Physicswallah Limited has informed the Exchange about Transcript
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Physicswallah reported Q3 FY26 revenue of INR1,082 crores, up 34% year-on-year, with Pre-Ind AS EBITDA of INR219 crores (20.2% margin) and PAT of INR102 crores (9.4% margin), even after absorbing INR23 crores in one-time expenses linked to labor code changes and IPO costs. For the first nine months of FY26, revenue reached INR2,980 crores (up 31%), already surpassing the full FY25 figure of INR2,886 crores. Online segment grew 38% and contributes 51% of revenue, while offline grew 26% at 46% share. Cash and treasury stands at INR5,000 crores post the INR3,100 crore fresh issue in the November 2025 IPO. Management is committing to a multi-year push into K-12 schools (INR400 crores already deployed), AI-led products (Aryabhata, PW Talk, Ask AI), and new categories such as state boards, vernacular batches, CLAT, NEET PG and IIT JAM, with segment-wise online/offline EBITDA disclosure planned from April 2026.
The strong quarter, robust cash balance, and forward guidance on margin levers (marketing spend guided down from 9.6% to 8-8.5% of revenue, Utkarsh turning profitable, Sarrthi's INR15 crore quarterly EBITDA) are positive signals for shareholders. However, near-term JEE/NEET enrolment growth has slowed to low single digits as the base matures, and the K-12 build-out will require fresh capital over the next 4-5 years, so investors should weigh long-term scaling potential against incremental capex.