PhysicsWallah posts 33% rise in net profit in Q3 FY26 as revenue jumps to Rs 1,082 crore

Indian edtech giant PhysicsWallah has reported its financial results for Q3 FY26, showing that the company crossed its full FY25 revenue within the first nine months of FY26. This was driven by growth in both online and offline education businesses.

For the quarter ended December 31, 2025, the company's revenue from operations increased 33.7% year on year to Rs 1,082.4 crore, compared with Rs 809.7 crore in Q3 FY25.

Profit after tax rose 33% year on year to Rs 102.3 crore. The PAT margin for the quarter stood at 9.4%. Adjusted EBITDA increased 40% year on year to Rs 351.2 crore, with an adjusted EBITDA margin of 32.4%.

On a sequential basis, profit after tax increased from Rs 69.7 crore in Q2 FY26 to Rs 102.3 crore in Q3 FY26, representing a growth of approximately 47%. During the quarter, the company earned Rs 64.5 crore as other income from interest and gains on financial assets. As a result, total income for Q3 FY26 stood at Rs 1,146.9 crore.

Total expenses for the quarter were Rs 863.8 crore, compared with Rs 650.9 crore in Q3 FY25. Employee benefit expenses, including share-based payments, stood at Rs 489.7 crore, making it the largest cost component. Depreciation and amortisation expenses were Rs 113.2 crore. Direct expenses and inventory movement amounted to Rs 168.8 crore.

For the nine months ended FY26, revenue from operations grew 31% year on year to Rs 2,980.7 crore. The growth was supported by an increase in unique paid users from 3.60 million in 9M FY25 to 4.37 million in 9M FY26.

Adjusted EBITDA for the nine-month period increased 36% year on year to Rs 647.4 crore, with an adjusted EBITDA margin of 21.7%. Profit after tax for 9M FY26 stood at Rs 45 crore, after adjusting for one-time expenses of Rs 23.6 crore.

Cash flow from operations during 9M FY26 was Rs 642.9 crore, compared with Rs 506.9 crore generated during the full FY25. As of December 31, 2025, the company’s balance was Rs 5,054.4 crore, which includes proceeds from its IPO.

During 9M FY26, PhysicsWallah recorded 3.96 million paid online enrollments, representing a 20% year-on-year increase. Offline student enrollments grew 36% year on year to 0.41 million.

As of December 31, 2025, the company operated 318 centres across India, compared with 186 centres a year earlier. The centre network included, 122 PW Vidyapeeth centres, 75 PW Pathshala centres, 53 other PW centres, and 68 subsidiary centres

The company expanded its offerings to 16 categories during the period and added three new categories in Q3 FY26. The company said that its growth was supported by a diversified portfolio covering online courses, offline courses, value-added services, crash courses, and newer exam segments such as state boards and civil services.

The state boards category recorded approximately 175,000 enrollments in its first year of operations. Vernacular course offerings in Marathi, Bangla, Gujarati, Kannada, and Odia attracted around 90,000 enrollments within nine month.

PhysicsWallah continued investments in AI-based initiatives, including AI Guru, Ask AI, AI Grader, AI Mentor, and AI Books. Its AI-driven English-speaking application, PW Talks, crossed one million sign-ups during the period.

PhysicsWallah made its stock market debut on November 18, 2025, listing on the NSE at Rs 145 per share, which was approximately 33% higher than its issue price of Rs 109 per share. The Rs 3,480 crore IPO consisted of a fresh issue of Rs 3,100 crore and an offer for sale of Rs 380 crore.