PWL
Physicswallah Limited
Online and offline test-preparation and curriculum education services
Consumer Discretionary›Consumer Services›Other Consumer Services›E-Learning
pw.live(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
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What you need to know
Physicswallah Limited is an Indian ed-tech company offering online and offline test-preparation and school-curriculum education, built around video-led learning content and a community-driven engagement model, with recent expansion into adjacent education services and student financing.
Company snapshot
1stBy market cap
Ranked among 5 companies in E-Learning.
What we see
- ✓Debt-to-equity of 0.00x — the company is largely funded by its own money, not borrowed funds.
- ✗Net margin is negative — the company is spending more than it earns right now.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Sales | 1,051 Cr | 1,082 Cr | 919 Cr | 1,054 Cr |
| Operating expenses (approx.) | 870 Cr | 846 Cr | 890 Cr | 1,111 Cr |
| EBITDA | 181 Cr | 236 Cr | 29 Cr | -57 Cr |
| OPM % | 17.2% | 21.8% | 3.1% | -5.4% |
| Other income | 47 Cr | 65 Cr | 65 Cr | 109 Cr |
| Interest | 25 Cr | 21 Cr | 23 Cr | 26 Cr |
| Depreciation | 105 Cr | 113 Cr | 122 Cr | 111 Cr |
| Profit before tax | 99 Cr | 144 Cr | -81 Cr | -84 Cr |
| Tax % | 29.5% | 28.8% | 14.2% | -4.7% |
| Net profit | 70 Cr | 102 Cr | -69 Cr | -88 Cr |
| EPS (₹) | ₹0.28 | ₹0.37 | ₹-0.26 | ₹-0.27 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|
| Sales | 744 Cr | 1,941 Cr | 2,887 Cr | 3,900 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 759 Cr | 2,916 Cr | 2,813 Cr | 3,530 Cr | Sign in free for the trailing twelve months |
| EBITDA | -14 Cr | -975 Cr | 74 Cr | 370 Cr | Sign in free for the trailing twelve months |
| OPM % | -1.9% | -50.2% | 2.5% | 9.5% | Sign in free for the trailing twelve months |
| Other income | 28 Cr | 75 Cr | 152 Cr | 232 Cr | Sign in free for the trailing twelve months |
| Interest | 21 Cr | 65 Cr | 85 Cr | 102 Cr | Sign in free for the trailing twelve months |
| Depreciation | 83 Cr | 298 Cr | 366 Cr | 437 Cr | Sign in free for the trailing twelve months |
| Profit before tax | -89 Cr | -1,193 Cr | -259 Cr | 10 Cr | Sign in free for the trailing twelve months |
| Tax % | 6.0% | 5.2% | 5.9% | 343.6% | Sign in free for the trailing twelve months |
| Net profit | -84 Cr | -1,131 Cr | -243 Cr | -24 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹-0.38 | ₹-4.79 | ₹-0.86 | ₹-0.08 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | Sign in free for the trailing twelve months |
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity capital | 6 Cr | 6 Cr | 218 Cr | 286 Cr |
| Reserves | -189 Cr | -1,252 Cr | 1,306 Cr | 4,234 Cr |
| Borrowings | 956 Cr | 1,687 Cr | 0.33 Cr | 11 Cr |
| Other liabilities | 1,176 Cr | 1,966 Cr | 2,603 Cr | 3,096 Cr |
| Total liabilities | 2,082 Cr | 2,481 Cr | 4,156 Cr | 7,677 Cr |
| Fixed assets (net) | 175 Cr | 278 Cr | 286 Cr | 445 Cr |
| CWIP | 5 Cr | — | 7 Cr | 5 Cr |
| Investments | 205 Cr | 173 Cr | 1,396 Cr | 2,426 Cr |
| Loans & advances | — | — | — | 0.94 Cr |
| Inventories | 23 Cr | 53 Cr | 77 Cr | 102 Cr |
| Trade receivables | 13 Cr | 27 Cr | 42 Cr | 82 Cr |
| Cash & bank | 49 Cr | 53 Cr | 54 Cr | 360 Cr |
| Other assets | 1,613 Cr | 1,896 Cr | 2,296 Cr | 4,257 Cr |
| Total assets | 2,082 Cr | 2,481 Cr | 4,156 Cr | 7,677 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Cash from operating activity | 270 Cr | 212 Cr | 507 Cr | 833 Cr |
| Cash from investing | -1,076 Cr | -43 Cr | -1,513 Cr | -3,282 Cr |
| Cash from financing | 848 Cr | -165 Cr | 1,007 Cr | 2,755 Cr |
| Net cash flow | 42 Cr | 4 Cr | 0.44 Cr | 306 Cr |
| Free cash flow (OCF − Capex) | 124 Cr | 1.00 Cr | 340 Cr | 490 Cr |
Ratios
| Metric | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| ROCE % | — | — | -11.1% | 2.4% |
| ROE % | — | — | -13.9% | -0.5% |
| Debtor days | 6 | 5 | 5 | 8 |
| Inventory days | 290 | 357 | 324 | 364 |
| Days payable | 662 | 863 | 786 | 888 |
| Cash conversion cycle | -366 | -500 | -457 | -517 |
| OCF / EBITDA % | — | — | n.m. | 225.2% |
| Debt / equity | — | — | 0.0002 | 0.0023 |
| Current ratio | 1.59 | 0.66 | 1.56 | 2.90 |
| Net debt / EBITDA | — | — | -0.73 | -0.94 |