Maharashtra Knowledge Corporation Limited (MKCL)

Unlisted Equity Research Report | Updated September 2026

Category: EdTech / Digital Education / e-Governance / IT Services
Status: Active & Unlisted Public Company
CIN: U80302PN2001PLC135348
ISIN: INE03KR01016
Incorporated: 20 August 2001
Registered Office: Pune, Maharashtra
Face Value: ₹10 per share
Promoter: Government of Maharashtra
Government Holding: 37.13%
Shares Outstanding: 80,80,195
IPO Status: No IPO currently planned

About the Company

Maharashtra Knowledge Corporation Limited (MKCL) is a technology and knowledge company promoted by the Government of Maharashtra and incorporated in 2001.

The company was created to use technology to bridge the digital, knowledge and development opportunity divide, with its core activities spanning:

• Digital education
• IT literacy
• Skill development
• Higher-education technology
• e-Governance
• Digital examination systems
• Recruitment platforms
• Citizen services
• SaaS platforms

MKCL is an unlisted public company. Importantly, the company itself states that it currently has no plans to undertake an IPO.

Key Highlights

Particular	Details
Founded	2001
Headquarters	Pune
Status	Unlisted Public Company
FY26 Revenue from Operations	₹201.47 Cr
FY26 Total Income	₹242.65 Cr
FY26 EBITDA	~₹80.45 Cr
FY26 PBT	~₹73.17 Cr
FY26 Consolidated PAT	~₹60.73 Cr
FY26 EPS	~₹75.15
FY26 Cash Equivalents	~₹168.3 Cr
Debt / Equity	0x
Net Worth	~₹674.6 Cr
Current OTC Reference	~₹435–₹444/share
Indicative Market Cap	~₹351–359 Cr
Indicative FY26 P/E	~5.8–5.9x
Indicative P/B	~0.5–0.6x
IPO	No current plan

FY26 financial figures are based on current financial databases reflecting the company’s latest FY26 filings; MKCL’s official website confirms that its 25th Annual Report for FY2025-26 has been released.

What Makes MKCL Different?

MKCL is not a conventional EdTech company.

It sits at the intersection of:

Government + Education + Technology + Skill Development + Digital Governance

The Government of Maharashtra owns 37.13%, while ten state universities collectively hold 33.91%. This gives MKCL a highly unusual shareholder structure for an unlisted technology company.

The model combines government credibility and institutional relationships with commercial operations and technology development.

Core Business Model

MKCL’s operations can broadly be divided into four areas.

1. Digital Literacy & Education

The company’s flagship product is:

MS-CIT — Maharashtra State Certificate in Information Technology

Launched in 2001, MS-CIT has become one of India’s largest mass IT-literacy programs.

MKCL reported more than 1.7 crore learners completing MS-CIT over the previous 24 years, while FY25 alone recorded approximately 7.99 lakh MS-CIT learners.

The programme operates through MKCL’s extensive authorised learning-centre network.

2. Employability & Skill Development

MKCL operates multiple skill-development brands including:

• KLiC
• DEEP
• iLike
• Mastering
• CCTP
• MS-ACIT
• Other AI-powered courses

The company says more than 40 lakh learners have completed its digital employability courses over the last 15 years.

The courses cover areas such as:

• Data Science
• Digital Design
• Accounting
• Cybersecurity
• Software Development
• Digital Freelancing
• Management
• New Collar Jobs
• Career Readiness

The current product portfolio includes 265 AI-powered eLearning courses for digital skills and employability.

3. Higher Education Technology

MKCL’s Digital University platform provides technology for the university lifecycle.

The platform covers:

Admission → Student Management → Academics → Examination → Credits → Analytics → Certification → Graduation

MKCL describes Digital University as an integrated, NEP-2020-compliant student-facilitation framework.

Other platforms include:

CampusLive

SaaS platform for administrative and academic services for higher-education institutions.

LearnLive

Academic lifecycle management for colleges, programmes, students and teachers.

ExamLive

Secure examination and certification framework covering:

• AI-enabled question-bank creation
• Online examinations
• AI-based proctoring
• Automated evaluation
• Results
• Analytics
• Certification

MKCL reports more than 320 million online examination attempts through ExamLive.

4. e-Governance

MKCL also builds technology platforms for government departments and public institutions.

Key products include:

LegisLive

Digital platform for legislative-secretariat operations.

TenderLive

Electronic tendering and procurement platform.

