PWL

What Physicswallah promised, and what happened

Every commitment management made on a call, tracked from the quarter it was made — reaffirmed, revised, diluted or quietly dropped.

Guidance record · Q1 FY27

what the last two calls moved 10 tracked 1 delivered 3 missed 6 open
  • Q3 IGAAP EBITDA Margin delivered said Q2 FY26 Promised: upwards of 20% EBITDA Q1 FY27: This was a historical target for Q3 FY26 and remains achieved.
  • Full Year Marketing Spend went quiet said Q2 FY26 Promised: 8-9% of revenue Q1 FY27: The target period of FY26 has passed. Management did not provide the final FY26 marketing spend percentage to confirm achievement against the original or revised target.
  • New Offline Center Additions delayed said Q2 FY26 Promised: 200 new centers in next 3 years (~70/year) Q1 FY27: Management stated they have 'slowed down the offline growth' to focus on unit economics and that 'new centers planning would probably get decided over the next 2 quarters', effectively pausing the ~70 centers/year plan.

The rest of the ledger

Above is what the last two calls moved. Pro opens all 10 tracked commitments for Physicswallah — every quarter's revision, the source quote behind each one, and the topics management has stopped answering.

See what Pro opens