Drishti IAS has reported operating revenue of Rs 364 crore for the financial year ended March 2025, reflecting a year-on-year decline of around 10 per cent, according to its audited financial results cited in media reports.
The offline-focused coaching institute had recorded operating revenue of Rs 405 crore in FY24. The moderation in topline growth is attributed to accounting adjustments under Ind-AS norms and a broader slowdown in the offline coaching market after the post-pandemic enrolment surge.
Earnings also saw a contraction during the year. EBITDA declined to Rs 77 crore from Rs 127 crore in the previous year, while profit after tax fell 32 per cent to Rs 61 crore, compared with Rs 90 crore in FY24.
The company indicated that the offline coaching sector is currently undergoing a phase of correction, with student volumes stabilising across major education hubs and moving closer to pre-Covid levels.
Margin Pressure
Drishti IAS expects profitability to remain under pressure in FY26 as classroom admissions normalise further. The company noted that the unusually strong demand witnessed after Covid-led disruptions has largely tapered off.
A key factor impacting revenue during FY25 was the relocation of its flagship Mukherjee Nagar centre in Delhi. The shift to a compliant facility in Noida led to a reported revenue loss of over Rs 30 crore during the year.
Founded in 1999 by Vikas Divyakirti, Drishti IAS specialises in preparation for UPSC and PCS examinations. It currently operates eight offline centres located across Delhi, Noida, Prayagraj, Lucknow, Jaipur, Indore, Ranchi and Patna.
Despite near-term financial pressure, the company continues to focus on scale and diversification across both physical and digital learning formats.
During FY26, Drishti IAS expanded its offline footprint with the opening of new centres in Ranchi and Patna. At the same time, it introduced lower-priced, studio-based online programmes aimed at reaching a wider student base.
The institute has also entered new test preparation categories beyond civil services. These include Judiciary exams, Teaching eligibility tests and SSC examinations, signalling a broader strategy to reduce dependence on UPSC-focused offerings.
According to CEO Vivek Tiwari, further expansion is planned in segments such as Banking, Defence and School education, as the company looks to build a more diversified education portfolio.
Originally an offline-only institute, Drishti IAS launched its online operations in FY21. By FY25, nearly one-third of the company’s total revenue was generated from online courses and digital offerings.
Leadership and Outlook
As part of its leadership strengthening, the company has appointed Vipan Joshi, former CFO of Aakash Institute, as its Chief Financial Officer. The appointment is expected to support financial planning during a phase of operational transition.
Reports of a potential acquisition by PhysicsWallah were also addressed during the year. Discussions were reportedly discontinued, with both organisations choosing to pursue independent growth strategies.
While the near-term outlook reflects a more cautious environment for offline coaching players, Drishti IAS continues to invest in new centres, online delivery models and additional exam categories.
The company’s performance in the coming years is expected to depend on how quickly enrolment trends stabilise and how effectively it balances offline expansion with growing digital demand in India’s evolving education market.
