PhysicsWallah Q3 Results: Revenue Jumps 34%, Profit Up 33%

Listed edtech major PhysicsWallah delivered a strong financial performance in the third quarter of FY26, reporting a 34% year-on-year increase in revenue from operations to Rs 1,082.4 crore.

The Noida-based company posted a profit after tax (PAT) of Rs 102.3 crore, marking a 33% rise compared to the same quarter last year. Profitability was supported by operating leverage and sustained growth across online and offline segments.

EBITDA Growth and Margin Expansion

Adjusted EBITDA Rises 40% in Q3FY26

PhysicsWallah’s adjusted EBITDA surged 40% year-on-year to Rs 351.2 crore during the quarter. EBITDA margins improved significantly to 32%, reflecting better cost efficiencies and scale benefits.

Nine-Month Performance Exceeds FY25 Revenue

PAT Turns Positive for April–December Period

For the nine months ended December 31, 2025, PhysicsWallah reported revenue of Rs 2,980.7 crore, surpassing its full FY25 revenue. This marked a 31% increase over the year-ago period.

The company also turned PAT-positive for the nine-month period, posting a profit of Rs 45 crore, after adjusting for one-time expenses of Rs 23.6 crore.

User Growth Drives Revenue Momentum

Paid Users Cross 4.37 Million

Growth during the period was largely driven by expanding user adoption. Total paid users reached 4.37 million in the first nine months of FY26, up 21% from 3.60 million a year earlier.

• Online enrollments: 3.96 million

• Offline enrollments: 410,000 (up 36% year-on-year)

Offline Expansion Reaches 318 Centres

Strong Cash Flow and Treasury Position

PhysicsWallah continued its aggressive offline expansion, growing its physical footprint to 318 centres as of December 31, 2025, compared to 186 centres in the year-ago period.

The company’s cash flow from operations for the nine-month period stood at Rs 642.9 crore, surpassing the full FY25 figure of Rs 506.9 crore.

Its treasury balance reached Rs 5,054.4 crore, including IPO proceeds, at the end of December.

AI, Vernacular, and New Categories Gain Traction

State Boards, Local Languages, and PW Talks Perform Well

PhysicsWallah’s newer growth initiatives showed encouraging traction:

• State Boards category: 175,000 enrollments in its first year

• Vernacular offerings: 90,000 enrollments across five languages in nine months

• PW Talks: AI-driven English-speaking app crossed 1 million sign-ups

Engagement and Social Media Reach Remain Strong

The company maintained a daily average user base of 3.4 million, with average engagement time exceeding 106 minutes.

Its digital presence also continued to expand, with 134 million subscribers across social media platforms.

First Quarterly Results After IPO

Stock Movement Post Results

This marks PhysicsWallah’s first quarterly earnings announcement since its listing on the NSE and BSE on November 18, 2025.

The company announced the results after market hours on Thursday. The stock closed at:

• Rs 121.7 on the BSE (down 0.21%)

• Rs 122 on the NSE (up 0.09%)

compared to the previous trading session.