Revenue from operations** | 32.6 | 43.1 | 75.6 | 93.5 | 102.5 | | **Other Income** | 0.2 | 0.03 | 0.05 | 0.2 | 0.3 | | **COGS** | 12.2 | 19.8 | 37 | 39.9 | 41.3 | | **Gross Profit** | 20.3 | 23.3 | 38.5 | 53.5 | 61.2 | | **Gross Profit Margin%** | 62% | 54% | 51% | 57% | 60% | | **Employee Benefit expenses** | 7.3 | 10 | 14.9 | 18.5 | 21.7 | | **Other expenses** | 4.2 | 7.2 | 9.7 | 13.9 | 18 | | **Total Expenses** | 23.7 | 36.9 | 61.7 | 72.3 | 81.1 | | **EBITDA** | 9.1 | 6.1 | 14 | 21.2 | 21.6 | | **EBITDA Margin%** | 27% | 14% | 18% | 23% | 21% | | **Depreciation and Amortisation** | 0.5 | 0.4 | 0.4 | 0.8 | 0.9 | | **EBIT** | 8.4 | 5.8 | 13.5 | 20.4 | 20.5 | | **EBIT Margin%** | 26% | 13% | 18% | 22% | 20% | | **Finance cost** | 3.6 | 2.9 | 2.7 | 3.6 | 2.2 | | **PBT** | 4.9 | 2.9 | 10.8 | 17 | 18.6 | | **PBT Margin%** | 15% | 7% | 14% | 18% | 18% | | **Tax** | 2.1 | 1.2 | 4 | 5 | 5 | | **PAT** | 2.8 | 1.7 | 6.8 | 12 | 13.6 | | **PAT Margin%** | 9% | 4% | 9% | 13% | 13% | | **EPS** | 1.87 | 1.12 | 4.57 | 8.02 | 7.27 |