Robokidz Eduventures SME IPO

Strengths · 8

• 01Sales have more than doubled in two years, from Rs 38.31 crore in FY2024 to Rs 59.16 crore in FY2025 and Rs 93.72 crore in FY2026.
• 02Profit has grown more than four times over the same period, from Rs 2.42 crore to Rs 10.06 crore.
• 03EBITDA improved from Rs 4.89 crore in FY2024 to Rs 16.66 crore in FY2026.
• 04Return ratios are very strong, with RoNW of 48.66% and RoCE of 29.64%.
• 05This is the cheapest issue in the current SME batch on earnings, at about 11.45 times on an EPS of Rs 9.26.
• 06It earns in several different ways, through laboratory setup projects, subscription programmes, workshops and franchise activity centres, rather than one revenue line.
• 07Its programmes are designed to line up with the National Education Policy 2020, which is pushing schools towards exactly this kind of practical, skills based teaching.
• 08Once a school laboratory is installed, the subscription programmes and support that follow give repeat income from the same customer.

Risks · 8

• 01The promoter details are not populated in the data available to us. The source names Sagar Lalit Sanghvi as promoter but the structured promoter list and the post issue holding are both missing, so the extent of dilution is not clear.
• 02Borrowing has nearly doubled in a year, from Rs 15.34 crore in FY2025 to Rs 29.80 crore in FY2026, against a net worth of Rs 20.67 crore.
• 03Total assets nearly tripled in one year, from Rs 34.16 crore to Rs 95.22 crore, which is a very large build up for a company of this size.
• 04Rs 23.46 crore of the Rs 31.09 crore issue goes into working capital. Laboratory setup projects block money in equipment and unbilled work before payment comes.
• 05Schools and government bodies buy through tenders and budgets, pay slowly, and can defer spending entirely in a difficult year.
• 06Education technology is a crowded field, and school contracts are usually won afresh rather than renewed automatically.
• 07The franchise model puts part of the customer experience in other hands, so quality across centres is harder to control.
• 08This is an SME issue. One lot is 1,200 shares, which is about Rs 1.27 lakh at the upper band of Rs 106, and SME shares usually trade in low volume after listing.

Robokidz Eduventures Limited was started in December 2014. It is an education technology company working with school students from kindergarten to class 12, in robotics, artificial intelligence, coding, electronics and STEM, which stands for science, technology, engineering and mathematics.

It provides the whole package rather than one product. This covers setting up educational laboratories in schools, subscription based learning programmes, teacher training, digital learning platforms, educational kits and ongoing technical support. Its customers are schools, educational institutions and government organisations across India.

The business runs through several models. There are educational laboratory setup projects, the subscription based Young Engineers Garage programme, STEM workshops and boot camps, and franchise run Young Engineers Academy activity centres. Its own digital platforms, coding tools and learning management systems support hands-on, application based learning designed to line up with the National Education Policy 2020, and its operations are ISO certified. The company is led by its promoter Sagar Lalit Sanghvi along with a professional management team.

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