Physicswallah logo

Physicswallah

PWL NSE

Key Fundamentals

SmallcapE-LearningConsumer Services
Market Cap
₹37,248 Cr
Volatility
Moderate
P/E Ratio
907.33
EBITDA
₹317 Cr
Return on Equity
-15.66%
Debt to Equity
0.23
Book Value
₹15.6
52W High
₹161.99
52W Low
₹77.72

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company has reduced debt.
  • Company is expected to give good quarter

Weaknesses

4
  • Stock is trading at 8.61 times its book value
  • Promoter holding has decreased over last quarter: -1.03%
  • Earnings include an other income of Rs.233 Cr.
  • Working capital days have increased from 8.91 days to 227 days

Growth Rate

Revenue Growth
28.31% lower than 3Y
Net Income Growth
-86.92% lower than 3Y
Cash Flow Change
139% higher than 3Y
ROE
-116% lower than 3Y
ROCE
-92.12% lower than 3Y
EBITDA Margin (Avg.)
3.23% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Physicswallah Ltd trades at a market cap of ₹37,248 Cr with a PE of ~2,535x and a PB of 8.13x. The company has delivered strong TTM sales growth of 33% and TTM profit growth of 125%, but profitability remains negligible on an earnings-per-share basis, and working capital days have ballooned from 8.91 to 227 days.

Bull Case 7
  • TTM revenue growth of 33% demonstrates continued strong top-line momentum in the competitive edtech space
  • 3-year compounded sales CAGR of 74% indicates a rapid scaling trajectory from a relatively young listed company
  • TTM compounded profit growth of 125% shows the company is moving toward profitability at an accelerating pace
  • Company has reduced its debt levels, improving balance sheet flexibility for future investments
  • Market cap of ₹37,248 Cr reflects significant investor confidence in the long-term addressable market for hybrid education in India
  • Management is expected to deliver a good upcoming quarter, suggesting near-term operational momentum
  • 3-year compounded profit CAGR of 23% indicates a sustained, if uneven, path toward earnings improvement
Bear Case 8
  • PE ratio of ~2,535x implies the stock is priced for near-perfection with virtually no margin of safety on current earnings
  • Stock trades at 8.13x book value, well above typical consumer services peers, leaving little room for disappointment
  • Working capital days surged from 8.91 to 227 days, signaling a sharp deterioration in cash conversion efficiency
  • Earnings include other income of ₹233 Cr, meaning core operating profitability is materially weaker than headline numbers suggest
  • Promoter holding declined by 1.03% in the last quarter, which may signal reduced insider conviction
  • ROE and ROCE data are unavailable (null), making it difficult to assess capital efficiency and return generation
  • Zero dividend yield indicates no near-term cash return to shareholders, with all value dependent on future capital appreciation
  • EPS is effectively negligible relative to market price, underscoring that sustained profitability at scale remains unproven

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 7
  • PAT declined 36% YoY Sep 4

    Profit after tax fell 35.6% to ₹77.57 crore in Q1FY27 vs ₹120.17 crore in Q1FY25, with diluted normalized EPS worsening to -0.27 from -0.19.

  • NEET disruption hit enrolments Aug 18

    NEET-UG exam cancellation on May 12 caused online NEET collections to decline 28% YoY in Q1, with an estimated 100,000-150,000 lost enrolments and exam results delayed by 5-7 weeks.

  • Operating margin contracted sharply Sep 4

    Operating profit fell 26.8% to ₹123.22 crore with operating margin contracting to -11.69% from -4.18% in Q1FY25, reflecting higher operating expenses.

  • Sequential net loss widened Aug 16

    Net loss increased ₹19 crore sequentially from ₹69.14 crore in Q4FY26 to ₹88.28 crore in Q1FY27, driven by 20.5% sequential expense growth vs 14.7% revenue growth.

  • Stock 25% off 52-week high Sep 4

    Trading at ~₹127, the stock remains well below its 52-week high of ₹161.99 hit at listing in November 2025, with 66.6% of order quantity on the sell side.

  • Competitive and regulatory risks Sep 4

    MOFSL flagged risks including higher competitive intensity, weaker offline execution, faculty attrition affecting brand perception, and adverse regulatory changes on coaching institutes.

  • Nominee director resigned Aug 20

    Non-Executive Nominee Director Sandeep Singhal resigned effective August 19, 2026, citing personal and professional commitments.

Positives 8
  • Revenue up 24% to ₹1,054Cr Aug 20

    Q1FY27 revenue grew 24.4% YoY to ₹1,054 crore, with online revenue up 33% and the company compounding revenue at ~74% CAGR over FY23-26.

  • MOFSL initiates Buy, TP ₹200 Sep 4

    Motilal Oswal initiated coverage with a Buy rating and ₹200 target price, implying 58% upside from ~₹126, valuing online business at 50x FY28E EV/EBITDA.

