amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Maharashtra Knowledge Corporation MKCL Unlisted Shares
DRHP Status : Not Filed
430
Fundamentals About Maharashtra Knowledge Corporation MKCL
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Maharashtra Knowledge Corporation MKCL
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 68 | 120 | 177 | 235 |
| Cost of Material Consumed | 34.9 | 49.4 | 92 | 140 |
| Gross Margins | 48.68 | 58.83 | 48.02 | 40.43 |
| Change in Inventory | 3 | 2 | -4 | -1 |
| Employee Benefit Expenses | 34.7 | 35 | 35 | 38 |
| Other Expenses | 7 | 14.4 | 13 | 16 |
| EBITDA | -11.6 | 19.2 | 41 | 42 |
| OPM | -17.06 | 16 | 23.16 | 17.87 |
| Other Income | 33.7 | 24.9 | 30 | 46 |
| Finance Cost | 0.3 | 0.1 | 0.6 | 0.64 |
| D&A | 3.7 | 2.6 | 5 | 6.3 |
| EBIT | -15.3 | 16.6 | 36 | 35.7 |
| EBIT Margins | -22.5 | 13.83 | 20.34 | 15.19 |
| PBT | 22.6 | 47 | 65 | 80 |
| PBT Margins | 33.24 | 39.17 | 36.72 | 34.04 |
| Tax | 3.4 | 9.2 | 14 | 17 |
| PAT | 19.2 | 37.8 | 51 | 63 |
| NPM | 28.24 | 31.5 | 28.81 | 26.81 |
| EPS | 24 | 47.25 | 63.75 | 77.97 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | -17.06 | 16 | 23.16 | 17.87 |
| Net Profit Margin | 28.24 | 31.5 | 28.81 | 26.81 |
| Earning Per Share (Diluted) | 24 | 47.25 | 63.75 | 77.97 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 14.3 | 13.7 | 16 | 16 |
| CWIP | 0 | 0.3 | 0 | 0.18 |
| Investments | 181.7 | 178.6 | 220 | 269 |
| Trade Receivables | 32 | 52.4 | 37 | 21 |
| Inventory | 2 | 0 | 4 | 4.6 |
| Other Assets | 245.9 | 272.8 | 306 | 376.22 |
| Total Assets | 475.9 | 517.8 | 583 | 687 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 8 | 8 | 8 | 8.08 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 423 | 462 | 512 | 574 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 34 | 9 | 16 | 15 |
| Other Liabilities | 11 | 38.9 | 47 | 89.92 |
| Total Liabilities | 476 | 517.9 | 583 | 687 |
About Company
MKCL is a public limited company (unlisted) promoted by the Government of Maharashtra, originally incorporated in 2001.Its mission is to build a knowledge-led society by delivering accessible IT literacy, e-learning, governance, and empowerment solutions.
The following table shows a 10-point analysis of Maharashtra Knowledge Corporation Limited (MKCL). We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue from Operations ~₹276–320 Cr · Total Income ~₹320 Cr · PAT ~₹32 Cr · PAT Margin ~10–12% | Public-private partnership (PPP) in education & skill development offering MS-CIT, KLiC courses, digital learning platforms, assessments & IT services. Strong Maharashtra government tie-ups with ~8 lakh MS-CIT learners in FY25. Stable certification-led revenue model. |
| Industry & Market Position | Leading digital education & certification provider in Maharashtra | Near-monopolistic position in state government-mandated certifications (MS-CIT). Competitive in broader edtech but strong edge via government trust, scale & low-cost delivery model. Exposed to enrollment cycles & private edtech competition. |
| Revenue Growth Trend | FY23–FY25 CAGR ~25–30%+ (₹177–203 Cr → ₹276–320 Cr) · FY25 YoY ~17–40% | Strong expansion driven by learner growth, new courses & higher realizations. Benefits from digital adoption & government skill initiatives. Robust trajectory aligned with India's skill development push. |
| Profitability & Margins | EBITDA ~₹92 Cr · EBITDA Margin ~33% · PAT Margin ~10–12% | Healthy margins from operational leverage & low variable costs. PAT moderated from prior highs (~₹63 Cr) due to one-time costs/expenses but earnings remain resilient and certification-driven. |
| Cash Flow Quality | Strong Positive OCF · High & Consistent Dividend Payouts | Reliable cash generation from learner fees & certifications. Low capex requirements. Supports dividends & reinvestment with high earnings quality and government-linked stability. |
| Balance Sheet Strength | Net Worth ~₹614 Cr · Book Value ~₹760/share · Debt Near-Nil | Extremely conservative balance sheet with high liquidity and minimal leverage risk. Strong equity base provides significant downside protection. |
| Valuation Comfort | Unlisted Price ₹435–472 (Feb 2026) · P/E ~5–10x · EPS ~₹40–77 | Deep discount to book value with attractive low multiple for a stable, high-ROE, government-linked education player. Market cap ~₹350–380 Cr. Value-oriented with consistent dividend history. |
| Management & Governance | PPP Structure (Govt & Private Promoters) · Transparent Disclosures | Proven execution in scaling certifications with clean governance. Regular filings & dividends (including to government stakeholders). Strong policy alignment and no major governance concerns. |
| Growth Triggers & Catalysts | Learner Base Expansion · Digital Skills Demand · Govt Programs | Organic upside from India's digital education boom & Skill India initiatives. Course diversification and operational efficiencies support growth. No confirmed IPO/DRHP plans currently. |
| Liquidity & Exit Visibility | OTC Liquidity Only · No Confirmed IPO/DRHP Plans | Moderate unlisted trading; capital somewhat locked. Exit via OTC or strategic interest possible. Liquidity risk exists but asset remains defensive with strong government moat. |
Key programs/courses
- MS-CIT (Maharashtra State Certificate in IT) — its flagship IT literacy program, delivered via a network of ~5,000 Learning Centers.
