Investor Presentation

Veranda Learning Solutions (VLS) is demerging its Commerce Test Prep business into a new listed company, JK Shah Commerce Education Limited (JKSC), to unlock shareholder value and create a focused entity. **Business Performance:** JKSC is positioned as a market leader in commerce education, aiming to leverage its national presence and strong track record. **Growth Drivers & Strategy:** The demerger aims for strategic clarity and operational autonomy, allowing JKSC to capitalize on the robust 25-35% demand growth in the financial services education market.

It will operate as a debt-free entity, channeling free cash flows into expansion and attracting aligned investors. **Recent Developments:** VLS shareholders will receive one share of JKSC for every one share held in VLS.

This includes transferring relevant assets, investments, and employees to the new entity. **Key Financial Metrics:** Projections for the demerged Commerce segment show total revenue growing from INR 281 Cr (FY25) to INR 344 Cr (FY26E), a 22% increase.

EBITDA is projected to rise from INR 100 Cr to INR 136 Cr, with student numbers growing from 169,537 to 201,287 in the same period. **Management Commentary / Outlook:** Management anticipates JKSC will outpace industry growth, targeting 35-40% expansion.

It is expected to be valued at 35x-40x earnings upon listing, which is targeted within approximately 12 months.