Physicswallah share price
NSE: PWLBSE: 544609Other Consumer ServicesSmall Cap
Physicswallah Limited · Face value ₹1 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Nov 2025 · Issue price ₹109
Last close ₹131.40up ₹1.51 (1.16%)BSE ₹131.30
Share price at the NSE close on 28 Oct 2026. Previous close ₹129.89.
28 Oct: open ₹130.00, high ₹134.80, low ₹129.00
Range of traded prices from listing on 18 Nov 2025 to 28 Oct 2026
₹77.72Low, 4 Mar 2026₹161.99High, 18 Nov 2025
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹38,172 Cr263rd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 1,872.54
- P/E without one-offsPrice to earnings without one-off items. Market cap divided by core profit: the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes −₹53 crore of one-off items, the largest of them in the quarter to Mar 2026.
- 523.24
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 8.44
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonesince listing in Nov 2025
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the latest balance sheet's; the one a year before is not on record.
- 0.5%
- ROE without one-offsReturn on equity without one-off items. Core profit, the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes −₹53 crore of one-off items, the largest of them in the quarter to Mar 2026.
- 1.6%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- −1.3%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.00
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 78,38,42345.3% delivered
About Physicswallah
Physicswallah Limited is an education company that teaches learners from early schooling through competitive entrance exams to professional courses and job skills, in India and select markets abroad.1 It teaches online through its app, website and free videos on YouTube, Instagram and Telegram, and offline in classroom and hybrid centres.12 Its courses cover engineering and medical entrance exams (JEE and NEET), civil services, government job exams, CA, management and law.3
Its PW Vidyapeeth centres teach in classrooms, while at PW Pathshala centres a teacher teaches from a studio and a second teacher in the room answers students' doubts.4 Its other brands include Curious Jr. for school pupils, PW Skills, Earners, Gyaan-E and Medharthi for skills and degrees, PW Talks and PW Books.356 Through Knowledge Planet Holdings it serves the Gulf region, and through Xylem Learning, Utkarsh Classes & Edutech and Guiding Light Education Technologies, specialised and regional markets.7
The business began in Prayagraj, where Alakh Pandey launched the Physicswallah YouTube channel in 2014, and was incorporated as a company in 2020.89 It opened its first offline and hybrid centres in 2022 and acquired Utkarsh Classes and Xylem in 2023.10 Its shares were listed on the NSE and BSE on 18 Nov 2025 after a ₹3,480 crore initial public offering, of which ₹3,100 crore was new shares.11
Its promoters are founder and chief executive Alakh Pandey and co-founder Prateek Boob.1213 WestBridge AIF I and Setu AIF Trust, investors in the company, have a nominee director on its board.12
Physicswallah key points
Results
- In the year to Mar 2026, consolidated revenue from operations rose 35.09% to ₹3,899.54 crore from ₹2,886.64 crore, and EBITDA (earnings before interest, tax, depreciation and amortisation) rose to ₹549.20 crore from ₹193.20 crore.1415
- The consolidated loss after tax for the year to Mar 2026 narrowed by about 90% to ₹24.17 crore from ₹243.26 crore.16
- In the quarter to Jun 2026, consolidated revenue from operations rose 24% to ₹1,054 crore from ₹847 crore, and EBITDA was ₹52 crore, a 4.9% margin, against minus ₹21 crore a year earlier.17
- In the quarter to Jun 2026, the loss before tax was ₹84 crore against ₹152 crore a year earlier, and the loss after tax ₹88 crore against ₹127 crore, including a ₹42 crore fair value charge on the Sarrthi IAS stake.1819
Business segments
- Revenue by reporting segment, ₹ crore20
Item quarter to Jun 2026 quarter to Jun 2025 Online ₹549 crore ₹412 crore Offline ₹490 crore ₹428 crore Others ₹15 crore ₹7 crore - Pre-Ind AS EBITDA (the company's measure: adjusted EBITDA less lease payments and other income) for the quarter to Jun 2026 was ₹67 crore online against ₹25 crore, and minus ₹106 crore offline against minus ₹113 crore.21
- Share of revenue from operations by segment22Others are hardware devices, student financing and support services.