- KLiC (Knowledge Lit Careers) — vocational / skill-oriented courses.
- Other initiatives: eGovernance solutions for government bodies; digital university platforms.
International Presence: MKCL has JV / subsidiaries outside India, including MKCL Arabia Ltd in Saudi Arabia. Joint Ventures in India: MKCL has partnerships in other states, e.g., Haryana Knowledge Corporation (HKCL), Odisha Knowledge Corporation (OKCL).
Financial Performance & Key Metrics
FY 2024-25
- Revenue from operations: ₹ 276.06 crore, up ~17.7% YoY from FY24.
- PAT (Profit After Tax): ~₹ 32.27 crore in FY25, which declined (per) due to a one-time GST-amnesty charge of ~₹ 46 crore.
- From the 2024-25 Annual Report: Total income (consolidated) = ₹ 319.70 crore; Profit before tax = ₹ 37.57 crore.
- Cash / Liquidity: As per, cash & cash equivalents at end-FY25 ~₹ 24 crore, the business is debt-free (no interest-bearing debt).
- Working Capital Risk: Operating cash flow turned negative in FY25 (–₹ 36.34 crore) due to a large increase in receivables.
Strengths & Growth Drivers
- Strong Government Backing: Promoted by the Maharashtra govt and universities → trust + stability.
- High Reach & Scale: 5,000+ Authorised Learning Centres make its programs highly accessible.
- Wide Program Portfolio: From basic IT literacy (MS-CIT) to vocational skilling (KLiC) and eGovernance.
- Digital Transformation Play: Good positioning in India’s digital education + governance push.
- Cash-Rich & Debt-Free (Per Recent Financials): Provides room for future growth or funding new initiatives.
- International Ambitions: Through its JV in Saudi Arabia and other regions.
Risks & Challenges
- Profitability Volatility: PAT dropped in FY25 due to one-time costs (GST amnesty), raising concerns about recurring profitability.
- Cash Flow Risk: Negative operating cash flow in FY25 could point to working capital stress.
- Over-Reliance on Key Programs: A big part of its business comes from MS-CIT / KLiC — if demand slows / government support reduces, risk is high.
- Competition in EdTech: Many private players in e-learning and skilling could compete aggressively.
- Scaling Risk: To expand further (especially internationally) may require significant investment; though debt-free, growth capex could strain cash.
- Regulatory Risk: As a government-promoted entity, policy changes or subsidy/grant changes may impact business.
Quick Summary
MKCL is a pioneering government-backed ed-tech and governance company with deep roots in IT literacy (MS-CIT), vocational skilling (KLiC), and digital governance. It has a strong reach across Maharashtra, a clean balance sheet, and a credible social impact. However, recent cash-flow volatility and PAP decline from one-time charges raise some risk. As an unlisted share, MKCL offers a stable, mission-driven long-term play — particularly appealing for impact-oriented or value-focused investors.
Shareholding Pattern of Maharashtra Knowledge Corporation MKCL
| Name | Holding |
|---|---|
| State Govt. | 37.13.% |
| Indian Residents | 22.19% |
| Universities | 33.91% |
| Others | 6.7% |
Promoters of Maharashtra Knowledge Corporation MKCL
| Name | Designation | Linkedin Profile/Notes |
|---|---|---|
| Government of Maharashtra | Promoter | Major public-sector backing. |
| Vivek Sawant | Key Person / Director | No confirmed public LinkedIn profile found. |
Latest News
Latest Post
Coming soon...
Coming soon...
Frequently Asked Questions
Maharashtra Knowledge Corporation Limited (MKCL) unlisted shares refer to equity ownership in an innovative public‑private company focused on digital learning, e‑governance, and IT training. These shares are not listed on NSE or BSE but can be acquired through private-market platforms like UnlistedKraft.
Yes, UnlistedKraft offers verified access to MKCL unlisted shares. Once your KYC is complete and you place an order, the shares are generally delivered to your demat account within 24 hours.
Unlisted shares inherently carry risks like limited liquidity and reduced public disclosures. However, MKCL is backed by government initiatives, has robust digital education credentials, and investing via UnlistedKraft ensures secure, transparent, and verified transactions.
MKCL share price is guided by recent private trades, project pipeline, investor sentiment, and company performance. UnlistedKraft regularly updates its pricing to reflect fair market value.
Yes, a valid demat account is required to receive and hold unlisted shares like those of MKCL.
There is no mandatory lock-in period unless MKCL goes public. Investors typically hold these shares until a liquidity event such as an IPO or takeover, to gain from potential long-term appreciation.
Yes, you can resell MKCL shares before listing through UnlistedKraft’s resale service, depending on buyer demand and prevailing market interest.
Yes. Under SEBI regulations, any shares acquired before a company’s IPO are subject to a six-month lock-in period after listing.
If held for more than two years, gains qualify as long-term capital gains and are taxed at 20 percent with indexation. If sold within two years, gains are treated as short-term and taxed as per your income tax slab.
UnlistedKraft offers a trusted and streamlined platform for investing in MKCL’s unlisted shares, with transparent pricing, expert guidance, secure transactions, and prompt share delivery to your demat account.
+91-9599071664
amit@unlistedkraft.in