RecruitLive

Online recruitment and selection platform.

VanMitra

Digital platform for processing forest-rights claims.

JanLabh

Citizen-facing platform for discovering government welfare schemes.

These products provide MKCL with an additional revenue stream beyond education.

Distribution Network

One of MKCL’s strongest competitive advantages is its physical-digital distribution network.

The company reports:

6,300+ Authorised Learning Centres

spread across all blocks of Maharashtra.

These centres collectively have more than:

75,000 internet-ready computers

This network provides MKCL with a significant last-mile advantage for delivering digital education and skill programmes in urban as well as semi-urban/rural markets.

This is difficult for a purely online EdTech company to replicate.

Geographic Expansion

Although its strongest presence is in Maharashtra, MKCL is not restricted to one state.

The company has joint ventures/projects in:

• Odisha
• Haryana
• Bihar
• Kerala
• Tripura
• Other states

It also has international activity through MKCL Arabia Ltd. in Saudi Arabia.

This creates an opportunity to replicate the Maharashtra model in other markets.

Financial Performance

Revenue Trend

₹ Crore	FY22	FY23	FY24	FY25	FY26
Revenue from Operations	120.17	177.51	234.52	276.05	201.47
EBITDA	43.94	67.25	82.55	89.95	80.45
PBT before Exceptional	41.09	61.15	75.56	83.72	73.17
Consolidated PAT	37.79	47.68	62.59	32.04	60.73
EPS	46.77	63.35	77.48	39.65	75.16

FY22–FY26 figures show that MKCL’s operating scale expanded substantially over the period, although FY26 revenue declined from the unusually strong FY25 base.

FY26 Revenue Decline — Important Point

FY26 revenue from operations declined approximately:

₹276.05 Cr → ₹201.47 Cr

or around 27% YoY.

At first glance, this looks concerning.

However, the earnings picture is much stronger.

FY26 consolidated PAT increased from approximately:

₹32.04 Cr → ₹60.73 Cr

or approximately 90%.

Why?

Because FY25 contained a major one-time expense.

FY25 GST Exceptional Item

During FY25, MKCL paid approximately:

₹46.15 Cr

under the GST Amnesty Scheme.

The charge related to GST matters covering earlier financial years and materially reduced FY25 reported profitability.

The company stated that it chose the amnesty route after prolonged litigation and uncertainty around the GST issue.

Therefore, FY25 PAT of ₹32.05 Cr does not represent the underlying earning power of the business.

Before the exceptional charge, FY25 PBT was approximately ₹83.73 Cr.

This is why FY26’s ₹60.73 Cr consolidated PAT should be interpreted differently from a simple “90% profit growth” headline.

Better Interpretation

FY25 reported PAT: depressed by ₹46.15 Cr exceptional GST payment
FY26 PAT: largely normalised after the one-time charge

This makes FY26 a better reference point for evaluating the company’s current earnings capacity.

Profitability

FY26:

EBITDA: ~₹80.45 Cr
EBITDA Margin: ~40% on revenue from operations
PBT: ~₹73.17 Cr
Consolidated PAT: ~₹60.73 Cr

The combination of high margins and an asset-light technology/education model is one of MKCL’s most attractive features.

Balance Sheet

MKCL has an unusually strong balance sheet for an unlisted technology company.

FY26

Net Worth: ~₹674.6 Cr
Debt: ₹0
Debt/Equity: 0x
Cash Equivalents: ~₹168.3 Cr

Current financial databases show no borrowings and a large accumulated reserve base.

This significantly reduces financial risk.

Cash & Investment Position

The company has accumulated substantial financial resources over its operating history.

FY25 alone showed significant bank deposits and financial investments. At March 2025, the company reported approximately:

• ₹23.57 Cr cash and cash equivalents
• ₹66.50 Cr bank deposits with maturity up to 12 months
• ₹19.99 Cr other current financial assets

The broader investment/treasury portfolio is substantially larger.

By FY26, current financial databases report approximately ₹168.3 Cr in cash equivalents.

This treasury position is an important part of the valuation.

Operating Cash Flow

FY25 was a weak year for operating cash flow because working capital increased sharply.

Operating cash flow fell to approximately:

-₹36.34 Cr

from:

₹83.25 Cr in FY24

The major issue was a substantial increase in trade receivables.

However, FY26 operating cash flow recovered to approximately:

₹42.24 Cr

according to current FY26 financial data.

Equity Research Interpretation

The FY26 recovery is encouraging, but operating cash conversion should continue to be monitored.

A business with high accounting profitability should ideally convert a substantial portion of that profit into cash over time.

Revenue Mix

FY25 revenue from operations was approximately ₹276.06 Cr.

The largest contributor was:

ALC Network Business Development Program

Revenue:

₹218.89 Cr

This includes:

• MS-CIT
• SARTHI-CSMS-DEEP
• KLiC
• Work-based degree programmes
• Registration/LMS fees

Other segments included:

Nationwide Business Development Program

₹44.06 Cr

Higher Education Transformation Program

₹10.38 Cr

e-Governance

Approximately ₹2.15 Cr

This demonstrates that the ALC/learning-centre network remains the economic engine of MKCL.

MS-CIT

MS-CIT remains the company’s most important franchise.

FY25:

7,98,647 learners

compared with:

7,36,493 learners in FY24

An increase of approximately 62,154 learners / 8.4%.

MS-CIT generated approximately:

₹119.83 Cr

of FY25 revenue.

The programme therefore represented roughly 43% of FY25 revenue from operations.

This demonstrates both the strength and the concentration of the MKCL business model.

SARTHI / CSMS-DEEP

Another major growth contributor has been the CSMS-DEEP programme.

FY25 completed modules increased to:

1,27,419

from:

84,326

in FY24.

This generated approximately:

₹85.53 Cr

of FY25 revenue.

Therefore, a significant portion of FY25’s revenue growth came from government-linked skill-development programmes.

This creates strong growth opportunities but also introduces programme-duration and government-project concentration risk.

Shareholding Pattern

MKCL has an unusual and strategically important ownership structure.

Shareholder Group	Holding
Government of Maharashtra	37.13%
10 State Universities	33.91%
Others / Individuals / Institutions	~28.96%
Total	100%

The Government of Maharashtra owns exactly 30 lakh shares.

The ten universities collectively hold approximately 27.40 lakh shares.

Why This Matters

Government + universities together represent approximately:

71% of the equity

This gives MKCL a very distinctive institutional shareholder base.

It can provide credibility and access to large educational/government projects, but it also means the company is not structured like a conventional promoter-led technology company.

Valuation

Current unlisted-market references are approximately:

₹435–₹444/share

Recent sources include:

• ~₹435 — BuyUnlistedShares
• ~₹435 — UnlistedZone
• ~₹443.67 — Moneycontrol
• ~₹470 — another current market database reference

These are OTC/private-market references, not exchange prices.

For valuation purposes, a reasonable working range is:

₹435–₹445/share

Indicative Market Capitalisation

At ₹435:

80,80,195 shares × ₹435

≈

₹351 Cr

At ₹444:

≈

₹359 Cr

This is a relatively small market capitalisation compared with the company’s accumulated net worth and cash/investment base.

P/E Valuation

Using FY26 EPS of approximately:

₹75.15

At ₹435:

P/E ≈ 5.8x

At ₹444:

P/E ≈ 5.9x

Current market databases similarly show P/E around 5.8–6.3x.

This is relatively inexpensive for a profitable, debt-free technology/education platform.

Price-to-Book

FY26 book value is approximately:

₹834–₹847/share

Against a market price around ₹435–₹444:

P/B ≈ 0.5–0.6x

That means the company is currently trading at a substantial discount to book value.

This is one of the strongest valuation arguments in the MKCL investment case.

But Why Does MKCL Trade Below Book Value?

The discount can potentially be explained by several factors:

1. Unlisted liquidity
2. No regular exchange price discovery
3. No IPO plan
4. Government/institution-heavy ownership
5. Limited public float
6. Revenue cyclicality from government programmes
7. Significant treasury assets that do not necessarily generate high ROE
8. Limited visibility on future capital allocation

Therefore, a low P/B ratio does not automatically mean the stock is undervalued.

Dividend

MKCL has historically paid dividends.

FY24 dividend:

₹2.50/share

FY25 final dividend:

₹1/share

The FY25 reduction was understandable given the exceptional GST payment and lower reported PAT.

Current FY26 market databases report approximately:

₹1.50/share

as the latest dividend reference.

At ₹435, a ₹1.50 dividend represents only approximately 0.35% yield.

Therefore, MKCL should not currently be positioned as a high-dividend stock.

The stronger investment argument is:

Cash-rich balance sheet + low valuation + recurring education franchise + government ecosystem

rather than dividend yield.

Investment Positives

1. Government of Maharashtra Backing

The Government owns 37.13%, providing significant institutional credibility.

2. Strong Institutional Ecosystem

Ten state universities hold another 33.91%.

This is a unique competitive advantage in education technology.

3. Strong Brand

MS-CIT has become synonymous with basic IT literacy in Maharashtra, according to the company’s own annual report.

4. Massive Distribution Network

6,300+ authorised learning centres and 75,000+ computers provide significant last-mile reach.

5. Proprietary Technology

MKCL owns/develops platforms including:

• ERA
• Digital University
• ExamLive
• LearnLive
• CampusLive
• TenderLive
• RecruitLive
• LegisLive
• VanMitra

This gives the company a technology/IP component beyond simple training services.

6. Zero Debt

The balance sheet has no conventional borrowings.

7. Strong Net Worth

FY26 shareholder funds are approximately ₹675 Cr, substantially above the current OTC market capitalisation.

8. Significant Cash / Investments

The company has accumulated a sizeable treasury over two decades.

9. FY26 Profit Normalisation

FY25 earnings were severely affected by the ₹46.15 Cr GST exceptional charge.

FY26 consolidated PAT recovered to approximately ₹60.73 Cr.

10. Expansion Beyond Maharashtra

MKCL has expanded through projects and joint ventures in multiple Indian states and Saudi Arabia.

Key Risks & Concerns

1. FY26 Revenue Decline

Revenue fell approximately 27% in FY26.

This is the biggest operating concern.

Investors should understand whether the decline represents:

• Completion of large programmes
• Normalisation after unusually high FY25 revenue
• Government-project timing
• Changes in learner volumes
• Changes in project mix

before extrapolating FY26 numbers.

2. Government Programme Dependence

A substantial portion of revenue comes from government-linked education and skill-development programmes.

Changes in:

• Government budgets
• Policy
• Programme approvals
• Contracts
• Payment cycles

can materially affect revenue.

3. MS-CIT Concentration

MS-CIT alone generated roughly ₹120 Cr in FY25.

This creates a meaningful concentration around one flagship programme.

4. Working-Capital Volatility

FY25 operating cash flow was negative because of a substantial increase in receivables.

5. Low ROE Relative to Book Value

The company has a very large accumulated net worth.

Consequently, even with good profits, ROE remains relatively modest.

FY26 ROE is reported around 9%.

6. Treasury Drag

A large cash/investment position is financially comforting, but if capital remains underutilised, it can suppress return on equity.

7. No IPO Catalyst

This is particularly important for UnlistedCart.

MKCL itself states:

“Presently, the Company does not have any plans of making Public Issue through IPO.”

Therefore, investors should not buy MKCL purely on an assumed IPO story.

8. Unlisted Liquidity

The shares are not exchange traded.

The investor may face difficulty finding a buyer at the desired price.

9. Valuation Can Remain Discounted

Even though MKCL trades below book value, the discount can persist because there is no immediate listing catalyst.

Investment Thesis

Bull Case

The bull case is based on MKCL becoming a broader digital public-infrastructure and education technology platform.

The company already has:

Government relationships + university relationships + learning-centre network + proprietary technology + large learner base

If MKCL successfully expands:

• Digital University
• AI-powered education
• Online examinations
• e-Governance
• Government skill programmes
• SaaS platforms
• Other-state operations

then the business could generate a higher proportion of recurring technology revenue.

At the current valuation, even moderate earnings growth could potentially create attractive long-term returns.

Bear Case

The bear case is that MKCL remains heavily dependent on:

MS-CIT + government skill programmes + Maharashtra

and that revenue remains volatile.

If revenue continues to decline, the large book value may not translate into high shareholder returns.

The low valuation could therefore represent a structural discount rather than an obvious mispricing.

What Makes the Current Valuation Interesting?

At roughly ₹435–₹445/share:

Market Cap

~₹351–359 Cr

FY26 Consolidated PAT

~₹60.7 Cr

FY26 EPS

~₹75

P/E

~5.8–5.9x

Book Value

~₹835–₹847/share

P/B

~0.5x

Debt

Zero

Net Worth

~₹675 Cr

This creates a rare situation:

Market Capitalisation < Net Worth

while the company is still profitable and generating cash.

That is the central valuation argument for MKCL.

Investment Scorecard

Parameter	View
Business Quality	⭐⭐⭐⭐☆
Government / Institutional Support	⭐⭐⭐⭐⭐
Brand / Distribution	⭐⭐⭐⭐⭐
Technology/IP	⭐⭐⭐⭐☆
Revenue Growth	⭐⭐⭐☆☆
Profitability	⭐⭐⭐⭐☆
Balance Sheet	⭐⭐⭐⭐⭐
Cash Position	⭐⭐⭐⭐⭐
Valuation	⭐⭐⭐⭐⭐
IPO Visibility	⭐☆☆☆☆
Liquidity	⭐⭐☆☆☆
Overall Risk	Medium–High

Investment Category

Cash-Rich EdTech & Digital-Governance Platform — Value-Oriented Unlisted Opportunity

Investment View

MKCL is one of the more unusual companies in India’s unlisted market.

It is neither a conventional EdTech start-up nor a traditional government company.

It is a government-promoted technology platform with commercial operations, a large education distribution network, proprietary technology and significant accumulated financial reserves.

The FY26 numbers are particularly interesting.

Revenue declined from ₹276 Cr to approximately ₹201 Cr, but consolidated PAT increased to approximately ₹60.7 Cr as the FY25 one-time GST burden disappeared.

This means investors should not interpret FY26 simply as “90% profit growth.”

The more useful conclusion is:

FY25 was artificially depressed by a large exceptional GST charge, while FY26 shows a return toward MKCL’s underlying profitability.

At roughly 5.8–6x FY26 earnings and only ~0.5x book value, the valuation is potentially attractive.

However, there is no confirmed IPO catalyst, and revenue has declined sharply in FY26.

Therefore, the investment case depends more on:

Earnings normalisation + balance-sheet value + future programme growth + capital allocation

than on an IPO exit.

What We Would Monitor

1. FY27 revenue growth

2. MS-CIT learner volumes

3. SARTHI/DEEP programme renewals

4. Government project pipeline

5. Operating cash flow

6. Receivables

7. Digital University / ExamLive monetisation

8. Growth outside Maharashtra

9. Use of cash and investments

10. Any change in IPO policy

Final Takeaway

Maharashtra Knowledge Corporation Limited is a rare combination of education, technology, government infrastructure and financial strength.

Its strongest competitive advantages are:

Government of Maharashtra backing + 10 university shareholders + 6,300+ learning centres + MS-CIT brand + proprietary technology + zero debt + large accumulated reserves.

The key concern is the 27% FY26 revenue decline and the company’s dependence on government-linked programmes.

At the same time, the valuation is difficult to ignore.

At around ₹435–₹445/share, MKCL is valued at approximately ₹350–360 Cr, against FY26 consolidated profit of approximately ₹60.7 Cr and net worth of approximately ₹675 Cr.

Overall View:

A potentially attractive value-oriented unlisted company, but not an IPO-driven opportunity.

The strongest case for MKCL is:

“High-quality institutional franchise + strong balance sheet + low valuation.”

The biggest question is:

“Can MKCL restart revenue growth after the FY26 decline and deploy its substantial balance-sheet resources efficiently?”

Investment View: Selective Accumulation / Long-Term Value Opportunity

How to Invest

MKCL shares are currently unlisted.

Current OTC references are approximately ₹435–₹445/share, depending on intermediary and transaction date. These are private-market indications, not exchange-traded prices.

The commonly reported minimum transaction lot is approximately 25–100 shares depending on intermediary, so investors should verify the actual seller’s lot and terms before placing an order.

Before investing, verify:

• ISIN: INE03KR01016
• Exact number of shares
• Seller ownership
• Latest shareholding
• Current negotiated price
• Demat transfer process
• Transfer restrictions
• Latest FY26 audited statements
• Applicable taxes
• Dividend record
• No-IPO status

Disclaimer

This report is prepared for informational and research purposes only and should not be considered investment advice, an offer to buy or sell securities, or a guarantee of future returns.

Unlisted-share prices are indicative private-market references and may differ materially between buyers and sellers. Financial data from third-party platforms may also differ in presentation; investors should rely on the latest audited financial statements and official company filings for final investment decisions.

Unlisted securities involve higher liquidity and exit risk than listed securities. Investors should independently verify the latest financials, shareholding, ISIN, transferability, valuation, taxation and applicable regulatory requirements before investing.

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