Physicswallah Ltd.
PWLConsumer Discretionary filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
4 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 4 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20251215 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260212 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260603 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260820 | 2026-06-30 | yes |
PWL
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 132.64 |
| 52-week range | not reported for this period |
| Return 1M | 9.3% |
| Return 3M | 5.82% |
| Return 1Y | not reported for this period |
| Return 3Y | not reported for this period |
| Return 5Y | not reported for this period |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 1,054.00 |
| Other income | 109.00 |
| Total income | 1,163.00 |
| Cost of materials consumed | 35.00 |
| Purchases of stock-in-trade | 44.00 |
| Changes in inventories | -10.00 |
| Employee benefit expense | 528.00 |
| Finance costs | 26.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.71 | -0.01 |
| institutions foreign | 0.12 | 0.00 |
| institutions domestic | 0.13 | -0.00 |
| mutual funds | 0.06 | 0.00 |
| public | 0.29 | 0.01 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 4 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|
| Revenue from operations | 1,051.00 | 1,082.00 | 919.00 | 1,054.00 |
| Other income | 47.00 | 65.00 | 65.00 | 109.00 |
| Total income | 1,098.00 | 1,147.00 | 984.00 | 1,163.00 |
| Cost of materials consumed | 27.00 | 22.00 | 24.00 | 35.00 |
| Purchases of stock-in-trade | 6.00 | 5.00 | 46.00 | 44.00 |
| Changes in inventories | -5.00 | -5.00 | -9.00 | -10.00 |
| Employee benefit expense | 473.00 | 490.00 | 487.00 | 528.00 |
| Finance costs | 25.00 | 21.00 | 23.00 | 26.00 |
| Depreciation and amortisation | 105.00 | 113.00 | 122.00 | 111.00 |
| Other expenses | 369.00 | 335.00 | 342.00 | 513.00 |
| Total expenses | 1,000.00 | 980.00 | 1,035.00 | 1,247.00 |
| Profit before exceptional items and tax | 99.00 | 167.00 | -52.00 | -84.00 |
| Exceptional items | 0.00 | -24.00 | -29.00 | 0.00 |
| Profit before tax | 99.00 | 144.00 | -81.00 | -84.00 |
| Current tax | 6.00 | 22.00 | 13.00 | 2.00 |
| Deferred tax | 23.00 | 19.00 | -25.00 | 2.00 |
| Tax expense | 29.00 | 41.00 | -11.00 | 4.00 |
| Profit for the period | 70.00 | 102.00 | -69.00 | -88.00 |
| Profit attributable to owners | 72.00 | 101.00 | -75.00 | -78.00 |
| Profit attributable to non-controlling interests | -3.00 | 2.00 | 6.00 | -11.00 |
| Other comprehensive income | 3.00 | -2.00 | 2.00 | -0.00 |
| Total comprehensive income | 72.00 | 100.00 | -68.00 | -89.00 |
| Earnings per share, basic | 0.28 | 0.37 | -0.26 | -0.27 |
| Earnings per share, diluted | 0.27 | 0.36 | -0.26 | -0.27 |
Annual results, as filed
| Line | 2026-03-31 |
|---|---|
| Revenue from operations | 3,900.00 |
| Other income | 232.00 |
| Total income | 4,131.00 |
| Cost of materials consumed | 102.00 |
| Purchases of stock-in-trade | 78.00 |
| Changes in inventories | -15.00 |
| Employee benefit expense | 1,906.00 |
| Finance costs | 102.00 |
| Depreciation and amortisation | 437.00 |
| Other expenses | 1,459.00 |
| Total expenses | 4,069.00 |
| Profit before exceptional items and tax | 62.00 |
| Exceptional items | -53.00 |
| Profit before tax | 10.00 |
| Current tax | 42.00 |
| Deferred tax | -8.00 |
| Tax expense | 34.00 |
| Profit for the period | -24.00 |
| Profit attributable to owners | -22.00 |
| Profit attributable to non-controlling interests | -2.00 |
| Other comprehensive income | 3.00 |
| Total comprehensive income | -21.00 |
| Earnings per share, basic | -0.08 |
| Earnings per share, diluted | -0.08 |
Balance sheet, as filed
| Line | 2025-09-30 | 2026-03-31 |
|---|---|---|
| Total assets | 4,950.00 | 7,677.00 |
| Non-current assets | 2,131.00 | 2,257.00 |
| Current assets | 2,819.00 | 5,420.00 |
| Property, plant and equipment | 311.00 | 445.00 |
| Capital work-in-progress | 0.00 | 5.00 |
| Goodwill | 301.00 | 274.00 |
| Other intangible assets | 195.00 | 184.00 |
| Inventories | 88.00 | 102.00 |
| Trade receivables | 46.00 | 82.00 |
| Cash and cash equivalents | 60.00 | 360.00 |
| Total equity and liabilities | 4,950.00 | 7,677.00 |
| Equity | 1,447.00 | 4,571.00 |
| Equity share capital | 1,053.00 | 286.00 |
| Other equity | 344.00 | 4,234.00 |
| Total liabilities | 3,503.00 | 3,106.00 |
| Non-current liabilities | 1,294.00 | 1,240.00 |
| Current liabilities | 2,209.00 | 1,866.00 |
| Borrowings, non-current | 0.00 | 0.00 |
| Borrowings, current | 7.00 | 10.00 |
| Trade payables | 221.00 | 249.00 |
Cash flow, as filed
| Line | 2025-09-30 | 2026-03-31 |
|---|---|---|
| Net cash from operating activities | 928.00 | 833.00 |
| Net cash from investing activities | -794.00 | -3,282.00 |
| Net cash from financing activities | -127.00 | 2,755.00 |
