Date: November 04, 2026

Financial Results (Standalone & Consolidated)

H1 FY27 Performance (Apr-Sep 2026)

  • Revenue from Operations: ₹2,293 Cr, up 20.8% YoY from ₹1,898 Cr
  • Pre-IndAS EBITDA: ₹190 Cr at 8.3% margin, up from ₹72 Cr (3.8% margin) in H1 FY26
  • Profit After Tax: ₹55 Cr at 2.4% margin, versus loss of ₹57 Cr (-3.0% margin) in H1 FY26
  • Other Income: ₹201 Cr versus ₹102 Cr in H1 FY26

Q2 FY27 Performance (Jul-Sep 2026)

  • Revenue from Operations: ₹1,242 Cr, up 18.2% YoY from ₹1,051 Cr
  • Pre-IndAS EBITDA: ₹233 Cr at 18.8% margin, up from ₹161 Cr (15.3% margin) in Q2 FY26
  • Profit Before Tax: ₹209 Cr at 16.8% margin, up from ₹99 Cr (9.4% margin) in Q2 FY26
  • Profit After Tax: ₹142 Cr at 11.5% margin, up from ₹70 Cr (6.6% margin) in Q2 FY26
  • Other Income: ₹92 Cr versus ₹47 Cr in Q2 FY26

Segment Performance (Q2 FY27)

Online Segment:

  • Revenue: ₹694 Cr, up 26.4% YoY
  • Pre-IndAS EBITDA: ₹239 Cr at 34.4% margin, up from ₹162 Cr (30% margin)
  • H1 Collections: Growth of 16.6%; Q2 Collections: ₹550 Cr, up 24.9% YoY

Offline Segment:

  • Revenue: ₹541 Cr, up 9.0% YoY
  • Pre-IndAS EBITDA: Loss of ₹8 Cr versus loss of ₹7 Cr in Q2 FY26
  • H1 Revenue: ₹1,031 Cr, up 11.6% YoY
  • H1 Enrolments: 4.12 lakh students, up 4.7% YoY
  • H1 ARPU: ₹23,162, up 5.4% from ₹21,985

Operational Metrics (as of September 30, 2026)

  • Total Employees: 19,104
  • Total Faculty Members: 7,117 (6,100 employees + 1,017 consultants)
  • Education Categories: 16
  • Total Paid Users: 3.86 Million
  • Online ACPU: ₹4,280, up 9.2% YoY
  • Offline Centers: 370 total (167 Vidyapeeth, 72 Pathshala, 73 Other, 58 Subsidiaries)
  • Treasury: ₹5,268 Cr including IPO proceeds

Dividend Declaration or Non-Declaration

Not Specified

KMP / Board / Auditor Changes

Not Specified

Board Meeting Outcomes

Not Specified

Disinvestment / Strategic Actions

FinZ Loan Portfolio Sale

  • On October 4, 2026, announced partial closure of loan portfolio of wholly owned subsidiary FinZ Finance Private Limited
  • Sold outstanding loan book of ~₹96 Cr to Auxilo Finserve Private Limited on October 3, 2026
  • Students will continue to have access to financing through third-party lending partners
  • Objective remains unchanged while delivery model changes - PW focuses on student acquisition, education delivery and technology while lending partner provides capital and credit-risk ownership

NEET Business Recovery

  • Since NEET UG 2026 results came out on July 16, 2026, delayed post-result demand has ramped up
  • Q2 FY27 Online NEET enrolments grew over 30%
  • NEET collections about 7% below last year; enrolments about 13% below
  • Offline NEET enrolments for academic year about 8% lower
  • Expect transient impact with recovery expected medium to long term

South India Expansion Strategy

  • Targeting ~15 Mn TAM across Andhra Pradesh, Telangana, Tamil Nadu, Karnataka and Kerala
  • Currently have 63 centers in South India (26 from Xylem acquisition in Kerala)
  • Increased ownership in Xylem to 77.27% with pathway to full ownership by FY30
  • Dedicated leadership attention planned for next 24 months

AI Initiatives

  • AI Tuto: Conversational AI tutor pilot with 1,500 Class 8 students
  • Built on 1,200+ lectures, 137 chapters, 329 topics, 1M+ question bank
  • >98% accuracy, 1.8-2.2 sec response time, cost ~₹17/hour versus ₹300-1,000 for human tutor
  • AI now resolves 80% of student support queries and writes 92% of committed code
  • PW Books: 49K paying students, ₹3.9 Cr+ revenue since paid books launched July 11, 2026
  • PW Pi: 54K+ paid subscribers

Government Partnerships

  • Working with central and state governments through MoUs and agreements
  • Key states: Uttar Pradesh, Punjab, Andhra Pradesh, Telangana, Rajasthan, Delhi, Bihar, Maharashtra, Karnataka, Chhattisgarh, Uttarakhand, Jammu & Kashmir
  • Current order book approximately ₹80 Cr
  • PhysicsWallah Digital University, Patiala established under Punjab Government Act notified October 29, 2026
  • First admission cycle expected July 2027 with 16+ programmes planned

Student Performance

  • Achieved All-India Rank 1 in GATE for third consecutive year
  • AIR 1 in UPSC ESE for second year, CSIR NET, IIT JAM
  • 7 of top 20 all-India ranks in CA Foundation
  • 15 state Rank 1 positions in 8 boards
  • Results tracked in more than 40 exam categories

Other Operational / Legal / Strategic Disclosures

Offline Business Strategy

  • Slower center growth: 56 new centers in H1 FY27 versus 128 in H1 FY26
  • Intentional calibrated approach with focus on academic excellence and improving economics of existing centers
  • Plan to open 25-30 centers annually for next two years
  • Five residential Centers of Excellence with ~500 seats total, targeting 15% share of top 100 JEE and NEET ranks by 2029

Category Performance Highlights (H1 FY27)

  • K-12 & Early Learning: Boards & CUET: 4.55 lakh enrolments (+130%); Foundation: 5.70 lakh enrolments (+15%); Commerce: 86k enrolments (+42%)
  • Higher-value Exams: Civil Services: ACPU +34% to ₹7,967; GATE: ACPU +31% to ₹8,647; MBA: ACPU +21%; Defence: collections +22%
  • Financial Services: 70.5k enrolments at ACPU ₹5,440 (~1.3x online average); CA enrolments +19%
  • Skills: enrolments 10.3x to 1.69 lakh; collections +78%
  • Vernacular: enrolments grew 77% YoY to 1.23 lakh across 10 languages

Cost Structure Improvements

  • Total operating costs fell ~450 bps as share of revenue
  • Employee cost (ex-ESOP) fell 235 bps to 42.3%
  • Other expenses fell 114 bps to 23.4%
  • Marketing cost fell to 9.4% of revenue from 10.6% in H1