Shareholders'' Letter on financial results for the quarter and financial year ended March 31, 2026
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Physicswallah reported strong FY26 results with revenue growing 35% YoY to Rs 3,900 Crore. The company achieved positive PBT of Rs 10 Crore (0.3% margin) compared to a loss of Rs 259 Crore (-9.0%) in FY25. EBITDA improved significantly to Rs 549 Crore with margins expanding to 14% from 6.7% a year ago. Paid users increased 20% to 5.34 million, with online channel contributing Rs 1,954 Crore (39% growth) and offline channel Rs 1,774 Crore (31% growth). Cash flow from operations surged 64% to Rs 833 Crore. The company operates 353 offline centres across 178 cities and has built a community of 142 million subscribers. AI integration is being pushed as a key differentiator with proprietary models built on Indian STEM data.
Strong operational performance with margin expansion and path to profitability. The company turned PBT positive for the first time while maintaining 35% revenue growth. However, PAT remains negative at Rs 24 Crore due to depreciation, interest, and one-time expenses. The stock should be viewed positively given the improving profitability trajectory and strong cash generation.