Sagar Group — Global Expansion Strategy

Our Legacy

The Sagar Group Story

How a single-room venture in Bhopal grew into Central India's most diversified conglomerate

It Started With a Conviction

In 1983, Shri Sudhir Kumar Agrawal walked into a small room in Bhopal with a clear vision: to build something that serves the basic needs of every individual. There were no grand offices, no investor backing, no inherited fortune — just an unwavering belief that honest work and quality delivery would compound over time.

That year, he laid the first brick — literally. Agrawal Builders was born as a small construction firm. What followed was not a sprint, but a marathon of four decades, one sector at a time, each entered only when the previous one stood firmly on its own feet.

Today, the Sagar Group employs over 8,000 professionals, maintains a 60% women workforce ratio, and its products, services, and institutions touch the lives of over five lakh people every single day — from the rice on their plates to the classrooms their children sit in.

Chairman's Philosophy

"We do not chase industries. We identify what people truly need — a home, education for their children, food on the table, healthcare when they fall sick — and we build institutions to serve those needs with honesty."

— Shri Sudhir Kumar Agrawal, Founder & Chairman

Leadership Team

Sudhir Kumar Agrawal — Founder & Chairman

Siddharth Sudhir Agrawal — Managing Director

Sagar Agrawal — Director

Shubhi Siddharth Agrawal — Director

Four Decades of Methodical Growth

1983

Foundation

Agrawal Builders starts from a single room. First residential project in Bhopal. The journey begins with construction.

2001

Education Entry

Sagar Public School opens in Saket Nagar, Bhopal. A belief that quality education should be accessible, not exclusive.

2007

Higher Education

SISTec launches under Shri Agrawal Educational & Welfare Society. Engineering, Pharmacy, and Management programs begin.

2012

Industry & Exports

Sagar Manufacturers (SMPL) enters textile manufacturing. Cotton yarn and knitted fabric — now exported to 35+ countries.

2015

Food & CSR

Sagar Nutriments (rice milling) and Abhay Sagar Foundation (free education for 1,500+ rural children) both launch.

2019

School Network

5th SPS campus opens at Katara Extension, a 16-acre “Star School”. The network now spans city and countryside.

2023

Healthcare

Sagar Multispeciality Hospital opens. 300 beds, NABH accredited, 30+ departments. A £156 Cr investment in lives.

2026

Global Chapter

The next frontier. Four decades of proven execution in India — now ready to take that expertise beyond borders.

0Real Estate Projects

0Happy Families

0Schools in Bhopal

0Export Countries

Business Verticals

Our Businesses — Built to Last

Each vertical entered only when the previous one was self-sustaining

Sagar Manufacturers (SMPL)

Textiles & Exports • Est. 2012

₹1,740 Cr FY2025

Star Export House — Ministry of Commerce, GOI
Cotton yarn & knitted greige fabric
200+ global brands across 35+ countries
9,685+ export shipments to 736 verified buyers
₹1,000 Cr invested in manufacturing expansion

Source: Tracxn, ICRA

Sagar Nutriments (SNPL)

Rice & Food Processing • Est. 2015

₹338 Cr FY2025

Central India’s most advanced automated rice mill
Vertically integrated: Seed to Packaging
Contract farming for consistent quality
Basmati & non-basmati varieties
Advanced quality labs & warehousing

Source: Tracxn

Sagar Multispeciality Hospital

Healthcare • Dedicated 2023

₹156 Cr Invested

300-bed multispeciality hospital in Bhopal
NABH Accredited facility
30+ departments & specialities
Tagline: “Empathy at Core, Excellence at Cure”
IVF Centre, Sports Injury Clinic, Oncology

Source: ICRA

SISTec — Higher Education

6 Colleges • 25,000+ Students • Est. 2007

NAAC B+ Accredited | NBA (4 programs)
96% campus placement rate (2023)
Highest package: ₹24 LPA
Recruiters: Amazon, Infosys, Cisco, TCS, Wipro
India Today Rank #268 Engineering (2025)
Engineering, Pharmacy, MBA programs

Sagar Public Schools (SPS)

6 Schools • CBSE • Est. 2001

SPS Saket Nagar (2001) — Flagship
SPS Gandhi Nagar (2005) — Tech-integrated
SPS Rohit Nagar (2014) — Long-day model
SPS Ratibad (2018) — 20-acre campus
SPS Katara (2019) — 16-acre Star School
SPS Dwarka Dham (2022) — Latest

Agrawal Builders & CSR

Real Estate • 22+ Projects • Est. 1983

12,000+ families across Bhopal
~95% projects delivered before deadline
Luxury to mid-segment residential
Active projects: Infinity, Sunrise, Elite, Prime
SVN (CSR School) — 1,500+ students, free education
Abhay Sagar Foundation since 2015

The Journey

From Bhopal to the World

Four decades of proven execution — now ready for the global stage

🏗️

Chapter 1 • 1983

The First Brick

A small room in Bhopal. One man's conviction that honest work compounds. Agrawal Builders is born.

