Maharashtra Knowledge Corporation (MKCL) Limited

About the Company Maharashtra Knowledge Corporation Ltd (MKCL) is a Pune-based digital skilling and eGovernance company, set up in 2001 by Maharashtra's higher education department. The state government owns 37.13% and ten state universities another 33.91%, but it runs unaided — no grants, no nomination-basis contracts. In 25 years it has trained 1.77 crore people through MS-CIT, its flagship IT literacy course, across a network of 10,000+ partner-owned centres. FY2025-26 was its 25th year. Business model & verticals Asset-light franchise. MKCL owns the software (SOLAR, ERA, ExamLive) and the operating playbooks; local entrepreneurs own the 6,300+ centres in Maharashtra and 3,700+ outside. No rent, no teaching payroll. Six verticals: ALC Network Maharashtra (75.5% of revenue), Nationwide programmes (17.2%), Higher Education (4.4%), eGovernance (2.2%), iLike and International (0.7%). Expansion via JV clones — OKCL Odisha, HKCL Haryana, RKCL Rajasthan, MKCL Arabia — instead of owned operations. Revenue model Per-learner fees, collected upfront and non-refundable, booked the moment a login is issued — so cash arrives before delivery. Fee split with centres. Roughly ₹46 of every ₹100 earned goes back to the network, which makes the cost base variable. Plus annuity and project income — centre registration/renewal/licence fees (₹3.09 cr) and government contracts. P&L — FY26 vs FY25 (₹ crore, consolidated) Particulars FY26 FY25 Change Revenue from operations 201.47 276.06 −27.0% Other income 41.19 43.65 −5.6% Total income 242.66 319.70 −24.1% Operating expenses on courses 97.43 153.23 −36.4% Employee benefits 40.19 36.48 +10.2% Purchases + inventory change 11.65 19.07 −38.9% Other expenses 12.93 20.95 −38.3% Depreciation & amortisation 6.94 5.79 +19.9% Finance costs 0.34 0.46 −26.1% Total expenses 169.49 235.98 −28.2% Exceptional item (GST) — 46.15 — Profit before tax 73.17 37.57 +94.8% Tax 16.62 8.45 +96.7% Share of JV profit 4.18 2.92 +43.2% Profit after tax 60.73 32.05 +89.5% EPS (₹) 75.16 39.66 +89.5% One caveat on that 95% PBT jump — it's a base effect. FY25 carried a one-off ₹46.15 cr GST payment. Adjusted for it, FY25 PBT was ₹83.73 cr, so FY26 is actually down 12.6%.