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Zee Learn Limited (ZEELEARN) Fair Value & Analysis

Consumer Defensive · IN · Market cap ₹2.9B

ZL Zee Learn Limited ZEELEARN · NSE
Price₹7.98
Fair Value₹23.22
Upside+191.0%
Quality48/100
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Healthy Growth
Thin margins · 8.8% net margin
Moderate debt · generates free cash flow
Ranks above peers (9/13)
Moderate moat 57/100
Evidence: High Range ₹14.98 – ₹31.45 Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 4 days ago

Share price −7.1% over the past month.

Below-average quality, screening 191% undervalued on our models.

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What matters now

  • The price is below even our cautious bear case (₹14.98). The market is more pessimistic than our downside scenario.
  • Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (₹14.98 to ₹31.45) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹19.60 ₹2.85 Fair Value ₹23.22 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹2.85 – ₹19.60 · fair‑value band ₹14.98 – ₹31.45 · the ₹7.98 price screens below the ₹23.22 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Zee Learn Limited (ZEELEARN) currently trades at ₹7.98, while our model-based Fair Value estimate is ₹23.22, implying the stock looks roughly 191.0% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Zee Learn Limited generated revenue of ₹4.4B at a net margin of 8.8%. Revenue grew 11.4% year over year. It earns a return on equity of 17.9%. Net debt stands at ₹3.2B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹14.98 (bear case) to ₹31.45 (bull case); at ₹7.98, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 27% below its 52-week high and 91% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 12% fair-value upside, at 191%, ZEELEARN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹28.55 ₹53.27 ₹93.10 80
Residual Income ₹7.49 ₹9.86 ₹28.42 76
Rev-Margin DCF ₹12.72 ₹22.98 ₹36.33 74
All 24 models by family
DCF Models
FCF DCF ₹28.92 ₹56.27 ₹102.16 38
Owner Earnings ₹19.57 ₹39.70 ₹73.47 31
5Y Revenue Exit ₹12.72 ₹22.81 ₹35.78 39
5Y EBITDA Exit ₹22.83 ₹43.68 ₹69.57 41
5Y P/E Exit ₹17.23 ₹32.11 ₹48.80 38
10Y Revenue Exit ₹17.69 ₹29.05 ₹45.20 36
10Y EBITDA Exit ₹24.62 ₹44.01 ₹72.90 37
10Y P/E Exit ₹20.98 ₹35.72 ₹55.87 35
Earnings-Based
Graham-Dodd ₹7.99 ₹37.33 ₹51.30 54
Lynch FV ₹9.87 ₹14.09 ₹18.32 50
PEG = 1.0 ₹9.87 ₹14.09 ₹18.32 46
EPV ₹2.06 ₹3.41 ₹4.57 59
Multiples
P/E Multiple ₹19.40 ₹25.86 ₹32.33 63
P/S Multiple ₹12.06 ₹16.08 ₹20.10 58
P/B Multiple ₹14.99 ₹19.98 ₹24.98 55
EV/EBIT ₹18.24 ₹26.48 ₹34.71 53
EV/EBITDA ₹22.07 ₹31.58 ₹41.09 54
EV/Revenue ₹4.79 ₹9.62 ₹14.44 43
Asset-Based
NCAV (Graham) ₹3.59 ₹4.80 ₹7.17 50
Growth DCF
Growth DCF ₹28.55 ₹53.27 ₹93.10 80
Rev-Margin DCF ₹12.72 ₹22.98 ₹36.33 74
Economic Profit
Residual Income ₹7.49 ₹9.86 ₹28.42 76
ROIC Compounder ₹2.06 ₹3.41 ₹4.57 72
Growth Earnings
Growth-Adj P/E ₹16.08 ₹22.97 ₹29.87 68

Widest divergence: DCF Models (₹35.72) versus Economic Profit (₹3.41). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹4.4B
Revenue growth (YoY) +11.4%
Net margin 8.8%
Return on equity 17.9%
Free cash flow ₹945M FY2026
P/E ratio 6.8
More key figures
Operating margin 23.4%
EPS (TTM) ₹1.17
EPS growth (YoY) +170%
Net debt ₹3.2B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 47 · Market factors (momentum, volatility) 52

Profitability 33
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 90
Earnings quality: real cash, not paper profit
Fin. Strength 12
Balance sheet, leverage, solvency risk
Investment 39
Disciplined investing over empire-building
Low Volatility 46
Calm price path (market factor)
Momentum 65
Price trend over the last 3–12 months (market factor)
52W Momentum 35
Distance to the 52-week high (market factor)
Net Issuance 76
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Zee Learn Limited, together with its subsidiaries, operates in the education industry in India. It operates through Educational; Construction and Leasing for Education; and Training Manpower and Related Activities segments.

