S Chand's quiet masterclass: How a legacy publisher outmanoeuvred the edtech bust
MUMBAI: At a time when India's leading edtech firms are struggling with job cuts, financial write-downs, and investor fatigue, the 75-year-old S Chand and Company is providing a valuable lesson in measured and sustainable reinvention.
The legacy education content publisher posted a 65% jump in operating income in FY25 and ended the year with over ₹100 crore in cash reserves, without raising fresh capital or going all-in on digital pivots.
In an exclusive interview with Mint, Saurabh Mittal, chief financial officer of S Chand, said the company's focus has been clear: resist the hype, avoid overextension and double down on content that works across formats—print and digital alike.
Also read: Education, manufacturing transformation key to India becoming developed: NITI Aayog chief executive
'Education is a staircase business, not an elevator business," Mittal said. 'We'd rather grow 8% and generate ₹100 crore in cash than chase 20% growth with just ₹50 crore in profits."
The company's approach stands in contrast to the aggressive expansion and high burn rates that defined much of India's edtech sector in recent years. While players like BYJU's and Unacademy raised billions to build full-stack platforms, S Chand chose to stay conservative by cutting inefficiencies, expanding its digital content library and preparing its backend systems for modular deployment.
Reinventing without the noise
Delhi-based S Chand hasn't built its own tech platform. It hasn't acquired flashy startups. It doesn't spend on advertising. And yet, it has emerged from the Covid years leaner, more profitable and more agile.
'Our tech stack is fully consolidated, but we haven't tried to build it ourselves," Mittal said. 'Enough vendors are building good tools. We focus on content and let tech specialists handle distribution layers."
The company's digital content library has expanded by nearly 30% over the last two years, with new content across national-level education boards CBSE, ICSE and NEP-aligned curricula.
Test-prep material, tie-ups with educational YouTubers and QR-enabled Google Lens (image recognition technology) integrations are also part of the growing ecosystem. Print, however, remains the mainstay.
'K–8 books still drive the bulk of revenues," Mittal said. 'Despite the noise, most schools that switched to tablets have moved back to print. Books are cheaper, simpler to use and less distracting."
Betting on NEP
The ongoing implementation of India's National Education Policy (NEP) and new curriculum frameworks is proving to be a structural tailwind. As National Council of Educational Research and Training (NCERT) textbooks are updated and state boards begin aligning their syllabi, S Chand is often a first mover in content creation.
Also read: Implement educational reforms in honour of Dr Kasturirangan (1940-2025)
While Mittal acknowledged that states such as Tamil Nadu, West Bengal and Karnataka have resisted adopting the NCERT framework, he described the overall NEP-driven rollout as a tailwind. 'We already created NCF (national curriculum framework)-based content two years ago. Now we're mapping it to the actual NCERT textbooks as they come out," he said.
The NEP 2020, which replaced the previous National Policy on Education of 1986, is a comprehensive education policy that aims to transform India's education system from early childhood to higher education. The NCF provides a roadmap for how to implement NEP's vision in classrooms through curriculum design, pedagogy, and assessment practices.
The company is also looking to fill white spaces in its portfolio via selective acquisitions. Two potential targets are under active consideration—one in the exam-prep segment and another focused on international curriculum content such as Cambridge or International Baccalaureate (IB), areas where S Chand currently lacks scale.
But the CFO is clear: valuations must be reasonable. 'Some players expect 2x revenue valuations. That's unrealistic in this category unless there's exceptional growth or margins," he said. 'We're not paying a premium when we ourselves are trading below that."
Not competing, just enduring
In many ways, S Chand's strategy is not to directly compete with high-decibel edtech brands, but to endure alongside them. The company positions itself as a content-first, platform-neutral player.
'We don't see ourselves competing with BYJU's or Physics Wallah," Mittal said. 'We're not trying to be a tech company. We're an education content company that delivers across formats."
That stance has also helped the company sidestep the challenges faced by venture-funded edtech platforms, many of which expanded rapidly during Covid and are now cutting costs or winding down verticals.
Also read: Despite high income, HNIs in India struggle with financial goals like retirement planning, childrens education: Report
'There was a lot of FOMO (fear of missing out) and hype during the pandemic. But learning outcomes were not always great. In fact, many schools and countries like those in Scandinavia have gone back to physical classrooms," Mittal noted.
