PhysicsWallah Shares in Focus After Announcing Q3 Results

Synopsis: The recently listed edtech firm reported strong Q3FY26 performance with revenue up 33.6% YoY to ₹1,082 crore and PAT rising 32.5% to ₹102 crore, driven by growth in paid users, operating efficiency, expanding offline centres and strong cash flows.

An edtech company offering test preparation courses for various competitive examinations like JEE, NEET, UPSC, etc., and upskilling courses like Data science and analytics, banking and finance, and software development, is in the spotlight after announcing Q3 results.

With a market capitalization of Rs. 34,018.90 crore, the shares of Physicswallah Limited were trading at Rs. 118.96, down by 2.14 percent from its previous day’s closing price of Rs. 121.56 per equity share. 

Q3FY26 Results

The company reported revenue of Rs. 1,082 crore in Q3 FY26, marking a strong 33.6 percent YoY growth over Rs. 810 crore in Q3 FY25, while rising 3.0 percent QoQ from Rs. 1,051 crore in Q2 FY26, indicating steady sequential momentum.

EBITDA stood at Rs. 236 crore, up 28.3 percent YoY compared with Rs. 184 crore in Q3 FY25, and showed a robust 30.4 percent QoQ increase from Rs. 181 crore in Q2 FY26, reflecting meaningful improvement in operating efficiency.

Profit after tax came in at Rs. 102 crore in Q3 FY26, registering a healthy 32.5 percent YoY growth from Rs. 77 crore in Q3 FY25 and a sharp 45.7 percent QoQ rise over Rs. 70 crore in Q2 FY26, highlighting strong bottom-line expansion both annually and sequentially.

Other Updates

• Growth & Users: In 9M FY26, PW reported 31 percent YoY revenue growth, driven by a rise in unique paid users to 4.37 Mn from 3.60 Mn, with online paid users at 3.96 Mn (up from 3.30 Mn) and offline enrolments at 0.41 Mn (up from 0.30 Mn), while online penetration remains at ~2 percent of India’s online education market, indicating strong long-term headroom.
• Cash Flow & Treasury: Cash flow from operations stood at Rs. 6,429 Mn in 9M FY26, exceeding Rs. 5,069 Mn for full-year FY25, with a robust treasury of Rs. 50,544 Mn as of December 31, 2025, including IPO proceeds.
• Physical Expansion & Offerings: The centre network expanded to 318 centres (122 PW Vidyapeeth, 75 PW Pathshala, 53 other PW centres, and 68 subsidiary centres) versus 186 centres in 9M FY25, while categories increased to 16, with 3 additions in Q3 FY26.
• Engagement & Scale: Online unique transacting users rose 20 percent YoY to 3.96 Mn, offline enrolments grew 36 percent YoY to 0.41 Mn, supported by 6,807 faculties, 3.4 Mn+ daily average users, 106+ minutes of engagement time, and a 134 Mn+ social media community across platforms.

Acquisition

Physicswallah Limited proposes to incorporate a wholly owned subsidiary in India, tentatively to be named Physicswallah Student Housing Private Limited or Physicswallah Student Living Private Limited, subject to regulatory approvals. The entity is yet to be incorporated and will operate in the hospitality services segment, with a specific focus on providing hostel and student accommodation facilities for students enrolled with the Physicswallah Group across select cities. 

Upon incorporation, the company will be a 100 percent owned subsidiary of Physicswallah Limited, with the entire share capital subscribed in cash. The initial subscription amount will be Rs. 1,00,000, comprising 10,000 equity shares of Rs. 10 each, and no specific governmental or regulatory approvals are required apart from approvals from competent authorities, if applicable.

PhysicsWallah (PW), founded in 2020 by Alakh Pandey and Prateek Maheshwari and headquartered in Noida, is an education platform that aims to democratize learning through online, offline, and hybrid models. Originating as a YouTube channel in 2016, PW now delivers test preparation, skilling, higher education, and study-abroad programmes via its app, tech-enabled centres, and YouTube, with courses offered in multiple vernacular languages.

With a price range of Rs. 103 to Rs. 109 per equity share, Physicswallah launched its initial public offering (IPO). The subscription period was open from November 11 to November 13, 2025. On November 18, 2025, the company’s shares went public on the BSE and NSE platform, initially trading for Rs. 145 each. This indicated strong investor interest and represented a listing gain of about 33.03 percent over the upper end of the issue price.

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