PhysicsWallah's Q2 profit doubles to Rs 142 Cr on record revenue

PhysicsWallah (PW) reported its highest-ever quarterly revenue in the second quarter of FY27. Consolidated revenue from operations rose 18.2% year on year to Rs 1,242.26 crore.

Consolidated profit after tax rose 104.1% to Rs 142.29 crore, from Rs 69.72 crore a year earlier. It follows a loss of Rs 87.04 crore in the first quarter of FY27.

Total income, including non-operating receipts, grew 21.5% to Rs 1,334.64 crore. Profit before tax rose 111.6% to Rs 209.15 crore. This figure included a one-off Rs 20 crore goodwill impairment charge and a Rs 10 crore fair-value gain.

The online channel brought in Rs 693.52 crore, up 26.4% from Rs 548.72 crore, or 55.8% of revenue from operations. Unique transacting online users grew 12.9% to 1.5 million, and average collection per user rose 10.6% to Rs 4,280.

The offline channel contributed Rs 540.87 crore, up 9%, from 370 centres against 314 a year earlier. It recorded a Pre-IndAS EBITDA loss of Rs 8 crore. Management has intentionally slowed physical expansion to 25-30 new centres annually to focus on centre-level profitability and smaller footprint models.

Reported EBITDA under IndAS rose to Rs 348 crore, a 28.0% margin, from Rs 228 crore and 21.7% a year earlier. Pre-IndAS cash EBITDA grew 45.0% to Rs 233 crore.

The NEET UG 2026 results were postponed to July 16, which shifted a major portion of admission activity into the quarter. Online NEET enrolments rose over 30% year on year.

PW also exited direct student lending on October 3, selling the Rs 96 crore loan book of its subsidiary FinZ Finance Private Limited to Auxilo Finserve Private Limited.

“We delivered record revenue and a sharp improvement in profitability, while our learner base kept widening across K-12, vernacular and new categories. Our focus remains on scaling affordable, tech-led education with disciplined capital allocation,” said Founder and Chief Executive Officer Alakh Pandey.