Drishti IAS Reports Changes in Revenue and Profitability

Drishti IAS, a notable offline coaching firm, has announced its operating revenue for FY25 at Rs 364 crore, marking a decrease of 10% compared to Rs 405 crore the prior year, as revealed by its audited financial statements. The company’s EBITDA has also seen a decline, dropping to Rs 77 crore from Rs 127 crore. Additionally, profit after tax showed a significant reduction of 32%, landing at Rs 61 crore down from Rs 90 crore year-on-year.

The firm linked the revenue drop to adjustments in Ind-AS accounting and the broader normalisation occurring within the offline coaching sector, especially following the surge in enrolments post-Covid. With the market currently experiencing a correction, Drishti IAS anticipates ongoing pressure on profitability for the current fiscal year (FY26).

Stabilisation and Relocation Impact

Drishti IAS further explained that classroom admissions across key coaching centres have stabilised as student enrolments revert to pre-Covid figures. A significant factor in the revenue decline was the relocation of its main Mukherjee Nagar centre to a compliant facility in Noida during FY25, leading to an estimated revenue loss exceeding Rs 30 crore.

Expansion into New Areas

Founded in 1999 by Vikas Divyakirti, Drishti IAS is dedicated to preparing students for UPSC and PCS examinations, with eight centres located in Delhi, Noida, Prayagraj, Lucknow, Jaipur, Indore, Ranchi, and Patna. The firm is actively expanding both its offline and online segments. In FY26, it opened new centres in Ranchi and Patna, introduced lower-priced studio-based online programmes, and ventured into Judiciary, Teaching Exams, and SSC categories.

CEO Vivek Tiwari stated that there are plans for further expansion into Banking, Defence, and School education sectors. In a recent appointment, Vipan Joshi has taken on the role of Chief Financial Officer, previously serving at Aakash Institute.

Shifts to Online Operations

Initially established as an offline-only coaching institute, Drishti IAS diversified by launching its online platform in FY21. By FY25, approximately one-third of its revenue was generated through online operations, with the remaining income sourced from offline centres.

It is also pertinent to mention that discussions for an acquisition of Drishti IAS by PhysicsWallah took place but were ultimately terminated, with both firms deciding to continue following independent growth paths. These developments were initially reported by the startup Superbexclusively.