🎓

Chapter 2 • 2001

Educating the Nation

SPS opens doors. Then SISTec. Then more schools. 25,000 students, 6 schools, 6 colleges. Education becomes the soul.

🏭

Chapter 3 • 2012

Industry & Scale

SMPL textiles, SNPL rice, SMH hospital. Revenue crosses ₹2,000 Cr. Exports reach 35+ nations. India conquered.

🌍

Chapter 4 • 2026

Going Global

The same conviction, now crossing borders. Schools in Bahrain, colleges in UAE, vocational hubs in Africa.

80%

Textiles Revenue

60%

Women Workforce

95%

On-Time Delivery

96%

Placement Rate

36%

Yarn Export Share

Financial Overview

Revenue & Growth — Verified Data

All figures sourced from ICRA, Tracxn, Tofler, and CARE Ratings

SMPL Textile Revenue Growth (₹ Crore)

₹560

FY2018

₹500+

FY2024

₹1,682

FY2025

₹1,725*

FY2026P

*FY2026 projected by ICRA based on 9M revenue of ₹1,270 Cr | CAGR: 19% (FY2024-25)

Revenue by Vertical

SMPL — Textiles~80%

SNPL — Rice/Food~15%

Education (SISTec+SPS)~3%

Healthcare (SMH)~2%

Key Financial Facts

Chairman Net Worth	~₹2,500 Cr Hurun
SMPL Revenue FY25	₹1,740 Cr Tracxn
SMPL YoY Growth	16% ICRA
SNPL Revenue FY25	₹338 Cr Tracxn
SMH Investment	₹156 Cr ICRA
Yarn Export Share	~36% ICRA

Global Strategy

The Case for Global Expansion

An honest look at opportunities and challenges

This plan recommends a phased, conservative approach. Education is a long-gestation business — expect 3–5 years to breakeven on a school. We are not promising overnight returns, but building generational assets.

Real Advantages

Proven K-12 model — 6 schools, 25 years CBSE delivery
Proven higher ed — NAAC/NBA, 96% placements
Construction expertise — Can build own campuses
Global network — SMPL in 35+ countries already
Financial strength — ₹2,000Cr+ revenue base
Tax-efficient markets — 0% PIT in Bahrain/UAE
Indian diaspora — 350K+ Bahrain, 3.5M+ UAE

Honest Challenges

No intl school experience — First-time overseas
Regulatory learning curve — Different per country
Capital intensive — $12-50M per project
Competition — GEMS, Ryan, DPS in Gulf
Bahrain CIT coming — 10% proposed from 2027
Currency risk — INR vs BHD/AED fluctuations
Teacher recruitment — Intl hiring pipeline needed

Target Markets Comparison

Factor	🇧🇭 Bahrain	🇦🇪 UAE	🇿🇦 South Africa	🇹🇿 Tanzania
Population	1.5M	10M	62M	65M
Indian Diaspora	350K+	3.5M+	1.5M+	50K+
Foreign Ownership	100%	100% (FZ)	Varies	Varies
Corp. Tax	0%; 10% ~2027	0% FZ / 9%	27%	30%
Personal Tax	0%	0%	Up to 45%	Up to 30%
Ed Growth	7.2% CAGR	8.6% CAGR	$1.52B EdTech	Budget Sh2.4T
Entry Difficulty	Easy	Easy	Moderate	Moderate
Recommended	Phase 1	Phase 1	Phase 2	Phase 2

Bahrain School

Sagar International School, Bahrain

Our first international venture — a CBSE school for 350,000+ Indian families in Bahrain. Leveraging 25 years of SPS excellence.

