Leverage Edu has had an impressive financial performance; operating revenues more than doubled in FY26, driven by expansion into the international market. Rapid growth in operating revenue, exceeding two times to ₹364.4 crore in FY26 from ₹173.3 crore in FY25, was noted in the startup’s filing with the Registrar of Companies’ consolidated financial statements. Established in 2017 by Akshay Chaturvedi, the platform exists to assist Indian and overseas students through the entire process of overseas education, from university selection and applications through to financing their education, all the way to the UK, US, Canada, Germany, Japan and Dubai.
Core business segments and geographical expansion
Student placement services continued its role as the chief revenue line, generating 77% of the total operating revenue in FY26, surging 2.3 times year-on-year at ₹281.8 crore, aided by the company’s aggressive approach to growing international placements.
Its Fly business was also set up in late 2022 to offer financial services to students pursuing their higher education overseas, growing its revenue from operating commissions on education loans, foreign exchange services, and student accommodation bookings to ₹59.6 crore, which is double last year.
During the financial year, the company earned an additional ₹21.3 crore from product sales and ₹9.1 crore from other operating and non-operating income, which totalled ₹371.9 crore overall for the year.
During FY26, revenue growth of the company was primarily fuelled by its performance in the international markets, accounting for more than 81% of the company’s revenue. Revenue from international markets grew by 2.3 times to ₹297 crore year-on-year.
The domestic Indian market took up 18.5%, where domestic revenue increased 60% to reach ₹67.4 crore. This geographical distribution reflects the strength of the company’s acquisition of overseas student mobility demand in various overseas markets through its cross-border expansion strategy.
Expense analysis and profitability milestones
The total expenditure during the period climbed by approximately 39% to ₹390.8 crore compared to ₹280.4 crore during the previous financial year. Commission to external agents and partners is the most significant expense item in the company, jumping 2.2x year-on-year to ₹114 crore, representing close to 29% of the company’s total expenses and making partner networks key enablers of student placements.
Employee benefit expenses rose by 14.1% to ₹73 crore, while subscription and membership fees rose considerably to ₹67 crore from ₹11.8 crore in FY25. On the adverse side, the advertisement expenses decreased by double digits to ₹45.3 crore, while the cost of material reduced by double digits to ₹20.75 crore, showing disciplined cost management in selected operational overheads.
The robust revenue growth on the top line from their combined activities, along with the rationalization of advertising and business operating costs, enabled Leverage Edu to make a significant bottom-line improvement. Its net losses decreased by a staggering 82% year-on-year to ₹19.4 crore in FY26 compared with the previous year, which recorded losses of ₹105.7 crore.
Leverage Edu has become an EBITDA-positive company during the current year by making an EBITDA of ₹2 crore as against losses of ₹ 83 crore in the previous fiscal year. Profit on EBITDA was at 0.49 per cent, and the unit-level parameters indicated that the company has been spending ₹1.07 per rupee of operating revenue.
The firm’s current assets at the end of March 2026 amounted to ₹160 crore, of which cash and bank balances were ₹31 crore. To date, the company has raised total funding of nearly ₹90 crore, including a ₹40 crore Series C led by Blume Ventures and DSG Consumer Partners, with its running valuation of around ₹3 crore.
Conclusion
The period of FY26 presents a pivotal moment for Leveredge’s financial results, seeing operating revenue grow by more than 2-fold to ₹364.4 crore, net loss decline by 82% to ₹19.4 crore, and achieving a positive change in EBITDA margin at 2%. The company has been able to optimize its cost structure while growing internationally, thanks to its strong expansion within the sector by scaling its student placement services as well as the expansion of its financial and Hay group, the Fly financial services vertical. Leverage Edu is positioned for further development and achievements in the future, having accumulated solid capital reserves and achieved a valuation of approximately $300 million.
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