Summary

PhysicsWallah concluded FY26 with robust financial performance, achieving a 35% year-on-year revenue increase to ₹3,900 crore, marking its first full financial year following its IPO in November 2025. The company significantly improved its operating leverage, reporting 3x Pre-IndAS EBITDA compared to the prior year and a positive PBT. Growth was driven by an expanding learner community of over 142 million and over 53 lakh paid learners, alongside strong performance in strategic initiatives like State Boards, vernacular expansion, and early-stage learner cohorts. The company expressed confidence in the vast market opportunity, emphasizing continued investment and student engagement as their core focus moving forward.

Key Highlights

1. 1

   PhysicsWallah reported a significant 35% year-on-year revenue growth, reaching ₹3,900 crore for FY26.

2. 2

   The company achieved 3x Pre-IndAS EBITDA compared to the previous year and a positive Profit Before Tax (PBT) in FY26, demonstrating strong operating leverage.

3. 3

   The learner community expanded to over 142 million across social media platforms, with more than 53 lakh paid learners for FY26.

4. 4

   Investments in State Boards and vernacular expansion yielded strong results, scaling to 393k enrolments this year and achieving positive EBITDA in its first year of operations.

5. 5

   Student enrolments across high-potential, early-stage learner cohorts including Foundation, Commerce, Boards, and CUET grew by 49% year-on-year.

6. 6

   The Civil Services segment, encompassing UPSC and State PSCs, doubled its student enrolments during FY26.

7. 7

   Premium offerings such as Curious Jr. Power Batch, Infinity, and Infinity Pro collectively surpassed 960k enrolments for the year.