IT - Education · Founded 1983 · www.jetking.com · BSE 517063 · · ISIN INE919C01019
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Business
Jetking Infotrain Ltd. is an Indian company primarily engaged in the IT education and training sector. Its core business revolves around providing vocational training programs in information technology, aimed at equipping students with job-ready skills for the IT industry. The company operates through a network of training centers, offering courses in areas such as networking, software development, hardware, cyber security, and other emerging technologies. It makes money primarily through course fees paid by students enrolling in its various programs. The business model often includes a franchise component, where independent centers operate under the Jetking brand.
Revenue Mix
While specific segmental revenue breakdown is not readily available in public domain from general sources, Jetking's primary revenue stream is derived from its retail IT vocational training programs for individuals. This includes fees from diploma and certificate courses. A smaller, but potential, segment could involve corporate training solutions or partnerships with educational institutions, though the focus remains on career-oriented individual training.
Industry
The IT education industry in India is highly competitive and fragmented, ranging from large global certification providers to numerous local training institutes and online platforms. Jetking Infotrain has been an established player for several decades, particularly known for its hardware and networking training. It positions itself as a provider of practical, job-oriented IT skills, aiming to bridge the gap between academic education and industry demands. Its long-standing presence gives it a degree of brand recognition within the vocational training space, positioning it among the mid-to-large tier of established IT training providers in India, alongside competitors like NIIT, Aptech, and various smaller, specialized institutes.
MOAT
Jetking's primary competitive advantages include:
Brand Recognition: A long operational history (since 1947 as a group, IT education focus later) has built a recognized brand name in the Indian IT vocational training space, particularly for hardware and networking.
Established Curriculum & Pedagogy: Years of experience have allowed them to develop and refine their curriculum and teaching methodologies, aligning them with industry needs.
Franchise Network: An extensive network of owned and franchised centers provides wide geographical reach and scalability, allowing for presence in various cities and towns across India.
Industry Connects: A history of placing students can lead to established relationships with employers, potentially aiding in student placements.
Growth Drivers
Key factors that can drive Jetking's growth over the next 3-5 years include:
Digital Transformation: The ongoing digital transformation across industries drives demand for skilled IT professionals, creating a continuous need for upskilling and reskilling.
Skill Gap: A persistent skill gap between academic output and industry requirements in India ensures demand for practical, job-oriented training.
Emerging Technologies: Introduction of new courses in high-demand areas like AI, Machine Learning, Data Science, Cloud Computing, and Cybersecurity can attract new students.
Government Initiatives: "Skill India" and other government programs promoting vocational training can provide indirect support and opportunities.
Online Learning: Expansion into blended or fully online learning models can increase reach and accessibility to a wider student base.
Risks
Jetking faces several key business risks:
Intense Competition: The IT education market is highly fragmented with numerous players, including large institutions, specialized bootcamps, and online platforms, leading to pricing pressure and market share battles.
Rapid Technological Change: The IT industry evolves quickly, requiring constant updating of curriculum and training methodologies to remain relevant, which can be resource-intensive. Failure to adapt can lead to obsolescence.
Economic Downturns: Economic slowdowns can reduce disposable income, impacting student enrollment and the ability to afford vocational courses.
Placement Reliance: Student enrollment is often heavily influenced by perceived placement success rates; any decline in placements due to market conditions or quality issues can negatively impact admissions.
Regulatory Changes: Changes in educational policies or vocational training regulations could impact operations and compliance costs.
Brand Dilution/Quality Control: For a franchise model, maintaining consistent quality across all centers is challenging, and poor performance at one center can impact the overall brand reputation.
Management & Ownership
Jetking Infotrain Ltd. is promoted and controlled by the Bharwani family, who have a long history with the company and its broader group. The management typically consists of experienced professionals within the education and vocational training sector. As an Indian listed company, ownership is generally concentrated among the promoter group, with the remaining shares held by public shareholders (retail investors, institutions). The quality of management can be inferred from the company's longevity and adaptation over decades, though specific current management effectiveness requires detailed analysis of recent performance and strategic decisions.
