Physicswallah544609Quarterly results

Q2 profit doubles to Rs 142 Cr on record revenue of Rs 1,242.26 Cr

PhysicsWallah Q2 FY27: revenue from operations ₹1,242.26 Cr, up 18.2% YoY.

By ScoutQuest · Wed 4 Nov 2026, 5:23 PM IST · 2 min read

₹55 Cr

Q2 FY27₹142 CrH1 FY27₹55 Cr

Profit after tax: ₹142 Cr (Q2 FY27) and ₹55 Cr (H1 FY27).

Revenue from operations: ₹1,242.26 Cr, up 18.2% YoY
Profit after tax: ₹142 Cr, double the ₹70 Cr a year ago
EBITDA: ₹348 Cr at a 28.0% margin

Record quarter, profit doubles

Revenue from operations ₹1,242.26 Cr, up 18.2% year-on-year
EBITDA ₹348 Cr, a margin of 28.0% against 21.7% a year ago
Adjusted EBITDA ₹399 Cr
Profit after tax ₹142 Cr, double the ₹70 Cr of a year ago

Half-year picture

For H1 FY27, revenue from operations grew 20.7% to ₹2,292.60 Cr and profit after tax was ₹55 Cr, against a loss of ₹57 Cr in H1 FY26. H1 EBITDA stood at ₹401 Cr and adjusted EBITDA at ₹536 Cr.

What drove the quarter

NEET enrolments grew over 30% in Q2 as demand delayed by the NEET UG postponement came through
Because fees are recognised over the course term, H1 online revenue grew 29%, ahead of H1 online collections growth of 17%
Q2 Pre-IndAS EBITDA rose 45% to ₹233 Cr, a margin of 18.8% against 15.3% a year ago
Employee costs fell to 42.3% of H1 revenue from 44.6%, and other expenses to 23.4% from 24.6%

Two items inside the profit figure

The ₹142 Cr profit after tax came after a ₹20 Cr goodwill impairment and a ₹10 Cr fair-value gain. Treasury stood at ₹5,268 Cr as of September 30, 2026, including IPO proceeds.

Online and offline

Online revenue grew 26% to ₹694 Cr in Q2, with a Pre-IndAS EBITDA margin of 34.4%
Offline revenue grew 9% to ₹541 Cr, and its H1 Pre-IndAS EBITDA loss narrowed to ₹108 Cr from ₹120 Cr

Beyond JEE-NEET

Categories beyond JEE-NEET made up 73.8% of online enrolments in H1, up from 64.8%
Boards and CUET enrolments rose 130% to 4.55 lakh; Foundation enrolments rose 15% to 5.70 lakh
Vernacular enrolments rose 77% to 1.23 lakh across 10 languages
Skills, including Earners, grew 10.3x to 1.69 lakh
H1 online K-12 revenue grew 75%, with enrolments of 11.1 lakh, up 47%

Users and scale

Total paid users rose 7% to 3.86 Mn
Daily Active Users reached 4.1 Mn+
Engagement time 98 Min; app downloads 106 Mn+
Offline centres stood at 370 against 314 a year ago
Faculty members 7,117, up 7%; employees 19,104

South India

South India, with about 15 Mn students in its addressable market, contributed 9% of H1 revenue. Learners on the PW app from the region rose 32% to 4.1 lakh and paid learners rose 14% to 1.17 lakh. PW now has 63 centres across the south, and 79 KCET ranks under 5,000 against 53 last year.

What to keep in mind

The release carries a safe harbour stating that statements about future growth prospects involve risks and uncertainties and may differ materially. The quarter's profit also reflects the goodwill impairment and fair-value gain noted above, so the reported number includes those two items.

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