Leverage Edu's EBITDA Is ₹2 Crore in Filings, ₹9.5 Crore From Sources

Leverage Edu, the study-abroad platform founded in 2017 by Akshay Chaturvedi, has two FY26 profit figures in circulation. Entrackr's reading of its consolidated filings with the Registrar of Companies (RoC) puts operating revenue at ₹364.4 crore and EBITDA at ₹2 crore. Inc42, citing unnamed sources on Oct. 5, reported revenue of ₹372 crore and EBITDA of ₹9.5 crore.

Both say the company turned EBITDA positive, up from a loss of ₹83 crore in FY25 per Entrackr. The difference is how positive, and what is counted.

Why the two EBITDA figures differ by ₹7.5 crore

Entrackr's report gives operating revenue of ₹364.4 crore, up from ₹173.3 crore in FY25, and total income of ₹371.9 crore. It puts the EBITDA margin at 0.49 percent. Inc42's piece says its figures come from unnamed sources, not company disclosures, and that Leverage Edu did not respond to its questions before publication.

₹372 crore is almost exactly the ₹371.9 crore total income. Total income minus operating revenue is ₹7.5 crore, and ₹9.5 crore minus ₹2 crore is also ₹7.5 crore. A 0.49 percent margin on ₹364.4 crore is closer to ₹1.8 crore, so the match is within ₹0.2 crore. The likeliest reading, which The Terminal infers and neither outlet states, is that Inc42's sources quoted revenue and EBITDA with other income included.

Measure, FY26	Entrackr, from RoC filings	Inc42, unnamed sources
Revenue	₹364.4 crore operating; ₹371.9 crore total income	₹372 crore
EBITDA	₹2 crore (0.49% margin)	₹9.5 crore
Net loss	₹19.4 crore	Not given
Funding raised	Nearly $90 million	About $73 million

The funding row is a second disagreement. Entrackr says nearly $90 million has been raised, including a $40 million Series C in July 2023 led by Blume Ventures and DSG Consumer Partners. Inc42 says about $73 million, from investors including Blume, DSG and Kaizenvest. Neither article explains the difference.

Where the money goes

EBITDA positive is not profitable. Total expenditure was ₹390.8 crore against total income of ₹371.9 crore, and the company lost ₹19.4 crore after all costs, down from ₹105.7 crore in FY25. Entrackr calculates that Leverage Edu spent ₹1.07 for every rupee of operating revenue.

1. Commissions to agents and partners114 ₹ crore
2. Employee benefits73 ₹ crore
3. Subscription and membership fees67 ₹ crore
4. Advertising45.3 ₹ crore

Source: Entrackr, from consolidated RoC filings, accessed 2026-10-18

Commissions to agents and partners were ₹114 crore, up 2.2 times and about 29 percent of expenditure. Subscription and membership fees rose from ₹11.8 crore to ₹67 crore. Advertising fell 24.2 percent to ₹45.3 crore. Spending moved from advertising to partners, and Entrackr's own verdict is that "Higher commission payouts to external partners appear to have paid off."

Student placement services brought in ₹281.8 crore, about 77 percent of operating revenue. International markets contributed ₹297 crore, over 81 percent of revenue and up 2.3 times, while India was ₹67.4 crore, up 60 percent. The Fly business, financial services for students going abroad, made ₹59.6 crore.

One month of cash against a ₹500 crore plan

Cash and bank balances were ₹31 crore in March 2026, per Entrackr, against current assets of ₹160 crore. Spread across twelve months, ₹390.8 crore of expenditure is about ₹32.6 crore a month, so cash on the balance sheet covered roughly one month of FY26 spending. That is The Terminal's arithmetic, and it ignores whatever was raised or collected after the balance sheet date.

Inc42 reports, citing its unnamed sources, that the company is exploring a ₹500 crore pre-IPO round to bring a large private equity firm onto the cap table, and has held talks with a couple of global firms. The round would be about 16 times the March cash balance. The same report says the company plans an IPO of ₹2,000 crore to ₹3,000 crore, split between fresh shares and an offer for sale, at a valuation above $900 million. Entrackr cites a current valuation of around $300 million, so the IPO target is three times that figure. The two numbers measure different things, a past round and a hoped-for listing, and neither outlet reconciles them.

Inc42 also reports an FY27 revenue target of ₹600 crore, about 61 percent above its ₹372 crore figure. Against Entrackr's ₹364.4 crore the required growth is 65 percent.

What the customer numbers add

Inc42 reports that Leverage Edu added more than 55,000 students in FY26, taking its customer base past 1.75 lakh. Those are company claims relayed by Inc42's sources, and Entrackr's filing-based figures do not include student counts. The same report says fintech, accommodation, travel and career support make up 25 percent to 33 percent of revenue, while Entrackr's ₹59.6 crore for the Fly business is about 16 percent of operating revenue, so the range would need other lines to reach it.

Inc42 also reports that the company entered South America by acquiring Brazil-based Mundus Agency, as first reported in July. Terms were not disclosed, and Inc42 says Leverage Edu confirmed the deal. Entrackr's article does not mention it or say whether it sits in the FY26 accounts, in which total expenditure rose 39 percent to ₹390.8 crore.

How it compares

A company that spends ₹1.07 per rupee of revenue is in a different place from Snabbit, which spent ₹16 for every ₹1 of FY26 revenue, and from Urban Company, whose InstaHelp unit lost ₹279 on each order. Its largest cost is paid to partners, and ₹114 crore of commissions is 31 percent of operating revenue.

The next checkable events are the ₹500 crore round, which Inc42's report expects to close shortly, and a draft prospectus, which would carry audited EBITDA and settle which of the two figures is the right one.