---
title: "Physicswallah Ltd (PWL) — Share Price, Financials & Analysis"
symbol: "PWL"
company: "Physicswallah Ltd"
canonical: "https://tapetide.com/stocks/PWL"
isin: "INE0LP301011"
nse_symbol: "PWL"
bse_code: "544609"
sector: "Consumer Services"
industry: "E-Learning"
market_cap_cr: 37247.61
generated_at: "2026-09-13T18:57:46.131Z"
---

# Physicswallah Ltd (PWL)

Canonical page: https://tapetide.com/stocks/PWL

## Company

- **NSE Symbol:** PWL
- **BSE Code:** 544609
- **ISIN:** INE0LP301011
- **Sector:** Consumer Services
- **Industry:** E-Learning
- **Macro Sector:** Consumer Discretionary
- **Stock Type:** EQUITY
- **Listed Since:** 2025-11-18
- **Face Value:** ₹1
- **F&O Eligible:** No
- **Website:** pw.live

## About

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]

## Latest Price

- **Price:** ₹136.1
- **Change:** +9.37 (+7.39%)
- **Open:** ₹125.5
- **Day High:** ₹137.12
- **Day Low:** ₹125.37
- **Previous Close:** ₹126.73
- **Volume:** 41161986
- **As Of:** 2026-09-11T10:29:53+00:00

## Key Fundamentals

Observed at 2026-09-11T04:46:01.332528Z.

- **Market Cap:** ₹37247.61 Cr
- **Classification:** Smallcap
- **P/E (reported):** 2535
- **P/E (TTM):** 907.33
- **EPS (TTM):** ₹0.15
- **Book Value:** ₹15.6
- **Price to Book:** 8.13
- **Dividend Yield:** 0%
- **ROE:** -15.66%
- **ROCE:** -6.36%
- **Debt to Equity:** 0.23
- **Revenue (yearly):** ₹3899.54 Cr
- **Net Income:** ₹-31.83 Cr
- **EBITDA:** ₹317.44 Cr
- **52-Week High:** ₹161.99
- **52-Week Low:** ₹77.72
- **RSI (14):** 54.56

## Key Insights

### Strengths

- Company has reduced debt.
- Company is expected to give good quarter

### Weaknesses

- 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 Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | 139.27% | 87.71% | — |
| ebitda margin growth | -19.81% | 3.23% | -117.18% | -86.7% |
| net income growth | -27.79% | -86.92% | 23% | -132.41% |
| revenue growth | 18.22% | 28.31% | 74% | 75.43% |
| roce | 2.71% | -92.12% | 45.21% | 8.05% |
| roe | 27.68% | -116.23% | 82.82% | -109.34% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 832 | 810 | 610 | 847 | 1051 | 1082 | 919 | 1054 |
| Expenses | 698 | 626 | 838 | 923 | 870 | 846 | 890 | 1111 |
| 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 |
| Profit before tax | 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

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 233 | 744 | 1940 | 2887 | 3900 | 4106 |
| Expenses | 99 | 766 | 2916 | 2688 | 3530 | 3717 |
| 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 |
| Profit before tax | 132 | -89 | -1193 | -259 | 10 | 78 |
| Tax % | 25 | -6 | -5 | -6 | 344 | — |
| Net Profit | 98 | -84 | -1131 | -243 | -24 | 15 |
| EPS in Rs | 16.37 | -13.57 | -173.43 | -0.99 | -0.08 | 0.15 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Equity Capital | 6 | 6 | 6 | 218 | 286 |
| Reserves | 100 | -189 | -1253 | 472 | 4234 |
| Borrowings | 0 | 956 | 1687 | 1831 | 1052 |
| Other Liabilities | 67 | 1307 | 2040 | 1647 | 2104 |
| Total Liabilities | 173 | 2080 | 2481 | 4168 | 7677 |
| Fixed Assets | 27 | 1121 | 1464 | 1586 | 1833 |
| CWIP | 6 | 5 | 0 | 9 | 5 |
| Investments | 24 | 205 | 173 | 1401 | 2426 |
| Other Assets | 116 | 748 | 844 | 1172 | 3413 |
| Total Assets | 173 | 2080 | 2481 | 4168 | 7677 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 59 | 270 | 212 | 507 | 833 |
| Cash from Investing Activity | -58 | -1076 | -43 | -1513 | -3282 |
| Cash from Financing Activity | 0 | 848 | -165 | 1007 | 2755 |
| Net Cash Flow | 1 | 42 | 4 | 0 | 306 |
| Free Cash Flow | 37 | 124 | 1 | 340 | 494 |
| CFO/OP | 69 | -1354 | -22 | 256 | 233 |

