Physicswallah Limited (PWL)
Small CapConsumer stocks · Small cap · NSE
Physicswallah (PWL) began as a YouTube channel in 2016, monetizing from 2020. It offers free online content via 250+ YouTube channels, driving traffic to paid live classes on its mobile app across 40+ exam categories (JEE, NEET, UPSC). Operating over 300 tech-enabled offline centers, PWL aims to provide affordable, high-quality education and be a lifelong learning partner.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 55/100Rev +24% YoY · margin expansion · +15% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,054 Cr | +24.4% | +14.7% |
| EBITDA | ₹-57 Cr | +25.0% | -296.6% |
| Operating margin | -5.0% | +400 bps | -810 bps |
| PAT | ₹-88 Cr | NDF | NDF |
| PAT margin | -8.3% | +664 bps | -84 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
PWL reported robust Q3 FY26 revenue of INR1,082 crores (+34% YoY) with 20.2% Pre-Ind AS EBITDA margin. 9M FY26 revenue grew 31% YoY to INR2,980 crores, surpassing last full year, demonstrating strong top-line expansion despite one-time expenses.
The company is executing its strategy of leveraging its online funnel for diversified growth. While core test prep growth in established regions is moderating, investments in K-12, new online categories, vernacular markets, and AI are showing early traction. The focus on asset-light models and profitable M&A supports long-term value creation.
Revenue by segment
Latest issuer-disclosed distribution across 3 reported categories.
K-12 Platform Expansion
Building a K-12 platform with online (Curious Junior) and offline (school management company, 3 schools, 8 more planned, Tender Heart partnership). Aims to integrate test prep.
New Online Categories
Investing in CLAT, NEET PG, IIT JAM, State Boards, and Vernacular batches, which are showing double-digit growth and expanding market reach.
Offline Center Growth
Planning 70 new offline centers next year with INR200 crores outlay, supplementing existing network and expanding regional presence like Xylem in Southern states.
AI-led Innovation
Ongoing investment in AI tech talent and products (Aryabhata, PW Talks, Ask AI) to enhance personalized learning, teacher efficiency, and reduce costs.
Offline Learning Centers
looking at 70 centers next year with an outlay of INR200 crores
K-12 Schools
starting 8 more schools: 4 brownfield and 4 greenfield
Xylem Centers
opened 13 new centers in Xylem supplementing our vernacular reach in southern states
Significant Education Opportunity in India
education opportunity in India remains significant
Large K-12 Market
K-12 market is like four times bigger than the test prep as a market, so it's a much bigger market
AI Enhancing Learning
AI has made learning hyper-personalized, it has added a lot of value to students' lives
One-time Expenses
INR23 crores of one-time expense that we booked in this quarter related to you know the changes in the Labor Code and IPO expenses
Higher Employee Costs
employee cost were higher including the ESOP expenses... INR125 crores for nine months against the 73 for last year
Slowing Core Category Growth
JEE and NEET, student growth or enrolment growth has now maybe slowed down to around low single digit
K-12 Market Competition
my competition here is a local non-tech led schools where the curriculum and the standard practices are not there
AI Model Outperformance
how confident are you that you'll be able to outperform their models when it comes to education?
M&A Integration
consolidation is one of our major thesis... M&A is done keeping all these things in mind
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company explicitly states YoY growth for revenue, EBITDA, and segment performance, indicating it's the primary comparison for assessing business expansion and financial health over seasonal fluctuations.
Daily Active Users (Mobile App)
3.4 million daily active users on our mobile app
Daily Average Engagement (Mobile App)
engaged for 106 minutes on a daily average basis
Online Segment Revenue Growth
online segment grew at... 38% year-over-year
Offline Segment Revenue Growth
Offline grew 26% year-over-year
Focus on Online Revenue Share
our playbook is to build communities and continue to increase our share of overall online revenues
K-12 as Future Growth Driver
in the long run it will contribute a good amount of EBITDA... K-12 will become larger than test prep down the line five years
Optimized Marketing Spend
anything between 8%-8.5% is where we will land the full year marketing spends for this year which is significantly lower than 9.6% of last financial year
Strategic M&A in India
evaluating both offline and online assets and we will announce a couple of M&As in the next two quarters
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| K-12 Platform Contribution | Less than 1% of total revenue. | Progress on 8 new schools and contribution to EBITDA/revenue share by FY29-30. |
| Marketing Spend % of Revenue | 8.9% for 9M FY26. | Actual FY26 full-year marketing spend percentage (guided 8-8.5%). |
| New Category Revenue Growth | CLAT, NEET PG, IIT JAM, State Boards, Vernacular showing double-digit growth. | Sustained growth and increasing contribution to overall revenue. |
| M&A Announcements & Integration | Sarrthi, Utkarsh, Xylem showing positive results. | New M&A announcements in next two quarters and successful integration. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
48NeutralSMA20 -7.2% / mo · MACD +
Technical chart
PWLdaily · 1Y · AUTO+52.9%Daily history is available from 2025-11-18; the requested 1Y window is partially covered.
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 56. Wait for confirmation.
- SMA20 falling (~7.8% over last month) — short-term momentum negative.
- RSI(14) at 56 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 22% off 52W high · 63% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 14.4% above the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 24 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 24 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 10/15 to the score.
- Growth contributes 7/25 to the score.
Main drags
- Fair-value margin of safety is negative at -526650.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 52nd percentile within Consumer. Main check: financial discipline is weak at 48/100.
Healthy Trust Lite: Promoter holding is 71.3%. Key concern: ROCE is low at 4%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 52nd pctile, median 66 · Small: 54th pctile, median 66
22 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 71.3%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 61.3%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE is low at 4%.
- ▸ROE is low at -0.5%.
- ▸OPM spread across recent quarters is 61%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 600.00
- P/B
- 7.97
- EV/EBITDA
- 44.96
- Market Cap
- 36673.00Cr
Profitability
- ROE
- -0.48%
- ROCE
- 4.02%
- ROA
- 0.20%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 104.89%
- EPS 5Y
- -84.69%
- Revenue 3Y
- 74.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.23
- Interest Coverage
- 4.14×
- Altman Z
- 7.69
- Book Value
- 15.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 833.00 Cr
- EPS TTM
- 0.15
Shareholding
- Promoter Hold
- 71.27%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 57%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.