Yes, students concessions are available. I have traveled liked this with my friends for educational tour at 2007. You have to start and end at the same station. You may need to go to divisional head office for reservations for getting circular journey tkt for MAS-AGC-LJN-GKP-NDLS-MAO-MAS. There are some procedures like covering letter from the institute, xerox copy of the ID cards of the students, list of students name and itinerary are required to be submitted. After submitting that, they will give the ticket in a paper (handwritten) detailing your every leg of journey and the total amount will be needed to be paid. Along with concessions, there is further concession is available for SC/ST students. Once you get that handwritten circular journey ticket from them, you just needed to approach any reservation centre and reserve for any trains by paying only reservation charges...
more... (because you have already paid the unrserved charges). I think there is no berth charges also. This was my experience when I was organizing the trip for my class friends as a leader during 2007.