Date: May 27, 2026

Financial Results (Standalone & Consolidated)

Full Year FY26 Performance:

  • Revenue from Operations: ₹3,900 Cr, up 35% YoY from ₹2,887 Cr in FY25
  • Profit Before Tax: ₹10 Cr (0.3% margin) vs loss of ₹259 Cr (-9.0% margin) in FY25
  • Profit/(Loss) for the year: ₹(24) Cr (-0.6% margin) vs ₹(243) Cr (-8.4% margin) in FY25
  • EBITDA: ₹549 Cr (14.1% margin) vs ₹193 Cr (6.7% margin) in FY25
  • Adjusted EBITDA: ₹784 Cr (20.1% margin) vs ₹432 Cr (15.0% margin) in FY25
  • Pre-IndAS EBITDA: ₹300 Cr (7.7% margin) vs ₹94 Cr (3.2% margin) in FY25
  • Cash flow from operations: ₹833 Cr, up 64% from ₹507 Cr in FY25
  • Treasury position: ₹5,027 Cr as of March 31, 2026 (including IPO proceeds)

Q4 FY26 Performance:

  • Revenue from Operations: ₹919 Cr, up 51% YoY from ₹609 Cr in Q4 FY25
  • Profit Before Tax: ₹(81) Cr (-8.8% margin) vs ₹(330) Cr (-54.1% margin) in Q4 FY25
  • Profit/(Loss) for the period: ₹(69) Cr (-7.5% margin) vs ₹(289) Cr (-47.5% margin) in Q4 FY25
  • EBITDA: ₹65 Cr (7.0% margin) vs ₹(204) Cr (-33.5% margin) in Q4 FY25
  • Adjusted EBITDA: ₹136 Cr (14.8% margin) vs ₹(44) Cr (-7.3% margin) in Q4 FY25
  • Pre-IndAS EBITDA: ₹9 Cr (1.0% margin) vs ₹(140) Cr (-22.9% margin) in Q4 FY25

Segment Performance FY26:

  • Online Channel (50% of revenue): ₹1,954 Cr, up 39% YoY
  • Offline Channel (45% of revenue): ₹1,774 Cr, up 31% YoY
  • Others (4% of revenue): ₹172 Cr, up 32% YoY (B2B content sales and new initiatives)

Operational Metrics:

  • Total Paid Users: 5.34 million (4.46 million in FY25)
  • Unique Transacting Users (Online): 4.87 million (4.13 million in FY25)
  • Offline Student Enrolments: 0.47 million (0.33 million in FY25)
  • Average Collection Per User (Online): ₹4,104 (up 11.4% from ₹3,683)
  • Average Revenue Per User (Offline): ₹36,625 (down 9% from ₹40,405)
  • Total Offline Centres: 353 across 178 cities in India and 6 cities in UAE (198 in FY25)
  • Education Categories: 16+ categories with each crossing ₹10 Cr collections
  • Employees: 18,977 total employees with 6,837 faculty members (5,693 employees, 1,144 consultants)

AI Initiatives & Technology Investments

Proprietary AI Models:

  • Aryabhata: 20B model with ~3B active parameters for numerical reasoning and Indian exams, 10x/7x lower inference cost than Gemini 2.5 Flash/GPT-5 Mini
  • ConceptGuru: Exam-focused teacher-style model delivering Hinglish conceptual learning, 10x cheaper than GPT-4o mini
  • Awaaz: Advanced multilingual text-to-speech with natural instructional Indic-language voices

AI Adoption Metrics:

  • 100 million+ cumulative AI interactions across the platform
  • 91% of code now AI-assisted with 2x improvement in engineering go-to-market velocity
  • AI voice agents driving step-change improvements in qualified-lead conversion
  • AI-native workflows scaling across HR, finance, marketing, and operations

Business Performance Highlights

Category Growth:

  • Foundation, Commerce, Boards and CUET categories grew 49% year-on-year
  • Civil Services (UPSC and State PSCs) doubled student enrolments
  • Premium offerings (Curious Jr. Power Batch, Infinity, Infinity Pro) crossed 960k enrolments
  • State Boards and vernacular expansion scaled to 393k enrolments with positive EBITDA in first year

Offline Network Expansion:

  • PW Vidyapeeth Centres: 139 centres (79 in FY25) with 256.6k enrolments (180.1k in FY25)
  • PW Pathshala Centres: 84 centres (47 in FY25) with 42.9k enrolments (28.3k in FY25)
  • PW Other Centres: 62 centres (19 in FY25) with 48.1k enrolments (16.9k in FY25)
  • Subsidiaries Centres: 68 centres (53 in FY25) with 119.8k enrolments (100.3k in FY25)

New Initiatives:

  • Earners: Skill development platform launched April 11, 2026, focused on AI tools, content creation, video editing, listed on National Skill Development Corporation's Skill India Digital Hub
  • PW Pi: ~102k cumulative orders with ARR of ~₹9.5 Cr, partnered with Vodafone Idea for telecom-edtech bundle
  • PW Talks: ~2 million downloads with ARR of ~₹8.5 Cr

Vishwas Diwas 2026 Performance

  • Sales up 36% year-on-year for 3-week period starting February 28, 2026
  • Over 3.4 million learners tuned in live
  • Sales from fresh 1,500+ pin codes
  • South India enrolment growth exceeded 30%, with Karnataka leading, Andhra Pradesh and Telangana above 50% growth
  • Infinity Pro, Power Batch, and Curious Jr. categories posted multi-fold growth

Engagement Metrics

  • Learner community: Over 142 million across social media platforms
  • Paid learners: 53 lakhs for the year
  • 33 lakh students spend over an hour on platform daily
  • YouTube views grew 58% YoY
  • 17 PW Online Applications

Glossary & Definitions

Revenue from Operations includes sale of services, products, and other operating income. Online Channel revenue from live online classes on website and apps. Offline Channel revenue from face-to-face classes in physical centres and two-teacher model. Others includes advertisement income, content access rights, and B2B sales.

Pre-IndAS EBITDA calculated by reducing payment of interest portion of lease liabilities, payment of principal portion of lease liabilities and Other Income to Adjusted EBITDA.

Total Paid Users is aggregate sum of Unique Transacting Users (Online Channel) and Offline Student Enrolments.