PhysicsWallah Q1 Results: Net Loss Narrows 30% YoY, Ad Spend Up 9% To ₹128 Cr

Edtech company PhysicsWallah (PW) reported a net loss of ₹88.3 crore for the first quarter of FY27, down 30% from ₹127 crore in the same period last year, the company said in its regulatory filings on August 14. However, the loss widened compared to ₹69.1 crore recorded in the previous quarter.

Revenue from operations rose 24.4% year-on-year to ₹1,053.95 crore, up from ₹847.09 crore in Q1 FY26. Online revenue grew 33.2% to ₹548.79 crore, while offline revenue rose 14.5% to ₹489.90 crore.

The company posted a positive EBITDA of ₹52 crore, with margins at 4.9%. Adjusted EBITDA jumped more than five-fold to ₹135 crore, with margins improving to 12.9% from 3.1% a year earlier.

At the segment level, the online business reported a result of ₹75.90 crore, up nearly 200% from ₹25.28 crore in the year-ago quarter. The offline segment's loss narrowed to ₹27.17 crore from ₹51.76 crore.

Expenses And Workforce

Consolidated employee benefits expenses rose 15.7% year-on-year to ₹528.33 crore, up from ₹456.47 crore. The company reported 19,567 employees and 7,268 faculty members as part of its operational highlights.

Advertisement and publicity expenses increased 9% to ₹128.47 crore, compared with ₹117.85 crore in the corresponding quarter last year.

PhysicsWallah has set aside ₹710 crore from its fresh issue proceeds for marketing initiatives. It used ₹43.25 crore of this amount during the quarter, leaving ₹643.41 crore unutilised as of June 30, 2026.

Daily active users climbed 26% year-on-year to over 4.03 million, while total enrolments rose 2.4% to 2.49 million. Online K-12 and early-learning enrolments grew 41% to 0.78 million, with revenue from this segment surging 88% to ₹105 crore.

Commenting on the results, Alakh Pandey, Founder and CEO of PhysicsWallah, said, "This quarter marks an important milestone in our journey towards sustainable profitability. Despite the change in NEET examination cycles, we delivered healthy revenue growth along with an improvement in profitability. While doing this we continued to expand our learner base across online, offline, K-12 and other new categories, reflecting a funnel that is getting deeper and wider. Our focus remains on scaling up this tech-led affordable online education platform while maintaining disciplined capital allocation."