The company also avoids large marketing campaigns or brand-led spends. Growth is driven primarily by school relationships, workshops and teacher-enablement programmes.
'We do over 4,000 teacher workshops a year. That's where our impact is felt," he said.
Preparing for the next decade
Mittal acknowledged that higher education textbooks have seen a decline, with college students increasingly going digital. But the K–8 market, he said, remains resilient. For older students (Classes 9–12), hybrid learning is gaining some traction, but the overall addressable market is relatively small compared to early school years.
Importantly, S Chand's content is already structured to go digital when required. 'Every book we create now has videos, assessments and platform-readiness built in," Mittal said. 'If a school wants to switch tomorrow, we're ready."
Even though it has explored monetizing its digital intellectual properties (IPs) or spinning off subsidiaries in the past, the company is now focused on internal consolidation. 'We're merging entities back to stay efficient. Raising funds just for the sake of it doesn't make sense," he said.
Re-engaging with investors
Having stayed quiet on the investor front in recent years, S Chand is now preparing to re-engage with capital markets. 'We wanted first to deliver consistent results. Now that we've done that, it's time to go out and grab more eyeballs," Mittal said.
After decades in print and a public listing in 2017, the company's current evolution is quiet, yet noteworthy, characterized by a lean, profitable and selective approach. While the edtech giants chased velocity, S Chand stayed grounded and is now reaping the dividends.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Tour operator told to refund elderly couple for cancelled tour in Covid times
Ahmedabad: A consumer commission here has ordered a tour operator to refund the full amount with interest, along with Rs 55,000 compensation, to an elderly couple whose tours to Japan and Europe could not take place due to the Covid-19 pandemic. Tired of too many ads? go ad free now The couple was reluctant to go to the UK, Ireland, and Scotland upon the operator's insistence three years later. This case involved Asha and Yogesh Doshi, residents of the Ambawadi area, who paid Rs 5.30 lakh in 2019 to Mumbai-based Neem Holidays Pvt Ltd for two tours — Japan and Europe in 2020. Due to the Covid pandemic, the tours were cancelled. When normalcy returned, they requested the same tour package, but the operator could not arrange it. Considering that people were still reeling under financial stress due to Covid, the couple did not demand their money back. In 2022, the tour operator offered them a 13-day package for Australia. They agreed and paid Rs 10,000 extra, but this did not take place. A year later, the operator offered the couple a tour to the United Kingdom. The couple refused this trip, yet their tickets were booked. They requested the company not to force them to accept this package tour and demanded their money back. As the operator did not respond, the couple sued it with the District Consumer Dispute Redressal Commission, Ahmedabad City to get the refund. The operator's lawyer appeared, but the reply was not filed. The commission said that since the money was lying with the operator, the complainants did not have any choice but to agree to the unreasonable request. However, compelling them for another tour against their wish was harassment. Tired of too many ads? go ad free now "The complainant's money has been wrongfully withheld by the opponent, and therefore the complainants are entitled to receive the full money of the package tour from the opponent," it said. The commission ordered the operator to return Rs 5.40 lakh with 8% interest, along with Rs 55,000 extra towards compensation for causing "physical harassment and mental agony" and towards the expenditure the couple incurred on litigation.