$12-18M

Investment

2,500+

Student Capacity

Year 3-4

Breakeven

CBSE+IB

Dual Curriculum

Planned Facilities

40+ smart classrooms • Science & computer labs • Indoor gym & pool • Sports grounds • Performing arts theatre • Library (20K+ volumes) • Medical center • Transport fleet

Why It Works

Indian School Bahrain proves demand • 7.2% enrollment growth • 100% foreign ownership • MOE seeking private partners • Govt land allocation available

Government Provisions

Tax Benefits & Incentives

Why the Middle East and Africa offer structurally superior returns for education investments

🇧🇭 Bahrain

0% Personal Income Tax — No tax on salaries, dividends, or capital gains
0% Corporate Tax (till ~2027) — 10% Domestic Minimum Top-up Tax being introduced
Education VAT Exempt — All educational services are VAT-exempt
100% Foreign Ownership — No local partner required
Tamkeen Labour Fund — Subsidizes employee training costs
EDB Support — Economic Development Board advisory services
Govt Land Allocation — Available via Investment Platform

Source: KPMG, PwC, Bahrain EDB

🇦🇪 UAE

0% Personal Income Tax — Complete exemption
0% Corp. Tax in Free Zones — Qualifying income exempt; 9% standard
Education 0% VAT — School fees and supplies VAT-exempt
100% Ownership in FZ — Free zones allow full ownership
KHDA Plans — Target 100+ new private schools by 2033
$6.67B K-12 Market — 7.5% CAGR growth (2025-2033)
3.5M+ Indian Diaspora — Largest expat community

Source: KPMG, PwC, KHDA

🇹🇿🇿🇦 Africa (Tanzania & SA)

Tanzania: 5.5% GDP Growth — One of Africa’s fastest economies
Sh2.4T Education Budget — Massive gov’t education spending
SEZ Tax Holidays — Up to 10 years for qualifying enterprises
SA: $1.52B EdTech Market — Growing demand for STEM
ITEC Programme — India-SA bilateral cooperation support
IIT Precedent — First foreign IIT campus in Tanzania
Africa’s Youth Bulge — 600M+ under 25 — massive demand

Source: World Bank, Gov’t Portals

India-Bahrain DTAA: India has a Double Taxation Avoidance Agreement with Bahrain, preventing double taxation on cross-border income. Combined with Bahrain’s 0% PIT and education VAT exemption, operator margins can be 15-25% higher than equivalent operations in India. (Source: CBDT, India)

Partnership Strategy

Investor Acquisition & Partnerships

How we plan to fund and partner for international expansion

Model A: Joint Venture (Recommended)

Partner with a local Bahraini/UAE entity or education group to share capital, regulatory navigation, and market knowledge. Sagar Group provides education expertise and brand.

Equity Split: 60% Sagar : 40% Local Partner
Sagar Contributes: Brand, curriculum, training, management
Partner Contributes: Land/capital, local licenses, connections
Governance: Sagar retains operational and academic control

Lower risk: Shared capital outlay ($6-10M Sagar share) with local expertise for regulatory navigation

Model B: Wholly Owned Subsidiary

Sagar Group establishes a fully owned entity in Bahrain (100% foreign ownership permitted). Higher capital but full control and returns.

Full Ownership: 100% Sagar Group
Investment: $15-25M full capital commitment
Advantage: Complete brand and revenue control
Registration: Via Bahrain Sijilat platform

Higher capital needed but allows full retention of brand IP and operational surplus

Investor Sourcing Channels

Bahrain EDB

Economic Development Board investor introductions and advisory

NRI Investors

HNI Indians in GCC interested in education sector ROI

Dev Finance

IFC, AfDB development finance for African education projects

Strategic Partners

Local education groups seeking Indian curriculum partnerships

Roadmap

Phased Expansion Timeline

A conservative, milestone-driven approach — each phase begins only when prerequisites are met

Phase 1 — 2026-2027

Ground Work & Bahrain School

Engage Bahrain EDB & Ministry of Education
Hire international education consultant (GCC experience)
Site visit — Chairman & MD delegations
Company registration via Bahrain Sijilat platform
Government land allocation application
Detailed Project Report (DPR) preparation
CBSE/IB curriculum licensing discussions

Est. Investment: $1-2M (pre-construction)

Phase 2 — 2027-2028

Construction & UAE Market Entry

Bahrain school campus construction begins (self-build via Agrawal Builders expertise)
Teacher recruitment pipeline from India
Begin UAE market study — Dubai/Abu Dhabi school sites
EdTech platform development for CBSE curriculum
Bahrain college feasibility study & BQA accreditation application

Est. Investment: $15-20M (construction phase)

Phase 3 — 2028-2029

Bahrain School Launch & Scale

Sagar International School, Bahrain launches (KG–Grade 8)
Target: 500 students Year 1 → 1,800 by Year 3
UAE school construction begins
Bahrain college campus development starts
Full school (KG–Grade 12) by 2029

Revenue begins: ~$3.3M Year 1

Phase 4 — 2029-2030

Higher Education & Africa Entry

Sagar Institute (SITM-B) launches in Bahrain — B.Tech, MBA
UAE school operational & scaling
Tanzania vocational academy feasibility
South Africa EdTech platform pilot
Bahrain school reaches breakeven

