Can Physicswallah outgrow JEE/NEET? Motilal sees 43% upside on K-12, state board push
Motilal Oswal reiterated its Buy rating on Physicswallah with a Rs 200 target, implying nearly 43% upside from Rs 140. It expects online revenue to grow at about 30% annually over the next 3–4 years, supported by K-12 and state-board courses, and sees offline operations nearing break-even in FY27.