PhysicsWallah posted a strong year-on-year jump in profit and double-digit growth in operating revenue in Q2 FY26
Its online and offline learning platforms together drove higher enrolments and improved operating leverage
The company also bolstered its cash reserves and significantly scaled its nationwide centre count and teaching team
PhysicsWallah’s Q2 FY26 Profit Surge, Revenue Growth Trigger 5% Stock Upswing
PhysicsWallah delivered a strong first set of results after going public, posting a sharp jump in quarterly profit and steady revenue growth. The edtech firm also improved its cash generation, expanded its hybrid learning network, and continued scaling both online enrolments and offline centres across the country
PhysicsWallah founders Alakh Pandey and Prateek Maheshwari
Summary
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Recently-listed edtech company PhysicsWallah has reported nearly 70% year-on-year increase in its net profit to ₹69.7 crore in the second quarter ended on September 30, 2025, as compared to ₹41.1 crore in the same period a year ago. In its regulatory filing, the company had posted a profit of ₹127 crore in the previous quarter.
The edtech major on Monday announced its first quarterly results post-IPO. Besides profit, PW also reported a 26% YoY increase in its revenue from operations to ₹1,051.2 crore in Q2 FY26, from ₹832.2 crore in the year-ago period. However, the company’s revenue stood at ₹1,847.1 crore in the previous quarter.
Its total expenses increased 25% to ₹999.6 crore in the second quarter of the financial year 2026. This shows an uptick in expenses from ₹800 crore a year ago and ₹1,054.2 crreo a quarter ago.
The company’s free cash flow rose to ₹6,441 million in H1 FY26, up from ₹5,434 million in H1 FY25, reflecting stronger operational efficiency. As of 30 September 2025, the company’s treasury stood at ₹25,519 million, excluding IPO proceeds.
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PhysicsWallah stated that the company’s online and offline businesses both contributed to the revenue growth and an improvement in operating leverage. Its online business continued to build strong traction with over 3.22 million enrollments in H1 FY26, an increase by 20% compared to H1 FY25.
And the offline business strengthened its nationwide footprint by adding 128 new centres over the past year. This has taken the total centre count to 314 in the first six months of FY26, from 186 a year ago. This included 117 PW Vidyapeeth centres and 75 PW Pathshala centres, along with 53 other PW centres and 69 subsidiary centres.
In addition, the company also reported a faculty base of 6,643 across employees and consultants.
PhysicsWallah shares began Tuesday’s session at ₹142.60 on the BSE and moved within a band of ₹145.70 on the higher side and ₹137.80 at the day’s low. With this, the share is now trading about 34% above its IPO level of ₹109 apiece.
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PhysicsWallah IPO
Shares of PhysicsWallah made a solid market debut in November, and ended with a premium of over 42% against the issue price of ₹109. At the NSE, the stock got listed at ₹145, a premium of 33% from the issue price. In intra-day trade, it jumped 48.61% to ₹161.99. Shares of the firm ended at ₹155.24, rallying 42.42%.
The initial public offering (IPO) of PhysicsWallah received nearly 2 times subscription on the final day of bidding on Thursday last week. The ₹3,480-crore initial share sale had a price band of ₹103-109 per share.
The IPO had a fresh issue of equity shares worth Rs 3,100 crore and an offer for sale (OFS) of up to ₹380 crore by the promoters.
Noida-based PhysicsWallah filed draft papers with Sebi in March for an IPO via the confidential pre-filing route and received the regulator's approval in July. Following this, the company filed an updated DRHP in September before filing an RHP.
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PhysicsWallah offers test preparation courses for competitive exams focusing on JEE, NEET, GATE and UPSC, along with upskilling programmes, delivered through online platforms (YouTube, website, and apps), tech-enabled offline centres, and hybrid centres that combine online teaching with in-person support.
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