Full company description

Zee Learn Limited, together with its subsidiaries, operates in the education industry in India. It operates through Educational; Construction and Leasing for Education; and Training Manpower and Related Activities segments. The company operates Kidzee, a chain of pre-schools in various cities; Mount Litera World Preschool, an international standard preschool; Mount Litera Zee Schools, a chain of schools in the private-unaided category schools; and Mount Litera School International, a co-educational day school. It also operates Zee Institute of Creative Art, a classical and digital animation training academy that trains youth in classical 2D, modern 3D animation, visual effect, and gaming, as well as covers various stages of visualization, pre-production, production, and post-production activities; Zee Institute of Media Arts that offers media education in the field of film making, direction, acting, voicing and TV presentation, screenwriting, executive producer, ad filmmaking, cinematography, sound recording, editing, TV journalism, autodesk smoke and flame, and other related areas; ZNius, a curriculum designed to redefine K-12 education; and LIBERIUM, a human resource management, skilling, and training company. In addition, the company provides consultancy and advisory services in the field of human resources, such as manpower placement, recruitment, selection, business process, and others; and E-Learning online education and testing services. Further, it is involved in the construction and leasing of properties for commercial use. Zee Learn Limited was incorporated in 2010 and is based in Mumbai, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Zee Learn Limited reported revenue of ₹4.4B in FY2026 versus ₹2.5B in FY2022, a compound +15.4%/yr. Reported net income was ₹385M in FY2026.

Growth Quality 89/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹4.4B
Latest YoY
+11.9%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.3%
Avg. growth/yr (15Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.8%
Revenue +15.4%/yr
FY22 ₹2.5B
FY23 ₹3.2B
FY24 ₹3.6B
FY25 ₹3.9B
FY26 ₹4.4B
Net income
FY22 −₹27.2M
FY23 −₹4.4B
FY24 ₹1.6B
FY25 ₹127M
FY26 ₹385M
Character of growth · EPS growth decomposed (2015-2026) +15.3 % p.a.
Revenue per share +10.9 pp

of which total revenue +11.1 pp · buybacks/dilution −0.2 pp

EBIT margin +7.7 pp
Tax rate −2.9 pp
Residual (interest, one-offs) −0.5 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Zee Learn Limited Fair Value". https://www.fairvalue-calculator.com/stock/ZEELEARN

Peer Group

Education & Training Services · 149 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 48 · Below median
Fair Value upside +191% · Top 25%
Return on equity (TTM) 18% · Top 25%
Return on assets 2% · Below median
Net margin (TTM) 9% · Above median
Operating margin (TTM) 23% · Top 25%
Revenue growth 11% · Above median
Debt / equity 1.16× · Higher than 75% of peers

Valuation Multiples vs Education & Training Services median · lower = cheaper

P/E (TTM) 6.8× · Cheaper than 75% of peers
P/B 1.23× · Pricier than median
P/S (TTM) 0.66× · Cheaper than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 4.8× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 37
FUTURE 57 · sector 22
PAST 71 · sector 19
HEALTH 42 · sector 95
DIVIDEND 0 · sector 74

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Education & Training Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
New Oriental Education & Technology Group EDUN 966.48 MXN 875.84 MXN -9%
TAL Education Group TAL $11.87 $15.60 +31%
Laureate Education, Inc LAUR $36.99 $41.45 +12%
Physicswallah Limited PWL ₹123.90 ₹14.81 -88%
Grand Canyon Education, Inc LOPE $142.06 $152.01 +7%
Covista Inc CVSA $128.22 $135.45 +6%
Stride, Inc LRN $78.59 $139.45 +77%
Universal Technical Institute, Inc UTI $25.64 $20.98 -18%
Perdoceo Education Corporation PRDO $31.24 $40.65 +30%
Strategic Education, Inc STRA $79.98 $105.48 +32%

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Frequently asked questions

Is Zee Learn Limited (ZEELEARN) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹23.22 versus a price of ₹7.98, about +191% (undervalued).
What is the fair value of ZEELEARN?
Our model-based fair value for Zee Learn Limited is ₹23.22 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹7.98.
What is the quality score of ZEELEARN?
Zee Learn Limited has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Zee Learn Limited (ZEELEARN)?
Zee Learn Limited reported trailing-twelve-month revenue of about ₹4.4B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of ZEELEARN?
The net profit margin of Zee Learn Limited is about 8.8%, meaning it keeps roughly 8.8% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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