Hindustan Unilever Ltd.
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Consumer Defensive · Household & Personal Products
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Research updated
Physicswallah Limited
NSE: PWLConsumer DefensiveEducation & Training Services
- Last close
- ₹119.95
- Day change
- −₹4.67 (−3.75%)vs
- Market cap
- ₹40,986 crIndian rupees
- Research updated
- 1 report
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About Physicswallah
Physicswallah Limited is a leading Indian educational technology company, specializing in affordable and accessible test preparation for competitive examinations. Established in 2020, the company has its headquarters in Noida, Uttar Pradesh, and quickly grew from a popular YouTube channel founded by Alakh Pandey into a robust tech-driven education platform. Physicswallah delivers coaching for major Indian entrance exams such as JEE and NEET, as well as CBSE board exams, through a mix of online classes, tech-enabled offline centers, and hybrid models, leveraging digital platforms and strategic offline expansions to reach millions of students nationwide. Notable for its rapid scaling, Physicswallah had amassed over 13 million subscribers on its YouTube channel and 10 million app downloads by early 2025. Its innovative model, acquisitions, and course diversification have positioned it as a market leader in the Indian edtech sector, achieving unicorn status in 2022 and listing publicly in November 2025. The company continues to influence and shape education delivery, serving students across multiple cities with offline centers and forging partnerships for future-oriented learning initiatives.
- Sector
- Consumer Defensive
- Industry
- Education & Training Services
- Listing
- NSE: PWL
- Chief executive
- Mr. Alakh Pandey
- Employees
- 16,289
- Headquarters
- Noida, India
- ISIN
- INE0LP301011
- Website
- pw.live
Public research · Report of
Business model & financial foundation
PhysicsWallah (NSE: PWL), Education and test preparation: revenue of ₹3,900 crore in FY26 (+35.1% on FY25), an EBITDA margin of 14.1%, net profit of ₹-22.5 crore and net cash of ₹4,974 crore.
- Revenue, FY26 (₹ crore)
- 3,900
- consolidated
- Revenue growth, FY26
- +35.1%
- on FY25
- EBITDA margin, FY26
- 14.1%
- EBITDA (Company Ind-AS EBITDA) / revenue
- Net profit, FY26 (₹ crore)
- -22.5
- to owners
- Return on equity, FY26
- -0.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -4,974
- Net debt: deposit-inclusive, ex identified liens; ex leases
- Market capitalisation (₹ crore)
- 36,995
- at the close of 14 Oct 2026
Company profile
PhysicsWallah sells affordable online learning courses and operates offline coaching centres through its Vidyapeeth, Pathshala and acquired brands. Learners pay ahead of teaching delivery, creating contract liabilities and seasonal cash flows. Faculty costs, centre utilisation, course mix and pricing determine operating leverage.
| Item | Value |
|---|---|
| Legal name | Physicswallah Limited (formerly Physicswallah Private Limited) |
| Exchange and ticker | NSE: PWL; BSE: 544609 |
| ISIN | INE0LP301011 |
| CIN | L80900UP2020PLC129223 |
| Sector | Consumer services |
| Industry | Education and test preparation |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP (since 2023) |
| Market capitalisation | ₹36,995 crore (14 Oct 2026) |
| Shares outstanding | 285.97 crore shares (FY26) |
| Price | ₹138.9 (close, 14 Oct 2026) |
| Website | https://www.pw.live |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Xylem Learning Private Limited | 77.27% | Online and offline NEET/JEE coaching, Classes 8–12 |
FY26 AOC1 lists27 entities including12 step-downs and2 legal associates consolidated by control. Housing excluded until first FY endingMar2027. Xylem sole LODR material subsidiary at31Mar2026 (77.27% AOC1 vs77.25% note44); AR says ceased material status after year-end. Full list/conflicts in04-governance-capital.md.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoter | 72.30% | 72.30% | 71.27% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 12.40% | 11.56% | 12.01% |
| Domestic institutions | 12.75% | 13.46% | 13.12% |
| of which mutual funds | 4.82% | 5.55% | 5.64% |
| Retail | 2.57% | 2.68% | 3.60% |
| Other | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
PhysicsWallah sells low-cost test-prep and K-12 courses. Most of the business is online: in FY26, 4.87mn learners generated 2,011cr of revenue, with ACPU of INR 4,104. It also runs a growing offline network of 353 centres in 178 cities at FY26, rising to 366 by Q1 FY27; 0.47mn enrolments generated 1,844cr, with ARPU of INR 36,625. Learners pay ahead and revenue is recognised as courses are delivered. That creates contract liabilities and negative working capital, and about 79% of collections arrive between March and September.
