Physicswallah swings to profit as revenue hits ₹3,900 crore
The edtech firm turned a ₹10 crore profit before tax in FY26, reversing a ₹259 crore loss from the prior year as EBITDA margins reached 14.1%.
— 4 earlier stories on Physicswallah Ltd. →What's new
- Revenue climbed 35% to ₹3,900 crore for the year ended March 31, 2026.
- EBITDA more than tripled to ₹549 crore, with margins reaching 14.1%.
- Paid user base grew 20% to 5.34 million across 353 hybrid centres.
Why this matters
Physicswallah has successfully moved from cash-burning expansion to profitability. The triple-digit growth in EBITDA suggests the company's hybrid model is finally scaling with efficiency.
What we're watching
- Sustainability of the 14.1% EBITDA margin in the next fiscal year.
- Whether the offline expansion pace continues to drive user acquisition costs down.
- The impact of AI integration on long-term operating expenses.
The full read
Physicswallah has crossed the threshold into profitability. For the year ended March 31, 2026, the company reported revenue of ₹3,900 crore, a 35% increase over the previous year. More importantly, it swung to a profit before tax of ₹10 crore, a sharp reversal from the ₹259 crore loss recorded in FY25. EBITDA performance was equally strong, tripling to ₹549 crore and pushing margins to 14.1%. The company attributes this to a combination of disciplined scaling and a heavy investment in AI, which now handles over 100 million user queries. With 5.34 million paid users across 353 hybrid centres, the firm is proving that its offline-online model can generate cash. The 51% revenue growth in the final quarter shows the momentum is accelerating rather than cooling. This is no longer a story of growth at any cost.
Questions answered
- How did Physicswallah achieve this turnaround?
- The company cites disciplined scaling and AI-led efficiency gains. It also expanded its hybrid offline-online network to 353 centres.
- What was the growth in the final quarter of the fiscal year?
- Quarterly revenue for the three months to March climbed 51% to ₹919 crore. The company reported an EBITDA of ₹65 crore for the period, compared to a loss in the same quarter last year.
- How many users does the platform now serve?
- Paid users rose 20% to 5.34 million. Additionally, the company reported that cumulative AI interactions have crossed 100 million queries.
- What is the scale of the company's profitability improvement?
- Physicswallah moved from a profit before tax loss of ₹259 crore in FY25 to a profit of ₹10 crore in FY26. EBITDA surged 184% to ₹549 crore.
Story so far
All notes on PWL →- 27 May 2026 · 6:27 PM IST Physicswallah swings to profit as revenue hits ₹3,900 crore
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- today Physicswallah's latest shareholder letter adds no new financial data
- today Physicswallah narrows losses to ₹24 cr as revenue climbs 35%