Date: May 27, 2026

Financial Performance Overview

Physicswallah Limited reported its audited financial results for the quarter and year ended March 31, 2026, showing significant improvement in both top-line growth and profitability metrics.

Annual Financial Results (FY26)

The company achieved record revenue from operations of ₹3,900 Crore, representing approximately 35% year-on-year growth. This growth was attributed to disciplined scaling and AI-led operational efficiency.

Profitability showed remarkable improvement:

  • Profit Before Tax (PBT): ₹10 Crore (0.3% margin), a significant turnaround from ₹-259 Crore (-9.0% margin) in FY25
  • EBITDA: ₹549 Crore, representing 184% year-on-year growth
  • EBITDA Margin: 14.1%, substantially improved from previous levels
  • Pre-IndAS EBITDA: Grew from ₹94 Crore to ₹300 Crore, reflecting 221% YoY growth

The improved operating leverage was noted across examination categories and channels.

Quarterly Financial Results (Q4 FY26)

  • Revenue from Operations: ₹919 Crore, representing 51% year-on-year growth
  • EBITDA: ₹65 Crore (7.0% margin), a significant improvement from ₹-204 Crore (-33.5% margin) in Q4 FY25

User Metrics and Growth

The company reported strong growth in its user base:

  • Total Number of Paid Users: 5.34 Million, representing 20% year-on-year growth from 4.46 Million in FY25
  • Online Unique Transacting Users: 4.87 Million
  • Offline Enrolments: 0.47 Million

Operational and Business Highlights

Physical Expansion:

  • Total Centers: 353 centers, significantly increased from 198 centers in FY25
  • This expansion strengthened PW's hybrid distribution model and improved access across geographies

Educational Offerings:

  • Education Categories: 16 categories (3 added during FY26)

Human Resources:

  • Total Faculty Members: 6,837 (up 34% YoY)
  • Total Employees: 18,977

Platform Engagement Metrics:

  • Daily Active Users: 3.3 Million+
  • Average Engagement Time: 104+ minutes
  • App Downloads: 89.4 Million+
  • Student Community: 142 million strong

AI Integration and Technology

AI became a foundational layer across PhysicsWallah, serving all stakeholders including students, employees, and educators:

  • Cumulative AI interactions crossed 100 million queries
  • AI tools deployed across doubt resolution, grading, and personalized learning
  • Over 91% of PW's code is now AI-assisted
  • AI-enabled more than 2x faster engineering deployment cycles
  • Automation of repetitive and administrative tasks for teachers, reducing time and cost spent on routine evaluation and content preparation

Forward Outlook

The company stated it enters FY27 with strengthened fundamentals and continued focus on sustainable, technology-led growth, supported by a growing paid user base, expanding phygital infrastructure, and deeper AI integration across its ecosystem.

Corporate Background

PhysicsWallah (PW) is an education platform founded in 2020 by Alakh Pandey and Prateek Maheshwari, headquartered in Noida, Uttar Pradesh. The company aims to democratize education through online, offline and hybrid platforms. Initially launched as a YouTube channel in 2016, PW now offers education through its native app, tech-enabled offline and hybrid centers, and YouTube channels. Offerings span test preparation, skilling vertical, higher education, and education abroad, with programmes available in multiple vernacular languages.

The company was listed on National Stock Exchange of India Limited (NSE) and BSE Limited on November 18, 2025.