PhysicsWallah Posts Rs 1,082 Cr Revenue in Q3 FY26; Profit Grows 33%
•February 5, 2026
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Companies Mentioned
PhysicsWallah
Why It Matters
The results show that a post‑IPO Indian edtech unicorn can sustain double‑digit top‑line growth while moving toward profitability, reinforcing investor confidence in the sector’s scalability.
Key Takeaways
- •Q3 FY26 revenue hits Rs 1,082 cr, 34% YoY growth.
- •Profit crosses Rs 100 cr, up 33% YoY.
- •Employee benefits cost 50% of total expenses.
- •Nine‑month revenue climbs 31% to Rs 2,981 cr.
- •Post‑IPO share price Rs 122, market cap Rs 34,888 cr.
Pulse Analysis
PhysicsWallah’s latest quarter underscores the momentum of India’s online education market, where demand for competitive exam preparation remains robust. The company’s revenue surge stems from a blend of high‑margin digital courses and a growing offline footprint, complemented by ancillary income from financial assets. By leveraging Alakh Pandey’s brand equity and a diversified product suite covering JEE, NEET, and state‑board curricula, the firm captured a larger share of students shifting to hybrid learning models.
Cost dynamics reveal a classic scaling challenge: employee benefits now represent 50% of total outlays, reflecting aggressive hiring to expand content creation and sales teams. Despite a 33% rise in expenses, profit margins improved, with net profit reaching Rs 102 crore. Compared with peers that still operate at a loss, PhysicsWallah’s path to profitability highlights effective operational discipline and a focus on monetising premium content, while depreciation and amortisation remain modest.
The market’s reaction—closing the debut share price at Rs 122 and a market cap near Rs 35 trillion—signals strong investor appetite for edtech assets that can deliver both growth and earnings. The IPO’s 33% premium suggests confidence in the company’s roadmap, including potential geographic expansion and deeper penetration into tier‑2 and tier‑3 cities. As competition intensifies, PhysicsWallah’s ability to sustain revenue growth while controlling costs will be a bellwether for the broader Indian edtech landscape, influencing future funding rounds and M&A activity.
PhysicsWallah posts Rs 1,082 Cr revenue in Q3 FY26; profit grows 33%
Edtech unicorn PhysicsWallah delivered strong performance in Q3 FY26, in which the company posted 34% year-on-year revenue growth. The company’s profit crossed Rs 100 crore mark during the quarter.
PhysicsWallah’s operating revenue grew nearly 34% to Rs 1,082 crore in Q3 FY26 from Rs 810 crore in Q3 FY25, according to its consolidated financial statement sourced from NSE.
While the filing does not disclose a detailed revenue breakup, the company primarily earns from its online and offline courses for JEE, NEET, other engineering exams, and state boards, along with the sale of study materials.
It also made Rs 65 crore via interest and gains on financial assets which took the overall revenue to Rs 1,147 crore in Q3 FY26. For the nine-month period, the company’s revenue increased 31% to Rs 2,981 crore as compared to Rs 2,277 crore, a year earlier.
On the expense side, employee benefits remained the largest cost centre, accounting for 50% of total expenses at Rs 490 crore in Q3 FY26, a 41% rise from the same quarter last year. Depreciation and amortisation expenses stood at Rs 113 crore, while direct expenses increased nearly 22% to Rs 113 crore during the quarter.
Total expenses for the Alakh Pandey-led firm rose 33% year-on-year to Rs 980 crore in Q3 FY26 from Rs 738 crore in Q3 FY25.
The company’s profit increased by 33% to Rs 102 crore in Q3 FY26 from Rs 77 crore in Q3 FY25. Sequentially, the company’s profit rose 46% from Rs 70 crore in Q2 FY26.
At the end of today’s trading session, the Noida-based company’s share price closed at Rs 122, giving it total market capitalization of Rs 34,888 crore ($3.8 billion).
PhysicsWallah made a stronger-than-expected public market debut, listing at Rs 145 per share on the NSE, a 33% premium over its issue price. The Rs 3,480 crore IPO comprised a Rs 3,100 crore fresh issue and an offer for sale of Rs 380 crore.
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