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The company’s operating revenue increased by 10 percent to INR 386.6 crore, compared with INR 351.5 crore in FY25. During the same period, the company’s operating EBITDA increased nearly sevenfold, while its losses declined by 20 percent.
Founded in 2012 by Sumeet Mehta and Smita Deorah, LEAD Group provides integrated curriculum and technology solutions to schools. Its portfolio includes books, workbooks, smart classes, teacher training, ERP, Math-Science kits, teaching aids and devices. The company aims to improve learning outcomes for schools, teachers and students through technology.
In FY26, LEAD had a presence across more than 400 cities and towns and over 9,000 schools. The company reaches around 41 lakh students and supports more than 65,000 teachers.
School Education Products Remain a Key Revenue Source
Products such as books, teaching aids and devices accounted for the largest share of the company’s operating income. These products generated INR 275.4 crore in FY26, contributing more than 71 percent of operating income. Platform services contributed the remaining INR 76.5 crore.
LEAD’s total income stood at INR 392 crore in FY26, including INR 5.4 crore in non-operating income, compared with INR 367.4 crore in the previous financial year. Employee benefit expenses remained the company’s largest cost head, although they declined 6 percent to INR 131.2 crore from INR 139.7 crore a year earlier. Material costs also fell 5.4 percent to INR 104.9 crore.
Advertising expenses increased 10 percent to INR 18.9 crore during the year, while depreciation and amortisation rose 84.3 percent to INR 47.9 crore from INR 26 crore in FY25. Along with other overheads, including legal and professional fees, impairment losses and transportation expenses, LEAD’s total expenses reached INR 426.5 crore in FY26.
Operating EBITDA Jumps Sevenfold, Losses Decline 20%
LEAD’s operating EBITDA increased nearly sevenfold from INR 4 crore in FY25 to around INR 30 crore in FY26. The company attributed the improvement to stronger operational efficiency and better cost control as it scaled its business.
Growth in the core business and existing school network, along with controlled operating expenditure, helped LEAD reduce its overall losses by 20 percent year-on-year. Net loss declined to INR 34.5 crore in FY26 from INR 43.3 crore in FY25. Although the company remains loss-making, its operating performance has improved during the year.
Focus on AI and Technology to Strengthen School Learning
LEAD Group increased its focus on AI-based solutions for students and teachers during FY26. According to available reports, the company has been focusing on AI-led solutions in response to the growing role of technology and artificial intelligence. These solutions are aimed at improving student learning and the teaching experience for educators.
LEAD has also focused on integrating curriculum, pedagogy and technology across its school network. According to the company, its objective is not only to provide digital tools but also to empower teachers and drive measurable improvements in student learning outcomes.
LEAD Vision 2030 Targets 25,000 Schools
As part of its long-term expansion strategy, LEAD Group has introduced its ‘LEAD Vision 2030’ plan. Under the plan, the company aims to reach 10 million students across 25,000 schools by 2030. It is also preparing for a potential public listing.
As part of Vision 2030, the company has strengthened its leadership team. Moiz Saif has been appointed Chief Financial Officer, while Deepak Hariharan has taken over as Chief Business Officer. Narasimha Prasad has taken charge as Head of HR, while Ajay Kashyap has been given the additional responsibility of Chief Product and Technology Officer. These appointments are aimed at strengthening financial discipline, school partnerships, talent management and AI-driven product innovation.
LEAD Group CEO and Co-Founder Sumeet Mehta said that achieving Vision 2030 will require strong leadership, clarity of purpose and disciplined execution. The company remains focused on transforming schools, empowering teachers and improving student learning outcomes.
LEAD Group Moves Towards Potential IPO
LEAD Group raised USD 100 million in a Series E funding round led by WestBridge Capital in 2022, which valued the company as a unicorn. With improved operating performance in FY26 and an increasing focus on AI-based products, the company is preparing for its next phase of growth. Recent reports indicate that LEAD is targeting around 20 percent revenue growth in FY27 and is preparing for a potential IPO over the next two to three years.
Growing technology adoption in schools, AI-based learning solutions, a strong school network and improved operational efficiency remain key parts of LEAD Group’s future strategy. The FY26 performance indicates that the company has made progress not only in increasing revenue but also in reducing losses and improving operating profitability.