  • K-12 revenue surged 88% YoY Aug 20

    K-12 and early learning revenue jumped 88% to ₹105 crore with enrolments up 41% to 0.78 million; management believes K-12 will surpass test prep within 5-7 years.

  • EBITDA turned positive at ₹52Cr Aug 16

    EBITDA turned positive at ₹52 crore (4.9% margin) vs negative ₹21 crore (-2.5%) in Q1FY26, a 743 bps YoY improvement with online segment at 12% EBITDA margin.

  • NEET recovery already visible Aug 18

    Post-results, online NEET collections surged 51% YoY between Jul 1-Aug 13 and offline NEET enrolments jumped 82% YoY since July, signaling strong Q2 recovery.

  • Analyst target ₹170-185 (36-48% upside) Aug 18

    SEBI-registered analyst Anik Mitra set a ₹170-185 target over two quarters; management guided 30% top-line growth and expects EBITDA- and PAT-positive by FY27.

  • ₹5,601Cr treasury for growth Aug 16

    Company holds ₹5,601 crore treasury including IPO proceeds, deploying ₹1,008 crore for physical infrastructure, ₹910 crore for tech/AI, and ₹75 crore for subsidiary investments.

  • ACPU up 10%, cost discipline holds Aug 16

    Average Collection Per User rose 10% to ₹4,312; employee costs ex-ESOP were 1% lower YoY and ad spend grew only 9% despite 24.4% revenue growth.

Neutral 2
  • Investor meets in Sep 2026 Sep 9

    Physicswallah scheduled one-to-one investor meetings in Noida (Sep 14, 21) and Mumbai (Sep 11, 22) covering general business outlook with no UPSI disclosure.

  • AGM set for September 25 Sep 1

    6th Annual General Meeting scheduled for September 25, 2026 to adopt FY26 financials and re-appoint director Prateek Boob.

TL;DR: Physicswallah delivered solid 24% revenue growth in Q1FY27 with EBITDA turning positive and K-12 surging 88%, but profitability remains elusive with PAT declining 36% and net losses widening sequentially. The NEET-UG disruption materially hurt Q1 but recovery is already visible with 51-82% post-result collection/enrolment rebounds. Two brokerages see 36-58% upside with targets of ₹170-200, supported by a ₹5,601 crore treasury and improving unit economics. The trend is improving structurally, but Q2-Q3 execution on NEET recovery and offline profitability will be the key test for the FY27 PAT-positive guidance.

Quarterly Results

Particulars Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
233
744
1,940
2,887
3,900
4,106
Expenses
99
766
2,916
2,688
3,530
3,717
Operating Profit
134
-22
-975
199
370
389
OPM %
57%
-2.9%
-50%
7%
9%
9%
Other Income
2
28
146
-6
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
6
6
6
218
286
Reserves
100
-189
-1,253
472
4,234
Borrowings
0
956
1,687
1,831
1,052
Other Liabilities
67
1,307
2,040
1,647
2,104
Total Liabilities
173
2,080
2,481
4,168
7,677
Fixed Assets
27
1,121
1,464
1,586
1,833
CWIP
6
5
0
9
5
Investments
24
205
173
1,401
2,426
Other Assets
116
748
844
1,172
3,413
Total Assets
173
2,080
2,481
4,168
7,677
Figures in ₹ Crores

Cash Flow

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
0
306
Free Cash Flow
37
124
1
340
494
CFO/OP
69
-1,354
-22
256
233
Figures in ₹ Crores

Ratios

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
227
ROCE %
—
-15%
-172%
-3%
4%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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33 extracted metrics + investor summaries across FY22–FY26.

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Shareholding Pattern

Others0.92%Promot.71.27%Public2.68%FIIs12.02%DIIs13.11%As ofJun 2026

Documents

Frequently Asked Questions about Physicswallah

What does Physicswallah Ltd do?
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]
Where is Physicswallah Ltd (PWL) listed?
Physicswallah Ltd trades as PWL on the NSE and under code 544609 on the BSE.
Which sector does Physicswallah Ltd belong to?
Physicswallah Ltd is classified under the Consumer Services sector, in the E-Learning industry.
What is the market capitalisation of Physicswallah Ltd?
Physicswallah Ltd has a market capitalisation of ₹37,248 Cr, which places it in the Large Cap band.
What is the PE ratio of Physicswallah Ltd?
Physicswallah Ltd trades at a PE ratio of 907.33, against a book value of ₹15.6 per share.
What is the 52-week high and low of Physicswallah Ltd?
Over the last 52 weeks Physicswallah Ltd has traded between ₹77.72 and ₹161.99.
What is the Return on Equity (ROE) of Physicswallah Ltd?
Physicswallah Ltd reported a return on equity of -15.66%. Its debt-to-equity ratio is 0.23.

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]

Website pw.live
Listed 2025-11-18
Face Value ₹ 1
Issued Size 2,85,96,92,500

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