### Ratios

| Item | 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 | 227 |
| ROCE % | — | -15 | -172 | -3 | 4 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- |
| Promoters | 96.13% | 72.3% | 72.3% | 71.27% |
| FIIs | 0% | 12.4% | 11.56% | 12.02% |
| DIIs | 0% | 12.74% | 13.46% | 13.11% |
| Government | 0% | 0% | 0% | 0% |
| Public | 0% | 1.86% | 2.03% | 2.68% |
| Others | 3.87% | 0.7% | 0.65% | 0.92% |
| No. of Shareholders | 495 | 203128 | 194993 | 179493 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 12 / 4 / 3

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 123.82 | Buy |
| EMA (10) | 126.31 | Buy |
| SMA (20) | 122.87 | Buy |
| EMA (20) | 124.75 | Buy |
| SMA (50) | 128.27 | Buy |
| EMA (50) | 123.94 | Buy |
| SMA (100) | 120.13 | Buy |
| EMA (100) | 121.86 | Buy |
| SMA (200) | 116.34 | Buy |
| EMA (200) | 117.12 | Buy |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 64.64 | Neutral |
| MACD (12,26,9) | 1.09 | Buy |
| Stochastic (14,3,3) | 81.69 | Sell |
| ADX (14) | 17.06 | Neutral |
| Williams %R (14) | -4.12 | Sell |
| ATR (14) | 5.85 | High Volatility |
| ROC (12) | 7.9 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 59.39 | Neutral |

## Analyst Ratings

| Recommendation | Analysts | Share |
| --- | --- | --- |
| Buy | 7 | 87.5% |
| Hold | 1 | 12.5% |
| Sell | 0 | 0% |

Based on 8 analyst ratings, observed at 2026-09-11T04:46:04.547126+00:00.

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-10 | [Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=948c58b9-2e8b-4ce2-8623-473aa062238a.pdf) |
| 2026-09-09 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=063b4334-0fe0-4e79-92a5-c994256460fd.pdf) |
| 2026-09-08 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=589ae75c-4476-443a-a70a-7e48f3029b07.pdf) |
| 2026-09-02 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2da0d350-ed3c-43f3-8690-15d86dbb7b86.pdf) |
| 2026-09-01 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ae9bb4a7-4a9f-4760-8ae5-71f2293016a8.pdf) |
| 2026-09-01 | [Notice Of 06Th Annual General Meeting](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0c26c5ae-04bc-49ab-9fdd-1c2864fed5e8.pdf) |
| 2026-09-01 | [Announcement Under Regulation 30 (LODR) - Letter To Shareholders Providing Web-Link Of Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=382b8fd0-14c1-4da5-9ddd-8afdaa054a9d.pdf) |
| 2026-08-28 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6547718e-9eaf-4689-9d9b-9d4376e06e69.pdf) |
| 2026-08-20 | [Announcement under Regulation 30 (LODR)-Resignation of Director](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c29125db-e939-4bfe-a8d4-827185359eed.pdf) |
| 2026-08-15 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d4ee6729-1f76-4b6a-aff3-98c898c9388c.pdf) |

### Earnings Call Transcripts

| Date | Document |
| --- | --- |
| 2026-08-20 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d47c1b29-698c-4dfd-93aa-453b6e504e5c.pdf) |
| 2026-06-03 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e79d6f62-6a34-4be4-bdf3-1403a853ab7f.pdf) |
| 2026-02-12 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f33bc430-09e6-471b-8069-0b30cf381910.pdf) |
| 2025-12-15 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c7a95009-a76d-4bec-bddb-a988436b93ad.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-08-14 | [Results- Unaudited Financial Results For The Quarter Ended June 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=53c478c9-853a-499b-9c31-0ab40fb37bab.pdf) |
| 2026-05-27 | [Results-Financial Results For The Quarter And Financial Year Ended March 31 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=83b07c78-0fb0-40cd-8986-65bbcd09e402.pdf) |
| 2026-02-05 | [Results-Financial Results For The Quarter And Nine Months Ended December 31 2025.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4d88abf1-d2c8-40ef-8f9e-8136092a8675.pdf) |
| 2025-12-08 | [Results - Financial Results For Quarter And Half Year Ended September 30 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fcffc8c0-06c3-47a8-9a58-c94c1339f22f.pdf) |

