Physicswallah
Physicswallah
Consumer ServicesKey Fundamentals
MidcapE-LearningConsumer ServicesPrice-based figures as of 9 Oct 2026, 3:59 pm IST · EPS basis: Consolidated · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
3- Stock is trading at 10.1 times its book value
- Promoter holding has decreased over last quarter: -1.03%
- Earnings include an other income of Rs.233 Cr.
Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-07 close, Physicswallah Ltd (PWL) traded at Rs 139.57, a market cap of Rs 40,545.21 Cr. That is 13.8% below its 52-week high of Rs 161.99 and 79.6% above its 52-week low of Rs 77.72. Revenue has grown fast, with a 3-year sales CAGR of 74% and TTM sales growth of 33%. Profitability is thin: TTM EPS is Rs 0.15, ROE is -0.53% and ROCE is 1.92%. The stock trades at a P/E of 930.47 and a P/B of 10.96. Reported earnings include Rs 233 Cr of other income, which appears to be several times the implied TTM net profit of about Rs 44 Cr.
- Revenue has grown quickly, with a 3-year compounded sales growth of 74%. That shows strong demand and market-share gains in Indian test-prep and online education.
- Growth is still solid at a larger revenue base, with TTM sales up 33%.
- TTM compounded profit growth is 125%, so net earnings are improving from a low base.
- The company is profitable at the net level, with TTM EPS of Rs 0.15. ROCE is positive at 1.92% even though ROE is still slightly negative at -0.53%, which suggests it is near breakeven at the operating level.
- Debt-to-equity of 0.51 is moderate. Leverage does not look like the main constraint on the balance sheet, though part of this may be lease liabilities, which is typical for a business with offline centres.
- The company is expected to report a good quarter. Combined with 33% TTM sales growth, near-term operating trends look supportive.
- The stock has risen 79.6% from its 52-week low of Rs 77.72 to Rs 139.57, which shows strong market interest. At a market cap of Rs 40,545.21 Cr, it is one of the larger listed education names in India.
- A P/E of 930.47 on TTM EPS of Rs 0.15 means the price assumes many years of steep earnings growth. Any slowdown leaves little room for error.
- Earnings include Rs 233 Cr of other income. Market cap and P/E imply TTM net profit of about Rs 44 Cr, so excluding other income, the core business appears to be loss-making.
- The stock trades at 10.96 times book value, a high premium for a company whose ROE is -0.53%.
- Returns on capital are weak, with ROE at -0.53% (about -1% last year) and ROCE at 1.92%. Both are far below a typical cost of capital.
- Profit has compounded at 23% over 3 years, well behind 74% sales growth over the same period. This points to margin pressure from spending on marketing, faculty and offline expansion.
- Promoter holding fell by 1.03% over the last quarter. That reduces insider ownership and can weigh on sentiment.
- The dividend yield is 0%, so returns depend entirely on the share price going up.
- The stock has been volatile. Its 52-week high of Rs 161.99 is about 108% above its 52-week low of Rs 77.72, and the price is still 13.8% below that high.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Mixed analyst consensus persists Oct 7
Of the 11 analysts covering the stock, 8 rate it 'Buy', 1 'Hold' and 2 'Sell', so not all analysts are convinced by the growth story. The Hindu BusinessLine's ₹150 target implies only about 7.6% upside from ₹139.40.
- Rich valuation multiples embedded Oct 8
Motilal Oswal's ₹200 target assumes 50x FY28E EV/EBITDA for the online business and 15x for offline. That leaves little room for any execution slip against the ~30% online CAGR assumption.
- Offline segment still loss-making Oct 8
Offline pre-Ind AS EBITDA margin was -10% in FY26 (improved from -19% in FY25) and is guided to only -2% to -3% in FY27, so the segment is not yet breaking even.
- Capital allocation credibility questioned Oct 6
The ₹120 crore FinZ Finance infusion announced in May 2026 sent the stock down nearly 18% over five sessions before the June reversal. Investors are sensitive to non-core spending.
