After flat revenue in FY25, edtech unicorn LEAD Group returned to double-digit growth in FY26, with operating revenue rising 10%. The company also improved its operating EBITDA, which jumped sevenfold, while cutting its losses by 20% year-on-year during the fiscal year. The company’s operating revenue grew to Rs 386.6 crore in the fiscal year ended March 2026 fromRs 351.5 crore in FY25, its annual financial statements sourced from the Registrar of Companies (RoC) show. Founded in 2012 by Sumeet Mehta and Smita Deorah, LEAD provides integrated curriculum and technology solutions, including books, workbooks, smart classes, teacher training, ERPs, Math-Science kits, teaching aids and devices. The company currently has a presence across more than 9,000 schools in over 400 towns and cities, reaching nearly 41 lakh students and supporting more than 65,000 teachers. Revenue from products such as books, teaching aids and devices accounted for over 71% of the company’s operating income at Rs 275.4 crore, while platform services contributed the remaining Rs 76.5 crore. LEAD’s total income stood at Rs 392 crore in FY26, including Rs 5.4 crore in non-operating income, compared with Rs 367.4 crore in the previous fiscal. For the edtech firm, employee benefit expenses remained the largest cost head, although they declined 6% to Rs 131.2 crore in FY26 from Rs 139.7 crore a year earlier. The cost of materials also fell 5.4% to Rs 104.9 crore, while travel and conveyance expenses increased 7.1% to Rs 25.5 crore. Advertising expenses rose 10% to Rs 18.9 crore during the year. Depreciation and amortisation, meanwhile, jumped 84.3% to Rs 47.9 crore from Rs 26 crore in FY25. Other overheads, including legal and professional fees, impairment losses, transport charges and miscellaneous expenses, took LEAD’s total expenses to Rs 426.5 crore in FY26. LEAD’s operating EBITDA jumped sevenfold to Rs 30 crore in FY26 from Rs 4 crore in FY25, the company attributed the improvement to stronger operating efficiencies as it scaled its business. Growth in its core business and existing school network, coupled with controlled operating expenditure, helped LEAD narrow its overall losses by 20% year-on-year to Rs 34.5 crore in FY26 from Rs 43.3 crore in FY25. On a unit level, the company spent Rs 1.1 to earn every rupee of operating revenue during the fiscal year. The firm also attributed the growth in its offerings to the larger role of technology and AI during the year, with the company focusing on AI-led solutions for students and teachers. The WestBridge Capital-backed company’ cash and bank balances declined to Rs 55 crore at the end of FY26 from Rs 89.5 crore a year earlier, while current assets stood at Rs 346 crore. LEAD has raised over $180 million to date, including a $100 million round led by WestBridge Capital in 2022 that turned the company into aunicorn. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirect
