Maharashtra Knowledge Corporation Ltd (MKCL)
Government of Maharashtra-promoted ed-tech company behind the MS-CIT course, debt-free with a large treasury and steady 25%+ net margins.
Market cap
₹383.94 Cr
0.81 Cr shares
P/E ratio
9.72
Sector average 30
Book value
₹528.52
P/B 0.90
1-year return
+4.92%
52w ₹400 – ₹520
Currently 62% of the way through its 52-week range.
Indicative price history
1Y change
+5.95% ₹447 → ₹474
52-week band in this window: ₹422.34 – ₹474.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- MS-CIT has trained over a crore learners through about 5,000 centres across Maharashtra.
- Revenue about ₹150 Cr in FY25 with 25–30% net margins, zero debt and a large treasury.
- Government of Maharashtra holds about 37.5%; universities and institutions most of the rest.
About MKCL
Maharashtra Knowledge Corporation Ltd (MKCL) was set up in 2001 by the Government of Maharashtra's Department of Higher and Technical Education together with the state's universities and educational institutions as a public limited company to take IT literacy and e-learning to the masses. Its flagship MS-CIT (Maharashtra State Certificate in Information Technology) course has enrolled well over a crore learners through a network of about 5,000 authorised learning centres, and the company also runs KLiC vocational courses, the ERA e-learning platform and digital-university frameworks used by state universities.
Alongside courseware, MKCL builds e-governance and admissions software – online admission systems for universities and government colleges, examination and results processing, scholarship portals and the OASIS admission framework – and has exported its model through subsidiaries and joint ventures in Sri Lanka, Egypt and Africa.
The business is asset-light and cash generative: revenue is around ₹150 Cr with net margins of 25–30%, no borrowings and a large investment book built from retained earnings, so other income is a meaningful part of profit. The shareholding is unusual – the state government holds roughly 37.5%, universities and educational institutions most of the rest, and a small float sits with employees and the public, which is what trades in the unlisted market. Shares are quoted around 10x earnings and near book value plus treasury.
This profile was compiled from public information already known to the research desk; live registry and dealer pages could not be re-checked at the time of writing, so identifiers that could not be confirmed are left blank and dates of appointment are indicative. Line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- MS-CIT & IT literacy courses55%
Fees shared with authorised learning centres
- KLiC & vocational courses15%
Skill courses in accounting, design, programming and languages
- e-Governance & university software20%
Admissions, examinations, scholarships and digital-university platforms
- International & other10%
Overseas JVs and licensing
Products & services
MS-CIT
State IT-literacy certificate course delivered through authorised learning centres.
KLiC courses
Vocational skill courses in accounting, design, programming, languages and office skills.
e-Governance and university platforms
Online admissions, examinations, scholarship and digital-university systems.
What works
- • Quasi-government promoter and university shareholders give MS-CIT its status as the default IT-literacy certificate in Maharashtra.
- • Debt-free balance sheet with a large treasury; profits are consistent and the company has historically paid dividends.
- • Recurring e-governance and admissions contracts with state universities provide annuity-like revenue.
What to watch
- • Dependence on one state and on the continued relevance of MS-CIT as basic digital literacy becomes universal.
- • Government and university ownership limits corporate actions, buybacks or any listing plan.
- • Illiquid stock with a tiny float; the quoted price can move on single trades.