Physicswallah LimitedQ1 FY27 Results & Financial Update
Physicswallah Limited: Q1 FY27 consolidated results and company financials – revenue ₹1,054.00 Cr, PAT ₹-88.00 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Physicswallah Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Physicswallah Limited reported its financial and operational results for the quarter ended June 30, 2026, delivering an EBITDA-positive quarter of Rs 52 Cr with an operating margin of 4.9%.
Revenue from operations grew 24% year-on-year to Rs 1,054 Cr, supported by ongoing expansion across educational categories and solid learner engagement metrics.
The business faced a temporary disruption from the NEET exam cycle delay, which impacted the timing of enrolments and led to lower NEET enrolments during Q1. Despite this, Adjusted EBITDA saw an over five-fold year-on-year increase to Rs 135 Cr, with its margin improving to 12.9%.
Pre-IndAS EBITDA loss narrowed significantly to Rs 44 Cr from Rs 89 Cr reported in Q1 FY26, while the PAT loss moderated to Rs 88 Cr from Rs 127 Cr in the corresponding quarter of the previous year.
The online K-12 and Early Learning segments gained strong traction during the quarter, driven by expanded offerings across major school boards and foundation programmes.
With exam results announced and the new academic cycle underway, management noted that momentum has picked up strongly from July, reflecting robust enrolment and collection trends for online NEET offerings.
01 · Business model
What does Physicswallah do?
Physicswallah Limited is an Indian tech-enabled education company that provides learning solutions across online, offline, and hybrid platforms, spanning test preparation, K-12 schooling, skilling, higher education, and study abroad programmes.
Originally established as a YouTube channel in 2016, the company now delivers educational content through its native mobile application, tech-enabled offline and hybrid learning centres, and various digital channels in multiple vernacular languages.
PW generates revenue through course enrolments and subscriptions across its diverse educational categories, leveraging its expanding learner base and scalable digital-first infrastructure.
02 · Historical context
What shaped the business before this quarter
Originally launched as a YouTube educational channel in 2016, the enterprise transitioned into a structured education platform and was incorporated in 2020 by Alakh Pandey and Prateek Maheshwari.
The company completed its initial public offering and was listed on the National Stock Exchange and BSE Limited on November 18, 2025.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹1,054.00 Cr |
| EBITDA | ₹52.00 Cr |
| Profit after tax | ₹-88.00 Cr |
| EBITDA margin | 4.90% |
Financial interpretation
What the reported numbers mean
Profit after tax represented -8.3% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations reached Rs 1,054 Cr in Q1 FY27, marking a 24% increase compared to the same period in the previous year.
Segment revenue for Online K-12 and Early Learning grew by 88% year-on-year to Rs 105 Cr, up from Rs 56 Cr in Q1 FY26.
What drove margins
EBITDA turned positive at Rs 52 Cr, with the operating margin improving by 743 basis points year-on-year to 4.9%.
Adjusted EBITDA rose more than fivefold year-on-year to Rs 135 Cr, with its margin expanding to 12.9% from 3.1% in Q1 FY26.
05 · Demand, customers & order book
Where demand is coming from
Daily Active Users grew by 26% year-on-year to surpass 4.03 million during the quarter.
Total enrolments stood at 2.49 million, reflecting a 2.4% year-on-year increase despite headwinds from the NEET UG re-examination cycle.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Enrolments in Online K-12 and Early Learning expanded by 41% year-on-year to 0.78 million from 0.55 million, supported by CBSE, ICSE, State Boards, Olympiad preparation, and Pre-Foundation programmes.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company operated 366 offline centres, supported by 7,268 faculty members and a total employee base of 19,567 personnel as of Q1 FY27.
Cumulative app downloads exceeded 97 million, with more than 20 online applications active.
08 · Strategy & new businesses
How the company is trying to change its growth mix
PW continued expanding across CBSE, ICSE, State Boards, Olympiad preparation, Pre-Foundation (Grades 6–8), Foundation (Grades 8–10) programmes, Curious Jr., and School-Integrated Programmes.
09 · Reported developments
What changed operationally
Achieved a positive EBITDA of Rs 52 Cr with operating margin improvement of 743 bps year-on-year.
10 · Pressure points & risks
What is not going smoothly
The delayed NEET exam cycle caused a temporary shift in enrolment timings and lower NEET enrolments during the quarter.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Name Change Completion
The company formally operated under the name Physicswallah Private Limited prior to its transition to Physicswallah Limited.
12 · Key Q&A
The quarter, answered directly
What does Physicswallah do?
Physicswallah Limited is an Indian tech-enabled education company that provides learning solutions across online, offline, and hybrid platforms, spanning test preparation, K-12 schooling, skilling, higher education, and study abroad programmes.
What is the clearest takeaway from Q1 FY27?
Physicswallah Limited reported its financial and operational results for the quarter ended June 30, 2026, delivering an EBITDA-positive quarter of Rs 52 Cr with an operating margin of 4.9%.
What drove revenue or demand?
Revenue from operations reached Rs 1,054 Cr in Q1 FY27, marking a 24% increase compared to the same period in the previous year.
What mattered most for margins or profitability?
EBITDA turned positive at Rs 52 Cr, with the operating margin improving by 743 basis points year-on-year to 4.9%.
What changed operationally beyond the headline numbers?
The company operated 366 offline centres, supported by 7,268 faculty members and a total employee base of 19,567 personnel as of Q1 FY27.
What are the main pressure points disclosed for the quarter?
The delayed NEET exam cycle caused a temporary shift in enrolment timings and lower NEET enrolments during the quarter.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Enrolment Momentum: Monitor the sustained conversion of enrolment and collection trends following the post-July pickup in NEET and other test preparation offerings.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.