Maharashtra Knowledge Corporation (MKCL) Unlisted Shares
About The Company
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of Maharashtra Knowledge Corporation (MKCL) Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 319.7 | 276.1 | 203.2 | 152.0 | 102.2 | 181.4 | 188.0 | 181.5 |
| Expense | 229.7 | 193.6 | 135.9 | 101.2 | 80.3 | 128.9 | 128.7 | 129.1 |
| EBITDA | 90.0 | 82.5 | 67.3 | 50.8 | 21.8 | 52.5 | 62.9 | 48.4 |
| Other Cost | 52.4 | 7.0 | 6.0 | 2.9 | 4.0 | 4.3 | 2.0 | 1.5 |
| PBT | 37.6 | 75.5 | 61.3 | 47.9 | 17.8 | 48.2 | 60.9 | 47.0 |
| Tax Expense | 8.4 | 17.0 | 13.5 | 9.2 | 3.5 | 15.4 | 15.8 | 14.2 |
| PAT | 29.1 | 58.5 | 47.8 | 38.7 | 19.2 | 36.0 | 56.3 | 38.8 |
| Other Inc./Exp. | 4.3 | 5.1 | 0.1 | 1.8 | 3.7 | 15.0 | 1.7 | 0.2 |
| Net Income | 33.5 | 63.6 | 47.8 | 40.5 | 22.8 | 51.0 | 45.0 | 32.9 |
| Shares O/S | 0.81 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 |
| EPS (₹) | 39.66 | 77.50 | 59.10 | 47.90 | 28.30 | 63.10 | 55.70 | 40.70 |
| Rev. Growth % | 15.8% | 35.9% | 33.7% | 48.7% | -43.7% | -3.5% | 3.6% | — |
| EBITDA Mgn % | 28.2% | 29.9% | 33.1% | 33.4% | 21.3% | 28.9% | 33.5% | 26.7% |
| Net Mgn % | 10.5% | 23.0% | 23.5% | 26.6% | 22.3% | 28.1% | 23.9% | 18.1% |
| EPS Growth | -48.8% | 31.1% | 23.4% | 69.3% | -55.2% | 13.3% | 36.9% | — |
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About MKCL Unlisted Shares
Maharashtra Knowledge Corporation (MKCL) is an unlisted public company established in April 2022 under the Companies Act of 1956. The company's authorised share capital is Rs. 20 Cr. and the total paid-up capital is Rs. 8.08 Cr. MKCL is supported by the Department of Higher and Technical Education, Government of Maharashtra, India. The company deals in designing, developing, and deploying state-of-the-art eLearning, eGovernance, and eEmpowerment innovations, frameworks, models, strategies, products, processes, and solutions, at pocket-friendly rates for common people. Being an unlisted company, MKCL unlisted shares are available for retail investors to trade.
Before you invest in unlisted shares of MKCL unlisted shares, you must know about the company's overall business, performance, and other details on this page to make a wise decision.
Understanding The Business Model Of MKCL
MKCL offers a range of vocational courses in eLearning mode to enable seamless learning for the youth. Today, the company has more than 500 learning centres, 12.5 million smart users, and 6000 study centres where it offers 18 products and services. As per the e-learning Industry Stats, the e-learning market in India is projected to reach Rs. 312.13 billion by 2026, expanding at a CAGR of 17.60 % during the 2021-2026 period. It is expected that e-learning will continue to grow, which will boost the company's business to a great extent.
Within a period of 17 years, MKCL has been able to reach more than one crore people with its mission of Mass IT literacy, offering world-class knowledge and learning. Further, an excellent learning progression monitoring system helps the company in tracking each and every person's progress and skills attained by them. A number of State Governments in India and abroad have easily accepted the easily scalable business model of the company.
Financials Of MKCL Limited Unlisted Shares
Particular (in Rs Cr.) | FY23 | FY24 | FY25 |
Revenue | 203 | 276 | 319 |
EBITDA | 67 | 82.5 | 90 |
EBITDA Margin | 33% | 29.90% | 28.20% |
PAT | 47.8 | 58.5 | 29.1 |
Net Margin | 23.50% | 23% | 10.50% |
Net Worth | 497 | 582 | 614 |
Maharashtra Knowledge Corporation Ltd. (MKCL) shows a steady and scalable financial performance from FY23 to FY25, driven by India’s rising adoption of e-learning
Revenue increased from Rs 203 Cr in FY23 to Rs 276 Cr in FY24 to Rs 319 Cr in FY25, supported by rising learner adoption, digital courses and state partnerships. This steady scale-up confirms that MKCL’s business model is demand-backed and supported by repeat customers, government partnerships and digital course expansion.
EBITDA also increased from Rs 67 Cr to Rs 82.5 Cr to Rs 90 Cr, showing that the company is operating efficiently. However, EBITDA margins dipped from 33% to 28%, mainly due to higher tech development and expansion expenses, common for companies scaling digital platforms.
Profitability remains a strong point even with fluctuations. PAT moved from Rs 47.8 Cr (FY23) to Rs 58.5 Cr (FY24) before normalising to Rs 29.1 Cr (FY25) as taxes and other expenses rose. Net margins stayed in double digits, reflecting stable business health and pricing power.
On the balance sheet, net worth increased from Rs 497 Cr to Rs 614 Cr, with low debt and rising reserves. Total assets expanded to Rs 735 Cr, showing reinvestment in course delivery, tech infrastructure, and training centres.
This reveals that buying MKCL unlisted shares is a worthy investment.
The e-learning industry in India is likely to expand by a CAGR (Compound annual growth rate) of 17.60% to reach Rs 312.13 billion by the year 2026. Also, the higher education market segment is expected to surpass the mark of Rs. 93.23 billion. It indicates a high growth opportunity for Maharashtra Knowledge Corporation to revolutionize the industry with services. Additionally, it lays stability for the company from a long-term perspective as the industry trends are positive.
Maharashtra Knowledge Corporation Unlisted Share Synopsis
Maharashtra Knowledge Corporation's pre-IPO stock prices fluctuate like other unlisted share companies. The price of unlisted shares fluctuates based on the company's performance and market trends.
So, in February 2021, MKCL unlisted share price was available at Rs. 600, which stepped down to Rs. 350 in March and rose to around 400 till December 2022. In February 2023, the MKCL pre-IPO stocks were available at Rs. 397 and kept on fluctuating between Rs. 350 and Rs. 390 till September 2023.
MKCL unlisted share price has stayed within Rs 400 to Rs 540 over FY23 to FY25, reflecting stability rather than a breakout trend. After touching Rs 540 in FY23, the price settled near Rs. 415 to Rs 450 as the company moved into a phase of steady, controlled growth instead of rapid scaling.
This behaviour matches the company’s fundamentals: revenue has increased from Rs 203 Cr to Rs 319 Cr (FY23–FY25) and profits remain positive, but the pace isn’t fast enough to trigger a sharp valuation re-rating.
So, investors will look to invest in Maharashtra Knowledge Corporation's unlisted shares to enjoy high returns.
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