PhysicsWallah posts 50% rise in Q4 revenue
Noida-based edtech firm PhysicsWallah reported a 50% year-on-year (YoY) rise in operating revenues, at Rs 919 crore, for the quarter ended March 31, 2026, driven by growth in paid users and expansion of its offline centre network.
However, the company made a loss of Rs 69 crore, compared with a Rs 102.3 crore net profit in Q3 FY26. In the same period of FY25, PhysicsWallah had a loss of Rs 289 crore.
For the full fiscal year of 2026, PhysicsWallah’s operating revenue grew 35% YoY to Rs 3,899 crore, and losses narrowed to Rs 24 crore from Rs 243 crore in the previous year.
Ebitda for the quarter stood at Rs 65 crore, with a margin of 7%.
PhysicsWallah said its online business continued to see strong traction, registering over 4.87 million enrolments in FY26, an 18% increase from last year. Offline enrolments grew 42% YoY to 470,000, with the expansion of its network to 353 centres across the country.
The firm added that it continues to invest in AI-led initiatives such as AI Guru, Ask AI, AI Grader, AI Mentor, and AI Books. In the shareholders’ letter, the company said that 91% of its code is now AI-assisted, driving over 2x improvement in engineering go-to-market velocity.
PhysicsWallah listed on the stock exchanges in November 2025 through a Rs 3,480 crore initial public offering, raising Rs 3,100 crore in primary capital. The company has also been expanding through acquisitions, including increased investments in Utkarsh Classes, as it looks to strengthen its presence in the test-prep market.
On Wednesday, the company’s shares on the NSE closed marginally higher at Rs 112.10. It listed in November 2025 at Rs 145.
The results were announced after market hours.
However, the company made a loss of Rs 69 crore, compared with a Rs 102.3 crore net profit in Q3 FY26. In the same period of FY25, PhysicsWallah had a loss of Rs 289 crore.
For the full fiscal year of 2026, PhysicsWallah’s operating revenue grew 35% YoY to Rs 3,899 crore, and losses narrowed to Rs 24 crore from Rs 243 crore in the previous year.
Ebitda for the quarter stood at Rs 65 crore, with a margin of 7%.
PhysicsWallah said its online business continued to see strong traction, registering over 4.87 million enrolments in FY26, an 18% increase from last year. Offline enrolments grew 42% YoY to 470,000, with the expansion of its network to 353 centres across the country.
The firm added that it continues to invest in AI-led initiatives such as AI Guru, Ask AI, AI Grader, AI Mentor, and AI Books. In the shareholders’ letter, the company said that 91% of its code is now AI-assisted, driving over 2x improvement in engineering go-to-market velocity.
PhysicsWallah listed on the stock exchanges in November 2025 through a Rs 3,480 crore initial public offering, raising Rs 3,100 crore in primary capital. The company has also been expanding through acquisitions, including increased investments in Utkarsh Classes, as it looks to strengthen its presence in the test-prep market.
On Wednesday, the company’s shares on the NSE closed marginally higher at Rs 112.10. It listed in November 2025 at Rs 145.
The results were announced after market hours.
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