Outlook
Jetking Infotrain operates in a growing but highly competitive sector driven by India's demand for IT skills. The company benefits from its established brand, extensive network, and long-standing presence, which provide a foundation for continued operation. The increasing need for digital skills and continuous professional development presents a significant opportunity for growth, particularly if the company can effectively integrate training in emerging technologies and leverage online learning models. However, the outlook is tempered by the intense competition from both traditional players and newer online platforms, the constant challenge of updating curricula to meet rapidly changing industry demands, and the inherent sensitivity of student enrollments to economic cycles and perceived placement outcomes. Success hinges on its ability to innovate its offerings, maintain strong industry relevance, and deliver consistent quality across its training centers.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 4 | 5 | 6 | 6 | 5 | 6 | 7 | 5 | 4 | 5 |
| Other Income | 0 | 4 | 0 | 1 | 0 | 1 | 2 | 0 | 1 | 1 |
| Total Income | 5 | 9 | 6 | 7 | 6 | 7 | 10 | 5 | 5 | 6 |
| Total Expenditure | 5 | 5 | 5 | 4 | 6 | 6 | 5 | 7 | 7 | 7 |
| Operating Profit | -1 | 4 | 1 | 2 | -1 | 1 | 4 | -2 | -2 | -1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | 4 | 0 | 2 | -1 | 0 | 3 | -3 | -2 | -1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -1 | 4 | 0 | 1 | -1 | 0 | 3 | -3 | -3 | -1 |
| Adjustments | -0 | -0 | 0 | -0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | -1 | 3 | 0 | 1 | -1 | 1 | 3 | -3 | -3 | -1 |
| Adjusted Earnings Per Share | -2.4 | 5.9 | 0.8 | 2.2 | -2.2 | 1.3 | 5.4 | -4.1 | -4 | -2.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 26 | 25 | 24 | 21 | 21 | 19 | 8 | 13 | 19 | 19 | 22 | 21 |
| Other Income | 4 | 1 | 5 | 4 | 2 | 2 | 9 | 6 | 4 | 2 | 7 | 4 |
| Total Income | 30 | 26 | 29 | 25 | 23 | 21 | 17 | 18 | 23 | 21 | 28 | 26 |
| Total Expenditure | 24 | 23 | 25 | 23 | 23 | 26 | 14 | 15 | 21 | 22 | 22 | 26 |
| Operating Profit | 6 | 3 | 4 | 2 | 0 | -6 | 2 | 4 | 2 | -1 | 7 | -1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 2 | 2 | 2 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 3 | 1 | 2 | 0 | -2 | -8 | 0 | 1 | -0 | -3 | 4 | -3 |
| Provision for Tax | 1 | 0 | 0 | -0 | -1 | -1 | 0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 2 | 1 | 2 | 0 | -1 | -7 | 0 | 2 | -0 | -3 | 3 | -4 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 2 | 1 | 2 | 0 | -1 | -7 | 0 | 2 | -0 | -3 | 3 | -4 |
| Adjusted Earnings Per Share | 3.9 | 1.1 | 3 | 0.8 | -2 | -12 | 0.1 | 2.9 | -0.3 | -5.6 | 5.5 | -4.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 16% | 19% | 3% | -2% |
| Operating Profit CAGR | 0% | 21% | 0% | 2% |