Item year to Mar 2026 Online 51.57% (₹2,011.11 crore) Offline 47.29% (₹1,844.11 crore) Others 1.14% (₹44.32 crore) - Online K-12 and early learning (courses for school pupils) revenue grew 88% to ₹105 crore from ₹56 crore in the quarter to Jun 2026, and enrolments 41% to 0.78 million from 0.55 million.2324
Learners and centres
- In the quarter to Jun 2026, 2.1 million learners paid for online courses, up 2%, and offline enrolments rose 5% to 0.35 million in 366 centres, against 303 a year earlier; PW Vidyapeeth brought in 72% of offline revenue.25
- The NEET medical entrance exam of 3 May 2026 was cancelled and held again on 21 Jun 2026; online NEET batch collections fell 28% in the quarter to Jun 2026, then online collections rose 51% year on year from 1 Jul to 13 Aug 2026.26
- In the year to Mar 2026, 4.87 million learners paid for online courses, average collection per user (online fees per paying learner) rose 11.4% to ₹4,104, and about 80% of offline admissions came from online leads.2728
Technology and AI
- In its annual report of 1 Sep 2026, the company said its AI had resolved over 10 crore student doubts and graded over 1.4 million answer copies.29
- On its earnings call of 14 Aug 2026, the company said its one-to-one AI tutor was in beta testing and planned to roll it out to students by the next quarter.30
Capital allocation
- Treasury (investments, cash, bank balances and other financial assets, excluding debentures) was ₹5,601 crore at 30 Jun 2026, including IPO proceeds.3132
- The company said in its shareholders' letter of 14 Aug 2026 that capital goes to AI-led product and technology, new online content and categories, and online-focused acquisitions.33
- The company said in its shareholders' letter of 14 Aug 2026 that it is leaving lending: it has signed a term sheet with an RBI-registered partner to transfer FinZ's loan portfolio and expects approvals within 3 months.34
What the company expects
- On its earnings call of 14 Aug 2026, the company kept its guidance for the year to Mar 2027 of 30% revenue improvement and 100% EBITDA improvement, without saying which EBITDA measure.35
- On its earnings call of 14 Aug 2026, the company said it expects its offline business to be near profitability in the year to Mar 2027, and Curious Junior's online business to break even.3637
Recent events
- On 14 Aug 2026, the board approved taking back the 10% of Bharat Innovations Global held by NSDC International, to make it wholly owned again.38
- On 16 Jul 2026, the board approved buying a further 11% of Guiding Light Education Technologies (Sarrthi IAS) for ₹71,81,47,100, since completed, taking the holding from 40% to 51% under an agreement for up to 85% in 6 tranches.3940
- On 27 May 2026, the company's audit committee approved investing about ₹120 crore in FinZ Finance, its wholly owned finance subsidiary, by subscribing to new shares offered on a rights basis.41
Litigation and regulatory matters
- An income tax assessment order of 16 Mar 2026 for assessment year 2023-24 (the year that taxes the previous year's income) treated investments received, including from an alternative investment fund, as taxable income and demanded ₹263.34 crore.4243
- A rectification order of 13 Apr 2026 cut the demand to ₹192.76 crore; as of its exchange filing of 14 Apr 2026, the company had appealed and said the order would have no material impact on its finances or business.4445
Last updated
All 45 sources, each with its page
- 1. Annual report, 1 Sep 2026, page 55
- 2. Annual report, 1 Sep 2026, page 33
- 3. Annual report, 1 Sep 2026, page 31
- 4. Annual report, 1 Sep 2026, page 53
- 5. Annual report, 1 Sep 2026, page 31
- 6. Investor presentation, 14 Aug 2026, page 6
- 7. Annual report, 1 Sep 2026, page 55
- 8. Annual report, 1 Sep 2026, page 26
- 9. Annual report, 1 Sep 2026, page 55
- 10. Annual report, 1 Sep 2026, page 26
- 11. Annual report, 1 Sep 2026, page 22
- 12. Annual report, 1 Sep 2026, page 101
- 13. Annual report, 1 Sep 2026, page 24
- 14. Annual report, 1 Sep 2026, page 93
- 15. Annual report, 1 Sep 2026, page 95
- 16. Annual report, 1 Sep 2026, page 95
- 17. Investor presentation, 14 Aug 2026, page 5
- 18. Investor presentation, 14 Aug 2026, page 14
- 19. Investor presentation, 14 Aug 2026, page 4
- 20. Investor presentation, 14 Aug 2026, page 5
- 21. Investor presentation, 14 Aug 2026, page 5
- 22. Annual report, 1 Sep 2026, page 93
