PWL
Physicswallah share price & financials
- Price
- ₹136.05
- Market cap
- ₹35.4k Cr
- Sector
- Consumer Services
- Calls analysed
- 3
Physicswallah Limited Q1 FY27
What went well
- Revenue from operations closed at INR1,054 crores, an year-over-year increase of over 24%.
- EBITDA was positive in Q1, closed at INR52 crores compared to negative INR21 crores last year same period.
- Pre-Ind AS EBITDA improved by 624 basis points from Q1 of last year, reaching negative INR44 crores against negative INR88 crores.
What to watch
- NEET UG calendar shifted by 5 to 7 weeks this year, impacting Q1 collections and enrollments.
- Profit before tax for the current quarter was negative INR84 crores.
What Physicswallah Limited does
PhysicsWallah operates an omnichannel education platform combining live online classes, recorded video content, test series and AI-driven doubt-solving with physical offline coaching centres branded Vidyapeeth and Pathshala. It serves students across 13 academic and competitive-exam categories - including JEE, NEET, UPSC, CA, Defence, GATE, State/CBSE Boards and Foundation (Grades 6-10) - spanning learners aged roughly 5 to 30. The company earns primarily from online and offline course/batch subscription fees, premium bundled offerings such as Batch Infinity, book and content sales, and business-to-business/advertisement income including from its YouTube channels. It also builds proprietary AI tools for doubt resolution, grading and personalised learning that are embedded across its online and offline delivery.
Segments
- Online
- Offline
- Others
- Total offline centres
- 314
- PW Vidyapeeth centres
- 117
- PW Pathshala centres
- 75
- Other offline centres
- 53
- Education categories offered
- 13
- Total faculty members
- 6,643 (5,616 employees + 1,027 consultants)
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.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 33.7%, net profit up 73.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 695 | 680 | 464 | 694 | 896 +29% | 919 +35% | 736 +59% | 928 +34% |
| EBITDA | 151 | 188 | -276 | -82 | 172 +14% | 195 +4% | -34 +88% | -23 +72% |
| Net profit | 85 | 110 | -314 | -98 | 89 +5% | 100 −9% | -132 +58% | -26 +73% |
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.
Performance +2.6% YTD
YTD: ₹132.63 on 1 Jan 2026 → ₹136.1. High ₹151.38 (9 Jul 2026), low ₹79.56 (4 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.9%
- 14 Aug
- Q3 FY26
- −4.4%
- 6 Feb
- Q2 FY26
- −0.4%
- 9 Dec
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹3.2k Cr |
| Operating profit | ₹251 Cr |
| Operating margin | 7.7% |
| Interest | ₹93 Cr |
| Depreciation | ₹337 Cr |
| Net profit | ₹-41 Cr |
| Net margin | -1.3% |
| Cash from operations | ₹821 Cr |
| Free cash flow | ₹643 Cr |
| ROCE | 4.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹219 Cr | ₹286 Cr |
| Reserves | ₹7 Cr | ₹99 Cr | ₹89 Cr | ₹-866 Cr | ₹1.2k Cr | ₹4.8k Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹956 Cr | ₹2.4k Cr | ₹970 Cr | ₹985 Cr |
| Other liabilities | ₹41 Cr | ₹66 Cr | ₹801 Cr | ₹838 Cr | ₹2.6k Cr | ₹1.7k Cr |
| Total liabilities | ₹48 Cr | ₹171 Cr | ₹1.9k Cr | ₹2.4k Cr | ₹5.0k Cr | ₹7.8k Cr |
| Fixed assets | ₹1 Cr | ₹13 Cr | ₹585 Cr | ₹935 Cr | ₹1.7k Cr | ₹1.2k Cr |
| Capital work in progress | ₹0 Cr | ₹6 Cr | ₹5 Cr | ₹0 Cr | ₹0 Cr | ₹5 Cr |
| Investments | ₹3 Cr | ₹38 Cr | ₹494 Cr | ₹516 Cr | ₹2.3k Cr | ₹3.2k Cr |
| Other assets | ₹44 Cr | ₹114 Cr | ₹768 Cr | ₹916 Cr | ₹948 Cr | ₹3.4k Cr |
| Total assets | ₹48 Cr | ₹171 Cr | ₹1.9k Cr | ₹2.4k Cr | ₹5.0k Cr | ₹7.8k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Dec 2025, promoters trimmed −1.03 pp while the public added +1.03 pp. The shareholder count shrank 12% to 1,79,493.
- Promoters
- 71.3%
- FIIs
- 12.0%
- DIIs
- 13.1%
- Public
- 3.6%
Since Dec 2025
- Promoters −1.03 pp
- Public +1.03 pp
- FIIs −0.39 pp
How it drifted, 3 quarters
Over this window promoters fell from 72.3% to 71.3% — −1.0 pp.
Ownership split by quarter, oldest first. Dec '25: Promoters 72.3%, FIIs 12.4%, DIIs 12.8%, Public 2.6%.Mar '26: Promoters 72.3%, FIIs 11.6%, DIIs 13.5%, Public 2.7%.Jun '26: Promoters 71.3%, FIIs 12.0%, DIIs 13.1%, Public 3.6%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Physicswallah Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Alakh Pandey | 35.64% | −0.51 pp |
| Prateek Boob | 35.64% | −0.51 pp |
| Westbridge AIF I AIF | 5.37% | −0.47 pp |
| Hornbill Capital Partner Limited FPI fund | 3.97% | −0.06 pp |
| GSV Ventures Fund Iii, L.P. VC / PE | 2.56% | unchanged |
| Lightspeed Opportunity Fund Ii L P VC / PE | 1.61% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 1.26% | −0.44 pp |
| H.K Plastics | 0.00% | unchanged |
| Kabras Jewellery | 0.00% | unchanged |
| Kabra Silver Jewellery | 0.00% | unchanged |
| Pragyan Cooltech Industries | 0.00% | unchanged |
| Pragyan Trust | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in PWL
Filings to Aug 2026
0 new, 4 added, 2 trimmed, 0 sold out — net −24.85 L shares (−5.1%).
- Held by funds
- ₹533 Cr
- 8 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹385 Cr · 0.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹385 Cr | −25.00 L | Nov '25 |
| SBI Innovative Opportunities Fund SBI Mutual Fund | ₹74 Cr | held | Mar '26 |
| SBI Smallcap Fund SBI Mutual Fund | ₹59 Cr | held | Mar '26 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹10 Cr | +0.11 L | Mar '26 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹5 Cr | +0.05 L | Mar '26 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Mar '26 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Mar '26 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 2 trimmed — net −24.85 L shares (−5.1%)
- Funds are sitting on
- +18%
- vs est. average cost
- Held by funds
- ₹533 Cr
- 8 schemes · ≈ 1.8% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹385 Cr · 0.5% of that fund
Shares held by these funds +17%
Nov '25 4.83 cr shares Jul '26
All earnings calls (3)
Read the Q1 FY27 call →Learn to analyse Physicswallah Limited
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