The Hindu
an hour ago
- The Hindu
Three-wheeler EV adoption gains traction in Tamil Nadu
Three-wheeler electric vehicle (EV) penetration in Tamil Nadu so far in the calendar year 2025 has already surpassed the numbers for 2024, data show. As per data available on Vahan portal, a total of 2,802 electric three-wheelers have been registered in 2025 till May. EV adoption or penetration (measured in terms of EV sales as a percentage of the total vehicle sales) stood at 16.07% in 2025, as compared to 13.92% for the entire 2024. 'In Tamil Nadu, there has been consistent rise in the penetration of EVs, with 'Passenger Autos' rising from almost 4% in 2023 to above 8% in 2025. The penetration in the cargo vehicle segment is above 27%,' Roy Kurian, business head – last-mile mobility, Montra Electric, said. Montra Electric is the electric mobility brand of the Murugappa Group. 'State-level incentives — road tax exemptions and registration benefits — have helped lower the entry barriers for drivers. At the same time, availability of more reliable products has opened up a wider market,' Mr. Kurian said. Tamil Nadu has also been at the forefront in the usage of EVs, such as e-carts being used in waste management activities. The fast pace at which the government is focused on developing Public Urban transport like Metro Rail will also support growth of the last-mile EV solutions, he added. Montra Electric has seen strong traction for its EV three-wheelers in Tamil Nadu, with demand emerging from not only Chennai but also being driven by cities such as Madurai, Kanniyakumari, Coimbatore, Tirunelveli, and Tiruchi. Most of the initial customers being those who can charge the vehicles at their homes. Smaller towns, where travel distance is less, are quickly picking up EVs, Mr. Kurian said. The cargo segment is being driven by the logistics and e-commerce players, who have realised the benefits of EVs over internal combustion engine (ICE) vehicles for better profitability. They can also set up the charging and service infrastructure to support the fleet relatively easily, he said. However, Mr. Kurian said there was a long way to go for both the industry and government to come together on specific areas, including: affirmative actions to discourage purchase of ICE three-wheelers and actively move to EVs and earmarking space for charging stations in the key market areas, Mr. Kurian said. Ragavendra Ravichandran, co-founder and chief operating officer, Plugzmart, a Chennai-based EV charger manufacturer, said the increase in adoption was mainly driven by economics — rising fuel prices and the much lower running cost of EVs. K.P. Karthikeyan, chief executive officer and director of Zeon Electric Private Limited, said even though three-wheeler adoption was rising, the numbers were still below the national average (which is at 45.27%). With the State government looking at improving charging infrastructure, the numbers will go up, he added. Sriram J, senior manager, charging infrastructure at said availability of more product options and drivers' comfort level had been driving the three-wheeler EV adoption. K.P. Karthikeyan, CEO and Director of Zeon Electric Private Limited said even though three- wheeler penetration is picking up, still the numbers are below national level (which is at 45.27%). With the State government looking at improving charging infrastructure, the numbers will go up, he said. Sriram J, senior manager, charging infrastructure, at Bolt. Earth said availability of more product options and drivers comfort level is driving the three-wheeler electric vehicle penetration.
Time of India
2 hours ago
- Time of India
Repeal anti-worker amendments, labour unionists tell Punjab govt
Ludhiana: Factory workers and labourers have called for the immediate repeal of recent amendments to labour laws that they allege strip them of their fundamental rights and protections. The unions have urged the Punjab govt to uphold and enforce workers' legal entitlements, expand the labour department, and raise the minimum wage in the state. Lakhwinder Singh, president of Karkhana Mazdoor Union, recently said, "The workers are protesting against amendments made to the Punjab Shops and Commercial Establishments Act, 1958, which exclude establishments with fewer than 20 workers from the scope of basic labour protections. They argue that, if enforced, these changes will leave a large section of workers, particularly in shops and small businesses, without legal safeguards related to working hours, minimum wages, attendance records, or workplace safety. " The labour unions are also demanding the reversal of amendments made to the Factories Act during the Covid-19 lockdown by the previous govt, and again in Sept 2023 by the current govt. These amendments allow for extended overtime, up to four hours per day and 144 hours per quarter in commercial establishments, and up to 115 hours per quarter in factories. They fear that these changes legalise exploitative practices and normalise excessive work without addressing workers' core needs, especially decent wages. Another major point of their concern is the introduction of four new labour codes by the Centre. The unions want the Punjab legislative assembly to pass a resolution rejecting the implementation of these codes in the state. They said the new codes dilute long-standing worker protections under the guise of simplification and ease of doing business. The unions are also pressing for an increase in the monthly minimum wage to Rs 26,000, based on an eight-hour workday. They argue that many workers are currently forced to depend on overtime just to make ends meet. "Instead of creating conditions that force labourers into longer hours, the state should ensure a living wage that eliminates this compulsion altogether," said one union representative. In addition to repealing recent amendments, the workers have called for a comprehensive strengthening of the labour department, including hiring more officers and inspectors, expanding the number of labour courts, and improving the inspection framework for industries, shops, and commercial establishments. They emphasised the need for effective enforcement to stop ongoing violations of labour laws. The unions also alleged widespread corruption in the labour department and demanded strict action to eliminate bribery and red tape that has been affecting workers' access to justice.
