Financial Performance Summary

PhysicsWallah Limited reported its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 (Q1 FY27).

Revenue Performance

  • Revenue from operations: ₹1,054 Crore
  • Year-on-year growth: 24% increase

Profitability Metrics

  • EBITDA: ₹52 Crore (positive quarter)
  • EBITDA margin: 4.9%
  • EBITDA margin improvement: 743 basis points year-on-year
  • Pre-IndAS EBITDA: ₹-44 Crore loss
  • Pre-IndAS EBITDA margin: -4.2%
  • Pre-IndAS EBITDA improvement: 627 basis points year-on-year (from -10.5% in Q1 FY26)
  • PAT: ₹-88 Crore loss
  • PAT margin: -8.4%
  • PAT margin improvement: 660 basis points year-on-year (from -15.0% in Q1 FY26)

Comparative Performance

  • Q1 FY26 EBITDA: ₹-21 Crore (-2.5% margin)
  • Q1 FY26 Pre-IndAS EBITDA: ₹-88 Crore (-10.5% margin)
  • Q1 FY26 PAT: ₹-127 Crore (-15.0% margin)

Adjusted EBITDA Performance

  • Adjusted EBITDA: ₹135 Crore
  • Adjusted EBITDA margin: 12.9%
  • Year-on-year increase: Over five-fold growth
  • Q1 FY26 Adjusted EBITDA margin: 3.1%

Operational Metrics

User Engagement

  • Daily Active Users: 4.03 Million+
  • Year-on-year growth: 26% increase
  • App Downloads: 97 Million+

Business Scale

  • Online Exam Categories: 16+
  • Offline Centres: 366
  • Faculty Members: 7,268
  • Employees: 19,567
  • Online Applications: 20

Segment Performance

Online K-12 and Early Learning Segment

  • Revenue: ₹105 Crore
  • Year-on-year growth: 88% increase (from ₹56 Crore in Q1 FY26)
  • Enrolments: 0.78 Million
  • Year-on-year growth: 41% increase (from 0.55 Million in Q1 FY26)

Segment Expansion

The company expanded offerings across:

  • CBSE, ICSE and State Boards
  • Olympiad preparation
  • Pre-Foundation (Grades 6–8)
  • Foundation (Grades 8–10) programmes
  • Curious Jr.
  • School-Integrated Programmes

Market Context and Challenges

NEET Examination Impact

  • NEET exam cycle was delayed this year
  • Resulted in temporary shift in timing of enrolments
  • Lower NEET enrolments during Q1 FY27
  • Momentum picked up strongly from July 2026
  • Robust enrolment and collection trends observed post-July
  • Healthy demand for PW's Online NEET offerings

Management Commentary

Alakh Pandey, Founder and CEO of PhysicsWallah Limited, stated: "This quarter marks an important milestone in our journey towards sustainable profitability. Despite the change in NEET examination cycles, we delivered healthy revenue growth along with an improvement in profitability. While doing this we continued to expand our learner base across online, offline, K-12 and other new categories, reflecting a funnel that is getting deeper and wider. Our focus remains on scaling up this tech-led affordable online education platform while maintaining disciplined capital allocation."

Business Strategy and Positioning

PhysicsWallah is positioning itself as a learning partner that supports students across their entire learning journey—from early learning and K-12 to higher education and competitive exams. The company aims to democratize education through online, offline and hybrid platforms with programmes available in multiple vernacular languages.

Company Background

PhysicsWallah (PW) was founded in 2020 by Alakh Pandey and Prateek Maheshwari. Headquartered in Noida, Uttar Pradesh, the company was initially launched as a YouTube channel in 2016. The company was listed on National Stock Exchange of India Limited (NSE) and BSE Limited on November 18, 2025.

Seasonality Note

The business scales with the cyclical nature of the academic session, with enrolments continuing at the start of the year and batches commencing progressively in line with the academic calendar.