### Earnings Call Recordings

| Date | Document |
| --- | --- |
| 2026-05-28 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6fbfbaa9-4989-4315-907b-9385894c9b3c.pdf) |
| 2026-05-28 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f591d4a3-d556-43f1-9e00-b981bede8d74.pdf) |
| 2026-02-06 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=22fdcfac-b5f8-40eb-80bc-bdd7c1e35a04.pdf) |
| 2025-12-09 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2972f8e9-02ae-4432-82c8-62dde4600134.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 8 May - PhysicsWallah partners with Vi to bundle PW Pi Pro with Edu+ prepaid plans in Rajasthan and UP East. | [Press Release- Physicswallah And Vi Strategic Partnership. 8 May - PhysicsWallah partners with Vi to bundle PW Pi Pro with Edu+ prepaid plans in Rajasthan and UP East.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/c6f58efb-187e-4916-b00f-240268a6dfe1.pdf) |
| 6 Mar - Sold 10% in Bharat Innovations to NSDC International; consideration: brand and goodwill; agreement Dec 4, 2024; completed Feb 19, 2026. | [Announcement Under Regulation 30 Of SEBI (LODR) - Sale Of Equity Shares Of The Wholly Owned Subsidiary. 6 Mar - Sold 10% in Bharat Innovations to NSDC International; consideration: brand and goodwill; agreement Dec 4, 2024; completed Feb 19, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/3ff8c77b-fba2-4d3c-92ce-2653a5327adb.pdf) |
| 6 Feb - Audio recording of Feb 6, 2026 earnings call for quarter and nine months ended Dec 31, 2025 available online. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 6 Feb - Audio recording of Feb 6, 2026 earnings call for quarter and nine months ended Dec 31, 2025 available online.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/22fdcfac-b5f8-40eb-80bc-bdd7c1e35a04.pdf) |
| 4 Apr - Physicswallah to meet JM Financial Institutional Securities on April 8, 2026 in Noida. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Apr - Physicswallah to meet JM Financial Institutional Securities on April 8, 2026 in Noida.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/18c26440-a3ae-49cf-ad9f-220bc26978cd.pdf) |
| 31 Mar - Vishwas Diwas: ₹205 crore collections in 20 days ending Mar 20, 2026; 439K enrollments, 36% YoY growth. | [Announcement under Regulation 30 (LODR)-Press Release / Media Release 31 Mar - Vishwas Diwas: ₹205 crore collections in 20 days ending Mar 20, 2026; 439K enrollments, 36% YoY growth.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d65668b3-6e35-405c-a29d-c2b189d9942d.pdf) |
| 30 Mar - Trading window closed Apr 1, 2026 until 48 hours after audited results for year ended Mar 31, 2026. | [Closure of Trading Window 30 Mar - Trading window closed Apr 1, 2026 until 48 hours after audited results for year ended Mar 31, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/46bb48d7-7292-4a29-a717-15327706128c.pdf) |
| 23 Mar - Vishwas Diwas: 3.4M viewers; enrollments +30% YoY; AskAI/AI tools launched; vernacular/state-board growth. | [Announcement under Regulation 30 (LODR)-Press Release / Media Release 23 Mar - Vishwas Diwas: 3.4M viewers; enrollments +30% YoY; AskAI/AI tools launched; vernacular/state-board growth.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e514df25-e797-44ee-b8e5-aca6a1206347.pdf) |
| 19 Mar - Completed acquisition of Nextseed Foundation for INR 1,00,000; effective March 18, 2026, now wholly-owned subsidiary. | [Announcement under Regulation 30 (LODR)-Updates on Acquisition 19 Mar - Completed acquisition of Nextseed Foundation for INR 1,00,000; effective March 18, 2026, now wholly-owned subsidiary.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/4456c1dc-0ed5-4e85-af1b-b4729717ccb5.pdf) |
| 18 Mar - MCA approved wholly owned Physicswallah Student Housing Pvt Ltd incorporation on March 18, 2026. | [Announcement Under Regulation 30 (LODR)- Incorporation Of Wholly Owned Subsidiary 18 Mar - MCA approved wholly owned Physicswallah Student Housing Pvt Ltd incorporation on March 18, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/631dcced-7e1e-4e9f-aa9b-3c078a8328f6.pdf) |
| 18 Mar - Assessment order dated March 16, 2026; demand Rs.263.34 crore; company intends to appeal. | [Announcement Under Regulation 30 (LODR) - Receipt Of Order 18 Mar - Assessment order dated March 16, 2026; demand Rs.263.34 crore; company intends to appeal.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/334a7970-97c8-4878-8c47-804f1a0097c3.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Dec 2025 | [Concall - Dec 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/c7a95009-a76d-4bec-bddb-a988436b93ad.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:57:46.131Z.