Results · Education & Skilling

PhysicsWallah reports Q3 revenue of Rs 1,082 crore

By Startup Enthusiast · 6 March 2026

What they do

PhysicsWallah is an online platform that prepares students for competitive exams

It posted Q3 FY26 revenue of Rs 1,082 crore, up 34% year-on-year, with a PAT of Rs 102 crore

The company has set aside Rs 400 crore for K-12 school acquisitions via its subsidiary PenPencil

PhysicsWallah reported Q3 FY26 revenue of Rs 1,082 crore, a 34% year-on-year growth.
Its profit after tax (PAT) for the quarter was Rs 102 crore, despite a one-time expense of Rs 30 crore.
For the first nine months of FY26, revenue reached Rs 3,000 crore, already surpassing the full FY25 revenue.
Nine-month PAT stood at Rs 45 crore, after a one-time expense of Rs 37 crore.
Paid student enrollments hit 4.4 million, a 21% increase year-on-year.
The company targets 5 million paid students in the current academic year.
New categories like NEET PG, IIT JAM, and CLAT each crossed Rs 10 crore in annual collections.
PhysicsWallah launched PW Talks, an AI-powered English speaking app, and PW OTT, a distraction-free YouTube alternative for students.

The test prep market penetration is still less than 2%, indicating huge headroom for growth.
The company is expanding into state boards, with over 2 lakh enrollments in the first year across six states.
The total addressable market (TAM) for six state boards is 2.5 crore students, and all India state board TAM is 5 crore students.
PhysicsWallah has set aside Rs 400 crore for K-12 school acquisitions over the next 12-18 months via its subsidiary PenPencil.

PhysicsWallah is an online platform that prepares students for competitive exams like JEE, NEET, and others.
It generates revenue primarily through paid course subscriptions and test series.
The company has 4.4 million paid students and 3.4 million daily average users across its platforms.
Total subscribers across social media stand at 134 million, with an average engagement time of 106 minutes.
It has launched paid courses for state boards in Rajasthan, Madhya Pradesh, Jharkhand, Bihar, Jammu & Kashmir, and Uttar Pradesh.
New categories include NEET PG, IIT JAM, and CLAT, each crossing Rs 10 crore in annual collections.
The company also launched PW Talks (AI English speaking app) and PW OTT (distraction-free video platform for students).
Test prep remains the core growth driver, alongside online new categories and offline centre expansion.

Target 5 million paid students in the current academic year.
Set aside Rs 400 crore for K-12 school acquisitions over the next 12-18 months via PenPencil.