Combined Revenue: ~$20M+

Phase 5 — 2030-2032+

Full Ecosystem & Diversification

Tanzania: Sagar Technical Academy operational
Tanzania: SNPL-model rice processing unit
South Africa: STEM Academy partnerships
SMPL textile manufacturing / distribution hub (Jebel Ali FZ)
SPS Vidya Niketan (CSR school) in rural Africa
Evaluate healthcare opportunity in UAE

Full Global Footprint

Investment

Consolidated Investment Summary

Phase-wise capital allocation, revenue potential, and breakeven projections

Project	Location	Investment (USD)	Investment (INR)	Revenue Potential	Breakeven	Phase
Sagar International School	Bahrain	$15-25M	₹125-210 Cr	~$19.7M/yr (at 2,500 students)	Year 3-4	Phase 1
Sagar Institute (SITM-B)	Bahrain	$30-50M	₹250-420 Cr	To be assessed post-DPR	Year 5-7	Phase 2
Sagar International School	UAE	$20-35M	₹170-295 Cr	Comparable to Bahrain model	Year 3-4	Phase 2
Sagar Technical Academy	Tanzania	$5-10M	₹42-84 Cr	Regional vocational hub	Year 4-5	Phase 3
EdTech Platform	Global	$2-5M	₹17-42 Cr	SaaS + subscription model	Year 2-3	Phase 1
Phase 1 Total (Bahrain + UAE)	—	$65-110M	₹545-925 Cr	—	—	—

Important Note: These are preliminary estimates based on market benchmarks. Final figures will depend on land cost, construction rates, and regulatory fees in each market. A Detailed Project Report (DPR) by an international consultant is the recommended next step before capital commitment.

Immediate Action Items — Next 90 Days

#	Action	Owner	Deadline
1	Engage Bahrain EDB for preliminary school & college discussions	MD	Month 1
2	Hire international education consultant (GCC experience)	MD	Month 1
3	Conduct Bahrain site visit — meet MOE, visit school sites	Chairman/MD	Month 2
4	Prepare DPR for Sagar International School, Bahrain	Consultant	Month 3
5	Register company in Bahrain (Sijilat platform)	Legal Team	Month 2-3
6	Identify and shortlist CBSE/IB curriculum partners	Education Team	Month 2
7	Assess UAE market for parallel school opportunity	Strategy Team	Month 3
8	Initiate dialogue with BQA for college accreditation	Education Team	Month 3

Assessment

Can This Work? — Honest Analysis

A fact-based assessment of success drivers and risks

Why It Can Succeed

Proven precedent: Indian schools (DPS, Ryan, Shiv Nadar) operate successfully in Gulf — market is validated
Captive market: 350K+ Indians in Bahrain, 3.5M+ in UAE — CBSE demand confirmed
Unique advantage: Sagar can build its own campus (Agrawal Builders DNA) — significant capex savings
Regulatory openness: 100% foreign ownership, VAT exemption, government seeking private partners
Financial muscle: ₹2,000 Cr+ revenue base, ₹2,500 Cr chairman net worth — can sustain gestation
Ecosystem play: School → College → Hospital pipeline replicates India success model
Global presence: SMPL already in 35+ countries — international operations are not unfamiliar

What Could Go Wrong

First-time international educator: No prior overseas school experience — learning curve is real
Competition: GEMS Education, Taaleem, Ryan International are established in Gulf markets
Capital intensity: $15-50M per project — cash flow pressure if delays occur
Regulatory delays: Licensing timelines can vary — 6-18 months for school approvals
Teacher sourcing: Hiring 200+ qualified teachers for international campuses is non-trivial
Bahrain CIT: 10% corporate tax proposed from 2027 changes the margin calculation
Currency exposure: INR/BHD and INR/AED movements affect repatriated returns

Success Probability Assessment

Bahrain School (Phase 1)75-80%

UAE School (Phase 2)70-75%

Bahrain College (Phase 3)55-65%

Africa Entry (Phase 4-5)50-60%

Methodology: Probability estimates are based on market demand validation, regulatory ease, capital availability, management capability, and competitive landscape. Bahrain school has the highest probability because of validated Indian expat demand, simplified regulations, and Sagar Group’s proven K-12 expertise. These are not guarantees — they reflect relative confidence levels to guide capital allocation priority.

Key Success Factors

SPS Brand Leverage

25 years of proven K-12 excellence creates instant credibility in new markets

Local Partnerships

Essential for cultural adaptation, regulatory navigation, and community trust

Technology-First

EdTech platform enables scale — from physical campuses to digital reach across regions

Building Nation Since 1983.Now, Building Beyond Borders.