- Lending control ceded to Auxilo Oct 6
Under the partnership model, Auxilo sets interest rates (11.25-14%) and eligibility, which could lower approval rates for some student segments. PW also gives up potential interest income of ₹11.5-17.2 crore a year.
- Motilal Buy, ₹200 target Oct 8
Motilal Oswal reiterated Buy with a ₹200 target (43% upside from ₹140) after a Singapore NDR held Oct 7. It sees EBITDA compounding from about ₹600 crore in FY27E to about ₹2,000 crore in four years, with pre-Ind AS margins of 30-35%.
- K-12 and state boards scaling Oct 8
Curious Junior has reached about 50,000 students and ₹125 crore in collections in 18 months. State boards have 4 lakh students across 6 states at 27% margins, against an addressable base of 6 crore students.
- FY27 guidance reiterated Oct 8
Management reaffirmed FY27 guidance of 30% YoY revenue growth and 100% YoY pre-Ind AS EBITDA growth. It says online growth is no longer tied only to JEE/NEET.
- BusinessLine initiates with Buy Oct 7
The Hindu BusinessLine initiated at Buy with a ₹150 target, projecting revenue of ₹3,900 crore in FY26 rising to ₹7,450 crore in FY29E (24.1% CAGR). It expects EBITDA margin to expand from 9.8% to 21.3% and PAT to reach ₹840 crore.
- Strong Q1 FY27 turnaround Oct 6
Q1 FY27 revenue rose 24.4% to ₹1,054 crore and EBITDA turned positive at ₹52 crore. Online revenue was ₹549 crore (+33% YoY) and the treasury stands at ₹5,601 crore.
- Stock outperforming the market Oct 8
Shares are up 41% YTD and over 40% in six months against an 8% Sensex decline. They gained 13% in October after 6% in September and were heading for a fourth straight gaining session on Oct 8.
- Dominant JEE/NEET market share Oct 7
PW holds 22% of 2.9 million JEE aspirants and 25% of 4.1 million NEET aspirants in FY26. Motilal describes this as a near-monopoly in online test prep, with negative working capital.
- AI lowering cost to serve Oct 8
90% of student doubts are now resolved by AI, cutting turnaround from 24-48 hours to minutes. The in-house Aryabhatta small models help keep inference costs low.
- FinZ loan book sold to Auxilo Oct 6
PW sold FinZ Finance's ₹95.79 crore loan book at par to Auxilo Finserve (CARE A+, ₹1,454 crore net worth) and is moving to a third-party NBFC partnership model. The stock rose 5.78% to ₹127.12 on the announcement.
- AGM: FY26 loss narrows Sep 25
At the 6th AGM on Sep 25, 2026, all six resolutions passed. FY26 revenue was ₹3,900 crore, pre-Ind AS EBITDA was ₹300 crore and net loss narrowed to ₹24 crore.
- Investor meets in Mumbai, Noida Sep 18
PW held one-to-one meetings in Noida on Sep 14 and 21 and an analysts' meet in Mumbai on Sep 23, 2026, covering general business outlook without disclosing unpublished price-sensitive information.
TL;DR: Physicswallah has strong momentum: shares are up 41% YTD against a falling Sensex, Q1 FY27 EBITDA has turned positive, and new growth areas such as K-12 and state boards are scaling at high margins. Two brokerages have issued Buy ratings (targets ₹150-₹200), and exiting direct lending has removed a capital allocation concern. The main risks are rich valuation multiples, an offline segment that is still loss-making, and some analyst skepticism (2 Sells out of 11). The trend is improving, and delivering on the FY27 guidance of 30% revenue and 100% EBITDA growth will decide whether the higher targets are reached.