| PAT CAGR | 0% | 14% | 0% | 4% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -22% | 39% | 29% | 9% |
| ROE Average | 9% | -0% | 1% | -0% |
| ROCE Average | 10% | 1% | 1% | -0% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 43 | 44 | 45 | 45 | 44 | 37 | 38 | 39 | 40 | 38 | 42 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 11 | 11 | 5 | 8 | 7 | 2 | 1 | 1 | 2 | 3 | 3 |
| Total Current Liabilities | 4 | 3 | 3 | 4 | 4 | 3 | 3 | 3 | 5 | 5 | 6 |
| Total Liabilities | 59 | 59 | 53 | 57 | 55 | 43 | 42 | 44 | 46 | 46 | 51 |
| Fixed Assets | 24 | 23 | 22 | 15 | 16 | 15 | 9 | 9 | 15 | 26 | 32 |
| Other Non-Current Assets | 25 | 27 | 19 | 33 | 32 | 22 | 26 | 27 | 17 | 14 | 14 |
| Total Current Assets | 10 | 9 | 13 | 9 | 7 | 5 | 7 | 8 | 15 | 6 | 6 |
| Total Assets | 59 | 59 | 53 | 57 | 55 | 43 | 42 | 44 | 46 | 46 | 51 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 3 | 2 | 1 | 1 | 1 | 1 | 3 | 3 | 8 | 2 |
| Cash Flow from Operating Activities | 5 | 2 | 1 | -0 | -5 | -6 | -0 | -2 | 1 | -1 | -1 |
| Cash Flow from Investing Activities | -2 | -3 | -1 | 0 | 4 | 7 | 2 | 3 | 4 | -4 | -1 |
| Cash Flow from Financing Activities | -1 | -1 | -0 | 0 | -0 | 0 | -0 | -1 | -1 | -1 | -0 |
| Net Cash Inflow / Outflow | 2 | -2 | -0 | 0 | -1 | 0 | 1 | 1 | 4 | -5 | -1 |
| Closing Cash & Cash Equivalent | 3 | 2 | 1 | 1 | 1 | 1 | 3 | 3 | 8 | 2 | 1 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 3.93 | 1.14 | 3.02 | 0.78 | -1.97 | -11.98 | 0.09 | 2.94 | -0.25 | -5.59 | 5.46 |
| CEPS(Rs) | 8.08 | 5.31 | 6.76 | 4.24 | 1.68 | -7.62 | 3.76 | 6.38 | 3.08 | -1.8 | 9.55 |
| DPS(Rs) | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 73.52 | 74.65 | 76.46 | 76.98 | 75.19 | 63.35 | 63.56 | 66.43 | 67.21 | 60.66 | 67.41 |
| Core EBITDA Margin(%) | 6.43 | 8.49 | -4.94 | -10.89 | -9.07 | -40.13 | -75.09 | -16.03 | -12.08 | -14.78 | -0.05 |
| EBIT Margin(%) | 13.13 | 3.86 | 8.25 | 0.6 | -9.92 | -43.41 | 4 | 13.04 | 0.18 | -16.33 | 17.7 |
| Pre Tax Margin(%) | 12.95 | 3.65 | 8.1 | 0.42 | -10.2 | -44.03 | 2.65 | 11.64 | -0.79 | -17.44 | 16.76 |
| PAT Margin (%) | 8.99 | 2.71 | 7.54 | 2.21 | -5.43 | -37.87 | 0.66 | 13.75 | -0.79 | -17.45 | 14.82 |
| Cash Profit Margin (%) | 18.51 | 12.69 | 16.91 | 11.98 | 4.62 | -24.1 | 27.55 | 29.84 | 9.64 | -5.62 | 25.89 |
| ROA(%) | 3.61 | 1.14 | 3.18 | 0.84 | -2.08 | -14.53 | 0.13 | 4.03 | -0.33 | -7.12 | 6.61 |
| ROE(%) | 5.42 | 1.53 | 3.99 | 1.02 | -2.59 | -17.29 | 0.14 | 4.52 | -0.38 | -8.74 | 8.53 |
| ROCE(%) | 7.91 | 2.18 | 4.37 | 0.28 | -4.73 | -19.82 | 0.86 | 4.29 | 0.09 | -8.18 | 10.12 |
| Receivable days | 80.73 | 68.77 | 49.53 | 38.98 | 41.49 | 48.29 | 106.53 | 67.87 | 43.08 | 34.16 | 28.8 |
| Inventory Days | 4.66 | 3.81 | 4.6 | 4.71 | 4.71 | 5.64 | 11.79 | 6.72 | 3.35 | 2.53 | 0 |
