Physicswallah Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Physicswallah Ltd filed with BSE on 03 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Physicswallah reported FY26 revenue of Rs 3,900 crore, up 35% year-on-year, with pre-Ind AS EBITDA of Rs 300 crore versus Rs 93 crore in FY25 and a net loss of Rs 24 crore versus a loss of Rs 234 crore in FY25. Q4 revenue was Rs 919 crore, up 51% year-on-year, with pre-Ind AS EBITDA of Rs 9 crore against a loss of Rs 139 crore in the year-ago quarter. Management discussed online and offline segment performance, AI product initiatives including Aryabhatta and Ask AI, the Saarthi acquisition, a new NBFC for student loans, and a shift to an asset-light approach in the K-12 business.
Numbers mentioned
Revenue: INR3,900 crores (FY26)
p. 3
“Revenue-wise, we did INR3,900 crores of revenue, which is 35% year-on-year growth.”
Alakh Pandey, page 3 of the filed PDF · View the filing
EBITDA: INR300 crores (FY26)
p. 3
“If we talk about EBITDA, against INR93 crores EBITDA last year, we did INR300 crores of EBITDA, that is 3x jump in the EBITDA.”
Alakh Pandey, page 3 of the filed PDF · View the filing
PAT: minus INR24 crores (FY26)
p. 3
“If we talk about PAT, against last year of minus INR234 crores, we did minus INR24 crores of PAT.”
Alakh Pandey, page 3 of the filed PDF · View the filing
New paid enrolments: across 10 lakh, 20% growth (FY26)
p. 3
“Enrolment-wise, we see across 10 lakh new enrolments, paid enrolments in our online, offline paid batches, that is 20% enrolment growth year-on-year.”
Alakh Pandey, page 3 of the filed PDF · View the filing
Online revenue growth: 39% (FY26)
p. 3
“So we grew 39% in online revenues, and blended we grew by 35%.”
Prateek Boob, page 3 of the filed PDF · View the filing
Online revenue share: 50.1% (FY26)
p. 4
“Our online revenues now contribute 50.1% of our overall revenues as compared to 48.6% in FY25.”
Amit Sachdeva, page 4 of the filed PDF · View the filing
PBT: INR10 crores positive (FY26)
p. 4
“We are also PBT positive for this year, closing the year at INR10 crores positive against negative INR259 crores for FY25.”
Amit Sachdeva, page 4 of the filed PDF · View the filing
Vishwas Diwas collections growth: 36% year-over-year (FY26)
p. 4
“our annual flagship event Vishwas Diwas concluded with 36% year-over-year growth in collections from our online business, 21% growth in enrolments, and 12% growth in ARPU for collections that were done during the Vishwas Diwas”
Amit Sachdeva, page 4 of the filed PDF · View the filing
Q4 revenue: INR919 crores (Q4 FY26)
p. 5
“We closed Q4 at INR919 crores of revenue from operations, an increase of 51% as compared to last year.”
Amit Sachdeva, page 5 of the filed PDF · View the filing
Q4 pre-Ind AS EBITDA: INR9 crores (Q4 FY26)
p. 5
“We also significantly improved our profitability with pre-Ind AS EBITDA of INR9 crores against minus INR139 crores for last year.”
Amit Sachdeva, page 5 of the filed PDF · View the filing
Online paid students: 4.9 million (FY26)
p. 5
“Our online segment grew at 39% year-over-year with over 4.9 million paid students across multiple categories learning from our platforms, an increase of 20% year-over-year.”
Amit Sachdeva, page 5 of the filed PDF · View the filing
Offline revenue: INR1,775 crores (FY26)
p. 5
“Our offline business grew 31% year-over-year and now contributes almost INR1,775 crores in our overall revenue from operations.”
Amit Sachdeva, page 5 of the filed PDF · View the filing
Number of centers: over 353
p. 5
“We now operate over 353 centers across PW and other brands, with VP, which is our Vidyapeeth offering, contributing almost 70% of offline revenue on an overall basis.”
Amit Sachdeva, page 5 of the filed PDF · View the filing
Marketing spend: INR353 crores, ~9% of revenue (FY26)
p. 5
“Our marketing spend for FY26 was INR353 crores, approximately 9% of our overall revenues.”
Amit Sachdeva, page 5 of the filed PDF · View the filing
Cash flow from operations: over INR800 crores (FY26)
p. 6
“In terms of our cash flow generated from our operations, this year we generated over INR800 crores of cash flow from operations.”
Amit Sachdeva, page 6 of the filed PDF · View the filing
Treasury: INR5,027 crores
p. 6
“Our current treasury stands at INR5,027 crores with approximately INR2,300 crores that we got from our IPO proceeds.”