- 23. Earnings call, 14 Aug 2026, page 5
- 24. Earnings call, 14 Aug 2026, page 6
- 25. Investor presentation, 14 Aug 2026, page 5
- 26. Investor presentation, 14 Aug 2026, page 5
- 27. Annual report, 1 Sep 2026, page 55
- 28. Annual report, 1 Sep 2026, page 93
- 29. Annual report, 1 Sep 2026, page 24
- 30. Earnings call, 14 Aug 2026, page 6
- 31. Investor presentation, 14 Aug 2026, page 4
- 32. Investor presentation, 14 Aug 2026, page 20
- 33. Investor presentation, 14 Aug 2026, page 10
- 34. Investor presentation, 14 Aug 2026, page 10
- 35. Earnings call, 14 Aug 2026, page 8
- 36. Earnings call, 14 Aug 2026, page 7
- 37. Earnings call, 14 Aug 2026, page 9
- 38. Exchange filing, 14 Aug 2026, page 1
- 39. Exchange filing, 16 Jul 2026, page 1
- 40. Annual report, 1 Sep 2026, page 57
- 41. Exchange filing, 27 May 2026, page 1
- 42. Exchange filing, 18 Mar 2026, page 2
- 43. Exchange filing, 18 Mar 2026, page 1
- 44. Exchange filing, 14 Apr 2026, page 1
- 45. Exchange filing, 14 Apr 2026, page 2
Results
Consolidated; ₹ crore.Physicswallah quarterly results
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹1,054 Crup 14.71%
- Net profitNet profit. Under it, net profit in the quarter before. A change in per cent is not worked out where either period is a loss or nothing. Net profit in the glossary
- −₹88 CrQuarter to Mar 2026: −₹69 Cr
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- −8.4%
Revenue by quarter
Peak revenue ₹1,082 Cr, quarter to Dec 2025; lowest ₹847 Cr, quarter to Jun 2025
Net profit by quarter, a loss in red
- Net profit
- Loss
A loss in 3 of the 5 quarters shown
| ₹ crore | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 847 | 1,051 | 1,082 | 919 | 1,054 |
| Net profit | −127 | 70 | 102 | −69 | −88 |
| Net margin | −15.0% | 6.6% | 9.4% | −7.5% | −8.4% |
Consolidated. The 5 quarters from Jun 2025, the first on record. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Year to Mar 2026
- Revenue
- ₹3,900 Cr
- Net profit
- −₹24 Cr
- Net margin
- −0.6%
| ₹ crore | Mar 2026 |
|---|---|
| Revenue | 3,900 |
| Net profit | −24 |
| Net margin | −0.6% |
Consolidated. Years to March. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Business segments
In the year to Mar 2026 the company reports one business segment, Ed-Tech, which carries all its revenue. From the quarter to Jun 2026 it reports 3 businesses, by share of revenue: Online, 52.1%, Offline, 46.5% and Others, 1.4%.
Valuation
Today, against the company's own history. Dividend yield is not shown: no dividend in the years on record.Physicswallah PE ratio and valuation
Price to book
At or below today's level on 34% of 219 trading days since Dec 2025.
LowestHighest
Its median16.98Industry median1.75
Mutual fund holdings
98 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 51 of the 59 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 1 more fund filed its first portfolio on record, holding it.All 98 funds holding Physicswallah
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 8
- AddedAdded. Funds that held more shares than at the end of the month before.
- 51
- CutCut. Funds that held fewer shares than at the end of the month before.
- 8
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 30
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 1
| Fund | |||
|---|---|---|---|
 Nippon India Small Cap FundNippon India Mutual Fund | 3,30,86,819 | 0.50% | ₹408.6 Cr |
 Motilal Oswal Midcap FundMotilal Oswal Mutual Fund | 1,93,25,687 | 0.59% | ₹238.6 Cr |
 ICICI Prudential Aggressive Hybrid FundICICI Prudential Mutual Fund | 1,79,82,078 | 0.44% | ₹222.0 Cr |
 360 ONE Focused Fund360 One Mutual Fund | 1,31,74,562 | 2.50% | ₹162.7 Cr |
| ICICI Prudential Technology FundICICI Prudential Mutual Fund | 92,31,021 | 0.91% | ₹114.0 Cr |
| ICICI Prudential Innovation FundICICI Prudential Mutual Fund | 88,52,917 | 1.45% | ₹109.3 Cr |
 Franklin India Focused Equity FundFranklin Templeton Mutual Fund | 80,00,000 | 0.95% | ₹98.8 Cr |
| Franklin India Opportunities FundFranklin Templeton Mutual Fund | 75,18,501 | 0.97% | ₹92.8 Cr |
 Helios Flexi Cap FundHelios Mutual Fund | 69,07,289 | 0.97% | ₹85.3 Cr |
 SBI Innovative Opportunities FundSBI Mutual Fund | 68,04,751 | 1.64% | ₹84.0 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Promoter and insider buying and selling
Trades made since 29 Oct 2025.Physicswallah insider trading
No promoter, director, key manager or employee bought or sold on the market.