| Payable days | 175.13 | 256.96 | 317.59 | 281.19 | 437.02 | 475.06 | 3597.91 | 8229.64 | 3437.08 | 0 | 3970.86 |
| PER(x) | 10.7 | 35.41 | 15.39 | 74.13 | 0 | 0 | 367 | 14.07 | 0 | 0 | 15.86 |
| Price/Book(x) | 0.57 | 0.54 | 0.61 | 0.75 | 0.45 | 0.3 | 0.52 | 0.62 | 0.62 | 0.81 | 1.29 |
| Dividend Yield(%) | 2.38 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.81 | 0.82 | 1.07 | 1.37 | 0.86 | 0.53 | 2.03 | 1.55 | 0.75 | 1.35 | 2.3 |
| EV/Core EBITDA(x) | 3.57 | 5.95 | 6.05 | 13.23 | 645.65 | -1.77 | 6.57 | 5.33 | 7.04 | -39.76 | 7.65 |
| Net Sales Growth(%) | -10.88 | -4.05 | -4.49 | -11.21 | 2.42 | -12.8 | -56.87 | 56.7 | 49.34 | 0.32 | 15.14 |
| EBIT Growth(%) | -7.54 | -71.81 | 104.36 | -93.55 | -1794.1 | -281.72 | 103.97 | 410.86 | -97.95 | -9240.83 | 224.78 |
| PAT Growth(%) | -11.39 | -71.08 | 165.77 | -73.94 | -351.14 | -508.47 | 100.76 | 3145.05 | -108.54 | -2125.62 | 197.79 |
| EPS Growth(%) | -11.39 | -71.08 | 165.77 | -74.02 | -351.14 | -508.47 | 100.76 | 3143.71 | -108.54 | -2125.94 | 197.79 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 |
| Current Ratio(x) | 2.25 | 2.65 | 4.08 | 2.26 | 1.92 | 1.57 | 2.11 | 2.37 | 3.18 | 1.21 | 1 |
| Quick Ratio(x) | 2.2 | 2.56 | 3.99 | 2.2 | 1.83 | 1.49 | 2.04 | 2.3 | 3.15 | 1.18 | 1 |
| Interest Cover(x) | 76.34 | 18.59 | 55.22 | 3.34 | -35.53 | -70.21 | 2.96 | 9.36 | 0.19 | -14.78 | 18.85 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 50.38 | 50.38 | 50.38 | 50.38 | 50.38 | 47.76 | 47.76 | 46.75 | 46.75 | 46.39 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 1.37 | 1.37 | 1.37 | 1.37 | 1.37 | 1.28 | 1.28 | 1.28 | 1.28 | 1.28 |
| Public | 48.25 | 48.25 | 48.25 | 48.25 | 48.25 | 50.96 | 50.96 | 51.97 | 51.97 | 52.32 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.29 | 0.29 | 0.29 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.32 | 0.32 | 0.33 | 0.33 | 0.33 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +16% | +19% | +3% | -2% |
| Operating Profit CAGR | — | +21% | — | +2% |
| PAT CAGR | — | +14% | — | +4% |
| Share Price CAGR | -22% | +39% | +29% | +9% |
| ROE Average | +9% | 0% | +1% | 0% |
| ROCE Average | +10% | +1% | +1% | 0% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 50.38 | 50.38 | 50.38 | 50.38 | 50.38 | 47.76 | 47.76 | 46.75 | 46.75 | 46.39 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 1.37 | 1.37 | 1.37 | 1.37 | 1.37 | 1.28 | 1.28 | 1.28 | 1.28 | 1.28 |
| Public | 48.25 | 48.25 | 48.25 | 48.25 | 48.25 | 50.96 | 50.96 | 51.97 | 51.97 | 52.32 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.29 | 0.29 | 0.29 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.32 | 0.32 | 0.33 | 0.33 | 0.33 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 |
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