Digital is not a replacement for print, but a powerful complement to it

In a time when the education landscape is undergoing rapid transformation, S Chand Group—one of India’s most respected and long-standing educational publishers—is setting benchmarks not just in content delivery, but also in financial resilience and digital innovation. In this exclusive interview conducted by Education Post’s Prabhav Anand, Saurabh Mittal, the Chief Financial Officer of S Chand Group, shares valuable insights into the company’s strategic direction, operational discipline, and long-term vision.

From becoming a net debt-free company to reporting its highest-ever operating cash flows, Mittal details how the group achieved this through “fiscal discipline, financial prudence, and a relentless focus on eliminating wasteful costs.” He also discusses how S Chand is navigating the challenges of the National Curriculum Framework, expanding its digital footprint through platforms like S Chand Academy, and leveraging investments in EdTech ventures such as ixamBee and Smartivity Labs.

As Mittal rightly puts it, “Integrity is non-negotiable” and “Vision drives alignment”—principles that continue to guide S Chand’s journey into the future of education.

Q. S Chand has recently become net debt-free and reported its highest-ever operating cash flows. What were the key financial strategies and decisions behind these achievements, and how do they reflect the company’s preparedness for future expansion?

We became Net Debt free in March, 2024 (Q4FY24) and we had given guidance of staying Net Debt Free for 3 quarters in FY25. Our annual results for FY25 would be announced on May 23rd where more details about how FY25 went would be shared. We are confident of improving our FY24 performance in FY25 as well.

We have come a long way from being a Net Debt company a couple of years ago to being a Net Debt free company. This has been a journey of fiscal discipline, financial prudence and relentless focus on eliminating wasteful costs from the company. This journey involved many decisions including rationalizing our work force, introducing efficiencies in our marketing and sales spends and focusing relentlessly on costs. All these steps have ensured that we reach this goal and continue to remain Net debt free.

As for future expansion, I would like to share that we are moving to a modern warehousing facility and plan to move to an integrated printing facility over the next 12 months which should ensure that our growth parameters get sufficient resources from the warehousing and printing for the next decade. We have taken these steps since we see significant growth coming ahead for the company in the future.

Q. With the implementation of the new National Curriculum Framework in 2023, how has S Chand adapted its publishing model to stay relevant and aligned with the new educational mandates? What were some of the major roadblocks you had to overcome?

With the rollout of the new National Curriculum Framework in 2023, S Chand has undertaken a strategic transformation of its publishing model to stay aligned with the evolving educational landscape. Recognizing the shift toward a competency-based and experiential learning approach—epitomized by the Holistic Progress Report Card released by the National Assessment Centre (NAC)—we have restructured our content development processes to reflect the foundational principles of the NCF.

To aid this transition, we’ve launched teacher training initiatives and created resources that support discovery-based, inclusive learning environments. However, key challenges included the uneven rollout of the NEP across states and universities, leading to fragmented content needs and inefficient production due to low enrolments in some regions. Despite these hurdles, we continue to innovate and support educators through this paradigm shift.

Q. Your YouTube channel, S Chand Academy, has crossed over 21 million views. How do you see the integration of digital platforms transforming your business model, and what’s your vision for balancing physical publishing with digital education in the years ahead?

Our YouTube channel, S Chand Academy, crossing 25 million views reflects the growing role of digital platforms in education and affirms our commitment to blended learning. We see digital integration not as a replacement for print, but as a powerful complement. We have adopted digital printing technologies, enabling Print-On-Demand and efficient production for smaller volumes. We're expanding digital offerings through curriculum solutions - Mylestone, SmartK, Solid Steps, and MyZen , and online test preparation through TestCoach (CUET-UG) and partnership with Speedlabs (NEET/JEE) . This dual strategy allows us to cater to varied learning needs, ensuring students and educators benefit from the best of both digital and physical worlds.

Q. You’ve spoken previously about plans to consolidate S Chand’s subsidiaries. What parameters determine whether a subsidiary should be integrated or spun off, and how do such decisions tie into the company’s larger operational and financial goals?