- Others: no market trade · 80 pledge filings of unclear kind
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.
Physicswallah competitors and peers
Other Consumer Services, 49 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to Physicswallah in market cap.Consumer services companies
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 SISSIS | 5,337 | 36.42 | 2.10 | +25.2% | +261.6% | 5.9% | 13.4% | 1.82% |
 NIIT Learning SystemsNIITMTS | 2,692 | 10.52 | 1.75 | +21.7% | +18.0% | 18.6% | 16.0% | 1.67% |
 Shanti Educational InitiativesSEIL | 2,611 | 449.29 | 34.09 | −11.8% | −15.5% | 7.9% | 5.7% | 0.00% |
 NIITNIITLTD | 952 | 177.12 | 0.89 | +5.8% | – | 0.5% | −3.7% | 1.44% |
 Vinsys IT Services IndiaVINSYS | 855 | 28.76 | 5.30 | +26.8% | −1.0% | 20.3% | – | 0.00% |
 Jaro Institute of Technology Management and ResearchJARO | 759 | 13.41 | 2.10 | – | – | 15.7% | 17.7% | 1.47% |
 Global EducationGLOBAL | 719 | 27.58 | 5.47 | +28.2% | +3.2% | 21.6% | 23.7% | 0.71% |
 Exhicon Events Media SolutionsEXHICON | 703 | 17.27 | 3.52 | +41.2% | +56.5% | 26.1% | – | 0.00% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Latest announcements
Routine notices left out.Physicswallah announcements
Oct 2026
7 Oct · Disclosure
4 Oct · Closure of operations
1 Oct · Options to purchase securities
Sep 2026
25 Sep · Meeting
23 Sep · Analysts
Physicswallah share price by year
Each calendar year to 2025.Physicswallah share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 132.81 | – | 155.24 | 124.89 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2025 is from its first session, 18 Nov 2025.
Recent sessions
The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 27 Oct 2026 | 126.09 | 134.01 | 123.72 | 129.89 | 129.91 | 71,95,582 | 28.7% |
| 26 Oct 2026 | 120.00 | 127.00 | 118.69 | 124.84 | 123.19 | 48,60,397 | 29.2% |
| 23 Oct 2026 | 124.12 | 124.14 | 117.42 | 119.95 | 120.24 | 72,44,991 | 37.5% |
| 22 Oct 2026 | 125.54 | 125.54 | 121.55 | 124.62 | 123.62 | 57,82,583 | 37.6% |
| 21 Oct 2026 | 129.43 | 129.75 | 124.16 | 125.54 | 126.29 | 43,30,220 | 32.6% |
| 19 Oct 2026 | 133.78 | 136.20 | 129.10 | 130.02 | 131.18 | 30,63,106 | 45.3% |
| 16 Oct 2026 | 136.10 | 137.66 | 132.31 | 133.64 | 135.03 | 40,26,854 | 36.1% |
| 15 Oct 2026 | 139.20 | 140.80 | 135.20 | 136.33 | 137.62 | 24,57,673 | 26.7% |
| 14 Oct 2026 | 137.70 | 141.65 | 137.70 | 140.91 | 140.06 | 32,71,738 | 25.0% |
Prices in ₹ per share as traded, not adjusted.
Company details
- NSE symbol
- PWL
- BSE code
- 544609
- ISIN
- INE0LP301011
- Industry
- Other Consumer Services
- Website
- www.pw.live
- CIN
- L80900UP2020PLC129223
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 2020
- Registered office
- Plot No. B-8, Tower A, 101-119, Noida One, Sector -62, Gautam Buddha Nagar, Dadri, 201309, Uttar Pradesh
- Share registrar
- MUFG Intime India Pvt. Ltd
- Keeps the register of shareholders and handles transfers and dividend payments
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