The results of the Q3 FY26 of the Indian edtech giant PhysicsWallah show that it had reached full FY25 revenues in the first nine months of FY26. This was driven by growth in both online and offline education businesses.

 

Author: Akshita Jain | EQMint

 

The company’s operating income for the quarter ended December 31, 2025, increased by 33.7% to Rs 1,082.4 crore against Rs 809.7 crore for Q3 FY25.

 

Profit after tax increased by 33% to Rs 102.3 crore in the same year. The quarter’s PAT margin was 9.4%. Adjusted EBITDA increased 40% year over year to Rs 351.2 crore with an adjusted EBITDA margin of 32.4%.

 

In the same period, profit after tax increased from Rs 69.7 crore in Q2 FY26 to Rs 102.3 crore in Q3 FY26, an increase of about 47%. The company earned Rs 64.5 crore in other income from interest and gains on financial assets during the quarter. Thus, Q3 FY26 net income was Rs 1,146.9 crore.

 

PhysicsWallah 9M FY26: Revenue, Users, and Cash Flows Show Solid Growth

The total expenses for the quarter were Rs 863.8 crore compared to Rs 650.9 crore for Q3 FY25. The largest cost component of employees’ benefit expenses, including share-based payments, was Rs 489.7 crore. Depreciation and amortisation charges were Rs 113.2 crore. The direct expenses and inventory movements totalled Rs 168.8 crore.

 

The revenues from operations increased by 31% year over year to Rs 2,980.7 crore for the nine months ended FY26. The increase was supported by a rise in the number of paid unique users from 3.60 million in 9M FY25 to 4.37 million in 9M FY26.

 

The adjusted EBITDA for the nine months increased by 36%, to Rs 647.4 crore, and the adjusted EBITDA margin was 21.7%. 9M FY26 profit after tax was Rs 45 crore, after adjusting for one-time expenses of Rs 23.6 crore.

 

Cash flow from operations in 9M FY26 was Rs 642.9 crore compared to Rs 506.9 crore for full FY25. By December 31, 2025, the company’s balance was Rs 5,054.4 crore, including proceeds from its IPO.

 

PhysicsWallah: Enrolments and Centres See Sharp Growth

During​‍​‌‍​‍‌​‍​‌‍​‍‌ the 9M FY26 period, PhysicsWallah saw a considerable spike in paid online enrollments to 3.96 million or a 20% year-on-year increase. Meanwhile, offline student enrollments also went up 36% year on year to 0.41 million.

 

As of December 31, 2025, the company had ramped up its presence through 318 centres across India, as against 186 centres a year back. The centre network comprised 122 PW Vidyapeeth centres, 75 PW Pathshala centres, 53 other PW centres and 68 subsidiary centres.

 

The company has ventured into 16 categories in total during the period and has added three new categories in Q3 FY26. The company informed that its growth was enabled by a diversified portfolio covering online courses, offline courses, value-added services, crash courses, and newer exam segments such as state boards and civil services.

 

In its first year of operations, the state boards category clocked nearly 175,000 enrollments. 

 

The vernacular course offerings in Marathi, Bangla, Gujarati, Kannada, and Odia drew around 90,000 enrollments within nine-months.

 

PhysicsWallah is still engaged in AI-based projects such as AI Guru, Ask AI, AI Grader, AI Mentor, and AI Books. The AI-powered English-speaking app, PW Talks, achieved over one million sign-ups in the period.

 

PhysicsWallah was listed on the stock market on November 18, 2025, when it was listed on the NSE at Rs 145 per share, which was about 33% more than its issue price of Rs 109 per share.

 

The Rs 3,480 crore IPO comprised a fresh issue worth Rs 3,100 crore and an offer for sale worth Rs 380 ​‍​‌‍​‍‌​‍​‌‍​‍‌crore.

 

PhysicsWallah: Momentum Builds Across Financials and Expansion

PhysicsWallah closed Q3 and the first nine months of FY26 on a strong note with strong revenue growth, improved profitability and increased margins. The company’s performance is reflective of balanced online and offline growth, increasing enrollment, and centre expansion. With healthy cash flows, a broadened course portfolio, growing AI-led initiatives and a successful stock market debut, PhysicsWallah is likely to maintain growth momentum in the coming quarters.

 

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Source link: MoneyControl

Disclaimer: This article is based on official exchange filings and company disclosures and is intended solely for informational purposes. It does not constitute investment advice. Investors should consult certified financial advisors before making any decisions.