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Jaro Institute of Technology Management & Research IPO
Jaro Institute of Technol. Mgt. and Research Ltd
₹13,536 /16 sharesMinimum Investment
Jaro Institute of Technology Management & Research IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 23 Sep ‘25 - 25 Sep ‘25 | ₹13,536 | 16 | ₹846 - ₹890 |
| Issue Size | IPO Doc |
|---|---|
| 450.00Cr | RHP PDF |
About Jaro Institute of Technology Management & Research
Founded in
2009
Managing director
Mr. Sanjay Salunkhe
Parent organisation
Jaro Institute of Technol. Mgt. and Research Ltd
Strengths & Financials of Jaro Institute of Technology Management & Research
Strengths
Risks
The company claims that it has expanded beyond the western region to establish over 22 offices and learning centres, and 17 immersive studios across India as of FY25. Its partner institutions are spread across the country, with 12 in the west, 7 in the north, 11 in the south, and 2 in the east. The company further states that it has built international collaborations with four reputed institutions, including the Swiss School of Management and the Rotman School of Management, University of Toronto, giving learners access to global expertise.
The company claims to serve as a single platform for universities and institutions seeking to offer online, hybrid, and in-person degree programs and certification courses. In line with the National Education Policy 2020, which supports online education for lifelong learning, the company provides access to a wide range of learners. Its services extend beyond program delivery to include marketing and brand-building, helping partner institutions enhance the quality and reach of their courses.
The company states that it provides services covering the entire lifecycle of higher education programs, supporting scalability and wider reach. The company also states that with its strong market knowledge and investments in technology, content creation, integration, marketing, and learner and faculty support, it has grown its partnerships from 21 in FY22 to 36 by FY25.
As of FY25, it partnered with 36 institutions, including 16 Tier-1 universities and institutes, among them 7 Indian Institutes of Management (IIMs) and 7 Indian Institutes of Technology (IITs), as well as 15 Tier-2 institutions.
The company claims to have established alliances with four leading global institutions to provide opportunities in online higher education, executive education, and professional upskilling. These partnerships connect learners, faculty, and researchers worldwide in specialised areas such as data science, management, and business. For example, Jaro works with the Swiss School of Management to deliver a two-year Doctor of Business Administration (D.B.A.) program designed for experienced professionals seeking advanced leadership insights.
The company claims to have developed innovative digital platforms that offer tailored content for students and training support for educators. This technology enables partner institutions to deliver professional education online with quality comparable to traditional offline programs. It also helps them reach a wider audience and improve learners’ job readiness.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 122.14 crore in FY23 to Rs 199.04 crore in FY24 and Rs 252.26 crore in FY25. PAT increased from Rs 11.65 crore in FY23 to Rs 37.97 crore in FY24 and Rs 51.67 crore in FY25.
The company’s top 5 customers accounted for Rs 157.40 crore (62.40 percent) of the total revenue in FY25, Rs 137.59 crore (69.13 percent) in FY24, and Rs 100.09 crore (81.94 percent) in FY23. Any loss of any of these customers or a decrease in the business or fees that the company receives from them could adversely affect the company’s operations and finances.
The company does not create academic content or independently offer degree programs and certification courses. Its operations depend largely on partner institutions that design and deliver the academic content. Any reduction in these institutions’ willingness to offer programs online could negatively impact revenue and profitability.
The company mainly operates out of the western region and derives a major portion of its revenue from this region. The western region accounted for Rs 184.14 crore (73.00 percent) of the company’s total revenue in FY25, Rs 154.77 crore (77.76 percent) in FY24, and Rs 105.67 crore (86.51 percent) in FY23. Any adverse developments in this region or shifts in industry trends or a drop in demand for the company’s programs in this region could negatively affect the company’s business, financial health, and operating results.
Most of the company’s partner institutions operate in the western region of India, particularly in Maharashtra. Although the company has a strong online presence that reaches beyond specific locations, its operations remain closely tied to conditions in this region. The western region accounted for 12 (33.33 percent) in FY25 of the total partner institutions, 13 (38.24 percent) in FY24, and 13 (44.83 percent) in FY23. Any economic slowdown, regulatory change, natural disaster, or other disruption in this area could hinder the operations of these institutions and negatively impact the company’s business and financial performance.
The company’s success relies on colleges and universities adopting online delivery of degree programs and certification courses. If these institutions prefer traditional on-campus formats to maintain control over the learning experience, revenue growth and profitability could decline.
The company reported negative cash flows from operating activities amounting to Rs 23.45 crore in FY25 and Rs 16.97 crore in FY24. The company also recorded negative cash flows from investing activities amounting to Rs 4.09 crore in FY25 and Rs 7.67 crore in FY23. Furthermore, negative cash flows from financing activities amounted to Rs 19.17 crore in FY24. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
Jaro depends on third-party Learning Management System (LMS) providers. Any service disruption, legal non-compliance, or termination of agreements with these providers could reduce learner satisfaction, damage the company’s reputation, and affect its ability to attract new learners and partner institutions.
The company derives major revenue from fee-sharing agreements with partner institutions. The company earned Rs 625.54 crore in FY25, Rs 487.73 crore in FY24, and Rs 316.57 crore in FY23. If these institutions reduce Jaro’s fee share once their programs become established, the company may need to increase marketing efforts and incur higher acquisition costs. Therefore, any decrease in the amount of fees that the company receives could adversely affect its financial performance and negatively affect cash flows.
The company and one of its promoters are involved in certain ongoing legal proceedings, including tax matters. In addition, promoter Sanjay Namdeo Salunkhe previously paid a Rs 0.1 crore penalty imposed by SEBI on August 6, 2014. Any adverse judgment in any of these cases could be detrimental to the company’s business prospects.
Agreements with partner institutions are generally non-exclusive and may be short-term. Institutions could choose not to renew contracts or may engage competitors, which could reduce revenue and affect overall operations.
As of August 31, 2025, the company reported total indebtedness of Rs 47.54 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Jaro Institute of Technology Management & Research Financials
*All values are in Rs. Cr
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Application Details of Jaro Institute of Technology Management & Research IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹846 - 890 | ₹2 Lakh |
| High Networth Individual | ₹846 - 890 | ₹2 - 5 Lakh |
For Jaro Institute of Technology Management & Research IPO, eligible investors can apply as Regular.