Physicswallah (PWL) Q4 25/26 earnings summary

Executive summary

• Achieved INR 3,900 crore consolidated revenue in FY 2026, up 35% year-over-year, with strong growth in both online and offline segments.

• EBITDA rose to INR 300 crore, a 3x increase from last year; PAT improved to INR -24 crore from INR -234 crore, with profitability impacted by one-time labor code and IPO expenses.

• Online revenues now contribute over 50% of total, with 10 lakh new paid enrollments and 20% year-over-year enrollment growth.

• Audited standalone and consolidated financial results for the year ended March 31, 2026, were approved, with an unmodified audit opinion.

• IPO completed in November 2025, listing on NSE and BSE, raising significant capital for expansion and general corporate purposes.

Financial highlights

• Q4 revenue reached INR 919 crore, up 51% year-over-year, with majority of growth organic and a small contribution from Saarthi acquisition.

• Standalone revenue for FY26 was INR 3,244.56 crore; consolidated revenue was INR 3,899.54 crore, up from INR 2,886.64 crore year-over-year.

• PAT for FY 2026 was INR -24 crore, significantly improved from INR -243 crore last year; would have been positive excluding one-time expenses.

• Cash flow from operations exceeded INR 800 crore; treasury stands at INR 5,027 crore, including INR 2,300 crore from IPO proceeds.

• Basic and diluted EPS for FY26 were both negative at (₹0.54) standalone and (₹1.17) consolidated.

Outlook and guidance

• Targeting full-year PAT profitability in FY 2027.

• Expecting revenue growth above 30% and EBITDA growth above 100% for FY 2027.

• Online business expected to contribute 55% of total revenues in the next three years.

• Offline business guided to achieve full-year profitability in FY 2027, with steady-state margins of 13%-15%.

• IPO proceeds are being deployed for expansion of offline/hybrid centers, technology, marketing, and inorganic growth, with ₹2,273.98 crore unutilized as of March 31, 2026.