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
| ₹ 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) |
| ₹ 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) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PHYSICSWALLAH LIMITED ◆ | 39,481 | 1134.2 | 8.64 | 71.3 | (0.5) | 0.2 | — | 4.9 |
| VERANDA LEARNING SOL LTD | 2,157 | 14.3 | 2.25 | 8.4 | 13.5 | 9.4 | — | 36.0 |
| JARO INS OF TEC MG N RE L | 989 | 17.1 | 2.75 | — | 14.7 | 18.1 | — | 24.1 |
| JETKING INFOTRAIN LTD. | 81 | 8.7 | 1.84 | 67.6 | (2.1) | (2.6) | 22.5 | (43.6) |
| Sodhani Academy of Fintech Ena | 72 | 9.1 | — | — | — | 24.1 | — | — |
| Metric | Company | Group median |
|---|
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Physicswallah allots 41.22 lakh shares under ESOP Plan 2022 exercise | capital market events | low | — | — |
| 9 Sept 2026 · Physicswallah schedules two analyst and investor meets in Noida | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Physicswallah informs exchanges about upcoming analyst and investor meetings | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Physicswallah publishes 6th AGM notice in newspapers | compliance | minimal | — | — |
| 1 Sept 2026 · Physicswallah 6th AGM on Sept 25, 2026; web-link to annual report FY26 sent to shareholders | compliance | minimal | — | — |
| 1 Sept 2026 · Physicswallah 6th AGM notice and 6 resolutions for shareholder approval | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Physicswallah 6th AGM notice and FY25-26 Annual Report filed | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Physicswallah publishes 6th AGM notice in newspapers, meeting on September 25 | compliance | minimal | — | — |
| 20 Aug 2026 · Physicswallah nominee director Sandeep Singhal resigns | management changes | medium | — | — |
| 20 Aug 2026 · Physicswallah Q1 FY27 earnings call: revenue up 24%, EBITDA turns positive | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| Rank |
|---|
| Better than |
|---|
| P/E (TTM) | 1134.2 | 17.1 | 27 of 27 | 0% |
| P/B | 8.6 | 2.1 | 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 | 0.0 | 11 of 23 | 55% |
| EBITDA margin | 4.9 | 18.4 | 18 of 22 | 19% |
| Market cap | 39481 | 95 | 1 of 30 | 100% |
| 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 |
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.
