Analysis · Education & Skilling

PhysicsWallah shares rise 6% after Motilal Oswal buy rating

By Startup Enthusiast · 4 September 2026

What they do

PhysicsWallah provides online, offline and hybrid learning for exams like JEE, NEET and UPSC

Shares rose 6% to ₹127.80 after Motilal Oswal initiated coverage with a 'Buy' rating and ₹200 target

The company reported Q1 FY27 revenue of ₹1,054 Cr and expects PAT profitability by Q3 FY27

PhysicsWallah shares rose 6% intraday to ₹127.80 on BSE after Motilal Oswal initiated coverage with a 'Buy' rating and ₹200 target.
The stock closed 5% higher at ₹126.55 on BSE.
Market capitalisation stood at ₹36,768.7 Cr ($3.8 Bn).
Q1 FY27 operating revenue was ₹1,054 Cr, up 24.4% YoY.
Net loss narrowed 30.5% YoY to ₹88.3 Cr.
EBITDA turned positive at ₹52 Cr versus a loss of ₹21 Cr a year ago.
Adjusted EBITDA rose more than fivefold to ₹135 Cr.
Online revenue grew 33% YoY to ₹549 Cr, and K-12/early learning revenue jumped 88% to ₹105 Cr.

Motilal Oswal's initiation signals analyst confidence in PhysicsWallah's growth trajectory.
The company expects to achieve PAT profitability at group level in Q3 FY27.
Risks flagged include rising competition, weak offline centre utilisation, faculty attrition and regulatory changes.
NEET UG postponement hurt Q1 collections, but collections rebounded 51% YoY between July 1 and August 13.

PhysicsWallah provides online, offline and hybrid learning programmes across test preparation, skilling, higher education and school-level categories.
It prepares students for 35+ exam categories including JEE, NEET, UPSC, State PSC, school boards, government exams, UG/PG entrance, finance, skilling and study abroad.
It operates offline centres in 175+ cities under Vidyapeeth and Pathshala brands.
Its YouTube channels have a cumulative 100 Mn+ subscribers.
Revenue CAGR was ~74% between FY23 and FY26.
Online revenue CAGR is expected at 28% between FY26 and FY30.
Pre-Ind AS EBITDA margin is expected to expand from 26% in FY26 to 30% by FY28.

Co-founder Maheshwari is confident of achieving PAT profitability at group level in Q3 FY27.
The company increased its stake in Sarrthi IAS to 51% in July 2026.