Amit Sachdeva, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
PAT profitability — full-year PAT positive · FY27
stated firmly by Amit Sachdeva
p. 4
“we remain committed for full-year PAT profitability for FY27”
Amit Sachdeva, page 4 of the filed PDF · View the filing
Online revenue share — 55% of overall revenues · next three years
stated as an aspiration by Amit Sachdeva
p. 4
“Our endeavor for the next three years is to ensure our online business contributes 55% of overall revenues.”
Amit Sachdeva, page 4 of the filed PDF · View the filing
Offline break-even — profitable/break-even · FY27
stated firmly by Amit Sachdeva
p. 5
“We are still in student enrolment academic season and highly optimistic of breaking even across all our offline business in FY27.”
Amit Sachdeva, page 5 of the filed PDF · View the filing
Marketing spend as % of revenue — reduce by 20% · next three years
stated as an aspiration by Amit Sachdeva
p. 5
“with ambition of at least reducing this cost by 20% over the next three years, largely due to the impact of scale and efficiencies of spends”
Amit Sachdeva, page 5 of the filed PDF · View the filing
Revenue growth — more than 30% · FY27
stated firmly by Alakh Pandey
p. 14
“So, we will grow revenue at a more than 30% rate for FY27, and upwards of 100% would be our EBITDA improvement is what we are guiding to the market at this point of time.”
Alakh Pandey, page 14 of the filed PDF · View the filing
K-12 capital allocation — 100% asset-light, no M&A capital
stated firmly by Prateek Boob
p. 6
“And there will be no capital allocation for M&A in terms of K-12 domain, but our focus will continue to remain in online mode where we have seen huge upside”
Prateek Boob, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed growth mainly to organic drivers such as Vishwas Diwas performance and AI-led engagement improvements, with a small contribution from the Saarthi acquisition.
Answered by Management
Asked by Garima Mishra: What drove the sharp Q4 revenue acceleration to 50%+ YoY versus ~30% in the first nine months?
p. 7
“Majority of this growth is coming from organic, but there is a small contribution because of Saarthi acquisition as well.”
Management, page 7 of the filed PDF · View the filing
Management said offline losses narrowed from -19% to about -10% and that 72 of 116 Vidyapeeth centers are now profitable.
Answered by Management
Asked by Garima Mishra: What are the margin trends and center-level profitability for the offline business?
p. 7
“Almost our early Vidyapeeth centers which we have started have shown profitability. And out of 72 centers, out of 116 Vidyapeeth centers, which is 60% of our Vidyapeeth centers are now profitable.”
Management, page 7 of the filed PDF · View the filing
Management clarified it is guiding for full-year profitability at the group level.
Answered by Management
Asked by Swapnil: Does offline profitability guidance for FY27 mean full-year or exit-run-rate profitability?
p. 8
“So, we are guiding on a full-year profitability. So, we have already demonstrated 9% improvement from minus 19% to minus 10%, and now we are targeting that at group level net offline will become profitable next year.”
Management, page 8 of the filed PDF · View the filing
Management explained these are short-duration educational loans mostly for PW students with less than 1% NPA historically.
Answered by Management
Asked by Swapnil: What is the nature of loans through the new NBFC investment of Rs120 crore?
p. 9
“So, these are small duration less than one-year loans, 99%, and we will not be deploying very meaningful capital in this, and this is to support our existing students.”
Management, page 9 of the filed PDF · View the filing
Management said like-to-like ARPU in Vidyapeeth is improving 6-9% annually, but blended ARPU appears to decline due to mix shift toward shorter, cheaper courses.
Answered by Management
Asked by Manish Adukia: Is the ARPU improvement driven by pricing increases or by mix/course changes?
p. 11
“like-to-like ARPU is getting improved year-on-year. And the improvement is anywhere between 6% to 9% on an average level.”
Management, page 11 of the filed PDF · View the filing
Management confirmed a small number of brownfield school management tie-ups exist but no meaningful capex or expansion plans.
Answered by Management
Asked by Manish Adukia: Does PW plan to run its own schools under the asset-light K-12 strategy?
p. 11
“But since that number will be will be in single digit, the overall revenue contribution from school is less than 1%, so it's not fair to spend time on this question again and again.”
Management, page 11 of the filed PDF · View the filing
Management stated dropouts and refunds are less than 2% at a blended level and considered this generous and brand-sensitive.
Answered by Management
Asked by Dhwanit Shah: What is the magnitude of student dropouts and refunds during the year?
p. 15
“And we are very generous when it is 2%, so we are very brand sensitive.”
Management, page 15 of the filed PDF · View the filing
Risks flagged
NEET examination cancellation due to paper leak causing shifts in student enrolment timing
p. 16
“This year NEET examination got cancelled because of paper leak.”
Management, page 16 of the filed PDF · View the filing
Offline business categories other than JEE/NEET have lower margins, and ARPU mix shift can pressure blended ARPU
p. 6
“Shift has resulted in a lower blended ARPU which you will see has actually gone down from last year, whereas we've seen significant leverage in improving our margins in offline in spite of the lower ARPU.”
Amit Sachdeva, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.