NSE: PWL · BSE: 544609
PHYSICSWALLAH LIMITED
Operates an Indian test-preparation and education business combining a free-content engine with paid online and offline coaching. The online segment contributed about 51% of revenue in Q3 FY26 and grew 38% year-on-year, while the offline Vidyapeeth network contributed about 46% and grew 26%. The free funnel rests on more than 250 YouTube channels feeding a 3.4 million daily-active-user app with average engagement of 106 minutes per day, generating paid conversions at what management describes as zero customer acquisition cost. K-12 is the strategic centrepiece, with INR 400 crore already deployed across the Curious Junior product, the School Integrated Program and brick-and-mortar schools — three schools are currently running and eight more are being added (four brownfield, four greenfield). Adjacent categories are being seeded through acquisitions such as Sarrthi IAS for UPSC preparation (now a 51%-owned subsidiary) and new verticals covering state boards, vernacular languages, CLAT, NEET PG and IIT JAM. The biggest cost line is employees at 48.9% of revenue, while materials are only 2.6% and capex sits at 8.2%; the company carries INR 5,000 crore of treasury post its INR 3,100 crore IPO and plans 70 new offline centres in FY27 at a INR 200 crore outlay. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Online test prep and courses (51%), Offline Vidyapeeth learning centres (46%), K-12 platform (Curious Junior, SIP, schools), UPSC coaching (Sarrthi IAS). Consumer-services / edtech with a large salaried teaching workforce, a free-content funnel and a growing offline and K-12 footprint
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 3,900 |
| EBITDA (ex other income) | 317 |
| margin % | 8.1 |
| Owners' profit | (22) |
| EPS, as reported (₹) | (0.08) |
| ROE % · ROCE % | (0.5) · 1.9 |
| Debt / equity (x) | 0.00 |
| Cash from operations | 833 |
| Capex | (322) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 1,051 | 1,082 | 919 | 1,054 |
| Profit before tax | 99 | 144 | (81) | (84) |
| Net profit | 70 | 102 | (69) | (88) |
| EPS (₹) | 0.28 | 0.37 | (0.26) | (0.27) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PHYSICSWALLAH LIMITED ◆ | 37,567 | 1079.2 | 8.22 | 67.8 | (0.5) | 0.2 | — | 4.9 |
| JARO INS OF TEC MG N RE L | 776 | 13.4 | 2.15 | — | 14.7 | 18.1 | — | 24.1 |
| VERANDA LEARNING SOL LTD | 311 | 2.1 | 0.32 | 2.0 | 13.5 | 9.4 | — | 36.0 |
| Sodhani Academy of Fintech Ena | 77 | 9.9 | — | — | — | 24.1 | — | — |
| JETKING INFOTRAIN LTD. | 69 | — | 1.57 | 57.6 | (2.1) | (2.6) | 22.5 | (43.6) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1079.2 | 16.3 | 25 of 25 | 0% |
| P/B | 8.2 | 1.7 | 20 of 23 | 14% |
| ROCE | 0.2 | 8.4 | 22 of 29 | 25% |
| ROE | (0.5) | 2.0 | 19 of 23 | 18% |
| Debt / Equity | 0.0 | 0.1 | 10 of 22 | 57% |
| EBITDA margin | 4.9 | 18.4 | 18 of 22 | 19% |
| Market cap | 37567 | 85 | 1 of 30 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Physicswallah submits RTA certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Physicswallah allots 36.64 lakh shares under ESOP 2022 | capital market events | low | — | — |
| 4 Oct 2026 · Physicswallah NBFC arm FinZ sells INR 95.79 cr loan portfolio to Auxilo | credit debt | high | — | — |
| 1 Oct 2026 · Physicswallah grants 2,82,415 stock options to employees under ESOP 2025 | capital market events | low | — | — |
| 25 Sept 2026 · Physicswallah 6th AGM: All 6 Resolutions Passed | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · Physicswallah holds 6th AGM; FY26 revenue about INR 3,900 cr, PAT loss narrows | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Physicswallah closes trading window ahead of Q2 FY26 results | compliance | minimal | — | — |
| 23 Sept 2026 · Physicswallah to attend investor and analyst meetings in Singapore | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Physicswallah to attend analyst and investor meet in Mumbai on Sep 23 | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Physicswallah allots 41.22 lakh shares under ESOP Plan 2022 exercise | capital market events | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.