Edtech major PhysicsWallah reported a net profit of Rs 69.7 crore for the quarter ended September 2025, marking a 70% year-on-year increase, as the company expanded its user base and improved operational efficiency.
Revenue from operations grew 26% to Rs 1,051.2 crore in Q2 FY26, while adjusted EBITDA margin expanded to 26% from 23% a year ago. The company’s profit margin improved to 7% from 5% in the year-ago period.
PW’s first quarterly results
This marks the company’s first quarterly results since its listing on the NSE and BSE in November.
For the first half of FY26, PhysicsWallah’s revenue stood at Rs 1,898.3 crore, up 29% year-on-year, driven by a 21% increase in paid users to 3.62 million. The company generated free cash flow of Rs 644.1 crore during the period.
Aggressive expansion
The Noida-based firm has been aggressively expanding its offline presence, adding 128 centres over the past year to reach 314 centres nationwide. Online enrollments climbed 20% to 3.22 million in H1 FY26, while offline student enrollments rose 26% to 0.40 million.
PhysicsWallah is also betting on new growth areas beyond its core JEE and NEET test prep segments, including civil services, foundation courses for grades 6-10, and vernacular content. The company recently launched Pi, a low-cost learning app priced at Rs 300-400, targeting previously unmonetized user segments.
The company’s treasury stood at Rs 2,551.9 crore as of September 30, excluding IPO proceeds.
On Monday, PhysicsWallah’s shares on BSE closed 1.95% higher at Rs 138.55 apiece.