Physicswallah Ltd(PWL)

NSE: PWLBSE: 544609

₹ 124.5+3.79%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 36,167 crWebsite: www.pw.liveUpdated: 24 Oct 2026

About

Physicswallah Ltd (PW) is an Indian ed-tech company serving learners across school education, competitive examinations, higher education, professional qualifications and upskilling through online live classes, recorded courses, offline coaching, hybrid programmes and self-paced digital products. PW reported revenue from operations of ₹3,900 crores in FY26, up 35% year-on-year, with over 4.9 million paid online students. It describes itself as India's largest organically built learner community.^[1][2]

Business segments

Online revenues contributed 50.1% of total revenues in FY26, up from 48.6% in FY25, growing 39% YoY.^[1]
In Q1 FY27, online revenue grew 33% YoY and offline and other businesses grew 16% YoY, out of total revenue of ₹1,054 crores (+24% YoY).^[3]

Products and brands

Core offerings span JEE, NEET, UPSC, state boards, K-12 foundation, CLAT, NEET PG, IIT JAM, and a new skilling category called Earners; CLAT, NEET PG and IIT JAM each crossed ₹10 crore annual collections in 9M FY26.^[4][1]
In addition to the PW brand, the portfolio includes Xylem (Kerala test prep), Sarrthi IAS (UPSC), Utkarsh Classes, Curious Junior (early learning) and Pi (a ₹300 - 400 distraction-free learning app).^[4][5][2]
State Boards online vertical was launched in June 2025 and expanded from 7 to 14 boards by Q1 FY27; enrollments and revenue both doubled YoY in Q1 FY27.^[4][3]
Earners, a small-ticket skilling category, enrolled 1 lakh students and generated more than $1 million in its first month of launch.^[1]

Paid enrolments and reach

Online paid students reached 4.9 million in FY26, up 20% YoY; online unique transacting users were 3.22 million in H1 FY26, up from 2.68 million in H1 FY25.^[1][5]
Online K-12 / early learning enrolments grew 41% YoY to 0.78 million in Q1 FY27, from 0.55 million in Q1 FY26.^[3]
Offline student enrolments were 0.40 million in H1 FY26, up from 0.31 million in H1 FY25.^[5]
Daily active users on the mobile app were 3.4 million in Q3 FY26 with average daily engagement of 106 minutes; DAU exceeded 3.5 million as of 30 September 2025.^[4][5]
The AI doubt-solving engine has resolved over 10 crore student doubts to date and graded more than 1.4 million subjective answer copies.^[2]

Offline centre network

Total offline centres stood at 314 as of 30 September 2025, up from 186 a year earlier; the network includes 117 Vidyapeeth (JEE/NEET) centres.^[5]
70 of 116 Vidyapeeth centres were EBITDA positive as of FY26 (60% of the Vidyapeeth network); all centres opened in FY22 - FY24 are EBITDA positive.^[1]
FY23 - 24 vintage Vidyapeeth centres (excluding Kota) are delivering 13 - 15% EBITDA margins at steady state in Q1 FY27.^[3]
Offline ARPU rose 7% YoY in Q1 FY27; offline ARPU was ₹21,985 in H1 FY26, down 4.3% YoY, as PW repositioned from affordability toward outcomes.^[3][5]

Key operating metrics

Online Average Collection Per User (ACPU) was ₹3,918 in H1 FY26, up 8.1% YoY from ₹3,624 in H1 FY25, driven by premium Batch Infinity and Batch Infinity Pro bundles.^[5]
JEE and NEET share of online enrolment fell from 54% in FY23 to 35% in H1 FY26; non-JEE/NEET online categories grew 41%+ YoY in H1 FY26.^[5]
Xylem (Kerala) is on track to close FY26 at ₹330 - 340 crores revenue, versus ₹90 crores at the time of acquisition.^[4]
Marketing spend was ₹128 crores in Q1 FY27; full-year FY26 marketing landed at approximately ₹353 crores (~9% of revenue), down from 9.6% in FY25.^[3][1]

Distribution and languages

Courses are available in multiple Indian languages - including Hindi, Hinglish and English - targeting Tier II, Tier III and underserved areas via YouTube channels and the PW App.^[2]
Vernacular-language online enrolments and revenue grew 1.7x YoY in Q1 FY27.^[3]
NEET PG enrolment grew approximately 50% YoY in Q1 FY27; post-result August 2026 collections for offline grew approximately 50% YoY.^[3]

AI and technology

Aryabhatta 2.0 SLM is trained on 20 billion parameters, delivering accuracy comparable to top frontier models at one-tenth the cost and 5x the speed.^[1]
Ask AI doubt-solving handles the majority of doubts within PW's batches as of Q1 FY27; a Socratic AI one-to-one tutor entered beta and is expected to roll out in Q2 FY27.^[3]
91% of engineering code is AI-assisted, delivering approximately 2x engineering velocity; AI-enabled tools were deployed across engineering, sales operations and learner support.^[1][2]

Recent developments

PW obtained an RBI NBFC licence and infused ₹120 crores equity capital; prior external lending partnership disbursed approximately ₹200 crores to ~80,000 students with less than 1% NPA, as of FY26.^[1]
PW acquired a 40% equity stake in Sarrthi IAS (UPSC preparation) for ₹950 million in September 2025, with plans to increase to 85% by FY28.^[5]
Management reversed the K-12 school capex strategy in FY26: no further capital will be deployed for K-12 M&A or physical schools; strategy shifts entirely to asset-light online (State Boards, Curious Junior, school integration partnerships).^[1]
PW decided to divest non-core Finzy Fintech; two non-binding term sheets were signed as of Q1 FY27 and the divestment is expected to complete within approximately one quarter.^[3]

Market Cap

₹36,167 Cr

High / Low

₹162 / 78

Stock P/E

1499.4

Price / Book

7.6

Book Value

₹16

EPS

₹-0.1

No. of Shares

285.97 Cr

ROCE

2.9%

ROE

-0.5%

OPM

4.0%

Debt / Equity

0.00

Sales

₹3,900 Cr

Net Profit

₹-24 Cr

Promoter holding

71.2%

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