Omnichannel edtech platform: online live classes plus offline Vidyapeeth/Pathshala coaching centres across 13 exam categories.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,054 | +24.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -5.0 | +4.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -88.0 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. | |
| Return on equity | 2.81 | +26.6 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 12.67 | +0.9 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 32.49 | −13.7 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
1 of 4 judged targets kept · 6 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q3 IGAAP EBITDA Margin | upwards of 20% EBITDA | Q2 FY26 | This was a historical target for Q3 FY26 and remains achieved. | Achieved |
| Full Year Marketing Spend | 8-9% of revenue | Q2 FY26 | 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. | Ghosted |
| New Offline Center Additions | 200 new centers in next 3 years (~70/year) | Q2 FY26 | 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. | Delayed |
3 of Physicswallah Limited's 10 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 7 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹155.24 on 18 Nov 2025 → ₹129.89. High ₹155.24 (18 Nov 2025), low ₹79.56 (4 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
1 of 4 judged targets kept · 6 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q3 IGAAP EBITDA Margin | upwards of 20% EBITDA | Q2 FY26 | This was a historical target for Q3 FY26 and remains achieved. | Achieved |
| Full Year Marketing Spend | 8-9% of revenue | Q2 FY26 | 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. | Ghosted |
| New Offline Center Additions | 200 new centers in next 3 years (~70/year) | Q2 FY26 | 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. | Delayed |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 10 tracked commitments, with each call’s wording and source.
Call summaries
Physicswallah Limited Q1 FY27
Physicswallah Limited reported strong Q1 FY27 revenue growth of 24% YoY to INR1,054 crores, driven by 33% online and 16% offline growth. EBITDA turned positive at INR52 crores, a significant improvement from last year. While NEET exam shifts impacted Q1 enrollments, management remains confident in achieving FY27 guidance of 30% revenue and 100% EBITDA improvement, focusing on online expansion and offline profitability.
Read the full callPWL Q3 FY26
PWL delivered a strong Q3 FY26 performance characterized by robust 34% revenue growth and healthy EBITDA margins of 20.2%. The company is successfully transitioning from a pure test-prep player to a diversified education giant, with significant investments in K-12, AI, and vernacular languages. While core JEE/NEET growth in North India is maturing at 3-4%, the company is finding aggressive growth in southern markets and new categories like UPSC, which grew over 100%.
Read the full callPWL Q2 FY26
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.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 5 fiscal years held (Mar 2022 to Mar 2026).
Financials
Net profit, year on year: +31% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 832 | 810 | 610 | 847 | 1,051 | 1,082 | 919 | 1,054 |
| Expenses | 698 | 626 | 838 | 923 | 870 | 846 | 890 | 1,111 |
| Operating profit | 134 | 184 | -229 | -76 | 181 | 236 | 29 | -57 |
| Operating margin | 16.0% | 23.0% | −38.0% | −9.0% | 17.0% | 22.0% | 3.1% | −5.0% |
| Other income | 31 | 40 | 25 | 55 | 47 | 41 | 36 | 109 |
| Interest | 13 | 19 | 28 | 33 | 25 | 21 | 23 | 26 |
| Depreciation | 89 | 93 | 98 | 98 | 105 | 113 | 122 | 111 |
| Profit before tax | 62 | 111 | -330 | -152 | 99 | 144 | -81 | -84 |
| Tax rate | 34.0% | 31.0% | −12.0% | −16.0% | 29.0% | 29.0% | −14.0% | 5.0% |
| Net profit | 41 | 77 | -289 | -127 | 70 | 102 | -69 | -88 |
| EPS (₹ per share) | 0.21 | 0.42 | -1.34 | -0.55 | 0.33 | 0.35 | -0.26 | -0.27 |
| Line item | Mar 2026 |
|---|---|
| Sales | 3,899 |
| Expenses | 3,529 |
| Operating profit | 370 |
| Other income | 179 |
| Interest | 102 |
| Depreciation | 438 |
| Profit before tax | 10 |
| Net profit | -24 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 6 | 6 | 6 | 218 | 219 | 286 |
| Reserves | 100 | -189 | -1,253 | 472 | 1,179 | 3,411 |
| Borrowings | 0 | 956 | 1,687 | 1,831 | 970 | 1,876 |
| Other liabilities | 67 | 1,307 | 2,040 | 1,647 | 2,582 | 2,125 |
| Total liabilities | 173 | 2,080 | 2,481 | 4,168 | 4,950 | 7,697 |
| Fixed assets | 27 | 1,121 | 1,464 | 1,586 | 1,676 | 1,830 |
| Capital work in progress | 6 | 5 | 0 | 9 | 0 | 8 |
| Investments | 24 | 205 | 173 | 1,401 | 2,326 | 2,426 |
| Other assets | 116 | 748 | 844 | 1,172 | 948 | 3,433 |
| Total assets | 173 | 2,080 | 2,481 | 4,168 | 4,950 | 7,697 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash from operations | 59 | 270 | 212 | 507 | 833 |
| Cash from investing | -58 | -1,076 | -43 | -1,513 | -3,282 |
| Cash from financing | 0 | 848 | -165 | 1,007 | 2,755 |
| Net cash flow | 1 | 42 | 4 | 1 | 306 |
| Free cash flow | 37 | 124 | 1 | 340 | 494 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 22 | 0 | 6 | 7 | 5 | 8 |
| Inventory days | — | — | 174 | — | — | — |
| Days payable | — | — | 398 | — | — | — |
| Cash conversion cycle | 22 | 0 | -217 | 7 | 5 | 8 |
| Working capital days | -557 | -82 | -214 | -112 | -88 | 20 |
| Return on capital employed | — | — | −15.0% | −172.0% | −9.0% | 4.0% |
| Dividend payout | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ownership
Promoters hold 71.17% as of Sept 2026; institutions added 0.44 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Physicswallah Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 35.59% | unchanged | |
| 35.59% | unchanged | |
| AIF | 5.36% | unchanged |
| FPI fund | 3.96% | unchanged |
| VC / PE | 2.15% | −0.41 pp |
| 1.46% | newly disclosed | |
| Mutual fund | 1.32% | +0.06 pp |
| 1.13% | newly disclosed | |
| VC / PE | — | off the list |
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.
Filings to Sep 2026
2 new, 5 added, 1 trimmed, 0 sold out — net +49.43 L shares (+10.8%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹409 Cr | held | Nov '25 |
| SBI Innovative Opportunities Fund SBI Mutual Fund | ₹84 Cr | +4.83 L | Mar '26 |
| SBI Smallcap Fund SBI Mutual Fund | ₹62 Cr | held | Mar '26 |
| Nippon India Innovation Fund Nippon India Mutual Fund | ₹29 Cr | new | Sep '26 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹26 Cr | new | Sep '26 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹11 Cr | +0.47 L | Mar '26 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹6 Cr | +0.24 L | Mar '26 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | −0.05 L | Mar '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 Sep 2026
5 added, 1 trimmed — net +49.43 L shares (+10.8%)
Shares held by these funds +23%
Nov '25 5.08 cr shares Sep '26
Your own record
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