PWL Physicswallah Q2 FY26 results (Jul–Sep 2025) and concall
Physicswallah (PWL) delivered a strong Q2 FY26 performance, marked by significant margin expansion and robust PAT growth in its first earnings call post-listing. The company is successfully transitioning from a pure-play JEE/NEET test prep provider to a diversified 'full-stack' education platform, with JEE/NEET enrollment now comprising only 31% of the total. Management emphasized a disciplined 'Box Unit Economics' approach to offline expansion, targeting EBITDA-level profitability for the entire offline segment by FY27.
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What they filed
Q2 FY26: revenue up 26.3%, net profit up 70.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|
| Revenue | 832 | 810 | 610 | 847 | 1,051 +26% |
| EBITDA | 134 | 184 | -229 | -76 | 181 +35% |
| Net profit | 41 | 77 | -289 | -127 | 70 +71% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Inve summary of a publicly available earnings call transcript; see how call summaries are prepared. Not investment advice.
