Physicswallah
- P/E
- 849.40
Key Fundamentals
MidcapOther Consumer ServicesConsumer ServicesPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 3.99%
- Debt to Equity
- 0.51
- EPS (TTM)
- ₹0.15
- Book Value
- ₹12.73
- Market Cap
- —
- P/E (TTM)
- 849.40
- P/B
- 10.01
- ROE
- −0.63%
- Dividend Yield
- 0.00%
- EBITDA
- ₹602 Cr
- 52W High
- ₹161.99
- 52W Low
- ₹77.72
- Volume
- 0
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 98/100
Category scores
- Quality
- 51
- Average
- Returns, margins, earnings quality 22% weight
- Valuation
- 18
- Poor
- Cheap vs sector & own history 24% weight
- Growth
- 90
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 29
- Poor
- Solvency, leverage, coverage 9% weight
- Momentum
- 65
- Good
- Trend strength, vol-adjusted 12% weight
- Ownership
- 52
- Average
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
2- Stock is trading at 9.73 times its book value
- Earnings include an other income of Rs.233 Cr.
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Bearish | 9 | 7 | 3 |
| Oscillators | Bearish | 2 | 7 | 0 |
| Moving Averages | Strong Bearish | 7 | 0 | 3 |
Oscillators
Bearish
Overall
Bearish
Moving Averages
Strong Bearish
Key readings
- RSI (14)
- 46.31
- Neutral
- MACD (12,26,9)
- −0.70
- Bearish
- SMA (50)
- 129.09
- Bearish
- SMA (200)
- 116.19
- Bullish
As of
Analyst Rating
8 of 11 analysts rate Buy, 1 Hold, 2 Sell.
As of
Growth Rate
From the financial statements below. 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 3Y | +73.71% |
|---|---|
| 1Y | +35.09% |
| TTM | +32.49% |
Net profit
| 3Y | Loss narrowed by ₹60 Cr |
|---|---|
| 1Y | Loss narrowed by ₹219 Cr |
| TTM | Turned to profit |
Operating cash flow
| 3Y | +45.58% |
|---|---|
| 1Y | +64.30% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 3Y | +12.45 pp |
|---|---|
| 1Y | +6.96 pp |
| TTM | +9.05 pp |
Revenue by year
| Mar 2022 | ₹233 Cr |
|---|---|
| Mar 2023 | ₹744 Cr |
| Mar 2024 | ₹1,940 Cr |
| Mar 2025 | ₹2,887 Cr |
| Mar 2026 | ₹3,900 Cr |
Net profit by year
| Mar 2022 | ₹98.00 Cr |
|---|---|
| Mar 2023 | −₹84.00 Cr |
| Mar 2024 | −₹1,131 Cr |
| Mar 2025 | −₹243 Cr |
| Mar 2026 | −₹24.00 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
Physicswallah Ltd trades at ₹128.64 as of 2026-11-03 with a market cap of ₹37,753 Cr. The company has delivered strong compounded sales growth of 74% over three years and TTM profit growth of 125%, but trades at an extremely elevated PE of 857.6x on a TTM EPS of just ₹0.15, with a negative ROE of -0.53% indicating the business is not yet generating meaningful returns on equity.
- Compounded sales growth of 74% over the past three years reflects rapid top-line expansion in the edtech and consumer services space
- TTM profit growth of 125% shows a sharp acceleration in earnings, suggesting the company is moving toward profitability at pace
- TTM sales growth of 33% indicates the company continues to scale revenue even on a larger base
- Debt-to-equity ratio of 0.51 is relatively modest, implying the balance sheet is not over-leveraged
- The stock has rallied roughly 65% from its 52-week low of ₹77.72, reflecting strengthening market confidence in the business trajectory
- The company is expected to deliver a good upcoming quarter, which could act as a near-term positive catalyst
- Three-year compounded profit growth of 23% alongside 74% sales growth suggests improving operating leverage over the medium term
- ROE of -0.53% as of the latest period means the company is destroying shareholder value on a return-on-equity basis
- Earnings include other income of ₹233 Cr, which inflates reported profits and may not be sustainable or recurring
- Price-to-book of 10.11x (also flagged at 9.73x book value) is very expensive relative to the negligible earnings the company currently generates
- The stock trades roughly 20.6% below its 52-week high of ₹161.99, indicating the recent trend has turned negative from peak levels
- Last year's ROE was -1%, confirming the company has been unable to generate positive equity returns over a sustained period
- Zero dividend yield means shareholders are entirely dependent on capital appreciation with no income cushion
- ROCE of just 1.92% suggests the business earns barely above its cost of capital on total capital employed, questioning capital allocation efficiency
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: Key growth drivers include K-12 expansion into a 165 million student TAM, state board scaling, and EBITDA margins projected to more than double by FY29. The lending strategy reversal removed balance sheet risk and was well received by investors. The main watch items are execution on offline profitability (break-even guided for FY27) and whether newer segments like K-12 and state boards can deliver at the margins management expects.
- Stock up 40%+ in six months Oct 08
Shares rose over 40% in six months and 41% YTD, far outperforming the Sensex which declined 8%. Hit 52-week high of ₹162.05 on Nov 18.
- K-12 and state boards scaling Oct 08
Online K-12 penetration at just 0.5% of 165 million TAM. State boards reached 4 lakh students across six states in 18 months with 27% margins; Curious Junior hit ₹125 crore collections and ~50,000 students.
- Utkarsh Classes stake raised to 88% Nov 04
Board approved increasing stake in Utkarsh Classes from 75.50% to 87.75%, acquiring 12.25% equity for ₹2.56 lakh via cash. Utkarsh reported ₹169.66 crore turnover in FY26.
- Lending pivot to NBFC partnership Oct 06
Sold FinZ Finance's ₹95.79 crore loan book to Auxilo Finserve at par, exiting direct lending less than a year after launch. Stock surged 18% when the partnership model was announced in June, validating the asset-light pivot. FinZ contributed only 0.04% of consolidated revenue.
Quarterly Results
₹ Cr| 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 (₹) | 0.21 | 0.42 | −1.34 | −0.55 | 0.33 | 0.35 | −0.26 | −0.27 |
Profit & Loss
₹ Cr| 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 (₹) | 0.45 | −0.38 | −4.82 | −0.99 | −0.08 | 0.15 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
₹ Cr| 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
₹ Cr| 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/EBITDA | 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
Log in to view Physicswallah insights
58 extracted metrics across FY22–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript
- Concall · May 2026Recording
- Q3 FY26 concall · Feb 2026Transcript Recording
- Q2 FY26 concall · Dec 2025Transcript PPT Recording
- General announcements 30 Oct 2026
- General announcements 13 Oct 2026
Frequently Asked Questions about Physicswallah
What does Physicswallah Ltd do?
Where is Physicswallah Ltd (PWL) listed?
Which sector does Physicswallah Ltd belong to?
What is the PE ratio of Physicswallah Ltd?
What is the 52-week high and low of Physicswallah Ltd?
What is the Return on Equity (ROE) of Physicswallah Ltd?
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
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