| Purchase of property, plant and equipment | 104.00 | 322.00 |
| Net increase in cash | 6.00 | 306.00 |
| con:CFO.BEFORE_TAX | 931.00 | 864.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 4.00 | 30.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 3.00 | 4.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 57.00 | 57.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2025-11-18 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|
| Promoter and promoter group | 0.72 | 0.72 | 0.72 | 0.71 |
| Domestic institutions | 0.13 | 0.13 | 0.13 | 0.13 |
| Mutual funds | 0.05 | 0.05 | 0.06 | 0.06 |
| Insurance companies | 0.00 | 0.00 | 0.00 | 0.01 |
| Foreign institutions | 0.12 | 0.12 | 0.12 | 0.12 |
| Government | — | — | — | 0.00 |
| Public | 0.28 | 0.28 | 0.28 | 0.29 |
| Non-institutional | 0.03 | 0.03 | 0.03 | 0.04 |
| Shares outstanding | 2859692500 | 2859692500 | 2859692500 | 2900886652 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-20 | Q1FY27 | AND WHOLE-TIME DIRECTOR, PHYSICSWALLAH LIMITED | Read the call |
| 2026-06-03 | Q4FY26 | 8 PhysicsWallah | Read the call |
| 2026-02-12 | Q3FY26 | PHYSICSWALLAH LIMITED | Read the call |
| 2025-12-15 | Q2FY26 | Read the call |
What they said about it, quarter by quarter
| Topic | Q1FY27 | Q2FY26 | Q3FY26 | Q4FY26 |
|---|---|---|---|---|
| Capex | — | — | So this school thing that is coming up, will this also be included in offline or will it be reported separately, and could you explain what greenfield… | — |
| Capital allocation | Along with the capital allocation, we have decided to divest Finzy Fintech and we have already received couple of interest and signed 2 non-binding te… | — | Moving on to the performance of our acquisitions, we are extremely bullish about our Sarrthi partnership and acquisition that we did last quarter in U… | In terms of our acquisition that we announced last quarter, we are very happy how the Saarthi acquisition is panning out, and we are already working o… |
| Debt and cash | Again, this is a cyclic nature of business where it's a negative working capital cycle business where student pays the fees upfront and that remains i… | — | We generated almost INR600 crores from cash flow from operations in the first nine months. | In terms of our cash flow generated from our operations, this year we generated over INR800 crores of cash flow from operations. |
| Demand | And we are forming regional teams and regional teachers and regional YT distributions to cater to that demand of the students. | — | — | Physicswallah Limited May 27, 2026 These early indicators for the academic cycle remain encouraging, and the growth seen across categories demonstrate… |
| Guidance | What is our margin guidance, does it remain same that will be break-even by the end of this year? | Sir, I don't want a formal guidance from you, but let's say over the next 3-5 years, how do you think your growth trajectory should be? | Our marketing spends dropped by almost like INR20 crores in this quarter and we expect a significant synergies coming in from the Q4 of last year to Q… | In your guidance of 13% to 15% margin, is there any pricing element built in as well? |
| Margin | Also, as part of improving our quality of reporting, we had committed to initiate segment-level reporting, and post discussion with our auditors, we h… | And in quarter 3, upwards of 20% EBITDA, which we have done in quarter 2, a number of 15% EBITDA. | This quarter Sarrthi reported revenues of INR22 crores and EBITDA of INR15 crores, this is what we consolidated in our books and we can now surely say… | We also significantly improved our profitability with pre-Ind AS EBITDA of INR9 crores against minus INR139 crores for last year. |
| People | And so in your Vidyapeeth category centers, right, how should we think about the utilization? | How are they sort of tracking in terms of utilization, margins, etc.? | — | Physicswallah Limited May 27, 2026 Second is coming through the seat utilization. |
| Pricing | — | As well as we are sitting on a very affordable pricing. | — | So if I get that right, there is no pricing increase on a like- for-like course that you are building in your assumptions. |
| Revenue growth | Apart from this, some of our competitive exam category like CA, CS, ACCA witnessed an enrollment growth of 30%. | Of course, to run a listed company, you have to see top line growth and bottom-line growth. | Also in Xylem our test prep business in Kerala that has been growing this year they will close the year at roughly around INR330 to INR340 crores of r… | Can you elaborate a little on revenue growth drivers in 4Q? |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2026-02-12 | Q3FY26 | PHYSICSWALLAH LIMITED | Our marketing spends dropped by almost like INR20 crores in this quarter and we expect a significant synergies coming in from the Q4 of last year to Q4 of this year. |