We have undergone restructuring in our corporate structure over the past 5 years with the mission to reduce the number of subsidiaries for a company our size. We take a call on consolidating subsidiaries based on various factors like Size in terms of manpower and financials, Business Need, Taxation benefits etc of the subsidiary. If we feel that our compliance costs are overweighing the benefits that one can accrue from having a subsidiary, then we can take a call on the same. With all these things in mind, we go ahead and take a call on the sustainability of the subsidiary in our corporate structure.

Q. Having been with the company since 2006, you’ve seen S Chand evolve through several phases. How have you influenced the financial culture within the organization, and what leadership lessons have stayed with you throughout this journey?

Influencing the financial culture within an organization requires intentional leadership that aligns values, behaviours, and decision-making processes with sound financial principles. Reflecting on this journey, several key leadership lessons have been instrumental in shaping a robust financial culture which include-:

● Lead by Example

● Communicating a Clear Vision and Values

● Foster Transparency and Open Communication within teams

● Promote Accountability and Recognition

● Encourage Continuous Learning and Development

● Adapt to Change and Innovate

Reflecting on this journey, some of the most enduring leadership lessons that have stayed with me are as follows-:

● Integrity is Non-Negotiable: Upholding ethical standards builds credibility and trust, essential components of a strong financial culture.

● Empathy Enhances Engagement: Understanding and addressing the needs and concerns of team members fosters a supportive environment conducive to financial success.

● Vision Drives Alignment: A compelling vision aligns efforts and motivates individuals to work towards common financial objectives.

● Consistency Builds Confidence: Consistent actions and decisions reinforce stability and reliability, key attributes in financial management.

Q. The education sector has faced considerable shifts, particularly during and after the pandemic. How has S Chand restructured or recalibrated its strategies in response to these market disruptions?

The pandemic brought major disruptions to the education sector, and S Chand responded by recalibrating its strategies to stay resilient and forward-looking. With steep increases in paper prices impacting margins—rising as much as 40–50% in a year, we are working towards regaining our pre-COVID margin levels. To adapt to changing market dynamics, we’ve accelerated our digital transformation—investing in e-books, online learning tools, and interactive apps—while continuing to deliver high-quality print resources. By leveraging economies of scale, we maintain affordability without compromising on quality, positioning ourselves for long-term stability in a rapidly evolving educational landscape.

Q. S Chand has invested in EdTech ventures such as ixamBee and Smartivity Labs. What role do these investments play in your broader business strategy, and how do you evaluate the long-term value and synergy of such partnerships?

Our investments in EdTech ventures like ixamBee and Smartivity Labs are part of S Chand’s broader strategy to future-proof our business and diversify into high-growth, tech-enabled segments of education. These ventures allow us to tap into emerging areas like government exam prep and STEM-based experiential learning, which complement our core publishing business. We're not looking to exit these investments in the near term. Instead, we see them as long-term strategic plays. Smartivity, for instance, has shown strong growth with a 52% revenue increase and EBITDA turning positive in FY25. We're optimistic about its next funding round, which could revalue our stake. Similarly, ixamBee gives us exposure to the fast-growing test prep market.

Q. As you look ahead, what are the key areas of focus for S Chand over the next five years? How do you see the company shaping or influencing the future of education in India?

Over the next five years, S Chand’s focus will center on driving innovation in line with NEP 2020, shaping the future of education through curriculum-aligned content, teacher empowerment, and digital transformation. The rollout of the new National Curriculum Framework presents a major opportunity, and we are responding with over 500 new titles designed to reflect its learner-centric philosophy. We’re also expanding into key areas such as AI-driven content monetization. Operationally, we remain focused on improving working capital efficiency and cash flows, while continuing to innovate responsibly. Beyond publishing, we aim to highlight the industry's broader contribution—through job creation, skill development, and educational equity—ensuring that S Chand not only adapts to change but actively helps shape India’s educational future.