For investors, it can be quite challenging to decide if the Jaro Institute IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we bring you the top important key factors and a detailed review of the Jaro Institute IPO. This will help you analyze the strengths, risks, and financial details of the Jaro Institute, making your investment decision better.
About Company
Jaro Institute is one of the growing technology-driven higher education and professional upskilling platforms. As of March 31, 2024, they have a pan-India presence with 22 offices-cum-learning centers in major cities and 15 tech studios set up in IIM campuses, serving 34 partner institutions and 239 programs and courses offered.
This company provides and delivers a broad range of online degree programs, including DBA, MBA, M.Com, M.A., PGDM, MCA, M.Sc, B.Com, and BCA. As of March 31, 2025, the company had 860 employees. Moreover, the company has high EBITDA, even though it was not taking any outside financial help, and all strong financials go to their deep experience in online higher education and upskilling.
Strengths
- Jaro Institute holds a Leading position in online higher education and upskilling with a pan-India presence.
- Stable revenue backed by strong and long-term client relationships across sectors.
- Delivering high-quality and diverse courses.
- Utilizing technology and digital tools to improve client experience and grow the business.
Weaknesses
- If Partner Institutions start promoting their programs directly, it can affect their business.
- The company smoothly runs its business with the dependency of the Chairman and Managing Director, senior management, and its ability to retain and attract employees. If it fails to retain or attract new ones, it can badly affect the overall business.
- The number of working capital days has grown from 155 to 227.
- Jaro Institute mostly generates its revenue from a few Partner Institutions, meaning losing any of them could adversely impact the overall business.
Jaro Institute IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Adroit Financial Services Private Limited | Apply |
| Anand Rathi | Apply |
| Axis Capital | Not Rated |
| BP Equities (BP Wealth) | Apply |
| Canara Bank Securities Ltd | Apply |
| Capital Market | Neutral |
| DRChoksey FinServ Pvt Ltd. | Apply |
| Nirmal Bang | Apply |
| SBICAP Securities Limited | Apply |
| Ventura Securities Limited | Apply |
Jaro Institute IPO Details
| IPO Open Date: | September 23, 2025 |
| IPO Close Date: | September 25, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹846 to ₹890 Per Share |
| Issue Size: | Approx ₹450 Crores |
| Fresh Issue: | Approx ₹170 Crores |
| Registrar | Bigshare Services Pvt. Ltd. |
| IPO Lead Managers | Nuvama Wealth Management Ltd. Motilal Oswal Investment Advisors Ltd. Systematix Corporate Services Ltd. |
| Basis of Allotment | September 26, 2025 |
| IPO Listing Date: | September 30, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
| Total Income | ₹254.02 Cr | ₹202.57 Cr | ₹124.59 Cr |
| EBITDA | ₹83.58 Cr | ₹63.56 Cr | ₹25.55 Cr |
| EBITDA Margin (%) | 33.13% | 31.93% | 20.92% |
| Net Profit after Tax | ₹51.67 Cr | ₹37.97 Cr | ₹11.65 Cr |
| Net Worth | ₹171.55 Cr | ₹117.43 Cr | ₹77.85 Cr |
| Return on Capital Employed | 37.38% | 40.90% | 19.12% |
| Debt-Equity Ratio | 0.30 | 0.21 | 0.45 |
| Total Borrowings | 51.11 | 24.85 | 37.77 |
Key Indicators
| KPI | Values |
| ROE | 35.76% |
| ROCE | 37.38% |
| Debt/Equity | 0.30 |
| RoNW | 30.12% |
| PAT Margin | 20.34% |
Promoters & Track Records, if any
- Sanjay Namdeo Salunkhe, aged 62 years, is the Chairman and Managing Director of the Company, holds 14,482,035 equity shares in the company, representing 70.98% of the paid-up Equity shares.
- Balkrishna Namdeo Salunkhe, aged 58 years, is the non-executive director of the Company, holds 457,098 equity shares in the company, representing 2.24% of paid-up Equity Shares.
Expansion
- Some funds will be utilized for the repayment/prepayment of certain borrowings taken by the company.
- The proceeds from the new issue will be used for marketing, brand building, and advertising activities.
- Lastly, the remaining funds will be utilized for the company’s general corporate purposes.
Jaro Institute IPO – Should You Apply or Not?
The fast-growing online higher education and upskilling sector backs Jaro Institute IPO. Over the years, the company has shown healthy return ratios, consistent financial growth, and strong profitability. However, Employee dependence, premium valuation, and High dependence on a few partner institutions are some risks investors must keep in mind before subscribing.
As of September 21, the GMP of the Jaro Institute is ₹104 with a price band of ₹890, representing a potential listing gain of 9%-12%.
As the IPO is priced at a higher price, the long-term investors who believe in the growth of India’s edtech and higher education space could think about subscribing. Listing gains based on GMP trends and market sentiment may be beneficial for short-term investors.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
