Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 7 Oct - Physicswallah Limited has informed regarding allotment of equity shares pursuant to exercise of stock options.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result14 Aug, 05:41 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
51NeutralSMA20 +7.4% / mo · MACD − · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 61
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PWLD candles · FIT view+19.0%Latest close ₹130.02 on 2026-10-19
Daily history is available from 2025-11-18; the requested 1Y window is partially covered.
Bar
-2.8%
RSI
47
MACD hist
-0.48
52W pos
62%
2026-10-19O ₹133.78H ₹136.20L ₹129.10C ₹130.02Vol 30.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PWLNifty Consumer DurablesNifty 500
- PWL
- -2.3%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +3.3 pp
Chart stats
19 Oct 2026- From 52W high
- -19.7%
- 52W range position
- 62%
- ATR (14)
- 4.8%
- Volume vs 20D
- 0.28x
- Avg traded value
- ₹134 Cr
- 20D price channel
- ₹117.7 - ₹144.9
₹162
₹77.7 - ₹162
₹6.2
Latest completed session
20-session average
50.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED23
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good55
Revenue +24.4% · PAT NDF YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model-541650.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 55/100Rev +24% YoY · margin expansion · +15% QoQ
Filed 14 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 639.00
- P/B
- 10.39
- EV/EBITDA
- 48.79
- Market Cap
- 39063.00Cr
Profitability
- ROE
- -0.63%
- ROCE
- 3.99%
- ROA
- 0.19%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 104.89%
- EPS 5Y
- -84.69%
- Revenue 3Y
- 74.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.51
- Interest Coverage
- 4.14×
- Altman Z
- 7.35
- Book Value
- 12.90
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
- 67%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,054+14.7% vs prev
Net Profit
₹ CrLatest: -88.0-27.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 47. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~6.9% over last month) — short-term momentum positive.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 20% off 52W high · 67% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
79
RS percentile
Stage 2 UptrendEstablished S2
1M return
-4.8%
3M return
-2.3%
6M return
+19.9%
1Y return
-
RS 1D
-1
RS 20D
-9
Sector rank
#8
Industry rank
-
Stage evidence
- Price is 9.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.7%.
50-DMA
price above
200-DMA
price above
S2 entered
11 Sept 2026
S2 age
25 trading sessions
Sector
neutral
Industry
unranked
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
228 observations
19 Oct 2026Value 90.53-1.70%
RS vs Nifty 50091
Valuation & peers
U-Score 23 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 23 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth7/25
Quality0/20
Balance Sheet9/15
Cash Flow2/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
23
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
23/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 9/15 to the score.
- Growth contributes 7/25 to the score.
Main drags
- Fair-value margin of safety is negative at -541650.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
639.0
PB
10.4
EV/EBITDA
48.8
ROE
-0.6%
ROCE
4.0%
FCF Yield
—
Debt/Equity
0.5
MoS
-541650.0%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
23
Previous: 23
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-541650.0%
Previous: -541650.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
23
23
23
23
23
23
23
23
23
23
23
23
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹6.6
-1870.5% MoS
Growth-justified P/E
0.2
Growth-justified Value
₹0.02
-541650.0% MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KEEPLEARN
Small
DSJ Keep Learning Limited
Education
match 66
20
—
-14.6%
—
OVERVALUED
CHETANA
SME
Chetana Education Ltd.
Education
match 56
70
5.2
16.1%
+81%
UNDERVALUED
SEIL
Small
Shanti Educational Initiatives Limited
Education
match 39
25
509.0
8.0%
-1768%
OVERVALUED
CLEDUCATE
Small
CL Educate Limited
Education
match 38
19
—
-9.1%
—
OVERVALUED
MTEDUCARE
Small
MT Educare Limited
Education
match 38
19
—
—
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-16T16:09:27.197Z
Management commentary snapshot
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.
Current business mix
Revenue by segment
Latest issuer-disclosed distribution across 3 reported categories.
Online segment51.0%
Offline segment46.0%
Others3.0%
Growth engines
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.
Capacity and execution
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
Tailwinds
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
Headwinds
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
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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
Management forward view
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
Thesis monitor
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.
Trust Score
65Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 48th percentile within Consumer. Main check: financial discipline is weak at 48/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
31 docs text-extracted · 6 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
45th percentile
overall median 67 · Consumer: 48th pctile, median 66 · Small: 50th pctile, median 66
Evidence depth
Financial-only
31 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
90
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
48
watch · capital discipline
Results
57
watch · quarterly consistency
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 -0.6%.
- ▸OPM spread across recent quarters is 61%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Physicswallah Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement Under Regulation 30 (LODR)- Partial/Piecemeal Closure Of Loan Portfolio Of The Wholly Owned Subsidiary 4 Oct - FinZ Finance to assign ₹95.79 crore loan portfolio to Auxilo; closure expected within 60 days.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - Physicswallah to attend analysts’ and investors’ meets in Singapore on September 28-29, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 10 Sep - Physicswallah Limited has informed regarding allotment of equity shares pursuant to exercise of stock options.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Sep - Physicswallah to attend one-on-one investor meets on September 14 and 21, 2026 in Noida.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep - Physicswallah Limited has informed regarding Schedule of Analysts and Investor Meet.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep - Physicswallah Limited has informed regarding Newspaper Publication of information pertaining to the 06th AGM of the Company (Post-Dispatch).
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 14 Aug - Board approved new AoA based on Table-F, subject to shareholder and regulatory approvals.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 16 Jul - Physicswallah approved Tranche II acquisition of 1,100 Sarrthi IAS shares for ₹71.81 crore, raising stake to 51%.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 20 Jun - Physicswallah Limited has informed regarding allotment of equity shares pursuant to exercise of stock options.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Jun - Physicswallah Limited has informed regarding Schedule of Analysts'' and Investors'' Conference/Meet.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 10 Jun - Physicswallah Limited has informed regarding allotment of equity shares pursuant to exercise of stock options under Employees Stock Option Plan, 2022.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.