Five children and an elderly man were sleeping beside the boundary wall of the school when it collapsed around 4 AM.
The injured were rescued and the bodies of the two deceased pulled out from the debris by a team of police and fire brigade, who immediately reached the spot after receiving information about the incident.
According to police, heavy rains since yesterday had weakened the wall which supposedly led to the collapse.
Hrithik (10) and Afsha (6) died on the spot, while Sumit, Mukesh, Jinki were seriously injured. Horilal (55), who was sleeping along with the children, was also injured and has been admitted to the hospital.