Physicswallah Ltd Reports Q2 FY26 Results: 29% YoY Revenue Growth, 70% YoY PAT Growth

Physicswallah Ltd, a leading provider of affordable and high-quality education, has reported its Q2 FY26 results. The company saw a 29% YoY growth in revenue from operations, primarily driven by an increase in unique paid users. The total number of paid users rose to 3.62 million, a 21% YoY increase. Profitability also improved, with the Adjusted EBITDA margin increasing to 25.7% in Q2 FY26 from 23.5% in Q2 FY25. This uplift is reflected in PAT, which increased to INR 697 million in Q2 FY26 from INR 411 million in Q2 FY25, representing a 70% YoY growth. The company's free cash flow for H1 FY26 is INR 6,441 million, compared to INR 5,434 million in H1 FY25. As of 30th September 2025, the company's treasury stands at INR 25,519 million (excluding IPO proceeds).