Aakash Educational FY24: Revenue Stagnates, Losses Hit ₹2,443 Crore

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• February 26, 2026
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Bengaluru, February 24, 2026 — Aakash Educational Services Limited (AESL), the offline test-prep powerhouse, has reported a staggering net loss for the financial year ended March 31, 2024. While the company maintained its operational scale, its bottom line was decimated by its association with its embattled and now-insolvent parent company, Think & Learn (Byju’s).

The Financial Breakdown (FY24)

According to the latest regulatory filings, Aakash’s financial performance presents a tale of two realities: steady student enrollment offset by massive corporate debt write-offs.

The “Hidden” Profit: Stripping away the “exceptional items” and taxes, the company’s core operational loss was a far more modest ₹61 crore. On an EBITDA basis, the firm remained positive at ₹307 crore, proving that the business model itself remains functional despite the parent company’s collapse.

Why the Massive Surge in Losses?

The ₹2,443 crore loss is almost entirely attributed to exceptional charges related to Byju’s. These non-cash and one-time hits include:

• Loan Write-offs: Aakash wrote off over ₹780 crore in loans it had previously extended to Byju’s.
• Interest Obligations: Approximately ₹1,363 crore was booked to account for interest and loan obligations linked to the parent company’s debt.
• Termination Fees: A ₹100 crore charge was recorded following the termination of a service agreement with Think & Learn in May 2023.
• Asset Impairment: The company also accounted for the impairment of goodwill (₹102 crore) and the write-down of intangible assets (₹300 crore).

Ownership Shift: The Exit of Byju’s

The financial report comes at a time of seismic shifts in Aakash’s cap table. Dr. Ranjan Pai (Manipal Group) has effectively seized control of the company.

• Current Stake: Through debt-to-equity conversions and recent rights issues, the Manipal Group now holds a 58.8% majority stake.
• Dilution of Byju’s: Following a recent Supreme Court ruling that allowed Aakash to proceed with a ₹240 crore rights issue, Byju’s stake is expected to be diluted to under 5%.
• New Leadership: To steer the ship through this transition, Aakash recently appointed Alka Garg as its new CFO, replacing Vipan Joshi, who resigned last October.

Outlook for 2026

While FY24 was a year of “cleaning the books,” analysts expect a clearer picture in FY25. Aakash currently operates over 415 centers with more than 400,000 students. With the Manipal Group now at the helm, the company is pivoting toward a “back-to-basics” approach, focusing on its core offline coaching strengths and distancing itself from the digital-first strategy that defined the Byju’s era.