The company controls faculty, content, price and the brand built on YouTube reach. It does not control the exam calendar: the NTA moved NEET 5-7 weeks in 2026. Nor does it control state coaching regulation. Group structure: Xylem (77.3%), Utkarsh (75.5%), Sarrthi (40% rising to 51%) and Knowledge Planet (Gulf) are acquired brands. Each carries minorities and put/redemption obligations totalling 339cr.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Online channel / segment | 2,011 | 51.6% |
| Offline / hybrid channel / segment | 1,844 | 47.3% |
| Other channel / segment | 44.3 | 1.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Veranda Learning Solutions (VERANDA) | Listed education and test-prep platform; acquisition-heavy, weaker comparability. |
| Aptech (APTECHT) | Vocational education network; mature franchise model rather than K-12 coaching. |
| CL Educate (CLEDUCATE) | Test preparation exposure, smaller scale and different exam mix. |
| Navneet Education (NAVNETEDUL) | Education publishing and learning products; mature cash-flow reference. |
| Zee Learn (ZEELEARN) | Education franchise network; balance-sheet risk makes it a context peer only. |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 1,941 | 2,887 | 3,900 |
| Cost of revenue (vendor classification) * | 1,440 | 1,899 | 2,438 |
| Other operating costs (vendor classification) * | 456.3 | 636.4 | 835.6 |
| EBITDA (vendor classification) * | -161.2 | 234.1 | 468.1 |
| EBIT * | -1,129 | -183.5 | 95.7 |
| Finance costs | 65.1 | 85.3 | 101.9 |
| Profit/(loss) before tax | -1,193 | -258.6 | 9.92 |
| Total tax expense/(credit) | -61.6 | -15.3 | 34.1 |
| Profit/(loss) for period | -1,131 | -243.3 | -24.2 |
| Diluted EPS (₹) | -4.79 | -0.86 | -0.08 |
| Other income | 74.6 | 152.5 | 231.5 |
| Direct expenses | 379.6 | 513.3 | 599.6 |
| Materials and traded goods incl inventory movement | 90.4 | 122.7 | 164.9 |
| Employee benefits expense including ESOP | 1,159 | 1,401 | 1,906 |
| Other expenses | 470.1 | 661.2 | 848.3 |
| Company Ind-AS EBITDA | -829.3 | 193.2 | 549.2 |
| Depreciation and amortisation | 298.3 | 366.4 | 437.4 |
| Exceptional gain/(charge), signed | 71.2 | -32.7 | -52.6 |
| Share of profit/(loss) of associates | 0.00 | -0.12 | 0.26 |
| Profit/(loss) attributable to NCI | -90.7 | -27.4 | -1.68 |
| Profit/(loss) attributable to owners | -1,040 | -215.9 | -22.5 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total equity including NCI | -1,172 | 1,554 | 4,571 |
| Borrowings excluding lease liabilities | 1,687 | 0.33 | 10.5 |
| Cash and cash equivalents | 53.3 | 53.7 | 359.5 |
| Trade receivables | 27.5 | 41.5 | 81.8 |
| Inventories | 53.3 | 77.0 | 101.9 |
| Trade payables | 128.8 | 186.9 | 248.6 |
| Net property, plant and equipment * | 0.00 | 0.00 | 1,373 |
| Capital work in progress * | 13.0 | 20.6 | 9.45 |
| Total assets * | 2,481 | 4,156 | 7,677 |
| Other bank balances | 25.8 | 121.6 | 766.7 |
| Current investments | 147.8 | 1,341 | 2,230 |
| Lease liabilities, current and non-current | 773.9 | 996.3 | 1,042 |
| Net debt: deposit-inclusive, ex identified liens; ex leases | 1,460 | -1,928 | -4,974 |
| Contract liabilities / deferred revenue | 596.9 | 775.5 | 1,063 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net cash generated from operating activities | 212.0 | 507.0 | 833.2 |
| Free cash flow (vendor definition) * | -24.5 | 334.8 | 490.2 |
| Purchase of PPE and intangible assets, cash outflow | -236.5 | -172.2 | -343.1 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity shares outstanding at year end | 6.00 | 218.39 | 285.97 |
| Disclosed diluted weighted-average equity shares | 252.03 | 255.65 | 289.13 |
| Company adjusted EBITDA | 67.0 | 432.0 | 784.0 |
| Company Pre-IndAS EBITDA | n.d. | 94.0 | 300.0 |