Quarterly Results
| Particulars | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 832 | 810 | 610 | 847 | 1,051 | 1,082 | 919 | 1,054 |
| Expenses | 698 | 626 | 838 | 923 | 870 | 846 | 890 | 1,111 |
| Operating Profit | 134 | 184 | -229 | -76 | 181 | 236 | 29 | -57 |
| OPM % | 16% | 23% | -38% | -9% | 17% | 22% | 3.1% | -5% |
| Other Income | 31 | 40 | 25 | 55 | 47 | 41 | 36 | 109 |
| Interest | 13 | 19 | 28 | 33 | 25 | 21 | 23 | 26 |
| Depreciation | 89 | 93 | 98 | 98 | 105 | 113 | 122 | 111 |
| PBT | 62 | 111 | -330 | -152 | 99 | 144 | -81 | -84 |
| Tax % | 34% | 31% | -12% | -16% | 29% | 29% | -14% | 5% |
| Net Profit | 41 | 77 | -289 | -127 | 70 | 102 | -69 | -88 |
| EPS in Rs | 7.42 | 15.11 | -1.34 | -0.55 | 0.33 | 0.35 | -0.26 | -0.27 |
Profit & Loss
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| Sales | 233 | 744 | 1,940 | 2,887 | 3,900 | 4,106 |
| Expenses | 99 | 766 | 2,916 | 2,813 | 3,529 | 3,717 |
| Operating Profit | 134 | -22 | -975 | 73 | 370 | 389 |
| OPM % | 57% | -2.9% | -50% | 2.5% | 9% | 9% |
| Other Income | 2 | 28 | 146 | 120 | 179 | 233 |
| Interest | 0 | 21 | 65 | 85 | 102 | 94 |
| Depreciation | 4 | 75 | 298 | 366 | 437 | 450 |
| PBT | 132 | -89 | -1,193 | -259 | 10 | 78 |
| Tax % | 25% | -6% | -5% | -6% | 344% | — |
| Net Profit | 98 | -84 | -1,131 | -243 | -24 | 15 |
| EPS in Rs | 16.37 | -13.57 | -173 | -0.99 | -0.08 | 0.15 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 218 | 286 |
| Reserves | 100 | -189 | -1,253 | 472 | 3,411 |
| Borrowings | 0 | 956 | 1,687 | 1,831 | 1,876 |
| Other Liabilities | 67 | 1,307 | 2,040 | 1,647 | 2,125 |
| Total Liabilities | 173 | 2,080 | 2,481 | 4,168 | 7,697 |
| Fixed Assets | 27 | 1,121 | 1,464 | 1,586 | 1,830 |
| CWIP | 6 | 5 | 0 | 9 | 8 |
| Investments | 24 | 205 | 173 | 1,401 | 2,426 |
| Other Assets | 116 | 748 | 844 | 1,172 | 3,433 |
| Total Assets | 173 | 2,080 | 2,481 | 4,168 | 7,697 |
Cash Flow
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | 59 | 270 | 212 | 507 | 833 |
| Investing | -58 | -1,076 | -43 | -1,513 | -3,282 |
| Financing | 0 | 848 | -165 | 1,007 | 2,755 |
| Net Cash Flow | 1 | 42 | 4 | 1 | 306 |
| Free Cash Flow | 37 | 124 | 1 | 340 | 494 |
| CFO/OP | 69 | -1,354 | -22 | 693 | 233 |
Ratios
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debtor Days | 0 | 6 | 7 | 5 | 8 |
| Inventory Days | — | 174 | — | — | — |
| Days Payable | — | 398 | — | — | — |
| Cash Conversion Cycle | 0 | -217 | 7 | 5 | 8 |
| Working Capital Days | -82 | -214 | -112 | -88 | 20 |
| ROCE % | — | -15% | -172% | -9% | 4% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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59 extracted metrics + investor summaries across FY22–FY27.
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Company Information
Physicswallah is an edtech company offering test preparation courses for various competitive examinations like JEE, NEET, UPSC, etc., and upskilling courses like Data science and analytics, banking and finance, software development, etc[1]
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