Listed edtech major PhysicsWallah reported a 34% year-on-year increase in revenue from operations to Rs 1,082.4 crore for Q3FY26. The Noida-based firm posted a profit after tax (PAT) of Rs 102.3 crore during the period, marking a 33% increase from the same period last year. Meanwhile, the company’s adjusted Ebitda grew 40% to Rs 351.2 crore, with margins improving to 32%.

For the nine months ended December 31, 2025, PhysicsWallah surpassed its full FY25 revenue, recording Rs 2,980.7 crore — a 31% jump from the year-ago period. The company turned PAT-positive for the nine-month period with a profit of Rs 45 crore, after adjusting one-time expenses of Rs 23.6 crore.

318-Center Milestone

The growth was primarily driven by user expansion, with total paid users reaching 4.37 million in the first nine months of FY26, up 21% from 3.60 million a year ago. Online enrollments stood at 3.96 million, while offline student enrollments grew 36% to 410,000.

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PhysicsWallah expanded its physical presence to 318 centres as of December 31, 2025, compared to 186 centres in the year-ago period. The company’s cash flow from operations for nine months reached Rs 642.9 crore, exceeding the full-year FY25 figure of Rs 506.9 crore. The firm’s treasury stood at Rs 5,054.4 crore, including IPO proceeds, at the end of December. 

AI and Vernacular

The company’s newer initiatives showed traction, with its State Boards category recording 175,000 enrollments in its first year. Vernacular offerings in five languages attracted 90,000 enrollments within nine months. PW Talks, an AI-driven English-speaking app launched during the period, has recorded over 1 million sign-ups.

The company maintained its daily average user base at 3.4 million with engagement time exceeding 106 minutes. Its social media community expanded to 134 million subscribers across platforms.

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This marks PhysicsWallah’s first quarterly results since it debuted on the NSE and BSE on November 18, 2025. The firm, which announced the results post trading hours on Thursday, saw its stock close at Rs 121.7 on the BSE and Rs 122 on the NSE, down 0.21% and up 0.09%, respectively, from the previous close.