| Bank deposits classified as other financial assets | 473.1 | 1,691 | |
| Net debt including other-financial-asset bank deposits | -1,989 | -5,037 | |
| Company-defined treasury | 5,027 | ||
| Effective denominator implied by owners PAT / reported diluted EPS (crore shares) | 217.21 | 251.05 | 281.13 |
| Identified bank deposit liens; not freely available | 61.2 | 63.0 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 832.2 | 809.7 | 609.6 | 847.1 | 1,051 | 1,082 | 918.8 | 1,054 |
| Cost of revenue (vendor classification) * | 473.8 | 541.8 | 664.1 | 658.6 | 691.3 | 764.1 | ||
| Other operating costs (vendor classification) * | 148.3 | 188.1 | 380.0 | 180.2 | 201.9 | 302.5 | ||
| EBITDA (vendor classification) * | 227.1 | -93.8 | -15.1 | 308.3 | 61.4 | 96.1 | ||
| EBIT * | 130.4 | -302.0 | -118.9 | 164.3 | -57.3 | -58.8 | ||
| Finance costs | 13.3 | 19.5 | 27.7 | 33.2 | 24.8 | 20.7 | 23.3 | 25.5 |
| Profit/(loss) before tax | 62.4 | 111.0 | -329.7 | -152.0 | 98.9 | 143.7 | -80.6 | -84.3 |
| Total tax expense/(credit) | 21.2 | 34.2 | -40.4 | -25.0 | 29.1 | 41.4 | -11.4 | 3.96 |
| Profit/(loss) for period | 41.1 | 76.7 | -289.3 | -127.0 | 69.7 | 102.3 | -69.1 | -88.3 |
| Diluted EPS (₹) | 0.18 | 0.37 | -1.17 | -0.46 | 0.27 | 0.36 | -0.26 | -0.27 |
| Other income | 30.6 | 39.6 | 57.2 | 55.0 | 47.2 | 64.5 | 64.8 | 108.9 |
| Direct expenses | 146.8 | 108.6 | 135.8 | 153.5 | 155.1 | 147.3 | 143.7 | 166.4 |
| Materials and traded goods including inventory movement | 29.0 | 18.5 | 30.3 | 54.1 | 28.2 | 21.6 | 61.0 | 69.5 |
| Employee benefits expense including ESOP | 343.3 | 346.7 | 375.8 | 456.5 | 473.1 | 489.7 | 486.7 | 528.3 |
| Other expenses | 172.2 | 148.3 | 188.1 | 253.1 | 213.0 | 180.2 | 201.9 | 302.3 |
| Company Ind-AS EBITDA | 164.7 | 223.4 | -204.1 | -21.2 | 228.3 | 277.5 | 64.6 | 51.9 |
| Depreciation and amortisation | 89.0 | 93.0 | 97.9 | 97.6 | 104.7 | 113.2 | 121.9 | 110.7 |
| Exceptional gain/(charge), signed | 0.00 | 0.00 | -32.7 | 0.00 | 0.00 | -23.6 | -29.0 | 0.00 |
| Share of profit/(loss) of associates | 0.00 | 0.00 | -0.12 | 0.04 | 0.01 | 0.16 | 0.06 | -0.11 |
| Profit/(loss) attributable to NCI | -3.43 | -14.9 | 3.82 | -6.56 | -2.62 | 1.76 | 5.75 | -10.7 |
| Profit/(loss) attributable to owners | 44.5 | 91.6 | -293.1 | -120.4 | 72.3 | 100.5 | -74.9 | -77.6 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 48.7% | 35.1% | |
| EBITDA margin | -42.7% | 6.7% | 14.1% |
| Net margin | -53.6% | -7.5% | -0.6% |
| Return on equity | 88.8% | -113.2% | -0.7% |
| Return on capital employed | -219.1% | -17.7% | 3.1% |
| Return on assets | -41.9% | -6.5% | -0.4% |
| Net debt (₹ crore) | 1,460 | -1,928 | -4,974 |
| Net debt / EBITDA | -1.76x | -9.98x | -9.06x |
| Interest cover | -17.3x | -2.15x | 0.94x |
| Asset turnover | 0.78x | 0.87x | 0.66x |
| Receivable days | 5 | 5 | 8 |
| Inventory days (on revenue) | 10 | 10 | 10 |
| Payable days (on revenue) | 24 | 24 | 23 |
| Cash conversion | -0.20x | -2.35x | -37.0x |
| Capex intensity | 12.2% | 6.0% | 8.8% |
| Free cash flow (₹ crore) | -24.5 | 334.8 | 490.2 |
| EPS, diluted (₹) | -4.79 | -0.86 | -0.08 |
| Book value per share (₹) | -195.4 | 7.11 | 15.98 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company Ind-AS EBITDA) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt: deposit-inclusive, ex identified liens; ex leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company Ind-AS EBITDA).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Physicswallah includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 12-month rating and target
- The 3-month view
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- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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